Yao Wang Technology's listing transfer of subsidiary equity has taken a turn, with the second-place transferee stepping in as a substitute.

On the evening of March 25, Yao Wang Technology (SZ002291, stock price 6.41 yuan, market value 5.994 billion yuan) disclosed the “Announcement on the Progress of the Transfer of Equity of Wholly-Owned Subsidiary” showing: the first priority transferee suddenly “fell through” just before signing, and another company with a background in “Global” footwear from Wenzhou, Zhejiang—Zhejiang Zhanchuan Brand Management Co., Ltd. (hereinafter referred to as Zhejiang Zhanchuan), as the second priority transferee, “stepped in” to acquire all equity of Yao Wang Technology’s subsidiary—Foshan Saturday Shoes Co., Ltd. (hereinafter referred to as Saturday Shoes) for 453 million yuan.

Yao Wang Technology’s announcement indicates that the company has signed a “Share Transfer Agreement” with Zhejiang Zhanchuan and has received the first payment of 231 million yuan from Zhejiang Zhanchuan. The agreement shows that both parties agree that the total transfer price is tentatively set at 453 million yuan; among them, the price for the equity is 408 million yuan, and an additional 45 million yuan is tentatively set as the assessed price for the inventory of the footwear business to be transferred to the target company.

Yao Wang Technology also stated in the announcement that the proceeds from the asset sale are planned to be used to supplement the company’s working capital, and it is expected to have a positive impact on the company’s profits in 2026.

Subsidiary Equity Transfer Now Turns

On the evening of March 25, Yao Wang Technology released the “Announcement on the Progress of the Transfer of Equity of Wholly-Owned Subsidiary.”

The announcement shows that the transfer of 100% equity of Yao Wang Technology’s wholly-owned subsidiary Saturday Shoes has encountered a turning point, as the originally determined final transferee through a comprehensive evaluation process—Foshan Nanhai District Xingzhi Investment Co., Ltd. (hereinafter referred to as Xingzhi Investment) defaulted—failing to sign the share transfer agreement with the company within the agreed time frame, and the Guangdong Equity Exchange Center has initiated the corresponding default disposal procedures. Subsequently, the second priority transferee Zhejiang Zhanchuan stepped in to officially take over Saturday Shoes.

So, what is the background of the acquiring party Zhejiang Zhanchuan? Yao Wang Technology’s announcement shows that Zhejiang Zhanchuan was established on December 16, 2025, with a registered capital of 10 million yuan, and its shareholder is Zhejiang Zhongyu Brand Management Co., Ltd., holding a 100% stake.

Tianyancha information shows that this new transferee Zhejiang Zhanchuan has ties to Zhejiang Global Footwear Co., Ltd.

The “Daily Economic News” reporter further discovered through Tianyancha and the company’s business registration information that Zhejiang Zhongyu Brand Management Co., Ltd. is owned equally by Yu Zhongsu and Yu Zhongyin, each holding 50%. Yu Zhongyin and Yu Zhongsu are key figures in the well-known footwear enterprises in Wenzhou, Zhejiang: Yu Zhongyin and Yu Zhongsu jointly hold 24% of the equity of Zhejiang Global Footwear Co., Ltd.

Target Company Performance Under Pressure

Why did Xingzhi Investment withdraw just before signing, becoming a focal point of market attention?

Looking back at Yao Wang Technology’s previous announcements, the initial announcement period for the transfer of 100% equity of Saturday Shoes was December 22, 2025. Business registration information shows that Xingzhi Investment was established on December 22, 2025, with a registered capital of only 1 million yuan.

Tianyancha information and Yao Wang Technology’s announcement show that Xingzhi Investment is 90% owned by Zhang Chun and 10% by Liu Yingying; the legal representative and director is Zhang Chi, and Zhang Chun also serves as the financial officer.

It is worth noting that Tianyancha also shows that a person named “Zhang Chun” previously worked at multiple regional branches of Foshan Saturday Shoes Co., Ltd., including the Shanghai Ganghui Sales Department, Shanghai Tianlin Road Store No. 1, Shanghai Tianlin Road Store No. 2, and Shanghai Caobao Road Store, with the establishment dates of these branches concentrated between 2008 and 2012, and they have since been deregistered.

In fact, the target company being transferred by Yao Wang Technology—Saturday Shoes—has been under performance pressure in recent years.

Audit data (single entity basis) from Beijing Dehao International Accounting Firm (special general partnership) shows: In 2024, Saturday Shoes had an operating income of 153 million yuan and a net profit of -55 million yuan; from January to August 2025, its operating income was 85 million yuan, and the net profit was -49 million yuan. In terms of financial status, as of August 31, 2025, Saturday Shoes had total assets of approximately 216 million yuan, total liabilities of approximately 20 million yuan, and net assets of approximately 196 million yuan.

It is noteworthy that to facilitate this transaction, Yao Wang Technology previously undertook a series of internal restructuring, converting negative net assets of Saturday Shoes to positive through methods such as debt-to-equity swaps and asset transfers. The book value of the debt used for the equity increase of Saturday Shoes alone reached 445 million yuan.

Daily Economic News