Taifu Pump Industry's 800 million ownership stake finalized: Who is the new buyer "Zhengyuanxing"?

After “the exit of the 5th listed pump enterprise!” Founder may be able to cash out 1.49B yuan at a high level, on March 31, Taifu Pump Industry (300992.SZ)’s transfer of control finally closed.

According to the announcement, the original controlling party, Chen Yiwen, and his wife Lin Hui will directly and indirectly hold 24.11% of the listed company’s shares, which will be transferred to Zhengyuanxing (Shanghai) Enterprise Management Partnership (Limited Partnership) (abbreviated as “Zhengyuanxing”); after the transaction is completed, Chen Yiwen and his wife’s shareholding ratio will drop to 20.60%, Zhengyuanxing will take over Taifu Pump Industry, and Sun Kai will become the listed company’s actual controller.

By this point, Taifu Pump Industry has also become the fifth A-share listed pump enterprise whose “sell-and-change hands” has taken place, following Newjie Pump Industry “now Tianshan Aluminum Industry (002532.SZ),” Dongyin Co., Ltd. “now Roxyn Pharmaceutical (002793.SZ),” Nanfang Pump Industry (300145.SZ), and Tianyi Pump Industry “now ST Jingfeng (000908.SZ).” However, unlike the previous acquirers involving real-economy manufacturing, behind Zhengyuanxing, the actual controlling party is “Shanghai Zhengjianxin Intellectual Property Service Co., Ltd.” (abbreviated as “Zhengjianxin”), which is only an intellectual property services provider and has no related manufacturing-industry experience.

Who is Zhengyuanxing?

Based on the announcement, Zhengyuanxing was established in November 2025, with its registered address in Shanghai, and a contribution amount of 50 million yuan. After “look-through” analysis, it is controlled by Sun Kai’s Zhengjianxin as the executive affairs partner, holding 90% of the shares; it also holds the remaining 10% equity in Zhengyuanxing through Zhengjianxin’s wholly owned subsidiary, “Shanghai Zhengjianxin Technology Co., Ltd.” This means that Zhengyuanxing is essentially the acquisition entity that Sun Kai has just set up.

Qichacha shows that Zhengjianxin was established in January 2009, with a registered capital of 83.6636 million yuan, the chairman is Li Changxu, and Sun Kai is the founder, the company legal representative, and the general manager. Its core business includes intellectual property protection management consulting services such as trademark rights, patent rights, and copyrights, rights-protection services, and related services. In recent years, it has obtained two provincial-level certifications: “specialized, refined, distinctive, and innovative small and medium-sized enterprises” and “technology-advanced service enterprises.” Caijunji noticed that the company’s official website is currently inaccessible due to “website maintenance.”

In terms of its financing history, in 2012 and 2014, Zhengjianxin received two rounds of financing from institutions including DaTai Capital, Dacheng Venture Capital, Sharing Investment, and Jingxi Venture Capital, with cumulative capital injection of nearly 8B yuan. But according to the latest list of shareholders, there are currently no fewer than 19 private fund investors in this company—for example, the Boyu Phase 3 (Shanghai) Equity Investment Fund led by Boyu Capital, with a shareholding ratio of 11.76%; and the “State Investment (Shanghai) Technology Achievement Transformation Venture Capital Fund Enterprise (Limited Partnership)” jointly formed by state-owned capital entities such as the State Development and Investment Group, the Life Insurance Company, and Shanghai Guotou, with a shareholding ratio of 4.84%.

It is worth noting that in June 2015, Zhengjianxin submitted an application for an SME board (ChiNext) IPO, planning to issue no more than 16.07 million shares, and not less than 25% of the total share capital after issuance. The prospectus shows that from 2012 to 2014, the company’s total operating revenue was 68.7125 million yuan, 119 million yuan, and 130 million yuan, respectively, with a compound growth rate of 37.77%. The attributable net profits were 16.2441 million yuan, 30.8568 million yuan, and 33.0633 million yuan, respectively, with a compound growth rate of 42.66%. As of the end of 2014, the company’s total assets reached 169 million yuan.

Subsequently, according to publicly available information, Zhengjianxin had already terminated its IPO application before 2017, and the specific reasons are unknown.

A 820 million yuan premium acquisition

Returning to the specific transaction structure.

It is understood that the transfer price for this transaction is 35.67 yuan per share, with a total consideration of 820 million yuan. Compared with the closing price of 34.9 yuan per share before Taifu Pump Industry suspended trading on March 23, the premium rate is 2.21%. The transaction targets include 3.9885 million shares and 1.0 million shares directly held by Chen Yiwen and Lin Hui, accounting for 4.18% and 1.05% of the listed company’s total share capital, respectively; and 18 million shares held by “Wenling City Dijiu Electronic Technology Co., Ltd.,” a related party of the two, accounting for 18.88%.

At the same time, Zhengyuanxing has also committed that the listed company shares acquired through the share transfer agreement will be locked for 60 months from the completion date of the transfer registration, and will not be transferred to others or entrusted for management; within the next 12 months, there is no explicit plan to sell, merge, or restructure the listed company’s assets and business; within 36 months, it will not inject, in any way, assets and business of itself and its related parties into the listed company.

Regarding the source of funds, Zhengyuanxing’s own funds are not less than 410 million yuan, and self-raised funds may exclude fundraising through methods such as bank M&A loans. The controlling shareholder of Zhengyuanxing has obtained a “Loan Intent Letter” issued by the Ningbo Branch of China CITIC Bank.

After the transaction is completed, Chen Yiwen will still hold 14.85% of the shares, and Lin Hui will hold 3.15%. But the two shareholders and their two shareholding platforms they control will give up the voting rights for a total of 10.63 million shares, accounting for 11.15% of the company’s total share capital, with a relinquishment period of 60 months. This arrangement reduces Chen Yiwen’s voting-right share to 9.45%, while Zhengyuanxing has 24.11% of the voting rights. The gap between the two is 14.66 percentage points. This both ensures Zhengyuanxing’s controlling position and preserves equity benefits for the former actual controller.

A intellectual property services provider and a listed water pump manufacturing company have no real business overlap, yet the market reacted positively. On March 31, Taifu Pump Industry closed limit up, rising 20.00%, to 41.88 yuan per share.