MicroPort's $180M Rent Probe: Landlord Firm's Key Figures Linked to Founder Chang Zhaohua as Clan Kin and Early Shareholder

On September 1, 2026, four Hong Kong-listed companies under the MicroPort group—MicroPort Scientific Corporation (HK00853, share price HKD 6.075, market cap HKD 11.648 billion), MicroPort Navibot, and MicroPort NeuroTech—were simultaneously suspended from trading due to delayed disclosure of their 2026 interim results. One of the reasons cited by the company in its announcement was the need for more time to "review the relationship between the Group and the owner of the property and its associates."

At the heart of this dispute, involving approximately RMB 1.3 billion in rent, is the question of the true relationship between the property owner, Shanghai Huiqingcheng Investment Management Co., Ltd. ("Huiqingcheng"), and MicroPort. Beyond examining equity transactions between the relevant companies, a National Business Daily investigation has uncovered further connections: Shen Ya, Huiqingcheng's current legal representative, has extensive ties with MicroPort-affiliated entities; and Chang Baiyu, a former director of Huiqingcheng, shares deep roots with MicroPort founder Chang Zhaohua—as a fellow townsman, clan relative, and early shareholder.

Shen Ya: Four Legal Representative Roles, One Directorship

Shen Ya currently serves as the legal representative of Huiqingcheng, Shanghai Ruizheng, and Aimeigao, and previously held the same role at MicroPort Daotong (until January 2026). She also serves as a director of Suzhou MicroPort Regeneration.

Cross-referencing her appointments with the equity movements described above:

• Aimeigao (Shen Ya as legal representative) — acquired 24.24% of Suzhou MicroPort Regeneration (July 2024) and subscribed to 4.3384% of MicroPort Life (July 2025), later exiting both positions.
• MicroPort Daotong (Shen Ya as former legal representative) — was the interim holding entity for 39.8% of MicroPort Ziya's equity; this stake was transferred in August 2025, with the direct holder becoming Huiqingcheng.
• Suzhou MicroPort Regeneration (Shen Ya as director) — the company in which Aimeigao held 24.24% before exiting in July 2025.

The overlap of personnel and equity in the same individual is the most striking feature of the landlord camp. The timing is also noteworthy: in July 2025, Aimeigao increased its stake in MicroPort Life and exited Suzhou MicroPort Regeneration. In the same month, Huiqingcheng's legal representative changed from Yang Lijuan to Shen Ya—the year Shen Ya intensively assumed key roles in the camp coinciding with the final year before the lease expiry.

Luo Litong and Tu Xianni provide additional context:

• Luo Litong has served as Huiqingcheng's supervisor at least three times (November 2016–March 2017, January 2021–January 2025, and from January 2025 onward), has long been the supervisor of Huajiaoshu, and is listed as a permanent member of the Jinshanjinshan Foundation.
• Tu Xianni is the legal representative of Shanghai Changlong, a former legal representative of Huajiaoshu, and the first director of the Qiuzhenwushi Fund.

Furthermore, four companies—Huiqingcheng, Huajiaoshu, Shanghai Changlong, and Wangdaotong—share the same phone number in their business registration records. The voicemail prompt directs callers to Shanghai Daoxiang Medical Systems Co., Ltd., a company incubated by the MicroPort group. The email addresses registered for these four companies all conspicuously carry the suffix "accutargetmed" (referring to Daoxiang Medical).

The transfer prices and actual capital contributions for these equity transactions have not been disclosed, so no conclusions can be drawn at this stage. Several questions remain unanswered: Where did Changlong's RMB 500 million ultimately go? What were the consideration amounts for Aimeigao's two acquisitions and exits? Were the capital increases actually paid in? Is there a financial link between Shanghai Ruizheng's RMB 1.397 billion in paid-in capital and the lease? When and at what price was Huiqingcheng's equity transferred out of the MicroPort system? Relevant details are recorded in internal business archives and bank records.

Key Figure Chang Baiyu: Fellow Townsman, Clan Relative, and Early MicroPort Shareholder

Tracing the equity and personnel relationships behind the landlord reveals another name: Chang Baiyu.

According to Tianyancha, Chang Baiyu served as a director of Huiqingcheng from 2017 to 2025, and his name also appears on the historical list of key personnel at Huajiaoshu. Chang Baiyu currently holds approximately 27.78% of Shanghai Yuhua Investment Management Co., Ltd., which was once a shareholder of both Huiqingcheng and Huajiaoshu, and also invested in the MicroPort-incubated company Daoxiang Medical.

A Shared Hometown with Chang Zhaohua

To better understand the relationship between Chang Baiyu—who has ties to both the landlord and the MicroPort group—and MicroPort founder Chang Zhaohua, National Daily Business reporters visited their shared hometown: Huaishuwu Village in Zibo, Shandong Province.

In the village, the names of both men are easy to find. On the bulletin board in front of the village committee, promotional posters for Chang Zhaohua and Chang Baiyu are displayed side by side, introducing the two entrepreneurs who rose from the village. On a merit stele in the village, both names appear in prominent positions. The Huaishuwu Cultural Park at the village entrance was also jointly funded and initiated by the two men. Additionally, they co-founded the Huaiwu Zhongyi Love Fund.

From the bulletin board to the merit stele to the cultural park, the traces left by the two entrepreneurs in their hometown overlap significantly. Their connection goes beyond sharing the same surname and hometown.

A local source familiar with the Chang clan in Huaishuwu Village told reporters that, according to clan seniority, Chang Zhaohua is considered Chang Baiyu's uncle by generation, but their branches of the family are several generations apart, and they are not particularly close relatives. The source also recounted an early investment story: when Chang Zhaohua was starting his business in Shanghai, individuals represented by Chang Baiyu from Gaoyang Construction provided financial support and took equity stakes. Later, as MicroPort grew and went public, Chang Baiyu and others gradually chose to exit and cash out their shares.

In the source's account, the relationship between the two men has two layers: one is the village and clan connection, and the other is the financial support and equity cooperation during the early entrepreneurial phase. Chang Baiyu's early shareholding and subsequent partial sale of shares can also be traced in public disclosures. According to Zhangjiang Hi-Tech, the company purchased 704,300 MicroPort shares from Chang Baiyu for USD 4.2255 million. This transaction, which occurred before MicroPort's listing, confirms that Chang Baiyu was already a MicroPort shareholder at the time and realized gains through the share transfer.

(Source: National Business Daily)