Jin Zhi Tech Co-controller Zhao Dan Faces Two Lawsuits Over Duplicate Equity Transfer in Same Holding Firm

By Wang Lin, Du Yu | September 18, 2026

Jinzhi Technology Co., Ltd. (SZ: 002090) disclosed on September 18 that one of its actual controllers, Zhao Dan, has been sued by Shanghai Lüzhou Nenghui New Energy Development Co., Ltd. (hereinafter "Lüzhou Nenghui"). The lawsuit seeks a court ruling that Zhao Dan's transfer of equity in Hangzhou Lingcheng Xingyao Technology Co., Ltd. (hereinafter "Lingcheng Xingyao") to Hangzhou Hanchen Zhichuang Technology Co., Ltd. (hereinafter "Hanchen Zhichuang") is invalid.

This marks the second lawsuit involving Zhao Dan in recent weeks. Approximately one month earlier, Ningbo Haishangxian Information Technology Co., Ltd. (hereinafter "Haishangxian") had already applied to freeze Zhao Dan's 51% stake in Lingcheng Xingyao.

Core Dispute Centers on Lingcheng Xingyao

Both lawsuits target the same entity—Lingcheng Xingyao, which is the second-largest shareholder of Nanjing Zhidi Huiying Technology Partnership (Limited Partnership) (hereinafter "Nanjing Zhidi"), the controlling shareholder of Jinzhi Technology, holding a 24.75% capital contribution. Through Lingcheng Xingyao, Zhao Dan jointly controls Nanjing Zhidi with Xiao Ming, thereby exercising joint actual control over Jinzhi Technology. Ownership of Lingcheng Xingyao's equity directly determines who controls Jinzhi Technology.

According to a review of public announcements and business registration records by Daily Economic News, both lawsuits stem from the same action: On July 13, 2026, Zhao Dan and Liu Ga'ai transferred all of their equity in Lingcheng Xingyao to three newly established entities that had been incorporated only days earlier. This transfer occurred after Zhao Dan had signed a capital increase agreement with Haishangxian and an equity transfer letter of intent with Lüzhou Nenghui—both counterparties had already made payments.

The control transaction was completed less than a year ago. In October 2025, Zhao Dan and Xiao Ming, through Nanjing Zhidi and other entities, collectively acquired 16.01% of Jinzhi Technology's shares, becoming its actual controllers. Part of the acquisition funds came from share pledge loans. Now, the multi-layered shareholding structure built to secure control is appearing in court, casting new uncertainty over the stability of Jinzhi Technology's control.

"Double Sale" of Equity Leads to Legal Action

Jinzhi Technology has long focused on applying automation, informatization, and intelligent technologies in smart energy and smart city sectors, building core advantages through independent R&D. In the smart energy business, the company leverages 30 years of expertise in power system automation, integrating traditional power system protection and control technologies with information communication, artificial intelligence, new energy generation control, microgrid operation control, and low-carbon technologies. Its business covers intelligent power generation, transmission and distribution, new energy, and low-carbon fields.

According to Jinzhi Technology's semi-annual report, both revenue and net profit grew in the first half of the year. Specifically, revenue reached RMB 702 million, up 7.03% year-on-year, while net profit exceeded RMB 35.86 million, up 14.11%.

Notably, on August 14, Jinzhi Technology announced that Zhao Dan's 51% stake in Lingcheng Xingyao, held through Hanchen Zhichuang, had been frozen. According to case details, on June 2, 2026, Lingcheng Xingyao, Zhao Dan, and Liu Ga'ai signed a capital increase agreement with Haishangxian, under which Haishangxian would invest RMB 10 million to subscribe to new capital in Lingcheng Xingyao, acquiring 49.7507% equity.

After receiving the RMB 10 million capital increase, Lingcheng Xingyao and related parties failed to complete the required business registration changes. Instead, they transferred all equity held by Zhao Dan and Liu Ga'ai in Lingcheng Xingyao to three entities: Hanchen Zhichuang, Hangzhou Xinda Tongchuang Technology Partnership (Limited Partnership) (hereinafter "Xinda Tongchuang"), and Yingtan Lezhiyun Technology Partnership (Limited Partnership) (hereinafter "Lezhiyun").

Tianyancha data shows that Lingcheng Xingyao completed this equity change on July 13, 2026. After the change, Hanchen Zhichuang, Xinda Tongchuang, and Lezhiyun held 51%, 34%, and 15% of Lingcheng Xingyao, respectively.

Haishangxian has filed multiple claims: confirmation of its 49.7507% equity stake in Lingcheng Xingyao; a ruling that Zhao Dan and Liu Ga'ai's equity transfer to Hanchen Zhichuang is invalid; and an order for Lingcheng Xingyao to pay penalties for delayed business registration. Haishangxian also applied for litigation preservation, requesting the freezing of Hanchen Zhichuang's 51% stake in Lingcheng Xingyao and assets worth RMB 235,000 belonging to Lingcheng Xingyao and Zhao Dan.

A similar situation appeared in the September 18 announcement. Jinzhi Technology disclosed that on July 9, 2026, Lüzhou Nenghui and Zhao Dan signed an equity transfer letter of intent, under which Zhao Dan would transfer 99.75% of Lingcheng Xingyao's equity to Lüzhou Nenghui. On July 15, Lüzhou Nenghui paid a RMB 1.5 million deposit, and Zhao Dan issued a deposit confirmation letter.

After learning that Lingcheng Xingyao had completed its equity change on July 13, Lüzhou Nenghui filed a lawsuit seeking a ruling that Zhao Dan's transfer of 99.75% equity to Hanchen Zhichuang is invalid. The case was accepted by the court on August 26.

It should be noted that the 99.75% equity stake specified in the letter of intent exceeds Zhao Dan's registered personal holding of 99%. Whether the difference includes equity held by Liu Ga'ai was not clarified in Jinzhi Technology's announcement.

In both announcements, Jinzhi Technology warned that these equity disputes could affect the stability of the company's control.

Less Than One Year Since Taking Control

These equity disputes come less than a year after Zhao Dan took control of Jinzhi Technology.

In July 2025, Jinzhi Technology announced that Jiangsu Jinzhi Group Co., Ltd. (hereinafter "Jinzhi Group") had signed equity transfer agreements with Nanjing Zhidi and Zhejiang Zhiyong Equity Investment Partnership (Limited Partnership) (hereinafter "Zhejiang Zhiyong"), transferring 9.08% and 6.93% of the listed company's shares to them, respectively. The corresponding transfer prices were RMB 400 million and RMB 305 million, for a total consideration of RMB 705 million.

Both Nanjing Zhidi and Zhejiang Zhiyong were established in June 2025. At that time, Nanjing Zhidi's partners were Hangzhou Zhechuang Zhihui Technology Industry Development Co., Ltd. (hereinafter "Zhechuang Zhihui"), Lingcheng Xingyao, Hangzhou Xinghang Chuangyao Technology Co., Ltd. (hereinafter "Xinghang Chuangyao"), Zhuoda Technology, and Tongxinyuan, with capital contribution ratios of 0.50%, 24.75%, 24.75%, 20%, and 30%, respectively.

Zhechuang Zhihui serves as the executive partner of Nanjing Zhidi. Its shareholders are Hangzhou Zhechuang Huaying Enterprise Management Co., Ltd. (hereinafter "Zhechuang Huaying"), Lingcheng Xingyao, Xinghang Chuangyao, and Shanghai Chuxinyuan Enterprise Management Service Partnership (Limited Partnership), with shareholdings of 36.3636%, 27.2727%, 27.2727%, and 9.0909%, respectively. Zhao Dan, Lingcheng Xingyao, Xiao Ming, and Xinghang Chuangyao signed a joint action and co-control agreement, exercising joint control over Zhechuang Zhihui. Business registration records show that Zhechuang Huaying is a wholly-owned grand-subsidiary of Zhejiang Shangchuangtou, a NEEQ-listed company.

Zhejiang Zhiyong is held 1% by Beijing Zheshang Huaying Venture Capital Management Co., Ltd. (hereinafter "Zheshang Huaying") and 99% by Wuyi County Jintou Chanfa Holding Group Co., Ltd. Zheshang Huaying, the executive partner, is a wholly-owned subsidiary of Zhejiang Shangchuangtou, making Chen Yuemeng, the actual controller of Zhejiang Shangchuangtou, the actual controller of Zhejiang Zhiyong.

Nanjing Zhidi and Zhejiang Zhiyong also signed a joint action agreement, resulting in Jinzhi Technology's controlling shareholder changing from Jinzhi Group to Nanjing Zhidi, with Zhao Dan and Xiao Ming becoming the new actual controllers. From a structural perspective, Zhejiang Shangchuangtou's wholly-owned grand-subsidiary is a shareholder of Nanjing Zhidi's executive partner, and its wholly-owned subsidiary serves as the fund manager for Zhejiang Zhiyong—both acquisition channels were built on the Zhejiang Shangchuangtou platform.

On October 17, 2025, the transfer of Jinzhi Group's shares in Jinzhi Technology was completed. Just one week later, on October 24, 2025, Nanjing Zhidi pledged its 9.08% stake in Jinzhi Technology to a bank, explicitly stating that the "pledge loan is specifically used to pay the transfer price for the agreed acquisition of Jinzhi Technology shares," with a pledge term of nearly 10 years. This means that part of the funds used by Zhao Dan and Xiao Ming to acquire control of the listed company came from bank loans.

Although the number of pledged shares exceeded 50% of the total shares held by Nanjing Zhidi and Zhejiang Zhiyong in Jinzhi Technology, the pledge announcement stated that Nanjing Zhidi has good credit standing and that future repayment sources include investment returns, dividends, other income, and partner capital contributions. It claimed the pledge would not lead to a change in the company's actual control. Regarding the lawsuit against Nanjing Zhidi's partners, Jinzhi Technology responded to Daily Economic News on September 21, stating that it currently has no impact on Nanjing Zhidi's share pledge.

Reasons Behind the Equity Disputes

Jinzhi Technology has also publicly disclosed the equity change in Lingcheng Xingyao. According to the announcement, Lingcheng Xingyao and Xinghang Chuangyao recently completed business registration changes to increase registered capital and introduce new investors, aiming to further optimize their equity structures, strengthen capital bases, and enhance market-oriented operational capabilities.

Specifically, Lingcheng Xingyao, originally held 99% by Zhao Dan and 1% by Liu Ga'ai, changed to being held 51%, 34%, and 15% by Hanchen Zhichuang, Xinda Tongchuang, and Lezhiyun, respectively. Xinghang Chuangyao, originally held 99% by Xiao Ming and 1% by Liu Ga'ai, changed to being held 51%, 34%, and 15% by Hangzhou Jingtu Zhilian Technology Co., Ltd. (hereinafter "Jingtu Zhilian"), Xinda Tongchuang, and Lezhiyun, respectively.

Tianyancha shows that Hanchen Zhichuang and Jingtu Zhilian were both established on July 3, 2026. Jingtu Zhilian is held 99.6341% by Xiao Ming and 0.3659% by Chen Donghai, while Hanchen Zhichuang is held 99.6341% by Zhao Dan and 0.3659% by Chen Donghai. The registered addresses of the two companies are adjacent. Xinda Tongchuang and Lezhiyun were established on July 6 and July 8, 2026, respectively. The executive partner of Xinda Tongchuang traces back to an individual named Chen Gang, and its general partner traces back to Zhou Zhiming. Lezhiyun is 100% held by two individuals, Zhang Yunzhong and Le Jia.

However, Lingcheng Xingyao and Xinghang Chuangyao completed these equity changes on July 13, 2026, while Jinzhi Technology's announcement was made on August 14, 2026—approximately one month later. When asked about the delay, Jinzhi Technology told Daily Economic News that it received a notification letter from controlling shareholder Nanjing Zhidi on August 14, 2026, and promptly disclosed the information. Previously, equity changes at the upper levels of Nanjing Zhidi did not involve changes in the controlling shareholder or actual controller, and the upper-level entities did not timely inform the listed company.

Reviewing the equity dispute over Lingcheng Xingyao: if Zhao Dan had transferred his 99.75% stake to Lüzhou Nenghui, he would have lost control of Lingcheng Xingyao, thereby jeopardizing his control over Jinzhi Technology. Since Nanjing Zhidi acquired 9.08% of Jinzhi Technology for RMB 400 million, and based on Lingcheng Xingyao's direct 24.75% capital contribution in Nanjing Zhidi, Lingcheng Xingyao's valuation would be approximately RMB 99 million. However, Haishangxian's RMB 10 million capital increase for 49.75% equity implies a valuation of only about RMB 20 million for Lingcheng Xingyao—significantly undervalued—making Zhao Dan a potential loser.

Through this "escape" equity transfer, Zhao Dan and Xiao Ming retained control of Lingcheng Xingyao and Xinghang Chuangyao, thereby stabilizing their control over Jinzhi Technology.

Additional Partners of Nanjing Zhidi Involved in Lawsuits

Notably, besides Lingcheng Xingyao, other partners of Nanjing Zhidi are also involved in litigation.

Tianyancha shows that, also over an equity transfer dispute, Shanghai Manyun Biotechnology Co., Ltd. (hereinafter "Shanghai Manyun") has sued Zhuoda Technology and its shareholders, Zhejiang Lianshun Jianxing Holdings Co., Ltd., Jin Guangyan, and Hu Xingdong. The case was heard on July 9, 2026. The National Enterprise Credit Information Publicity System also shows that as of June 2026, 100% of Zhuoda Technology's equity had been frozen, with the case number matching that of the Shanghai Manyun lawsuit.

Between October 2025 and July 2026, Tongxinyuan's partners underwent multiple changes. Tianyancha further shows that due to a private lending dispute, Tongxinyuan and its partners Guo Zilong and Shanghai Manyun were sued by an individual surnamed Zhang between late 2025 and early 2026.

Since Jinzhi Technology had not previously disclosed the lawsuits involving Zhuoda Technology and Tongxinyuan, Daily Economic News sought confirmation from the company. Jinzhi Technology responded that it is not aware of the specific details of the legal disputes involving Zhuoda Technology, Shanghai Manyun, and Tongxinyuan. According to the Listed Company Information Disclosure Management Measures and related regulations, these matters do not constitute material events requiring disclosure and do not affect the stability of the listed company's control.

Stock Price Performance

Since August, Jinzhi Technology's stock price has shown a slight fluctuation trend. Over the past five trading days, the stock has risen four times and fallen once. On September 22, the stock closed at RMB 9.17 per share, down 0.33%.