Zhenxin Technology Internal Power Struggle Reignited: General Manager Resigns Twice in One Day, Sichuan Female Tycoon He Yan Wins Another Round

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This article source: Times Weekly, Author: Zhou Songqing

Zhenxin Technology (300101.SZ) is once again embroiled in internal strife; the founding management team has lost an important seat on the board of directors.

On March 30, Zhenxin Technology issued an announcement stating that on March 26, 2026, the board of directors received a written “resignation report” from Yang Guoyong, a director and general manager, and acting secretary of the board of directors. Yang Guoyong decided to resign from his posts as director, general manager, and acting secretary of the board because he believed that “there are disputes and disagreements among the controlling shareholder, some directors on the board are not fit to serve, and the disagreements are severe, making it difficult for the general manager to perform his duties normally.”

Yang Guoyong’s resignation once again triggered a showdown between the camp of Chengdu Guoteng Electronic Group Co., Ltd. (hereinafter referred to as “Guoteng Group”)—the controlling shareholder—and the camp of the founding management team.

The contest for actual control of Zhenxin Technology has been going on for more than seven years. Behind it lies an internal power struggle within Guoteng Group, involving He Yan, the Sichuan businesswoman who is the 51% actual controlling shareholder, and the founding management team (Mo Xiaoyu, Xie Jun, Xu Jin, Bai Jie), which holds a combined 49%.

Times Weekly reporter noted that during Yang Guoyong’s resignation process there was a brief episode: on the morning and at noon of March 26, he submitted two resignation reports. The first resignation report stated his decision to resign from the company’s posts of director, general manager, and acting secretary of the board of directors. The second resignation report stated his decision to resign from the posts of general manager and acting secretary of the board of directors.

As to which resignation report should be treated as the one that matters, the board directors and senior management from the Guoteng Group camp and those from the original management camp disagreed.

Zhenxin Technology directors Liang Litao, Li Xinjun, Zheng Lingyi, independent director Yi Mao, and independent director Long Zongzhi believed the first resignation report should be followed; these five directors belong to the Guoteng Group camp. Directors Xie Jun and Yang Zhang, and independent director Li Yi, believed the second resignation report should be followed. Zhenxin Technology’s announcement was issued in accordance with the majority opinion of the directors; in this round of confrontation, the Guoteng Group camp once again gained the upper hand.

An insider close to Zhenxin Technology’s founding management team told Times Weekly reporter on the afternoon of March 31: “The reasons for Yang Guoyong’s departure have already been disclosed in the announcement. Essentially, resigning as director was not his true intention. In addition, several other directors from the Guoteng Group have not yet provided the relevant materials in accordance with the related requirements.”

Source: Tu Chong

Since this year, the contest for control of Zhenxin Technology has been escalating.

On February 12, Zhenxin Technology held its 2026 first extraordinary general meeting of shareholders, and early elected the seventh session of the board of directors. The final election results were that the Guoteng Group camp secured 5 seats, while the original management camp secured 3 seats. On February 13, Zhenxin Technology’s employee representative meeting elected Yang Zhang as an employee representative director, forming a 5:4 structure at the board level; Guoteng Group still held the advantage.

During the subsequent re-elections of the chairman and the chief financial officer, the candidates nominated by Guoteng Group—Liang Litao and Zheng Lingyi—were elected, respectively. In the re-election of general manager, Yang Guoyong from the founding management team was elected.

It is noteworthy that at the board meeting where the general manager was elected at that time, Yang Guoyong cast an abstention vote for himself. Yang Guoyong believed that the differences and conflicts among internal shareholders of the controlling shareholder have continued, and he himself lacked the ability to lead the business management team and promote the company’s sustained development.

Yang Guoyong has participated in the operation and management of Zhenxin Technology for 17 years and had long served as the company’s secretary of the board of directors. On March 5, after the company’s former board secretary Chen Sili resigned, Yang Guoyong again took on the role of board secretary. In the previous new board term re-election, Yang Guoyong, as director and general manager of Zhenxin Technology, had the original term of office scheduled to end on the date when the term of the seventh session of the board expires.

After Yang Guoyong resigned as director, the founding management team of Zhenxin Technology lost an important seat on the company’s board of directors.

The announcement shows that Yang Guoyong holds 715,000 shares of Zhenxin Technology. In addition, in the “Announcement on the Plan for Increasing Shares of the Company by Directors” issued by Zhenxin Technology on January 7, 2026, Yang Guoyong also stated that he intended to increase his holdings of the company’s shares within 6 months from the date the announcement was disclosed (no increase during the window period), with an amount of not less than RMB 1.7 million and not more than RMB 3.4 million.

After resigning, Yang Guoyong still serves as chairman of Chengdu Xinzhixinghe Technology Co., Ltd., a wholly owned subsidiary of Zhenxin Technology, and as chairman of Chengdu Guoyi Electronic Technology Co., Ltd., another wholly owned subsidiary of the company.