Tian Gang supports two companies at once—who might win the joint aircraft deal?

Choice data shows that on April 2, the share price of Fujin Yunye hit the daily limit down; trading value was 415 million yuan, and total market value was about 4.1 billion yuan. Jifeng Technology’s share price rose sharply by 6.81%, with trading value of 403 million yuan and total market value of about 5.0 billion yuan. The two companies appear unrelated, but that’s not the case.

On the evening of April 1, Fujin Yunye released an announcement stating that Dongyang Dongwang Lianhang Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as “Dongwang Lianhang”) will become the company’s controlling shareholder.

On April 2, a reporter from China Securities Journal, acting as an investor, confirmed with the board office of Fujin Yunye that Dongwang Lianhang partner Tian Gangyin and Jifeng Technology’s actual controller Tian Gangyin are the same person.

Fujin Yunye changes hands; Tian Gangyin appears

On the evening of April 1, Fujin Yunye announced that its controlling shareholder, Yongfeng Group Co., Ltd. (hereinafter referred to as “Yongfeng Group”), and Dongwang Lianhang signed a share transfer agreement. Yongfeng Group plans to transfer 56.428 million shares it holds of the company (accounting for 18% of the company’s total share capital) to Dongwang Lianhang at a price of 14.18 yuan per share, for a total transfer payment of 800 million yuan.

At the same time, Yongfeng Group promised that within 36 months from the date of share delivery agreed in the share transfer agreement, it will waive the voting rights corresponding to 15.6745 million of its 37.3052 million shares of Fujin Yunye (accounting for 5% of Fujin Yunye’s total share capital).

If the above-mentioned “partial share transfer + voting rights entrustment” matters are carried out, Fujin Yunye’s controlling shareholder will change from Yongfeng Group to Dongwang Lianhang, and the company’s actual controller will change from Liu Feng to the State-owned Assets Supervision and Administration Office of Dongyang City (hereinafter referred to as “Dongyang SASAC”).

Tianyancha data shows that Dongwang Lianhang was established on January 20, with registered capital of 1.501 billion yuan, and its actual controller is Dongyang SASAC. Among them, Dongyang Dongwang Holding Co., Ltd. holds 59.96%, Tian Gangyin holds 39.97%, and Dongyang Dongqi Hang Enterprise Management Co., Ltd. holds 0.07%.

Fujin Yunye reminds investors that the above-mentioned change in interests still requires review and approval by the relevant state-owned assets supervision and administration department, and still needs to obtain a compliance confirmation opinion issued by the Shenzhen Stock Exchange.

Fujin Yunye’s main business is passenger car transportation services and operation of passenger car stations. Other businesses include car after-sales services, integration of transportation and travel, and so on. For many years, the company has ranked first in Sichuan Province’s road passenger transport industry in terms of scale and strength, profitability, and other aspects.

Although on April 2 the share price hit the limit down, the share price of Fujin Yunye has already risen significantly recently. Choice data shows that from December 25, 2025 to March 25, 2026 (from March 26 to April 1 it was suspended), Fujin Yunye’s share price cumulatively increased by more than 47%; over the same period, the highway and railway index (802083) fell by 0.64%.

Controlling Jifeng Technology; pledging shares after transfer

On April 2, a reporter from China Securities Journal, acting as an investor, confirmed with the board office of Fujin Yunye that Dongwang Lianhang partner Tian Gangyin and Jifeng Technology’s actual controller Tian Gangyin are the same person.

In July 2025, Jifeng Technology’s controlling shareholder changed to Anhui Lanshi Enterprise Management Consulting Co., Ltd. (hereinafter referred to as “Anhui Lanshi”). Its actual controller changed from Wang Hu iwu to Tian Gangyin. Anhui Lanshi controls Jifeng Technology through a “partial share transfer + voting rights entrustment” arrangement. The Jifeng Technology shares transferred were 72.3568 million shares (accounting for 14.64% of Jifeng Technology’s total share capital), with a total price of 582 million yuan.

Anhui Lanshi then pledged the company’s shares it received. An announcement disclosed by Jifeng Technology in August 2025 shows that Anhui Lanshi pledged all the shares it held to the Agricultural Bank of China, Wuhu Bayu District Sub-branch, with the pledge purpose stated as “its own capital needs.”

In September 2025, Jifeng Technology completed the re-election of its new board of directors, and Tian Gangqiang was elected as the company’s chairman. Tian Gangqiang is Tian Gangyin’s younger brother.

To further consolidate control, Jifeng Technology plans to issue 108 million shares to Anhui Lanshi, expecting to raise 612 million yuan. In its April 1 announcement, Jifeng Technology stated that recently the Shenzhen Stock Exchange has checked the company’s application documents and the stock offering disclosure document and related application materials submitted for its stock issuance to specific targets, and determined that the application documents are complete and decided to accept them.

Jifeng Technology mainly has two business segments: the agricultural machinery retail sales and service segment, and the high-end specialty agricultural machinery R&D manufacturing segment. Choice data shows that from March 16 to April 2, Jifeng Technology’s share price cumulatively rose by 26.87%; over the same period, the special equipment index (802028) fell by 7%.

On the news front, on March 18, Jifeng Technology announced that its wholly owned subsidiary Jifeng Low-Altitude Technology (Hubei) Co., Ltd. signed a “Strategic Cooperation Agreement” with the Hubei branch of China Telecom Co., Ltd. and Shenzhen United Airplane Technology Co., Ltd. The three parties plan to carry out comprehensive cooperation in the low-altitude economy field, including the construction of demonstration zones, promotion of industry applications, product cooperation, and verification of infrastructure, etc.

United Airplane’s capital market moves: speculations and guesses

Tian Gangyin also has another role—founder, chairman, and general manager of United Airplane Group. Shenzhen United Airplane Technology Co., Ltd. is the vehicle of United Airplane Group (hereinafter collectively referred to as “United Airplane”).

Public information shows that Tian Gangyin entered Beijing Institute of Technology in 2001 to study aircraft design and engineering. After graduating in 2005, Tian Gangyin entered a Japanese unmanned helicopter agency company. In 2007, Tian Gangyin started a business. In 2012, Tian Gangyin and the founding team registered and established Beijing Zhonghangzhi Technology Co., Ltd. in the Beijing Economic and Technological Development Zone (which later became a wholly owned subsidiary of United Airplane).

United Airplane’s official website shows that it is professionally engaged in R&D, production, and services for high-end equipment such as unmanned aerial vehicles. The company has implemented industrial layouts in Beijing, Guangdong, Anhui, Shaanxi, Sichuan, Shanghai, Heilongjiang, Guangxi, and other places, and has built a comprehensive industrial base integrating UAV design and R&D, production and manufacturing, sub-assembly and final assembly, and integrated testing.

After the re-election of Jifeng Technology’s board of directors, Tian Gangqiang, when communicating with the media, revealed that in 2024 United Airplane’s revenue exceeded 400 million yuan, and in 2025 it is expected to reach around 1 billion yuan. However, he did not disclose United Airplane’s profit situation.

As Tian Gangyin steps into the capital market, there has been market attention on whether United Airplane’s assets could be injected into a listed platform.

Jifeng Technology and United Airplane already have business synergies. For example: Jifeng Technology set up a low-altitude industrial investment and operation platform—Jifeng Aviation; Jifeng Technology plans to purchase complete UAV systems and components from United Airplane’s subsidiaries; Jifeng Technology will adjust its business structure and list low-altitude business as one of the company’s four core business segments, etc.

As for the synergy with Fujin Yunye, it is not yet clear. In its announcement, Fujin Yunye stated that Dongwang Lianhang, Dongyang Dongwang Holding Co., Ltd., Tian Gangyin, Dongyang Dongqi Hang Enterprise Management Co., Ltd., and Dongyang SASAC have committed that within 36 months after the completion of this change in interests, they will not inject into the listed company Fujin Yunye any related assets they hold.

Although the operating scope disclosed by Dongwang Lianhang is generally “enterprise management, enterprise management consulting, and supply chain management services,” the company name itself already leaves room for certain imagination.

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Editor: Liu Wanli SF014