Produced by: Sina Listed Company Research Institute Written by: Xia Chong Studio Core Viewpoint: During the transformation of computing power at Zhejiang Haikong Nanke Huatie Digital Intelligence & Technology Co., Ltd. (Hainan Huatie) (维权) and Lotus Holdings Co., Ltd. (莲花控股), both companies have established computing power companies in collaboration with external shareholders. However, upon closer inspection, former Tom Cat Chairman Wang Jian's figure emerges behind these shareholders. Coincidentally, both Lotus Holdings and Hainan Huatie have experienced phenomena such as "cross-industry transformation - major computing contracts catalyzing - stock price surges with mysterious individuals entering for arbitrage." More shockingly, one of the clients for Lotus Holdings' computing power contract is tied to a Wang Jian-affiliated company, while Hainan Huatie is a cooperative client of a company under Wang Jian. This raises questions about whether Wang Jian has indeed orchestrated a capital arbitrage scheme with computing power, and whether Lotus Holdings and Hainan Huatie are being "hunted."
Recently, Hainan Huatie shareholders have faced severe impacts. Initially, the company issued an announcement halting a 3.7 billion yuan computing power contract, causing an uproar in the market. Shortly after, the company became subject to regulatory investigations, reigniting a public opinion storm.
Following these "black swan" events, the stock price of Hainan Huatie has also plummeted. As of October 23, the company's stock price stood at 7.12 yuan per share, nearly a 30% decrease from the trading day before the termination announcement.
In fact, Hainan Huatie's computing power business is part of its cross-industry operations, which traditionally focus on leasing various engineering equipment such as construction support equipment and aerial work platforms. It is perplexing why Hainan Huatie is venturing into computing power. What led to the abrupt cancellation of massive computing orders, and why did the company subsequently face regulatory scrutiny?
Wang Jian's Capital Scheme? Lotus Holdings and Hainan Huatie Both Under "Hunting" Throughout Hainan Huatie's transition to computing power, the familiar presence of Wang Jian, former chairman of Tom Cat and a capital market veteran, is evident. Wang Jian's affiliated companies hold stakes in the computing power companies involved. Coincidentally, Lotus Holdings also exhibited a trend of canceled computing orders.
Furthermore, it should be noted that Wang Jian's main computing power company is Hangzhou Xinglin Technology Co., Ltd. (星临科技). According to equity penetration analysis, Wang Jian's father, Wang Hengxin, is suspected to be the actual controller of Xinglin Technology, and Wang Jian is listed among the executives of the company.
According to the official website, Xinglin Technology is a leading new-type liquid-cooled intelligent computing center and AI integrated operation service provider in China, aiming to provide strong high-performance computing power across various industries during the AI era and offering one-stop professional operation services. Surprisingly, Hainan Huatie and Lotus Holdings appear as clients in Xinglin Technology's clientele.
On May 7, 2024, Hainan Huatie announced an investment of 1 billion yuan for the construction of an intelligent computing center, with the primary computing entity being Shanghai Keshihan Intelligent Technology Co., Ltd. (科思翰). Based on industrial and commercial information, Keshihan was established on September 19, 2023, with a registered capital of 99 million yuan and no paid-in capital at that point; Hainan Huatie and Hainan Keshihan Enterprise Management Co., Ltd. hold 51% and 49%, respectively.
It is important to highlight that in the 2024 announcement, Hainan Keshihan was 100% controlled by a natural person named Li Sisi, who is a core member of the Keshihan operational team. In August 2024, Li Sisi transferred 60% of her shares in Hainan Keshihan to Hangzhou Maoling Cultural Technology Co., Ltd. Simultaneously, we noted that Wang Jian's father Wang Hengxin became the person in charge of Hainan Keshihan in August 2024.
Hangzhou Maoling Cultural Technology Co., Ltd. is closely related to Wang Jian's Xinglin Technology. According to Tianyancha, Fei Meilin serves as the financial officer of Xinglin Technology, and was previously a member of the leadership team at Hangzhou Maoling Cultural Technology Co., Ltd.
Thus, we can see Wang Jian's involvement behind Hainan Huatie's computing power transformation. Who exactly is Li Sisi? Whether she is a shell company remains unknown. According to announcement details, Li Sisi is a core member of the Keshihan operational team. Since 2018, she has focused on investment and operations in the field of artificial intelligence, accumulating substantial industry resources.
Since 2023, Lotus Holdings has been diversifying into the computing power business through Zhejiang Lianhua Zixing Intelligent Computing Technology Co., Ltd. (浙江莲花紫星智算科技有限公司). Importantly, Wang Jian's Xinglin Technology has a direct stake in Lotus Zixing.
To summarize, we observe the presence of Wang Jian in both Hainan Huatie and Lotus Holdings' computing power transformations. Notably, some of these computing companies have received guarantees from the listed companies involved.
In March 2024, Hainan Huatie proposed to guarantee a total of up to 1 billion yuan for Keshihan Intelligent. In August 2025, Lotus Holdings proposed to guarantee 340 million yuan for Lotus Zixing, and as of the announcement date, the company's total external guarantee balance was 347 million yuan, accounting for 20.45% of the shareholders’ net assets of the listed company as of 2024.
Coincidentally, Lotus Holdings' substantial computing contract also faced termination. On the evening of April 29, the company announced the termination of its computing power order. The announcement stated that due to the impact of macro policies and changes in objective circumstances during the development of the computing power business, its holding subsidiary, Zhejiang Lianhua Zixing Intelligent Computing Technology Co., Ltd. (莲花紫星), and a state-owned enterprise signed a contract for high-performance computing services that was terminated, with Lianhua Zixing agreeing to compensate the state-owned enterprise with 2 million yuan. Additionally, the leasing contract with company CⅨ was also terminated due to CⅨ's failure to provide a specific delivery schedule, as CⅨ was to lease 200 high-performance servers to Lianhua Zixing.
On December 26, 2024, the board of directors of Lotus Holdings reviewed and approved a proposal concerning its holding subsidiary to sign a sales contract, agreeing that Zhejiang Lianhua Zixing Intelligent Computing Technology Co., Ltd. (莲花紫星) would contract with the state-owned enterprise to provide 1545 PFLOPS (BFLOAT16) high-performance computing services and operational services for a duration of five years, with a total contract value of 555 million yuan.
Three-part Arbitrage Scheme? Mysterious Investors Quietly Enter the Market Upon further investigation, it appears that the transformations at Lotus Holdings and Hainan Huatie suggest a possible "computing capital arbitrage scheme," characterized by "cross-industry transformation - major computing contracts catalyzing - stock price surges with mysterious individuals entering for arbitrage."
Note: This is merely an illustrative image and does not reflect actual events. Step one: Identify traditional targets. We discover that both Lotus Holdings and Hainan Huatie initially had quite traditional business models. Hainan Huatie primarily engaged in equipment leasing, focusing on two main segments: aerial work platform leasing and construction support equipment leasing. On one hand, these traditional businesses are closely related to construction and infrastructure sectors, highly sensitive to macroeconomic and real estate market conditions and subject to cyclical volatility; on the other hand, the company has rapidly expanded through continuous financing and acquisitions in recent years, leading to an asset scale expansion but also accumulating high levels of debt, with its asset-liability ratio exceeding 70%.
Lotus Holdings has had its main business weaken over time. Initially focused on monosodium glutamate, changing consumer tastes toward diverse flavoring products, compounded by heightened industry competition, led to a continual decline in Lotus Holdings' performance and resulted in frequent massive losses from 2014 to 2018, along with a high asset-liability ratio. The company faced risks of delisting during this time. Since the restructuring of "MSG king" Lotus Health in 2020, its seasoning business has shown poor performance, with continued shrinkage of its core operations and mediocre stock performance.
Step two: Do computing contracts catalyze stock prices? With the full explosion of artificial intelligence technology, the demand for computing power has exhibited exponential growth, propelling the computing leasing industry into prominence, significantly igniting the secondary market stock prices. When Lotus Holdings announced contracts related to computing power by the end of December 2024, the company's stock price exhibited unusual activity and saw a subsequent surge in January the following year alongside the computing power boom.
Coincidentally, Hainan Huatie's stock price also surged due to the computing power catalyst.
Curiously, during the surge in stock prices of the listed companies, mysterious individual investors apparently entered the market shortly before the price lifts and exited once the stock prices soared.
During the price fluctuations of Lotus Holdings' shares, a mysterious individual, Wang Jingjing entered as a top ten shareholder in the fourth quarter of 2024 but disappeared from the top ten in the first quarter of 2025.
Similar situations also occurred with Hainan Huatie. The stock price of Hainan Huatie shot up in the first quarter of this year, with mysterious individual Mao Jinming also entering as one of the top ten shareholders, only to drop from the list in the second quarter.
Therefore, we wonder whether this apparent similarity between Lotus Holdings and Hainan Huatie's experiences in this "three-part series" is coincidental or if there are deeper secrets at play. Is there a capital arbitrage scheme behind this?
Furthermore, Wang Jian is a well-versed player in the capital markets. Public information indicates that he was born in 1988 and graduated from Zhejiang University of Technology in 2009. In 2010, he founded Hangzhou Zhexin with his father Wang Hengxin, and in 2016, they incorporated it into the listed company Jinke Culture, which was the predecessor of Tom Cat. He has since embarked on operations in cross-industry mergers and acquisitions. According to publicly available information, Wang Jian has raised over 3 billion yuan from reducing his holdings in the secondary market through Jinke Culture alone.
It is essential to point out that Wang Jian has previously faced regulatory investigations and penalties for insider trading arbitrage. On the night of February 2, 2020, due to provisions for goodwill impairment and other factors, Tom Cat reported a significant loss for 2019, shifting from a net profit of over 800 million from the previous year to a forecast loss of up to 2.4 billion. Aware of this news, Wang Jian attempted to sell off shares to avoid losses, trading nearly 53 million yuan. During the sensitive period of insider information, Wang Jian's accounts sold 50.97 million shares of Jinke Culture, with a transaction value of 168 million yuan, without any purchases. After excluding certain sales made to fulfill a pre-arranged commitment with Industrial Securities to repay debts, Wang Jian's accounts sold 16.79 million shares based on insider information, amounting to 52.85 million yuan in total. Eventually, Wang Jian was fined 3 million yuan for insider trading.
Is there collusion in the contract arrangements? Computing power client contracts unexpectedly reveal Wang Jian-affiliated companies In Lotus Holdings' computing power contracts, some sales related to computing business have seen slow repayment, and certain equipment procurement contracts were terminated prematurely post-signing.
Regarding the termination of contracts, Lotus Holdings explained that the leasing contracts signed with Zhejiang Huaxi Cloud Technology Co., Ltd., Beijing Gongji Technology Co., Ltd., Hangzhou Kaoyan Technology Co., Ltd., and Hangzhou Shuling Technology Co., Ltd. were initially set for a rental period of 12 months. The contracts with the above companies were terminated early due to changes in market conditions; customers requested terminations due to rental price fluctuations, which were concluded amicably between the parties. The contract with Beijing Gongji Technology Co., Ltd. was terminated due to business adjustments on the client's part.
It is particularly important to emphasize that Hangzhou Kaoyan Technology Co., Ltd. is among the top ten customers of Lotus Holdings.
We were astonished to discover that both the terminating customers and the top ten clients reveal a close connection to Wang Jian. One of the terminating customers, Hangzhou Shuling Technology Co., Ltd., has Hangzhou Xinglin Technology owning 16% of Lotus Zixing. Wang Hengxin serves as the legal representative, chairman, and manager of Hangzhou Xinglin. The legal representative, director, and manager of Hangzhou Shuling Technology are Zhang Zhengfeng, who has shared investment object Ningbo Yuankai Dingsheng Investment Partnership with Wang Hengxin.
One of the top ten customers, Hangzhou Kaoyan Technology Co., Ltd., has Wang Jian serving as a supervisor of Shanghai Maoling Intelligent Technology Co., Ltd., which is the controlling subsidiary holding 60% of Hangzhou Kaoyan Technology Co., Ltd.
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