ECONOMY

Chinese Tycoon Set to Take Control of New-Energy Materials Maker

Published: Oct. 21, 2025 6:28 p.m. GMT+8

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China’s Shanshan Group Co. Ltd., once a leading private conglomerate in new-energy materials, is set to transfer control of its listed unit to a consortium led by tycoon Ren Yuanlin, marking the end of founder Zheng Yonggang’s family control after months of financial turmoil.

Under a restructuring plan signed in late September, Ren’s investment vehicle Jiangsu New Yangzi Trading Co. Ltd. (JNYT) — together with three other firms — will invest nearly 3.3 billion yuan ($463.5 million) to take control of a roughly 23% stake in Shanshan Group’s Shanghai-listed flagship, Ningbo Shanshan Co. Ltd. (600884.SH).

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Shanshan Group will cede control of Ningbo Shanshan Co. Ltd. to a consortium led by Ren Yuanlin after facing financial turmoil and a liquidity crisis in mid-2024.
The consortium, via JNYT and partners, will invest nearly 3.3 billion yuan ($463.5 million) for a 23% stake in the company.
This restructuring follows debt-related instability and adds to China's ongoing efforts to address troubled private firm debts.

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Who’s Who

Shanshan Group Co. Ltd.: Shanshan Group Co. Ltd. is a Chinese private conglomerate that was formerly a leader in new-energy materials. Following a mid-2024 liquidity crisis and the death of its founder, Zheng Yonggang, the group is transferring control of its listed unit, Ningbo Shanshan Co. Ltd., to a consortium led by Ren Yuanlin. The company began in apparel manufacturing and expanded into lithium-battery anode materials and polarizers for display panels.

Jiangsu New Yangzi Trading Co. Ltd.: Jiangsu New Yangzi Trading Co. Ltd. (JNYT) is an investment vehicle led by tycoon Ren Yuanlin. It is a domestic arm of the Singapore-listed Yangzijiang Financial Holding Ltd. JNYT, along with three other firms, will invest nearly 3.3 billion yuan to take control of a roughly 23% stake in Ningbo Shanshan Co. Ltd. JNYT has a strong balance sheet, with investments in over 50 companies and experience in bankruptcy restructurings of other listed companies.

Ningbo Shanshan Co. Ltd.: Ningbo Shanshan Co. Ltd. is the Shanghai-listed flagship unit of China's Shanshan Group, previously controlled by founder Zheng Yonggang's family. It has expanded from apparel into lithium-battery anode materials and display panel polarizers. Following a liquidity crisis and leadership struggle, a consortium led by Ren Yuanlin's Jiangsu New Yangzi Trading Co. Ltd. is taking control through a 3.3 billion yuan investment.

Yangzijiang Shipbuilding (Holdings) Ltd.: Yangzijiang Shipbuilding (Holdings) Ltd. is a shipbuilding company led by Ren Yuanlin. It was the first Chinese mainland shipbuilder to be listed in Singapore in 2007. Yangzijiang Financial Holding Ltd., a Singapore-listed company, was spun off from this shipbuilding group.

Yangzijiang Financial Holding Ltd.: Yangzijiang Financial Holding Ltd. (揚子江金融控股有限公司) is a Singapore-listed company spun off from Yangzijiang Shipbuilding (Holdings) Ltd. Its domestic arm, Jiangsu New Yangzi Trading Co. Ltd. (JNYT), is investing in Ningbo Shanshan Co. Ltd. as part of a restructuring. Yangzijiang Financial Holding has a strong balance sheet and experience in bankruptcy restructurings.

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What Happened When

2023：: Death of Shanshan Group founder Zheng Yonggang, which triggered a leadership struggle and destabilized the conglomerate.

Mid-2024：: Shanshan Group experienced a liquidity crunch, leading to lawsuits from creditors and exposing vulnerabilities in its debt-fueled expansion.

Late September 2025：: A restructuring plan was signed under which Ren Yuanlin's consortium will invest nearly 3.3 billion yuan to take control of a roughly 23% stake in Ningbo Shanshan Co. Ltd.

2025：: China pushes to clean up corporate debt, leading to a growing list of private firm restructurings, including the takeover of Ningbo Shanshan by Ren Yuanlin’s consortium.

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