A recent public censure decision from the Shenzhen Stock Exchange has brought Hainan Haide Capital Management Co., Ltd. (ASX: HDC) and its actual controller, Wang Guangxi, into sharp focus.
Concurrently, the Hainan Securities Regulatory Bureau issued an "Administrative Penalty Decision" to Haide and Wang, directly addressing the concealment of 884 million yuan in illegal fund misappropriation over four years.
The final outcome saw the regulator issue warnings and fines of 2 million yuan and 6.8 million yuan to Haide and Wang Guangxi, respectively.
As one of the few listed companies in China primarily focused on non-performing asset management, Haide's performance has declined in recent years, with last year's net profit attributable to shareholders being only about 40% of its peak.
However, entering 2026, Haide successfully repaired its performance: first-quarter revenue surged 147.81% to 547 million yuan, and net profit attributable to shareholders skyrocketed over threefold to 420 million yuan.
It is worth noting that Wang Guangxi, once known as the "Coal King," successfully built the Yongtai Group he founded into one of Shanxi's largest private coal enterprises.
Wang himself has appeared on the Hurun Rich List for multiple consecutive years, with his personal wealth once reaching as high as 37 billion yuan at its peak. On last year's "2025 New Fortune 500 Wealth Creation List," Wang Guangxi and his wife topped the Shanxi list with a fortune of 16.43 billion yuan.
Details of the Penalty and Concealment
On June 9, the Hainan Securities Regulatory Bureau issued the "Administrative Penalty Decision" to Haide and Wang Guangxi. On the same day, the Shenzhen Stock Exchange also issued a public censure against Haide and its actual controller.
According to the facts ascertained in the penalty decision, Haide and Wang Guangxi were found to have committed multiple violations.
In March 2021, Haide initiated a non-performing asset acquisition and restructuring business, with Haide and its subsidiary Haide Asset Management Co., Ltd. successively paying acquisition prices to the counterparty.
In April of the same year, the counterparty used 884 million yuan from the acquisition payment to repay a loan on behalf of Haide's related party, Hainan New Haiji Investment Co., Ltd., constituting non-operational fund appropriation by a related party.
The balance of this misappropriation remained at 884 million yuan at the end of 2021, 2022, 2023, and as of June 30, 2024, accounting for 18.65%, 17.04%, 16.08%, and 16.69% of the net assets recorded in the respective periodic reports. Haide failed to disclose this fund appropriation in the corresponding periodic reports.
Haide disclosed the situation in its 2024 annual report. By April 2025, all misappropriated funds and corresponding interest had been repaid.
The Shenzhen Stock Exchange pointed out that Haide's actions violated relevant regulations. Wang Guangxi, as the actual controller, improperly appropriated listed company funds, and as the then-chairman, failed to perform his duties diligently and faithfully.
Given the facts and circumstances, the exchange issued a public censure. The Hainan regulator also stated that Haide's actions violated the Securities Law, constituting information disclosure violations.
Wang Guangxi, as the then-chairman who was aware of the situation and signed off on the accuracy of financial reports, failed to act diligently and was deemed the directly responsible person.
Considering that the funds and interest had been fully repaid, the Hainan regulator decided to issue a warning and a fine of 2 million yuan to Haide.
Wang Guangxi received a warning and a total fine of 6.8 million yuan, comprising 5 million for his role as actual controller and 1.8 million as the directly responsible person.
Haide stated that the company does not meet the criteria for mandatory delisting due to major violations under the Shenzhen Stock Exchange Listing Rules, nor does it trigger other risk warning scenarios.
Haide emphasized that as of the announcement date, its production and operations are normal, and the matter will not have a significant impact. The company and relevant personnel will learn from the experience, strengthen internal governance, improve corporate governance, and strictly comply with laws and regulations.
Corporate History and Transformation
Established in 1987, Hainan Haide Capital Management Co., Ltd. is the only listed company in the domestic securities market whose main business is non-performing asset management (AMC).
Leveraging its technological advantages and shareholder industry background, Haide utilizes its scarce AMC license to focus on familiar sectors like energy and listed companies, or special opportunities with certainty.
Through various means like restructuring, revitalization, and disposal, Haide resolves non-performing assets and enhances value, differentiating itself from other asset management companies.
Reviewing its development, Haide has undergone multiple transformations, with changes in control.
Originally Haikou Haide Polyester Factory in the 1980s, it listed on the Shenzhen Stock Exchange in 1994 as "Qiong Haide," later renamed "Haide."
However, the following year, impacted by industry adjustments and market volatility, the national polyester industry faced overall losses.
Haide was no exception, recording net losses in 1995 and 1996, bringing it to the brink of delisting.
In crisis, Haide underwent asset restructuring in 1997, with Hainan Guotai Group becoming the largest shareholder.
Guotai's entry did not involve substantive restructuring through capital or asset injection. Instead, it sold or mortgaged Haide's assets and used related-party transactions to show superficial profits for three years.
While this averted immediate delisting, it did not fundamentally improve Haide's situation, leading to deeper losses later.
By 2000, annual revenue was less than 1 million yuan, with a net loss of 41 million. Losses doubled the next year, and the company faced delisting risk again.
In 2001, Guotai decided to exit. Shengzhou Xiangyuan Real Estate Development Co., Ltd. took over, becoming the largest shareholder with a 26.93% stake.
In August 2002, Zhejiang Yaojiang Industrial Group Co., Ltd. became the actual controller by holding the largest shareholder.
With Yaojiang's support, Haide implemented major asset and debt restructuring from September 2002, shifting its main business to real estate development and sales, gradually overcoming difficulties.
In July 2003, it was renamed "Hainan Haide Industrial Co., Ltd." Performance peaked in 2007, with revenue nearing 200 million yuan and net profit exceeding 20 million.
As more real estate developers entered Hainan, competitive pressure increased, and Haide faced operational challenges again.
By 2013, revenue was only 13 million yuan, with net profit shrinking to 3 million.
That year, Yaojiang exited. Wang Guangxi acquired a 27.72% stake through Yongtai Holding, gaining control.
After 2015, Haide actively promoted strategic transformation, gradually exiting real estate and entering the AMC industry by establishing a wholly-owned subsidiary.
In July 2016, the subsidiary successfully obtained the only AMC license in the Tibet region, and business gradually normalized.
In 2023, Haide achieved annual revenue of 1.23 billion yuan, with net profit reaching 880 million yuan and a gross margin as high as 94.63%.
However, performance declined significantly over the next two years. In 2025, revenue shrank to 704 million yuan, and net profit plummeted to 385 million yuan.
This year's first quarter saw a strong recovery, with single-quarter revenue surging 147.81% to 547 million yuan and net profit skyrocketing 332.55% to 420 million yuan.
Controller's Broader Business and Performance
Wang Guangxi, who revived Haide, is actually from Jiangsu, not Guangxi. Born in 1969, he holds a Master's in Business Administration.
Early in his career, he served as a business manager at Jiangsu Investment Company. He resigned in 2002 to start a business in real estate, catching the industry's development wave.
In 2003, he formally established Yongtai Investment Holding Co., Ltd., focusing on real estate development, which became the core platform for the subsequent Yongtai group.
In the following years, Wang led Yongtai to cross-invest in pharmaceuticals, energy, and other fields.
In 2010, he abandoned real estate listing plans, clearly defining energy as the core business. That year, Lurun Co., Ltd., a Sinopec-affiliated listed company he previously took over, was renamed Yongtai Energy.
Subsequently, Wang gained control of Lianhuan Pharmaceutical and Haide, becoming the controller of three A-share listed companies. He continued expanding in the energy sector.
By 2017, Yongtai Energy had integrated 15 coal enterprises in Shanxi, with coal reserves exceeding 3.8 billion tons, becoming a leading private coal listed company in China, earning Wang the title "Coal King."
During this period, he appeared on the Hurun Rich List for years, with wealth once reaching 37 billion yuan.
However, crisis followed the peak. From 2018 to 2020, Yongtai Energy fell into a debt crisis.
Facing difficulties, Wang actively "slimmed down" to save the company, selling coal assets and control of Lianhuan Pharmaceutical. In 2020, Yongtai Energy underwent bankruptcy restructuring.
The aforementioned illegal fund misappropriation from Haide occurred in the first year after Yongtai Energy's restructuring.
At that time, Haide's transaction counterparty used 884 million yuan from the acquisition payment to repay a loan for Hainan New Haiji Investment Co., Ltd., a related party.
Hainan New Haiji Investment Co., Ltd. is an enterprise under the Yongtai Group, with Wang Guangxi as the actual controller.
After restructuring, Yongtai Energy's performance briefly recovered, with net profit exceeding 2.2 billion yuan in 2023.
However, over the next two years, both revenue and profit indicators continued to decline. Last year, revenue was 23.817 billion yuan, down 16.01% year-on-year; net profit attributable to shareholders was 209 million yuan, a sharp drop of 86.63%.
In the first quarter of this year, Yongtai Energy's revenue decreased by 2.1% year-on-year to 5.522 billion yuan. However, its single-quarter net profit attributable to shareholders increased by 21.09% to 62 million yuan.
For Wang Guangxi, the former "Shanxi Richest Man," the pressure on his shoulders remains significant.
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