After Taking Over 70 Billion Chifeng Gold Four Years Later, Inner Mongolia Female Tycoon Seeks to Hand Over Control, Company's A+H Listing Just Turned One Year Old

Source: Times Finance Author: Zhou Jiabao

Image source: Visual China

After completing the “A+H” dual listing for one year, Inner Mongolia’s Chifeng Gold may change ownership.

On the morning of March 19, Chifeng Jilong Gold Mining Co., Ltd. (referred to as “Chifeng Gold,” 600988.SH) announced a trading halt, stating that on the evening of March 18, the company received notice from its controlling shareholder and actual controller, Ms. Li Jinyang, that she and her concerted parties are planning to transfer their shares in the company. This matter may lead to a change in the company’s actual control. The stock has been suspended from trading since the market opened this morning, with an estimated suspension period of no more than five trading days.

Chifeng Gold is China’s largest private gold producer. As of the close on March 18, its A-shares closed at 40.82 yuan per share, with a total market value of nearly 76.7 billion yuan.

On March 10, 2025, Chifeng Gold successfully listed on the Hong Kong Stock Exchange (stock code: 06693.HK), becoming Inner Mongolia’s first “A+H” listed company and the third “A+H” gold mining company nationwide, marking its official entry into the international capital markets.

At that time, the market generally expected that the company would leverage the financing advantages of the “A+H” dual platform to further expand its funding channels, accelerate overseas mergers and acquisitions, and strengthen its industry position. Now, after a year, news of a change in control has unexpectedly emerged, drawing market attention once again to Chifeng Gold and the low-profile “Inner Mongolia mining tycoon widow” Li Jinyang behind the scenes.

Li Jinyang’s deep connection with Chifeng Gold began with an inheritance. Public information shows that Chifeng Gold was founded by Zhao Meiguang, known as “one of the four major tycoons in Inner Mongolia.” Zhao Meiguang was born in Jilin City and is a post-60s generation. Under Zhao’s leadership, through frequent mergers and acquisitions, the company’s gold resources surged, solidifying its industry position.

In December 2021, Zhao Meiguang passed away due to illness. According to his will, all his personal estate was inherited solely by his spouse, Li Jinyang, including the controlling stake in Chifeng Gold, making her the actual controller of the company.

Chifeng Gold’s announcement shows that as of March 4, Li Jinyang, the controlling shareholder, and Zhejiang Hanfeng Venture Capital Partnership, her concerted party, held 10.02% and 2.71% of the shares respectively, totaling 12.73%.

Notably, as the company’s actual controller, Li Jinyang has not joined the board of directors nor held any operational positions within the company. Instead, she adheres to the principle of “professionals doing professional work.” Chifeng Gold is operated by a professional management team led by Chairman Wang Jianhua. Public information indicates that Wang Jianhua was born in 1956, and in 2024, he received a pre-tax compensation of 5.82 million yuan from Chifeng Gold, holding over 70 million shares.

Compared to industrial operations, Li Jinyang’s personal business focus is more on investments. Public information shows that she and her concerted party, Zhejiang Hanfeng Venture Capital Partnership, frequently make moves in the capital markets.

According to the prospectus of Haiguang Information, Li Jinyang has indirectly invested in Haiguang Information through related companies. Later, this was converted into equity in the company. According to Tianyancha and Eastmoney Choice data, as of September 30, 2025, Li Jinyang held 65.73 million shares of Haiguang Information, accounting for 2.83% of the circulating shares, with a circulating market value of 16.6 billion yuan.

In terms of wealth accumulation, Li Jinyang’s net worth has steadily increased. The 2025 Hurun Rich List ranks her at approximately 11 billion yuan, at 647th place; three years earlier, in 2022, she was ranked 740th with 8.8 billion yuan.

Currently, Chifeng Gold has only disclosed that the share transfer is still under negotiation, with key details such as the transfer ratio, transaction counterparties, and transaction price remaining unclear. Who will take over the leading gold mining company with a market value exceeding 700 billion yuan has become a focus of external attention.

In the context of hot gold concepts, Chifeng Gold has hit the daily limit multiple times in the secondary market over the past six months. In January this year, its A-shares once reached 51.50 yuan per share, setting a historical high. According to a January announcement, the company expects to achieve a net profit attributable to shareholders of 3 billion to 3.2 billion yuan in 2025, an increase of about 70% to 81% year-on-year.