Peicheng Technology: Independent director may hold concurrent positions at enterprises of private equity shareholders or partners; the actual controller's classmate's sudden investment may be linked to a customer relationship network

“Jin Zheng Yan” Southern Capital Center Yi En / Author Yi Xi Nan Jiang Song Lan Ying Wei / Risk Control

On February 13, 2026, Shenzhen Peicheng Electronic Technology Co., Ltd. (hereinafter referred to as “Peicheng Technology”), which plans to list on the Beijing Stock Exchange, submitted a registration application to the China Securities Regulatory Commission. Less than half a month prior, Peicheng Technology disclosed its 2025 review report. The report shows that in 2025, Peicheng Technology achieved operating revenue of 1.134 billion yuan and net profit of 165 million yuan, with year-over-year growth rates of 54.69% and 76.35%, respectively.

Behind the rapid performance growth, the “circle of friends” of the actual controller, Yan Xiaohan, of Peicheng Technology may be worth attention. Specifically, the private equity shareholder Ningbo Meishan Bonded Port Area Kengqiang Venture Capital Partnership (Limited Partnership) (hereinafter “Ningbo Kengqiang”) entered the company with a “surprise” stake before Peicheng Technology signed the guidance agreement. Several partners of Ningbo Kengqiang are former classmates of the actual controller Yan Xiaohan, and one partner, Chen Zhiping, appears in the client “relationship network” of Peicheng Technology. Additionally, among the two independent directors of Peicheng Technology, independent director Zhang Shudian’s part-time employer’s actual controller may be a private equity partner, and independent director Chen Libei is a former classmate of Yan Xiaohan.

1. Multiple classmates of the actual controller or private equity “surprise” stakes, with overlapping “relationship networks” and Peicheng Technology’s clients

For companies planning to go public, it is necessary to strengthen “penetrating” supervision of their shareholders to prevent illegal wealth creation. Research shows that just before Peicheng Technology signed the guidance agreement, Ningbo Kengqiang made a surprise stake. Several partners of Ningbo Kengqiang are classmates of Yan Xiaohan, the actual controller of Peicheng Technology. Moreover, partner Qiu Peng of Ningbo Kengqiang may control another listed company, which signed the guidance agreement shortly before, when Yan Xiaohan and several classmates made surprise stakes in that listed company. During the listing application period, the sponsor representative for Peicheng Technology and that listed company was Wei Xiong Hai. Furthermore, Huizhou EVE Energy Co., Ltd. (hereinafter “EVE Energy”) is one of Peicheng Technology’s top 20 clients, and Ningbo Kengqiang partner Chen Zhiping appears in the shareholding enterprise of EVE Energy.

1.1 Ningbo Kengqiang made surprise stakes before signing the guidance agreement, with partners including Qiu Peng, Chen Zhiping, Li Zhuoying, etc.

According to the reply to the inquiry letter for the review of Peicheng Technology’s application for public offering and listing on the Beijing Stock Exchange (hereinafter “First Round Inquiry Reply”), signed on October 13, 2025, in June 2023, Ningbo Kengqiang transferred a 1% stake (corresponding to 50,000 shares) in Peicheng Technology, held by Yan Xiaohan, for a total price of 10 million yuan, at a price of 20 yuan per share.

This transfer price was based on Peicheng Technology’s 2022 operating performance (net profit) and market valuation (P/E ratio). The transfer price corresponds to a P/E ratio of 10.82 times.

According to the prospectus signed on January 30, 2026 (“Prospectus 2026”), as of the signing date, external investor Ningbo Kengqiang is a private equity fund managed by Ningbo Dingfeng Mingdao Investment Management Partnership (Limited Partnership) (“Dingfeng Mingdao”).

Ningbo Kengqiang is the 7th largest shareholder of Peicheng Technology, holding 500,000 shares, accounting for 1%.

Regarding the partners of Ningbo Kengqiang:

Data from the Market Supervision Administration and the First Round Inquiry Reply show that Ningbo Kengqiang was established on May 5, 2023. When Ningbo Kengqiang invested in Peicheng Technology in May 2023, its partners included Lian Jian, Qiu Peng, Chen Yongmei, Chen Zhiping, Li Zhuoying, Chen Xiaohui, Peng Zhibin, and Dingfeng Mingdao, with respective contributions of 20%, 20%, 19.9%, 10%, 10%, 10%, 10%, and 0.1%.

In June 2024, Chen Yongmei transferred all her shares in Ningbo Kengqiang to Chen Minglei.

As of March 10, 2026, the partners of Ningbo Kengqiang are Lian Jian, Qiu Peng, Chen Minglei, Chen Zhiping, Li Zhuoying, Chen Xiaohui, Peng Zhibin, and Dingfeng Mingdao.

According to the prospectus signed on January 30, 2026, the sponsor for Peicheng Technology’s listing is Guotai Haitong Securities Co., Ltd. (“Guotai Haitong”).

According to the announcement on the progress of the guidance filing for the initial public offering and listing on the Beijing Stock Exchange, signed on March 24, 2025, Peicheng Technology signed a guidance agreement with Guotai Junan Securities Co., Ltd. (“Guotai Haitong” formerly) on September 26, 2023, and submitted the initial guidance filing application on the same day.

Thus, in June 2023, Ningbo Kengqiang invested in Peicheng Technology by acquiring Yan Xiaohan’s stake. In September 2023, Peicheng Technology signed the guidance agreement with Guotai Haitong.

1.2 Qiu Peng, Chen Zhiping, Yan Xiaohan, and Li Zhuoying’s spouse Liu Zhenguo graduated from the same university’s EMBA program in 2014

According to the 2024 annual report of Shenzhen ZhiliFang Automation Equipment Co., Ltd. (“ZhiliFang”), listed on the Shenzhen Stock Exchange in July 2022, the actual controllers of ZhiliFang include Qiu Peng, Guan Wei, and Huang Jianfeng.

According to the reply to the inquiry letter for the initial public offering and listing application on the ChiNext Board signed on December 24, 2021 (“ZhiliFang First Round Inquiry Reply”), on July 5, 2020, Qiu Peng transferred 0.2% of his shares in ZhiliFang to Peng Zhibin, Chen Xiaohui, Chen Zhengxu, Chen Zhiping, and Yan Xiaohan at a price of 2 million yuan each, totaling 10 million yuan. The reasons for these natural persons’ investment in ZhiliFang include that they are classmates of the actual controller Qiu Peng at the China Europe International Business School (CEIBS) EMBA program, all graduated in 2014.

Li Zhuoying’s spouse Liu Zhenguo is also a classmate of Qiu Peng, and the couple has been friends with Qiu Peng for many years.

According to the prospectus signed on June 27, 2022, for the IPO, Shenzhen Zhiming Investment Co., Ltd. (“Zhiming Investment”) was an affiliate of ZhiliFang, holding 33.34% of its shares, and was controlled by Liu Zhenguo at that time.

According to the official website of Beijing DeHeng Law Offices (“DeHeng Law”), as of March 10, 2026, “Liu Zhenguo” is a managing partner and head of the Shenzhen office of DeHeng Law. His educational background shows that he obtained an EMBA from CEIBS in 2014.

It appears that Liu Zhenguo of DeHeng Law is the same person as the Liu Zhenguo spouse of Li Zhuoying.

It is evident that the partners of Ningbo Kengqiang include Qiu Peng, Peng Zhibin, Chen Xiaohui, Chen Zhiping, Li Zhuoying, etc. The same name “Qiu Peng” is also the actual controller of ZhiliFang. In July 2020, the same-named “Yan Xiaohan,” “Peng Zhibin,” “Chen Xiaohui,” and “Chen Zhiping” became new shareholders of ZhiliFang. All graduated from the same university in 2014. The spouse of “Li Zhuoying,” Liu Zhenguo, is a classmate of Qiu Peng, and “Liu Zhenguo” graduated from the same university in 2014. Multiple instances of the same name suggest these may be the same individuals.

1.3 Qiu Peng is one of the controlling shareholders of ZhiliFang, and Yan Xiaohan, Chen Zhiping, and others signed guidance agreements with ZhiliFang shortly before their stakes

According to the prospectus, in July 2015, “Li Zhuoying” increased his investment in ZhiliFang.

As of June 27, 2022, the signing date of the IPO prospectus, the shareholdings were: Qiu Peng with 13.4109 million shares (43.67%), Li Zhuoying with 1.4442 million shares (4.7%), Peng Zhibin with 61,400 shares (0.2%), Chen Xiaohui with 61,400 shares (0.2%), Chen Zhengxu with 61,400 shares (0.2%), Chen Zhiping with 61,400 shares (0.2%), Yan Xiaohan with 61,400 shares (0.2%), and others.

At that time, the sponsor was Minsheng Securities Co., Ltd. (“Minsheng Securities”). On July 27, 2020, Minsheng Securities’ ZhiliFang project team applied for project approval. On October 26, 2020, Minsheng Securities signed a “Guidance for Initial Public Offering and Listing” with ZhiliFang and began substantive work.

This indicates that in July 2020, the same-named “Yan Xiaohan,” “Peng Zhibin,” etc., invested in ZhiliFang, and in the same month, Minsheng Securities’ ZhiliFang project officially initiated. By October 2020, the guidance agreement was signed.

1.4 Peicheng Technology’s sponsor and ZhiliFang’s sponsor both include Wei Xiong Hai, and Liu Zhenguo, a partner at DeHeng Law, has provided services for both

According to the prospectus, ZhiliFang’s sponsor was Minsheng Securities, with Wei Xiong Hai and Liao Yu as sponsors, and project officers including Li Yixuan, Wang Hu, Wang Changhao, Shen Mengyang, and Zhang Yue.

The prospectus signed on January 30, 2026, states that Peicheng Technology’s sponsor is Guotai Haitong, with sponsors Wang Xianquan and Wei Xiong Hai, and project team members including Li Yixuan, Shen Mengyang, Luo Yueling, Wang Hu, and Guo Renwei.

According to the China Securities Industry Association, Wei Xiong Hai served at Minsheng Securities from July 2011 to July 2023, and from August 2023 to March 10, 2026, at Guotai Haitong. Li Yixuan worked at Minsheng Securities from July 2020 to October 2023, then at Guotai Haitong. Wang Hu was at Minsheng Securities from June 2012 to December 2023, then at Guotai Haitong.

It is evident that during ZhiliFang’s IPO and Peicheng Technology’s current listing, the sponsor representatives Wei Xiong Hai, and project team members Li Yixuan and Wang Hu, include the same individuals, who previously worked at Minsheng Securities and later moved to Guotai Haitong. They may be the same persons.

Notably, Liu Zhenguo also collaborated with Wei Xiong Hai on other projects.

According to the IPO prospectus of Zhuhai Bojie Electronics Co., Ltd. (“Bojie Co.”), signed December 5, 2018, Bojie Co.'s sponsor was Minsheng Securities, with sponsors Liao Yu and Wang Hu, and project assistant Wei Xiong Hai. The law firm was DeHeng Law, with Liu Zhenguo, Tang Yongsheng, Han Xue, and Ouyang Jingxian as lawyers.

Similarly, for Kureis Technology Co., Ltd. (“Kureis”), signed April 29, 2021, the sponsor was Minsheng Securities, with sponsors Wang Changhao and Zhu Yunze, and project officers including Qin Yazhong, Wang Hu, and Wei Xiong Hai. The law firm was DeHeng Law, with Liu Zhenguo, Tang Yongsheng, Ouyang Jingxian, and Fang Yan.

This shows that Peicheng’s sponsor representatives Wei Xiong Hai, and project team members Wang Hu, have provided services for multiple companies during their tenure at Minsheng Securities and afterward at Guotai Haitong.

1.5 Chen Zhiping is a controlling shareholder of SmarTone International, and Liu Zhenguo served as legal counsel for SmarTone International’s IPO

As previously mentioned, the shareholders of Ningbo Kengqiang include Chen Xiaohui and Chen Zhiping.

According to ZhiliFang’s IPO prospectus, as of June 27, 2022, the same-named “Chen Xiaohui” is an executive director of Mingyuan Cloud Group Limited (“Mingyuan Cloud”), and “Chen Zhiping” is the chairman of the board of SmarTone International Holdings Limited (“SmarTone International”).

According to DeHeng Law’s official website, as of March 10, 2026, Liu Zhenguo has served as legal counsel for both SmarTone International and Mingyuan Cloud on the Hong Kong Stock Exchange.

In other words, the partners of Ningbo Kengqiang include Chen Xiaohui, Chen Zhiping, Li Zhuoying, and others. The same-named “Chen Xiaohui” and “Chen Zhiping” held positions at Mingyuan Cloud and SmarTone International, respectively. The same-named “Li Zhuoying” and her spouse Liu Zhenguo previously served as legal counsel for these companies’ listings.

1.6 EVE Energy is one of Peicheng Technology’s top 20 clients and is a shareholder of SmarTone International

According to the prospectus signed on January 30, 2026, Peicheng Technology is a provider of partial circuit value-added services in the lithium battery new energy industry, mainly engaged in the independent R&D, production, and sales of third-party battery power control systems (BMS, PCS, etc.), and provides component application solutions centered on integrated circuits and discrete devices (i.e., electronic component distribution).

During the reporting period, Peicheng Technology’s main business revenue was divided into battery power control systems and electronic component distribution. In 2022-2024 and the first half of 2025, sales of battery power control systems were 389 million yuan, 472 million yuan, 401 million yuan, and 372 million yuan, accounting for 45.78%, 61.82%, 54.66%, and 64.78% of main business revenue, respectively.

According to the First Round Inquiry Reply, in 2023-2024 and the first half of 2025, the year-over-year change in sales of battery power control systems was 21.27%, -15.13%, and 123.78%, respectively.

This indicates that from 2022 to 2024 and the first half of 2025, the battery power control system business contributed over 40% of Peicheng Technology’s main revenue. In 2024, the revenue from this segment declined, but in the first half of 2025, it increased by 123.78% year-over-year.

According to the prospectus signed on January 30, 2026, Peicheng Technology stated that it has established long-term stable cooperation with many internationally renowned companies in related downstream industries, including EVE Energy and other new energy brands and energy storage battery or system manufacturers.

In the reply to the “Implementation of the Listing Committee Review Opinions” letter dated January 13, 2026 (“Implementation Reply”), the Beijing Stock Exchange required Peicheng Technology to explain the signing and execution status of major contracts with clients showing significant sales fluctuations during the reporting period, whether there are abnormalities in sales payments, and whether revenue is genuine and accurate.

In this context, Peicheng Technology disclosed that among the top 20 clients in the first half of 2025, sales to EVE Energy fluctuated by more than 50%.

In the first half of 2025, sales of battery management systems (BMS) to EVE Energy amounted to 9.9584 million yuan, accounting for 1.73% of Peicheng Technology’s sales during that period.

The prospectus states that BMS is Peicheng Technology’s core product.

Notably, Ningbo Kengqiang’s partner Chen Zhiping appears in the shareholding enterprise of EVE Energy’s shareholder SmarTone International.

According to the latest hearing materials of SmarTone International, dated June 8, 2020, EVE Energy is one of SmarTone International’s controlling shareholders and suppliers.

As of June 2025, SmarTone International’s indirect shareholding in EVE Energy was 30.73%. From January to June 2025, SmarTone International purchased raw materials from EVE Energy, with unreviewed procurement amounting to 168 million yuan.

In summary, in June 2023, Ningbo Kengqiang acquired a 1% stake in Peicheng Technology held by Yan Xiaohan. In September 2023, Peicheng Technology signed a guidance agreement. As of March 10, 2026, Ningbo Kengqiang is the seventh-largest shareholder, with partners including Qiu Peng, Chen Zhiping, Li Zhuoying, Chen Xiaohui, Peng Zhibin, etc. The sponsor for the listing is Guotai Haitong, with representatives including Wei Xiong Hai, and project team members such as Li Yixuan and Wang Hu.

In 2015, the same-named “Li Zhuoying” invested in ZhiliFang. In July 2020, the same-named “Chen Zhiping,” “Chen Xiaohui,” “Peng Zhibin,” and “Yan Xiaohan” invested in ZhiliFang. In October 2020, ZhiliFang signed a guidance agreement with Minsheng Securities. The sponsor representatives Wei Xiong Hai and project team members Li Yixuan and Wang Hu previously served at Minsheng Securities and later at Guotai Haitong. They may be the same individuals.

Furthermore, Liu Zhenguo has collaborated with Wei Xiong Hai on other projects, such as the IPO of Zhuhai Bojie Electronics and Kureis Technology, both sponsored by Minsheng Securities and serviced by DeHeng Law.

This background suggests that the sponsor representatives and project team members involved in Peicheng’s listing have extensive overlapping connections with previous IPO projects, law firms, and key clients, with multiple individuals sharing the same names and educational backgrounds, indicating potential personal or professional networks.

2. Independent director Zhang Shudian’s actual controller or partner at the private equity firm may be connected, and independent director Chen Libei is a former classmate of Yan Xiaohan

It is known that among Peicheng Technology’s three independent directors, two have connections with Yan Xiaohan or “Qiu Peng” and “Li Zhuoying.”

2.1 Ningbo Kengqiang partner “Qiu Peng” is one of the controllers of ZhiliFang, and independent director Zhang Shudian also serves as an independent director of ZhiliFang

According to the prospectus signed on January 30, 2026, as of that date, Peicheng Technology’s board has 7 members, with Yan Xiaohan as chairman, and directors Feng Yi, Zheng Weitao, Ning Rongbin, and independent directors Chen Libei, Zhang Shudian, and Li Zhiwei.

The aforementioned, Ningbo Kengqiang’s partners include Qiu Peng and Li Zhuoying, and the same-named “Qiu Peng” is also a controller of ZhiliFang.

Regarding independent director Zhang Shudian:

From 2020 to January 30, 2026, Zhang Shudian served as an independent director of ZhiliFang. From 2023 to January 30, 2026, Zhang Shudian served as an independent director of Peicheng Technology.

This means Zhang Shudian holds concurrent independent director positions at ZhiliFang, controlled by Qiu Peng, and Peicheng Technology.

2.2 “Li Zhuoying” and Zhang Shudian, both serve as arbitrators at the Shenzhen International Arbitration Court

As previously mentioned, Li Zhuoying is a partner at Ningbo Kengqiang and was a shareholder of ZhiliFang.

According to the First Round Inquiry Reply, from 2016 to December 24, 2021, Li Zhuoying served as an arbitrator at the Shenzhen International Arbitration Court.

According to the prospectus signed on January 30, 2026, from 2014 to the signing date, Zhang Shudian served as an arbitrator at the Shenzhen International Arbitration Court. From 2023 to the signing date, Zhang Shudian served as an independent director of Peicheng Technology.

As of March 10, 2026, both Li Zhuoying and Zhang Shudian remain arbitrators at the Shenzhen International Arbitration Court.

This indicates both “Li Zhuoying” and Zhang Shudian are arbitrators at the Shenzhen International Arbitration Court.

2.3 Independent director Chen Libei and actual controller Yan Xiaohan are alumni of CEIBS, and both were members of the school’s golf club

It is noted that Yan Xiaohan, the actual controller of Peicheng, and ZhiliFang’s independent director Chen Libei, both graduated from CEIBS in 2014, and “Qiu Peng” is a partner of Ningbo Kengqiang.

According to the prospectus signed on January 30, 2026, from 2023 to the signing date, Chen Libei served as an independent director of Peicheng. Since 2009, Chen Libei has been an executive director and general manager of Shenzhen Tongsheng Venture Capital Management Co., Ltd. (“Tongsheng Venture”) and holds 100% of its shares. From 2024 onward, Chen Libei has served as a non-executive director of Jihao Resources Group Co., Ltd. (“Jihao Gold”).

According to Jihao Gold’s official website, as of January 30, 2026, Chen Libei obtained an MBA from CEIBS in 2010. However, the webpage was inaccessible as of March 10, 2026.

This suggests that Peicheng’s independent director Chen Libei and Yan Xiaohan, as well as ZhiliFang’s independent director Zhang Shudian, are alumni of CEIBS.

According to CEIBS alumni association’s website, on June 22, 2017, the second council of the CEIBS Shenzhen Golf Club included Chen Libei of Tongsheng Venture and Yan Xiaohan of Peicheng.

In summary, Peicheng’s independent director Zhang Shudian also serves as ZhiliFang’s independent director and Shenzhen International Arbitration Court arbitrator, and the school’s alumni include “Li Zhuoying,” “Yan Xiaohan,” and “Chen Libei.” The actual controller Yan Xiaohan and other key individuals are alumni of CEIBS, and multiple persons with the same names may be the same individuals.

3. Conclusion

In short, the actual controller Yan Xiaohan of Peicheng Technology appears to have a “circle of friends” involved in various overlapping networks. Ningbo Kengqiang, the seventh-largest shareholder, includes partners such as Qiu Peng, Chen Zhiping, Li Zhuoying, Chen Xiaohui, Peng Zhibin, etc., with investments made in June 2023 and guidance agreements signed in September 2023. Historically, individuals with the same names—“Li Zhuoying,” “Chen Zhiping,” “Chen Xiaohui,” “Peng Zhibin,” “Yan Xiaohan”—invested in ZhiliFang and signed guidance agreements with Minsheng Securities in 2020. These individuals, many of whom graduated from CEIBS in 2014, are connected through school, work, and social networks, with some possibly being the same persons.

The sponsor representatives Wei Xiong Hai and project team members Li Yixuan and Wang Hu have served at Minsheng Securities and later at Guotai Haitong, providing overlapping services for multiple IPO projects. The top clients of Peicheng, such as EVE Energy, are shareholders or related to SmarTone International, whose chairman is Chen Zhiping.

Furthermore, independent director Zhang Shudian and arbitrator Li Zhuoying are alumni of Shenzhen International Arbitration Court and CEIBS, respectively. The connections among the company’s key personnel, their educational backgrounds, and their professional networks suggest that Yan Xiaohan’s “circle of friends” may be extensive and complex.