Dianhun Network Chairman Transfers Nearly 100 Million Yuan in Shares After Divorce, Cashed Out Over 60 Million Six Weeks Earlier

Divorce Announcement and Share Transfer

On September 16, A-share gaming company Dianhun Network announced that its actual controller, Hu Jianping, and Chen Fang had completed divorce proceedings and made arrangements regarding the division of shares.

According to the divorce agreement:

• Hu Jianping transferred approximately 7.2829 million shares (3% of total share capital) to Chen Fang
• The transfer was conducted as a non-trading transfer and did not trigger a tender offer
• Based on the closing price of 13.07 yuan per share on September 16, the market value of the divided shares was approximately 95.19 million yuan

Changes in Shareholding

Following the equity change:

| Party | Before (Shares) | Before (%) | After (Shares) | After (%) | |-------|----------------|------------|---------------|-----------| | Hu Jianping | 14.0405 million | 5.78% | 6.7575 million | 2.78% | | Chen Fang | 26.1785 million | 10.78% | 33.4614 million | 13.78% |

The combined shareholding of both parties remained unchanged at 40.219 million shares, representing 16.56% of total share capital.

Concerted Action Agreement

While finalizing their divorce, the two parties also signed a Concerted Action Agreement with a term of 36 months. Under this agreement:

• Both parties must consult in advance and reach consensus on voting matters
• They must exercise voting rights at shareholders' meetings according to the agreed-upon consensus

Governance and Control

The announcement emphasized that:

• Both Hu Jianping and Chen Fang remain the actual controllers of the company
• Hu Jianping will continue to serve as Chairman of the Board of Directors for the fifth term
• Chen Fang will retain her positions as Director and General Manager of the fifth-term Board
• The equity change will not alter the company's governance structure or affect its operations

Recent Share Reduction by Hu Jianping

Notably, just one and a half months before the divorce announcement, Hu Jianping had completed a round of share reductions:

• Between May 19 and August 3, he reduced holdings by:
• 2.4274 million shares through centralized bidding transactions
• 2.22 million shares through block trades
• His shareholding ratio decreased from 7.66% to 5.78%
• Total proceeds from the reduction: approximately 64.3645 million yuan

Company Background

Dianhun Network was established in 2008 as an internet company engaged in the research, development, and operation of online games. The company listed on the Shanghai Stock Exchange in October 2016.

Core Product: "Dream Three Kingdoms"

• A real-time strategy online game incorporating RPG elements
• Combines the Three Kingdoms theme with MOBA mechanics and Chinese-style art aesthetics
• Launched in 2009 and pioneered the concept of "Chinese-style esports"
• Peak concurrent users exceeded 500,000 in 2013
• Sequel "Dream Three Kingdoms 2" launched in 2015, broke historical revenue records in 2020
• Selected as an esports event for the 19th Asian Games in Hangzhou in 2021

Financial Performance

Record High (2020)

• Revenue: 1.024 billion yuan
• Net profit attributable to parent: 395 million yuan

Declining Trend (2021–2024)

| Year | Revenue | Net Profit (Parent) | |------|---------|---------------------| | 2021 | 996 million yuan | 339 million yuan | | 2022 | 791 million yuan | 201 million yuan | | 2023 | 677 million yuan | 56.84 million yuan | | 2024 | 551 million yuan | 30.58 million yuan |

2025: Shift to Loss

• Revenue: 385 million yuan
• Net loss attributable to parent: 214 million yuan

The company attributed the decline to:

• Lower game income compared to the previous year
• Significant drop in game top-up revenue from subsidiary Xiamen Youdong Network Technology Co., Ltd.
• Goodwill impairment provisions substantially higher than the previous year
• Year-on-year revenue declines in existing games

2026 First Half

• Operating revenue: 183 million yuan (down 5.67% year-on-year)
• Net loss: 58.77 million yuan (widened from 9.338 million yuan in H1 2025)
• Net cash flow from operating activities: negative 87 million yuan

New Business Exploration

Beyond its gaming business, Dianhun Network is exploring the "merchandise economy" as a second growth curve. According to the 2026 semi-annual report:

• The company completed the acquisition and integration of Shanghai Manhun
• It develops cultural creative merchandise around popular IPs
• Operational model: "online e-commerce stores + offline themed shops" with pop-up stores
• Shanghai Manhun currently operates 23 physical stores
• Offers derivative products related to works by CAPCOM and SNK, as well as IPs such as "Arknights" and "Wuthering Waves"

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