FULLSHARE Chairman Ji Changqun loses lawsuit, ordered to repay 1.2 billion; once had a fortune of 30 billion, active in the small-cap stock market

The chairman of Fullshare Holdings (607), Ji Changqun, who was once known as the "richest man in Nanjing," lost a major debt lawsuit today (22nd) in the High Court. The judgment pointed out that his defense was "incredible" and "essentially impossible." The court ordered that after deducting collateral, Ji Changqun must immediately repay the two plaintiffs approximately HKD 898 million, along with high interest accrued since mid-2019, with the total amount estimated to reach as high as HKD 1.2 billion. Related article: Fullshare Holdings chairman Ji Changqun loses major debt lawsuit and must repay HKD 1.2 billion with principal and interest. Once known as the "richest man in Nanjing." Ji Changqun hails from a rural area in Dangtu, Anhui. In the early 2000s, he and his brother Ji Changrong founded Fullshare Group, starting from the construction industry in Nanjing and gradually expanding into new energy, healthcare, and ecological agriculture. According to Fullshare's annual report, Ji Changqun has many years of management experience in the mainland real estate industry, and he has rarely appeared in public, with outsiders describing him as very low-key, only becoming active in the Hong Kong small-cap stock market a few years ago. Previously acquired several companies including China High-Speed Transmission In 2013, "shell king" Kan Zhi-jian transferred Huiduali (the predecessor of Fullshare Holdings) to Ji Changqun through a rights issue, successfully achieving a backdoor listing, with Ji holding 51% of the shares. Subsequently, Ji Changqun successively acquired shares in China High-Speed Transmission (658), ZK International (2098), Derivative (6893), and Shili Jianye (519), ranking 25th on Forbes' China Rich List in 2016; in the 2018 Hurun Rich List, Ji Changqun ranked 89th with a wealth of RMB 30 billion. Involved in misappropriating subsidiary funds of RMB 6.6 billion However, on August 15, 2019, Digital King, a wholly-owned subsidiary of China Bridge Holdings (2323), filed a lawsuit in the Hong Kong High Court against Ji Changqun, seeking to recover over RMB 1.466 billion, along with claims for interest and legal fees, with China Bridge Financial seeking to recover approximately RMB 356 million. In addition, China High-Speed Transmission also sued its controlling shareholder Fullshare Holdings this April, believing there is sufficient evidence showing that a group of companies and individuals, including Fullshare Holdings, chairman Ji Changqun, former executive director Fang Jian, and the counterparties to such agreements, have been involved in planning fraud against related subsidiaries and misappropriating RMB 6.6 billion, thus filing claims against the aforementioned companies and individuals