Seazen Unit Probe Uncovers Nearly $1 Billion in Undisclosed Transfers

Published: Oct. 2, 2025 6:32 p.m. GMT+8

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S-Enjoy and Seazen Holdings are part of the Seazen conglomerate controlled by property tycoon Wang Zhenhua. Photo: VCG

An internal investigation at S-Enjoy Service Group Co. Ltd. has uncovered about 7 billion yuan ($983 million) in undisclosed transfers to an affiliated developer, leading to the ouster of its chief operating officer.

The Hong Kong-listed property management firm launched the probe in late March. It has since delayed its 2024 earnings release and suspended trading of its shares, highlighting the governance risks and financial opacity plaguing China’s property sector.

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S-Enjoy Service Group uncovered 7 billion yuan ($983 million) in unreported transfers to Seazen Holdings, leading to COO Yang Bo's removal.
The transfers, hidden from financial reports, aimed to help Seazen repay debt amid sector-wide cash flow issues; 60% of S-Enjoy’s revenue depended on Seazen.
The probe found no involvement from other senior leaders or controlling shareholder Wang Zhenhua, though Wang Xiaosong created an unauthorized user account.

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Who’s Who

S-Enjoy Service Group Co. Ltd.: S-Enjoy Service Group Co. Ltd. (新城悦服务) is a Hong Kong-listed property management firm that faced an internal investigation. This probe revealed approximately 7 billion yuan ($983 million) in undisclosed transfers to an affiliated developer, Seazen Holdings Co. Ltd., resulting in the ouster of its chief operating officer, Yang Bo. The company has delayed its 2024 earnings release and suspended share trading.

Seazen Holdings Co. Ltd.: Seazen Holdings Co. Ltd. (601155.SH) is an affiliated developer of S-Enjoy Service Group Co. Ltd. and part of the Seazen conglomerate controlled by Wang Zhenhua. It received undisclosed transfers of 1.8 billion yuan in 2023 and 5.17 billion yuan in 2024 from S-Enjoy, orchestrated by S-Enjoy's former COO, Yang Bo. These funds were used to repay Seazen Holdings' maturing debt and cover construction fees.

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What Happened When

2008：: Yang Bo joined Seazen.

2014：: Yang Bo was chosen to lead a project at Seazen, developing a close relationship with Wang Xiaosong.

2015：: Wang Xiaosong merged his separate property firm with Seazen Holdings and became its chairman.

2022 to 2024：: About 60% of S-Enjoy's property management revenue came from Seazen Holdings.

2023：: Improper transactions between S-Enjoy’s subsidiaries and a Seazen Holdings unit totaled 1.8 billion yuan.

2023 and 2024：: Wang Zhenhua (controlling shareholder) had no operational role at S-Enjoy.

2024：: Improper transactions between S-Enjoy’s subsidiaries and a Seazen Holdings unit totaled 5.17 billion yuan.

August 2024：: S-Enjoy’s CFO, Zuo Wei, resigned.

Late March 2025：: S-Enjoy Service Group Co. Ltd. launched an internal investigation into undisclosed transfers.

Tuesday, 2025：: S-Enjoy made a public statement about the investigation findings and removed Yang Bo from his posts as executive director and COO.

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