Oukang International's controlling shareholder sells 12% stake for nearly 400 million yuan; buyer founded just 13 days ago

Wenzhou-based "leather shoe king" Aokang International (603001.SH) recently released four announcements, thrusting its controlling shareholder's equity transfer deal into the media spotlight.

According to a September 17 announcement, the company's controlling shareholder, Aokang Investment Holding Co., Ltd. ("Aokang Investment"), and actual controller Wang Zhentao plan to transfer 18.0686 million shares (4.5061% of total share capital) and 10 million shares (2.4939% of total share capital), respectively, to a newly established private equity fund — Zhejiang Hangshu Technology Development Partnership (Limited Partnership) ("Hangshu Technology") — which was founded just 13 days prior. The total consideration for the 7% stake transfer is 229.7 million yuan.

In addition to Hangshu Technology's acquisition of 7% of the listed company's shares, Aokang Investment also plans to transfer 20.05 million shares (5.0002% of total share capital) to a post-70s natural person, Chen Haifeng, for 164 million yuan.

The combined value of the two transactions is approximately 393.7 million yuan, meaning that Aokang International's actual controller, Wang Zhentao, will offload about 12% of his shares, cashing out nearly 400 million yuan.

The day after the news was disclosed (September 18), Aokang International's shares hit the daily limit up. On September 21, the stock again hit the limit up, closing at 11.47 yuan per share.

Notably, just three months earlier, in late June, Aokang International had disclosed plans to consider a major asset purchase. However, by early July, the parties decided to terminate the plan due to failure to reach agreement on certain core terms.

Controlling Shareholder Transfers 12% Stake, Cashes Out Nearly 400 Million Yuan

Under the transaction structure, both deals are proceeding simultaneously, with a share transfer price of 8.17 yuan per share.

• First transaction: Aokang Investment transfers 18.0686 million shares (4.5061% of total share capital), and Wang Zhentao personally transfers 10 million shares (2.4939% of total share capital) to Hangshu Technology. Combined, they transfer 28.0686 million shares (7% of total share capital) for a consideration of 229.7 million yuan.

• Second transaction: Aokang Investment separately transfers 20.05 million shares (5.0002% of total share capital) to Chen Haifeng, a post-70s natural person, for 164 million yuan.

Notably, Hangshu Technology, a private equity fund, was established on September 4 of this year — just 13 days before signing the equity transfer agreement with Aokang Investment and Wang Zhentao on September 17 — clearly indicating it was set up as a platform company specifically for this transaction.

The announcement also disclosed that Hangshu Technology has a registered capital of 220 million yuan, with its registered address in Dongxin Subdistrict, Gongshu District, Hangzhou City, Zhejiang Province. Its main partners are:

• Hangzhou Hanhai Xinghe Technology Co., Ltd.
• Zhejiang Provincial Economic Cooperation Group Co., Ltd.
• Hangzhou Dexin Enterprise Management Co., Ltd.
• Shanxi Xiangguan Technology Co., Ltd.

According to Qichacha data, the capital contribution ratios of Hangshu Technology's partners are:

| Partner | Contribution Ratio | |---|---| | Hangzhou Dexin Enterprise Management Co., Ltd. | 46% | | Zhejiang Provincial Economic Cooperation Group Co., Ltd. | 33% | | Shanxi Xiangguan Technology Co., Ltd. | 20.5% | | Hangzhou Hanhai Xinghe Technology Co., Ltd. | 0.5% |

Among them, Zhejiang Provincial Economic Cooperation Group is primarily engaged in bulk trade, import/export business, equity investment, securities investment, and asset management. It has been recognized as one of the "Top 500 Zhejiang Merchants." After equity penetration, the company is indirectly held by Zhejiang Provincial Finance Development Group Co., Ltd., a provincial state-owned enterprise. Meanwhile, Shanxi Xiangguan Technology is backed by coal enterprise Gujiao Changkai Coal Industry Co., Ltd.

If the above share transfers are completed, Aokang Investment's stake in the listed company will decrease from 27.7273% to 18.2210%, while Wang Zhentao's personal stake will drop from 15.1022% to 12.6083%. Importantly, the combined shareholding of Aokang Investment and Wang Zhentao will fall to 30.8293%, just a hair's breadth away from the 30% control threshold.

Hangshu Technology and Chen Haifeng will hold 7% and 5.0002% of the listed company's shares, respectively, making them among Aokang International's top ten shareholders.

However, both Hangshu Technology and Chen Haifeng emphasized in the announcement that their investment is for financial purposes only, and they do not seek control of the listed company. They have committed not to increase or decrease their holdings of the underlying shares in any manner within one year from the date of completion of the share transfer registration.

80% Pledge Ratio Pressures Controlling Shareholder

Following the disclosure of the equity transfer, Aokang International's share price surged to the daily limit on September 18, closing at 10.43 yuan per share. On September 21, it again hit the limit up, closing at 11.47 yuan per share, as market enthusiasm continued to build.

In fact, three months earlier, the company had been planning a major asset purchase, but the plan was quickly terminated.

In a June 25 announcement, Aokang International stated it was planning a major matter involving asset purchases and applied for a trading halt starting from the opening of June 25.

Shortly thereafter, on July 2, Aokang International announced the termination of the major matter, citing failure to reach agreement with the counterparty on certain core terms.

Following the abrupt end of the previous transaction, Aokang International's share price experienced significant volatility.

According to Wind data compiled by a 21st Century Business Herald reporter, from mid-May, Aokang International's share price rose sharply. From May 22 to June 24, the stock accumulated a gain of 60%, closing at 14.14 yuan per share on June 24.

However, after resuming trading on July 2, the stock price quickly retreated, falling 49% over seven trading days from July 2 to July 10.

After hitting a low of 5.37 yuan per share intraday on July 21, the stock rebounded over the following two months, with a gain of over 80% from July 21 to September 21.

Behind the share price fluctuations, the high pledge ratio of Aokang International's actual controller, Wang Zhentao, highlights the urgency of his need to raise funds.

According to the latest announcement on the release and re-pledging of shareholder shares disclosed on June 25, Wang Zhentao personally holds approximately 60.5567 million shares of the listed company, of which about 60 million shares are pledged (including the current pledge), resulting in a pledge ratio of 99.08%.

Additionally, during the same period, Aokang Investment and its concert party, Wang Zhentao, together hold approximately 172 million shares of the listed company, with about 137 million shares pledged (including the current pledge), representing a pledge ratio of 79.84%.

As the former "No. 1 men's shoe stock," Aokang International has underperformed in recent years. From 2022 to 2025, the company's net profit attributable to shareholders and net profit attributable to shareholders excluding non-recurring gains and losses both recorded losses for four consecutive years.

In the first half of 2026, although the company achieved a net profit attributable to shareholders of 17.5743 million yuan, its core indicator of net profit excluding non-recurring gains and losses remained in the red at a loss of 6.607 million yuan.