Breaking: *ST Jinling Board Reshuffle | Renowned Su Businessman Wang Jianguo Officially Appointed Chairman, Some Core Executives Remain in Position

Each Daily reporter | Huang Hai    Each Daily editor | Wei Guan Hong

“Why do we say April 3 is a special day? Because last year on April 3, pre-reorganization was brought up, and today, exactly a full year has passed…” On April 3, *ST Jinling (Jintongling) held its 2026 first extraordinary general meeting of shareholders at its Nantong headquarters building. The company executive in charge of the meeting delivered a brief opening remark.

In September last year, the chairman of Wuxing Holding, Wang Jianguo, participated in the reorganization of *ST Jinling through the Huitongda platform. Subsequently, this listed company, which had found itself mired after financial fraud, drew widespread attention. This extraordinary general meeting of shareholders was also viewed externally as a milestone event with significant meaning.

One of the reasons that cannot be ignored is that, since Wang Jianguo’s involvement in the reorganization, this is the first shareholders’ meeting *ST Jinling has held. And after this shareholders’ meeting, *ST Jinling will complete a “changing of the guard.”

On the evening of April 3, *ST Jinling disclosed resolutions from its extraordinary general meeting of shareholders and the subsequent board of directors meeting. Wang Jianguo and his team officially entered the board, with Wang Jianguo serving as chairman. It is worth noting that in the staffing changes of this board, several former key executives were allowed to remain in their positions.

Judging from the results disclosed on the evening of April 3, the overhaul of *ST Jinling’s board and core management this time basically meets external expectations.

Regarding non-independent director positions, first, the controlling shareholder Huitongda’s de facto controller, Wang Jianguo, officially moved in and will serve as chairman of *ST Jinling. Meanwhile, two of his key subordinates, Zhao Liangsheng and Yin Jian, also successfully entered the board and will serve as non-independent directors. The remaining two non-independent director seats were left to Nantong Industrial Holding Group Co., Ltd., the former controlling shareholder of *ST Jinling (hereinafter referred to as Nantong Industrial Holding). They will be served respectively by Lu Jian, a member of the CPC committee of Nantong Industrial Holding, and Shen Zhigang, the former general manager of *ST Jinling.

For core management personnel, after Wang Jianguo took over, he basically retained the original core management team of *ST Jinling. For example, the board decided to continue appointing Shen Zhigang as the company’s general manager; Jin Zhenming and Shi Gensheng as the company’s deputy general managers; and Wang Ning as the company’s person in charge of finance.

The reporter from The Daily Economic News noticed at the extraordinary general meeting of shareholders that the relationship between the new and old teams at *ST Jinling appeared relatively harmonious. After the extraordinary general meeting of shareholders concluded, the former executives expressed thanks to the whole room regarding the reorganization of *ST Jinling. “First of all, thank you all for your concern and care for the company along the way. I think it can be summarized in eight words—standing together through storms and sharing joys and hardships. No additional words can express the gratitude I feel right now. Because of everyone’s joint efforts, we can systematically resolve the bundled risks facing Jintongling through bankruptcy reorganization, and fulfill compensation for small and medium shareholders to the greatest extent possible.”

“I also wish the company, under the leadership of Manager Wang, and through the joint efforts of the new management team, while growing and strengthening the existing business segments, to make the second growth curve even bigger and stronger.” The above executive added.

Within *ST Jinling, the time when Wang Jianguo appeared as the decision-maker came even earlier.

The reporter noted that on February 26 this year, Wang Jianguo appeared at *ST Jinling’s 2026 annual operation conference and its 2026 annual sales conference, in his capacity as the de facto controller.

At the operation conference, Wang Jianguo stated that, as an important component of the technology business segment within the Wuxing Holding system, *ST Jinling will receive comprehensive support from Wuxing Holding in terms of funding, resources, and projects. In the future, Wuxing Holding will actively empower *ST Jinling, help connect high-quality industrial resources, and drive *ST Jinling toward leapfrog development.

At the sales conference, Wang Jianguo also said that the full-ecosystem system of Wuxing Holding Group will provide comprehensive resource support for *ST Jinling’s sales work. It will help connect high-end customers and quality industrial resources. All departments should establish the concept of “service-oriented marketing,” and form a coordinated battle strategy of “frontline advance and back-end support,” to ensure sales work is well protected.

According to the reorganization draft disclosed earlier, Huitongda had planned, after completing the reorganization, to introduce a new consumer business for *ST Jinling to create a second growth curve. “After completing the reorganization, to further enhance the listed company’s profitability, the industrial investor will, by fully utilizing its mature experience in business and management, supply chain and channel advantages, and rich industrial resource advantages, and upon thorough demonstration and with conditions in all aspects being mature, conduct an industrial layout around the new consumption business. It will also, when the time is right, empower and accelerate the growth of the company’s business in new business formats and the new consumption field through multiple approaches. In the short term, the industrial investor will introduce and cultivate businesses in the new consumption field for the listed company through business empowerment.”

At the extraordinary general meeting of shareholders, the reporter from The Daily Economic News asked the company’s management about the specific development tracks for the new consumption business. The company responded that the second growth curve is an issue that needs to be fully considered in the company’s future development and, for the time being, it cannot be answered.

Cover image source: The Daily media resource library

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