Chuanheng股份子公司减资1.6亿元：安徽前首富李缜旗下国轩控股放弃未实缴出资，称系战略调整
2026-06-03 00:11:23
On the evening of June 2, Chuanheng Co., Ltd. (SZ002895) announced that its controlling subsidiary Guizhou Hengxuan New Energy Materials Co., Ltd. (hereinafter referred to as Hengxuan New Energy) plans to reduce its registered capital by 160 million yuan. This stems from a strategic adjustment of Guoxuan Holdings Group Co., Ltd. (hereinafter referred to as Guoxuan Holdings), which gave up its unpaid capital contribution, reducing its shareholding ratio to 25%, while Chuanheng's ratio passively rose to 75%. The capital reduction party, Guoxuan Holdings, and Guoxuan High-Tech are both controlled by Li Zhen. Chuanheng stated that the capital reduction does not affect operations. Hengxuan New Energy has been lossmaking in recent years, and the second phase of the battery-grade iron phosphate project has been suspended. Chuanheng's board secretary responded that the suspension is unrelated to the capital reduction.
By Reporter Xu Shuai | Edited by Li Yubing
On the evening of June 2, Chuanheng Co., Ltd. (SZ002895, stock price 34.80 yuan, market capitalization 21.086 billion yuan) announced that its controlling subsidiary Guizhou Hengxuan New Energy Materials Co., Ltd. (hereinafter referred to as Hengxuan New Energy) plans to reduce its registered capital by 160 million yuan, correspondingly reducing the unpaid capital contribution of Guoxuan Holdings Group Co., Ltd. (hereinafter referred to as Guoxuan Holdings).
Chuanheng's board secretary Li Jian stated that the capital reduction is due to Guoxuan Holdings' own strategic adjustment and will not have a significant impact on the company's normal operations or finances. Hengxuan New Energy has been continuously lossmaking in recent years, and its "100,000 tons/year battery-grade iron phosphate phase II project" has been in a suspended state.
It is worth noting that the actual controller of Guoxuan Holdings is also the actual controller of the listed company Guoxuan High-Tech — Li Zhen. Public information shows that Guoxuan Holdings is the starting point of Li Zhen's entrepreneurial career.
The capital reduction party is a company controlled by former Anhui richest man
This capital reduction originated from Guoxuan Holdings' proactive notification. On May 25, Guoxuan Holdings issued a letter to Chuanheng and Hengxuan New Energy, clearly stating that it would no longer fulfill the unpaid capital contribution obligation of 160 million yuan to Hengxuan New Energy and proposed a corresponding reduction in registered capital.
After this reduction of 160 million yuan, the registered capital of Hengxuan New Energy will change from 800 million yuan to 640 million yuan. In terms of capital contribution amount and shareholding ratio, Chuanheng's capital contribution remains unchanged at 480 million yuan, with its shareholding ratio passively rising to 75%; Guoxuan Holdings' capital contribution drops to 160 million yuan, and its shareholding ratio correspondingly drops to 25%. Since this capital reduction only targets Guoxuan Holdings' unpaid portion, no payment is involved. Chuanheng stated in the announcement that the capital reduction is a strategic adjustment of Guoxuan Holdings and will not have a significant impact on the company's normal production, operation, or financial condition.
Financial data shows that Hengxuan New Energy has been in a lossmaking state in recent years. In fiscal year 2025, the company achieved operating revenue of 790 million yuan and net profit of -57 million yuan; from January to March 2026, operating revenue was 212 million yuan and net profit was -4 million yuan. As of March 31, 2026, Hengxuan New Energy had total assets of 1.297 billion yuan and net assets of 381 million yuan.
From the background of the counterparty, Guoxuan Holdings is different from the A-share listed company Guoxuan High-Tech, but both are under the same actual controller. Tianyancha information shows that Guoxuan Holdings was established on July 31, 2002, with Li Zhen as the largest shareholder holding 92%.
Guoxuan Holdings is also the platform where Li Zhen dug his "first bucket of gold" through real estate. Currently, the official website of Guoxuan Holdings still contains relevant introductions: The completion and delivery of real estate projects enabled Guoxuan to initially accumulate capital and talent, and it hopes to lay the foundation for rapid development by establishing a real estate group and developing the real estate sector. Interestingly, the official website of Guoxuan Holdings also mentioned that the company adhered to the "dual innovation" strategy of "creating wealth, creating talent."
Source: Screenshot from Guoxuan Holdings official website
In 2006, at the age of 42, Li Zhen founded the predecessor of Guoxuan High-Tech, thus entering the new energy track. In 2015, Guoxuan High-Tech became the "first power battery stock" on A-shares. In the 2016 Hurun Rich List, 52-year-old Li Zhen became the richest person in Anhui for the first time with a wealth of 14 billion yuan.
The capital reduction is related to Guoxuan Holdings' strategic adjustment
The cooperation between Chuanheng and Guoxuan Holdings in the new energy field dates back to 2021. On September 7, 2021, the two parties signed a "Strategic Cooperation Framework Agreement" and "Investment Cooperation Agreement" in Hefei, Anhui, agreeing to jointly invest in establishing a joint venture company, relying on Chuanheng's resource and technology advantages and Guoxuan Holdings' market demand foundation, to plan and construct a battery-grade iron phosphate production line with an annual capacity of no less than 500,000 tons. On October 18, 2021, the two parties jointly established Hengxuan New Energy.
Regarding Guoxuan Holdings' decision to give up part of its unpaid capital contribution, on the evening of June 2, a reporter from the Daily Economic News contacted Chuanheng's board secretary Li Jian. He said that the withdrawal is due to Guoxuan Holdings' strategic adjustment. Since Chuanheng did not consider acquiring the corresponding subscribed capital of Guoxuan Holdings, it directly carried out the capital reduction.
In addition, previous announcements showed that the "Investment Cooperation Agreement" stipulated that both parties should pay the remaining total subscribed capital no later than October 2025.
It is worth noting that with changes in the industry cycle, the construction of related projects under Hengxuan New Energy has been slow. According to the relevant construction project schedule in Chuanheng's 2025 annual report and rating report, as of the end of March 2025, the "100,000 tons/year battery-grade iron phosphate phase II project" operated by Hengxuan New Energy was marked as "suspended." The project has an estimated total investment of 663 million yuan, with cumulative investment of 106 million yuan and remaining investment of 557 million yuan.
Due to the suspension of the project, the company has made corresponding impairment provisions in its financial statements. The relevant financial notes show that due to the suspension of the Hengxuan New Energy iron phosphate phase II project, an impairment provision for construction in progress was recognized, with an ending balance of 14.4751 million yuan.
In addition, the project suspension also involves refunding of project payments. Previously, Hengxuan New Energy paid project funds to China Construction Fifth Engineering Bureau Third Construction Co., Ltd. for the construction of the iron phosphate phase II project. After the project was confirmed suspended, both parties agreed that China Construction Fifth Engineering Bureau Third Construction Co., Ltd. should refund 9.8022 million yuan in progress payments, which were recorded as other receivables.
However, Li Jian stated that the project progress is unrelated to Guoxuan Holdings' capital reduction of the company's subsidiary.
Cover image source: AIGC
Reprinting requires permission from the Daily Economic News. Unauthorized reproduction or mirroring is prohibited. Violators will be held liable.
Reader hotline: 4008890008
Special reminder: If we use your image, please contact the website for compensation. If you do not wish your work to appear on this site, you may request removal.
