"Internal conflict" lasted for several years. Risen Life Services has finally been forcibly delisted.

Viewpoint News. In the last week of March, it is likely one of the busiest periods for many listed companies. On the announcement board, the latest and most comprehensive earnings reports have replaced the sparse earnings previews of just a few lines.

Judging from overall performance, some are pleased while others are worried. But regardless of whether profits increased, whether they turned losses into profits, whether losses narrowed, or whether they continued to expand, each company has basically provided detailed explanations and expectations for the future.

But there were also unforeseen surprises.

According to statistics, companies such as Hengsheng Property, Zhuguang Holdings, Contemporary Properties, Shengxin Chuangzhan, and Ruisen Life Services have already been suspended because they delayed publishing their 2025 annual results. Among them, Ruisen Life Services is the only listed property management enterprise.

Not long ago, this property management company had just released a positive profit forecast that turned from losses to profits.

Earlier, on February 27, Ruisen Life Services also issued an announcement stating that it had submitted a resumption application to the Hong Kong Stock Exchange on February 9, 2026, and that the Hong Kong Stock Exchange is currently reviewing the related application.

Unexpectedly, what came was not a resumption, but a decision by the Hong Kong Stock Exchange to cancel its listing status.

Behind the profit forecast

On March 24, Ruisen Life Services announced that it expected to record no less than RMB 65 million in profit for 2025, while recording a loss for 2024 of about RMB 20.6 million for the year.

Ruisen Life Services said achieving the turnaround from loss to profit is, on the one hand, because the net impairment loss on financial assets decreased by about RMB 45.9 million compared with the previous year; on the other hand, because there were no impairment losses related to parking space deposits during the current year, whereas 2024 recorded impairment losses for that item of about RMB 53.7 million.

Since the annual report could not be issued, Ruisen Life Services’ performance in 2025 can only be traced from its interim report.

According to the interim report, Ruisen Life Services mainly provides diversified property management services and value-added services. Its business covers multiple types of developments, including 11 categories of non-residential projects such as residential projects and government facilities, financial institutions, property sales venues, medical institutions, and commercial complexes.

As of the 2025 interim period, Ruisen Life Services’ business covered 22 cities, managing a total of 807 projects, including 360 residential projects and 447 non-residential projects.

By region, in the first half of 2025, Ruisen Life Services had 507 properties under management in Nanjing, down 36.5% from the same period in 2024; properties under management outside Nanjing totaled 300, up 5.3% year over year.

The company said the year-over-year decrease in projects under management is because it proactively exited multiple loss-making projects, especially involving about 200 town old residential communities.

In terms of project sources, about 94.2% of Ruisen Life Services’ projects come from owners’ committees or third parties, totaling 760 projects; however, compared with 1,040 projects in the same period last year, this represents a decrease of 26.9%, indicating a decline in its ability to expand through market-oriented means. Projects from Yincheng Group were only 47, up by just 3 projects year over year, and the business linkage with the group is not high.

While the scale of management narrowed year over year, the revenue scale showed an upward trend, and the earnings brought by newly acquired projects by Ruisen Life Services became a “lifesaver.”

In the first half of the year, Ruisen Life Services recorded revenue of RMB 958 million, up about 4.1% year over year. Of this, property management services generated revenue of RMB 770 million, up 14.8% year over year, accounting for 79.2% of total revenue.

Due to the decrease in the total number of residential projects under management, value-added service revenue decreased by about 24.4% to RMB 202 million, accounting for 20.3% of total revenue; total rental income from investment properties was RMB 4.73 million, accounting for only 0.5%.

As for net profit, in the 2025 interim period, Ruisen Life Services achieved net profit of RMB 57.5 million, with profit attributable to shareholders of RMB 52.8 million. The reason for the turnaround was also impairment losses on financial assets and parking space deposits.

Comparing interim net profit (RMB 57.5 million) with full-year net profit of at least RMB 65 million, it can be calculated that Ruisen Life Services is expected to generate at least RMB 7.5 million of net profit in the second half.

Looking at the whole industry, this profit level is in the mid-to-lower range. Based on the heat of market discussion, it is not enough to stir up significant waves.

However, a series of internal management struggles, the diversion of funds by the original founder, non-compliant related-party transactions, frequent changes in senior management, and the latest report that the company had had its listing canceled by the Hong Kong Stock Exchange and sued the original founder have pushed Ruisen Life Services onto the center of public debate multiple times.

Storm after storm

Since May 2024, when the property management company announced that it would change its name from “Yincheng Property Management” to “Ruisen Life Services,” the company’s reputation in the capital market began to go off track.

As for its business capability, outsiders did not discuss much; instead they focused more on storylines such as internal management infighting, “de-Yincheng” renaming, and reshuffling at the top.

Multiple controversies involving Ruisen Life Services are closely related to its suspension experience—meaning that from the beginning it had already crossed the red line of compliance for listed companies.

Chronologically, on June 3, 2024, Ruisen Life Services began a brief suspension, which was also the start of its eventual path toward delisting. Until June 12, Ruisen Life Services formally resumed trading and disclosed multiple behind-the-scenes pieces of information.

First, it received a complaint letter accusing the president, Li Chunling, of allegations that Li Chunling, during the period from 2019 to 2023, privately issued annual bonuses of about RMB 2 million to herself without approval, and failed to disclose that she held certain equity interests in an entity through nominees and that a joint venture company was established with the group.

In response, on June 3, Ruisen Life Services dismissed Li Chunling from her position as an executive director.

Second, it received another email from a company employee, which included a letter allegedly provided by Li Chunling that had no handwritten signature.

The email mainly made several allegations against Huang Qingping, a non-executive director and controlling shareholder of the company, including failure to disclose personal equity changes; all the proceeds from the company’s listing that were allegedly misappropriated have not been returned to date; inciting the company’s executive director and chief financial officer Huang Xuem e i to misappropriate the company’s operating funds; failure to disclose related-party transactions between the group and the entity controlled by Huang Qingping; and using company funds to reimburse personal expenses of RMB 500,000.

Ruisen Life Services’ response was: the letter of allegations was not admitted by Li Chunling and there was no specific evidence; management denied that listing funds and operating funds were misappropriated; related-party transactions had already been disclosed; the failure to disclose personal equity changes and the use of company funds to reimburse personal expenses would have little impact on the company. At the same time, it said it would conduct further investigation and consider whether to adopt the allegations.

Third, on June 7, Ruisen Life Services suspended Li Chunling from her position as company president and any other positions within the group; on June 8, it decided to establish an investigation committee, appointed Xie Chengguang as not acting as president, and reassigned him as an executive director.

That was how the first brief suspension came to an end.

On August 28, 2024, Ruisen Life Services was suspended again, and on August 30 it disclosed the reasons—delay in publishing the 2024 interim results and report.

On November 18, Ruisen Life Services officially received resumption guidance from the Hong Kong Stock Exchange, and in subsequent announcements it repeatedly published the investigation results of the aforementioned events, as well as details of multiple transactions with related parties, and it gradually supplemented three sets of results reports for the 2024 interim and annual periods and the 2025 interim period.

But as the investigation advanced, all the issues originally buried in the dark for Ruisen Life Services were exposed one by one, and the company’s original founder and the Yincheng faction also step by step lost management and controlling interests in Ruisen Life Services.

On February 27, 2026, Ruisen Life Services said it had submitted a resumption application to the Hong Kong Stock Exchange, and it would soon announce a positive profit-taking announcement showing a turnaround to profit.

But until March 31, the market still could not wait for this company to release a complete annual results report. Meanwhile, because it failed to fulfill the resumption guidance within the prescribed 1-month period, Ruisen Life Services’ listing status was canceled by the Hong Kong Stock Exchange, and the official delisting date was April 9, 2026.

After “battling” for a long time, Ruisen Life Services’ fate was to leave the board. But on the other side, the story of internal turmoil within management had not yet reached its final conclusion.

On March 26, Ruisen Life Services filed a lawsuit against Huang Qingping, claiming losses caused by violation of fiduciary duties and contracts, among other matters, with a sum in dispute of HKD 120 million.

The day before, the court had granted a temporary injunction, restricting Huang Qingping in Hong Kong from disposing of assets up to an amount of the disputed sum, including the 13.8977 million shares of Ruisen Life Services held by him in aggregate, valid until the date of the hearing on April 2.

Disclaimer: The content and data in this article have been compiled by Viewpoint using publicly available information and do not constitute investment advice. Please verify before use.

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