Ningbo Shanshan Co.,Ltd. experiences dramatic reversal: shipping magnate takes over, ending the bitter feud between eldest son and stepmother from wealthy family. The control battle for Ningbo Shanshan Co.,Ltd. has finally reached a new conclusion recently. From family infighting triggered by the founder's death, to survival amid debt crisis, and finally the arrival of a "white knight," this company's fate has continuously captured market attention.
In February 2023, the sudden death of founder Zheng Yonggang disrupted the power balance at Ningbo Shanshan Co.,Ltd. In March of the same year, eldest son Zheng Ju was elected chairman but faced opposition from stepmother Zhou Ting, who claimed to be the actual controller as the current spouse and guardian of minor children. The two sides engaged in a months-long struggle until the board reshuffle in May 2023, when both Zheng Ju and Zhou Ting entered the board of directors, with Zheng Ju continuing as chairman, temporarily ending this internal conflict.
However, the calm did not last long. In the second half of 2024, the Shanshan system's debt crisis erupted. As of June 30 this year, Ningbo Shanshan Co.,Ltd. had interest-bearing liabilities of 15.592 billion yuan, with 9.058 billion yuan due within one year, while cash on hand was only 2.822 billion yuan, creating enormous short-term debt repayment pressure.
In June this year, Ningbo Shanshan Co.,Ltd. publicly recruited restructuring investors. Although its lithium battery and polarizer businesses remained strong, the high debt burden deterred investors. The mystery was finally revealed on September 30: Ren Yuanlin's Xinyang Commerce took the lead, partnering with capital consortium including TCL Capital Investment, to acquire 23.36% equity in Ningbo Shanshan Co.,Ltd. for 3.284 billion yuan. After restructuring, Ren Yuanlin will become the new actual controller.
This Ren Yuanlin is no ordinary figure, bearing the title of "China's Private Shipping King." Not only has he repeatedly appeared on the Hurun Global Rich List, but his investment portfolio spans multiple sectors including metals, shipping, and chemicals, with investments in 57 companies under his control.
Notably, Ningbo Shanshan Co.,Ltd.'s stock price rose from 7.64 yuan per share in early June to 15.13 yuan per share on September 30, an increase of nearly 100%. Although the stock price began declining after the National Day holiday, it still closed at 14 yuan per share as of the 10th, and this early rally has generated considerable market speculation.
From the mutual destruction of family infighting to the shipping magnate's forceful takeover, control of Ningbo Shanshan Co.,Ltd. has ultimately fallen into "outsider" hands. This battle between capital and family reveals the harsh reality of business competition. What do you think will happen to Ningbo Shanshan Co.,Ltd. next? Can the shipping king's leadership open a new chapter?
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