A seemingly minor announcement regarding a proposed equity change in Sunshine Insurance (6963.HK) recently caught external attention. The core focus lies in whether Fujian Septwolves Holdings Group Co., Ltd. (Septwolves Holdings), after 16 years of迂回 "stealthy advancement" and two recent "internal" equity reshuffles within half a year—which not only increased its direct shareholding but also brought its total stake close to that of the largest shareholder—is brewing a final "sudden pounce". Behind this, what deserves even more attention is that, concealed within the investment in Sunshine Insurance, Septwolves has been building a vast "financial empire" over more than two decades. On the landscape of China's private economy, Fujianese entrepreneurs, especially the "Minnan faction" entrepreneurs centered in Jinjiang, are a legendary group that cannot be ignored. Emerging from the barren lands described as "eight parts mountains, one part water, and one part farmland," they leveraged a grassroots spirit of "daring to fight brings victory" and the wave of globalization to transform Fujian's Jinjiang into what outsiders call the "Capital of Chinese Brands"—breeding numerous well-known enterprises like Anta, Septwolves, Xtep, 361°, and Peak. However, the other side of the legend is that as globalization enters a period of adjustment, domestic demographic dividends fade, and the consumer market undergoes dramatic changes, these enterprises have reached a critical crossroads. They not only face their own transformation challenges but also must confront a battle to preserve the wealth of their families and even the entire regional business community. While giants like Anta and Xtep chose to upgrade their main businesses and pursue overseas mergers and acquisitions, Septwolves has taken a different path. A "financial empire," which began to sprout at the turn of the century and has developed over more than twenty years, encompassing investments in venture capital funds and banks, controlling listed companies in microcredit and financial leasing, and making strategic moves in insurance, has quietly taken shape. Particularly in the first half of 2025, when Fujian Septwolves Industry Co., Ltd. earned less than 30 million yuan from selling clothing, its financial布局 has even become the primary lens through which outsiders view this former apparel giant.
Septwolves' "stealthy advance" on Sunshine Insurance has lasted 16 years, with its shareholding比例 now approaching that of the largest shareholder. According to a Sunshine Insurance announcement on December 26, 2025, Henghe Property (Xiamen) Co., Ltd. will acquire a 1.72% stake in Sunshine Insurance from its shareholder, Lhasa Fengming Engineering Machinery Sales Co., Ltd. This change in shareholder is pending approval from the National Financial Regulatory Administration before it takes effect. Both Henghe Property and Lhasa Fengming are part of the "Septwolves system." Tianyancha data shows that Septwolves Holdings holds a 91.18% stake in Henghe Property, which in turn holds a 32.99% stake in Lhasa Fengming. After the completion of this share transfer, Lhasa Fengming's stake in Sunshine Insurance will decrease from 4.78% to 3.06%, and Henghe Property will become a new shareholder with a 1.72% stake. This effectively shortens the持股层级 for part of Septwolves Holdings' stake in Sunshine Insurance from the third tier to the second tier. This marks the second "net-tightening" internal equity reshuffle by Septwolves Holdings in nearly six months. In August 2025, Septwolves Holdings took over a 2.87% stake in Sunshine Insurance from another platform it directly controls (62.83%), Beijing Ruiteng Yihong Investment Management Co., Ltd. Simultaneously, Ruiteng Yihong also transferred shares in Sunshine Insurance to two other enterprises. Post-change, Ruiteng Yihong's stake decreased from 6.09% to 2.7%, while Septwolves Holdings' direct stake in Sunshine Insurance increased from 0.87% to 3.74%. After these two equity maneuvers, Septwolves Holdings' stake in Sunshine Insurance has continuously increased. The combined shareholding ratio of Septwolves Holdings and its controlled entities, Ruiteng Yihong and Henghe Property, in Sunshine Insurance will rise from 6.96% to 8.16%, approaching the combined 9.13% stake held by the current largest shareholder, China Chengtong, and its wholly-owned subsidiary. Septwolves Holdings' "潜伏" began in 2009. At that time, policies encouraged private capital to enter the financial sector, and Septwolves Holdings quietly became a shareholder of Sunshine Insurance, ranking twelfth with a 2.7% stake. In 2015, when Sunshine Insurance initiated a large-scale capital increase, Septwolves Holdings chose to "hide" at the third shareholder tier, with Ruiteng Yihong making additional investments through Ruiyu Jinhe. It wasn't until 2024 that Septwolves Holdings executed a crucial "net-tightening" move. After Ruiyu Jinhe exited, it switched to directly holding Ruiteng Yihong, moving from being a third-tier shareholder in Sunshine Insurance to a second-tier one. The two recent equity reshuffles represent a further tightening of Septwolves'持股 "network."
Behind Septwolves Holdings' "潜伏" in Sunshine Insurance lies the vast "financial empire" that Septwolves has been building over more than two decades. To discuss Septwolves' financial布局, one must mention the "key figure"—Zhou Yongwei, the eldest of the three founding brothers of Septwolves, the current "alpha wolf" of the company, and Chairman of the Septwolves Group. Wind data shows that from 1981 to 1992, Zhou Yongwei had a decade of experience working at the Bank of China Jinjiang Sub-branch, where he served as Deputy Director of the Jinjin Office. This largely explains why, while many manufacturing companies only begin financial布局 with the "second generation," Septwolves' "first generation" had already completed the setup. After leaving the bank, Zhou Yongwei, together with his brothers Zhou Shaoxiong and Zhou Shaoming, threw themselves into the development of Septwolves. Zhou Yongwei not only oversaw the group company but, given his banking background, naturally took charge of the investment portfolio. In 2000, the Septwolves Group established Septwolves Holdings, specializing in equity investment and asset management. Soon, Zhou Yongwei identified his first target. In 2000, during the restructuring of Industrial Bank and as the financial industry was just opening up to foreign capital, while some minority shareholders were eager to offload their stakes, the Septwolves Group acquired shares to become a shareholder of Industrial Bank the following year. Subsequently, Septwolves Holdings also acquired shares, becoming a top-ten shareholder with a 2.13% stake. In 2004, Fujian Septwolves Industry Co., Ltd. went public, providing Septwolves with its first capital operation platform.紧接着, the investment in Industrial Bank orchestrated by Zhou Yongwei also entered its harvest period. In 2007, when Industrial Bank listed on the Shanghai Stock Exchange, its share price exceeded 40 yuan on the first day of trading, giving Zhou Yongwei a nearly twenty-fold return on investment and establishing his reputation. Thereafter, as the "alpha wolf" of Septwolves, Zhou Yongwei escalated his involvement in the financial sector from testing the waters to making major布局 for core licenses. In 2010, the Septwolves Group, as the main sponsor, led the establishment of Quanzhou Huixin Microcredit Company, formally obtaining its first financial license. During the same period, Septwolves' venture capital布局 also unfolded systematically. Septwolves Venture Capital was established in 2009; in 2010, the Septwolves Group also took a stake in Shenzhen Capital Group, entering China's top-tier venture capital ecosystem. Septwolves' venture capital activities adopted a model of "direct investment through its own platform + acting as an LP investing in funds," with representative portfolio companies including CATL and SenseTime.
While the financial investment布局 was advancing ambitiously, Septwolves' core apparel business faced challenges. Rapid market economic development had supported the golden age of China's garment industry, allowing Septwolves to grow quickly. However, after the 2008 financial crisis, the domestic consumer market underwent massive changes. Established apparel companies like Septwolves found themselves squeezed from both sides by the rise of international fast-fashion brands and e-commerce. After reaching a peak in 2012, Septwolves' revenue growth rate明显 slowed. After 2008, both Septwolves Holdings and the Septwolves Group began to be managed专注 by Zhou Yongwei. In 2015, the A-share market experienced an exhilarating rapid rise, and "全民炒股" became a common trend. It was also in this year that the Septwolves Group formally clarified its dual-drive strategy of "Industry + Investment" externally. Simultaneously, Septwolves' financial布局 became more aggressive. On one hand, it promoted the securitization of financial assets. In 2016, Huixin Microcredit successfully listed on the Main Board of the Hong Kong Stock Exchange, becoming the first listed microcredit company in Fujian Province.紧接着 in 2018, another financial license-holding company under Septwolves—the financial leasing business company, Baiying Holdings—also successfully listed on the Hong Kong Stock Exchange. Currently, the ultimate controller of both listed companies is Zhou Yongwei. On the other hand, aiming for financial licenses, it entered the more specialized and higher-barrier insurance sector. In 2015, by participating in a large-scale capital increase, Septwolves initiated its long-term investment in Sunshine Insurance. In 2016, Fujian Septwolves Industry Co., Ltd. also participated in establishing Qianhai Reinsurance Co., Ltd. It is worth mentioning that in 2017, the Septwolves Group seized the opportunity during Xiamen Bank's capital increase and expansion to become its fourth-largest shareholder. Xiamen Bank listed in 2020, and Zhou Yongwei once personally served as a director and member of the strategy committee of Xiamen Bank. As of the end of the third quarter of 2025, the Septwolves Group remained the fourth-largest shareholder of Xiamen Bank, holding an 8.09% stake. By this point, Septwolves' financial empire, spanning banking, venture capital, microcredit, leasing, and insurance, had become quite substantial. However, compared to those private capital groups aiming to build mixed-operation financial platforms, it appears that Septwolves does not yet control any listed bank or insurance company.
Does the former apparel giant now rely on finance to maintain its business? Riding the wave of globalization, leveraging the unleashed vitality of the domestic market economy, and benefiting from Jinjiang's unique industrial cluster effect, Jinjiang enterprises like Septwolves, Anta, Xtep, 361°, and Peak were able to develop rapidly. But as the industry shifted from explosive growth to a plateau, the pressure of maintaining the business ensued. Facing common challenges, Jinjiang enterprises have diverged into different models. Companies represented by Anta continue to deepen their focus on their main business, undertaking a series of industrial mergers and acquisitions to build a brand "empire." Others, exemplified by 361°, adopted a strategy of "if you can't buy the brand, buy the people," poaching core technical teams from international brands to create highly praised "international line" products, first conquering overseas professional markets before "re-exporting" them domestically. Among its many Jinjiang peers, Septwolves' investment in its main business appears relatively insufficient. Although the strategy established by Septwolves at the time was the dual drive of "Industry + Investment," and the three Zhou brothers had a clear division of labor—eldest brother Zhou Yongwei focused on financial investment, while second brother Zhou Shaoxiong and third brother Zhou Shaoming were responsible for the apparel business—Fujian Septwolves Industry Co., Ltd. currently also survives by "stock trading." In the first half of 2025, Fujian Septwolves Industry Co., Ltd. achieved a net profit of 160 million yuan, but earned less than 30 million yuan from selling clothing. The remaining 130 million yuan primarily came from stock investment gains. By the end of June 2025, the total value of stocks held by Septwolves reached 1.44 billion yuan. Its investment footprint spans the A-share and Hong Kong stock markets, with star stocks like Tencent Holdings, Ping An Insurance, Kweichow Moutai, and CATL listed in its stock portfolio. The main business of Fujian Septwolves Industry Co., Ltd., however, is plagued by brand aging, accompanied by high return rates and inventory issues. Financial reports show that the return rates for Septwolves' apparel products on Tmall, Douyin, and Vipshop platforms reached 50.43%, 58.9%, and 49.53% respectively. In the first half of 2025, Fujian Septwolves Industry Co., Ltd. planned to make provision for various asset impairment losses totaling 59.6642 million yuan, including inventory impairment of 60.6481 million yuan. According to a "Yan Finance" report, Wu Jingcao, Chief Analyst of the Consumer and Commerce sector at Soochow Securities, believes that the risk of being in the clothing business is no lower than investing in the stock market. He stated, "Being in the clothing business is also a form of investment; the risks of investing in industry are just as real as the risks of investing in securities." Yuan Shuai, Co-founder and Initiator of the New Wisdom Faction New Quality Productivity Salon, also noted that from a profit perspective, the high capital回报率 of financial业务 contrasts sharply with the low gross margins of the main apparel business. Against the backdrop of intensified competition in the apparel industry and accelerating迭代 of consumer demand, financial investments can provide enterprises with a source of quickly realizable profits. Particularly in areas like venture capital and microcredit, capital operations can achieve explosive short-term收益 growth, alleviating financial pressure caused by sluggish growth in the main business. However, Yuan Shuai also pointed out that the risks associated with Septwolves' emphasis on financial布局 are significant. The primary risk is the hollowing out of the main business, which would weaken product innovation and market responsiveness, leading to brand marginalization. The high risk of financial业务 conflicts with the stability required for the main business, potentially triggering连锁 losses and陷入 a vicious cycle of "financial bleeding - main business bleeding."同时, financial布局 across multiple sectors faces strict regulatory scrutiny, increasing compliance pressure. Consumers might also question the company's professionalism if its image shifts towards that of a "capital player," damaging brand trust. Although Septwolves' financialization path may yield short-term benefits, it risks losing its core competitiveness, and its long-term sustainability remains to be seen.
It is worth mentioning that Septwolves' financial empire is not solely the chess game of the Zhou brothers; behind it looms the influence of Fujianese entrepreneurs, especially the Jinjiang business group. According to Tianyancha data, behind Sunshine Insurance shareholder Ruiteng Yihong are Joeone, Zhou Guoxiong (founder of Zhongqiao Sports), and Panpan Food; behind Huixin Microcredit there is also Panpan Investment; the second-largest shareholder of Baiying Holdings, Zijiang Capital, is controlled by the Ke family, owners of the Jinjiang equipment manufacturing enterprise Jingong Machinery. Jingong Machinery, the Ke family's primary enterprise, has been included in Fujian Province's list of key enterprises后备 for listing. According to an introduction on the "Cheung Kong Graduate School of Business" WeChat public account, Zhou Shi Yuan, son of Zhou Yongwei, also联合 many second-generation successors from well-known private enterprises in Fujian to establish Qicheng Innovation (Xiamen) Investment Co., Ltd. in Xiamen in 2015. "The unique aspect is that the core investors assembled the most vibrant and influential 'second-generation entrepreneurs' in Fujian." The company has established strategic cooperative relationships with Shenzhen Capital Group, Fortune Capital, Longling Capital, Sequoia Capital, Frees Fund, Innofund, and Fire Orange Capital. According to Tianyancha, among the partners of Qicheng Innovation's affiliated enterprise, Xiamen Qicheng Partners Investment Partnership, is Chen Chaozong, son of Yinlu Foods Group Chairman Chen Qingyuan. The Septwolves family is also tightly bound to the Fujian business community through marriages. Zhou Li Yuan, son of Zhou Shaoxiong, married Ding Jiamin, daughter of Xtep founder Ding Shuibo, in 2024; Bama Tea's prospectus revealed that Zhou Shi Yuan had already married Wang Jialin, daughter of Bama Tea's actual controller Wang Wenbin. Furthermore, Ding Lizhi, the eldest daughter of Xtep founder Ding Shuibo and older sister of Ding Jiamin, married Lin Xiaowei, son of Jomoo Group founder Lin Xiaofa; as in-laws of Septwolves, Wang Kunheng, son of Bama Tea's actual controller Wang Wenbin, married Ding Siqing, daughter of Anta founder Ding Shizhong. This also closely links Septwolves with Joeone and Anta. Which "path" do you identify with more? How do you view the financial expansion of industrial enterprises? Welcome to leave your comments.
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