"Jiangxi Energy King" Yong Zhijun saves Caixin Development
Zebra Consumer Yang Zhe
If nothing unexpected happens, the business landscape of Jiangxi's energy tycoon Yong Zhijun—energy in his left hand and real estate in his right—will become a reality. With his intervention, Lu Shengju will be completely ousted from Caixin Development.
In the capital market, Yong Zhijun has not appeared frequently. Previously, he only tested the waters with Xinjiang Torch, completing two equity acquisitions. Now, his main act is on the table—leading the restructuring of Caixin Development.
For his first foray into the real estate sector, taking charge of the restructuring and transformation of a property company, in addition to the empowerment of capital and resources, Yong Zhijun's business acumen is also being tested.
Change of Ownership Imminent
Yesterday, influenced by factors such as the bond extension meeting, Vanke's stocks and bonds rose simultaneously, triggering a surge in the real estate sector. Caixin Development and several other A-share and H-share real estate stocks saw limit-ups or significant gains.
Vanke has been highly watched by the market recently, and the situation of Chongqing-based property developer Caixin Development (000838.SZ) has also tugged at the heartstrings of small and medium investors.
Recently, the restructuring matters of the company's controlling shareholder, Caixin Real Estate, and its indirect controlling shareholder, Caixin Group, have made substantial progress.
On the evening of December 2, Caixin Development announced that Jiangxi Zhongjiu had signed a restructuring investment agreement with Caixin Real Estate and Caixin Group to acquire 20% to 29.99% of the listed company's shares.
Barring any surprises, Jiangxi Zhongjiu's boss, Yong Zhijun, will become the actual controller of Caixin Development. Lu Shengju, who founded Caixin Development and brought the company to the capital market, will be completely ousted.
Like his contemporary Huang Hongyun, Lu Shengju regarded the company as his life. Both moved from Fuling to Chongqing in the 1990s, benefiting from the real estate boom when Chongqing became a municipality directly under the central government. Little did they expect that, more than 20 years later, both would see their fortunes wane in the very place they rose.
Like *ST Jinke (000656.SZ), the restructuring of Caixin Real Estate and Caixin Group has been remarkably swift.
In October 2024, Caixin Real Estate and Caixin Group applied to the Chongqing Fifth Intermediate Court for pre-restructuring and completed the filing. In February 2025, the court formally accepted the restructuring application; in late June, they publicly recruited restructuring investors; and in October, Jiangxi Zhongjiu was confirmed as the restructuring investor.
The announcement of the restructuring investor immediately drew widespread attention inside and outside the industry. Jiangxi Zhongjiu is a natural gas supplier in Jiangxi, long entrenched in the regional energy sector, with businesses covering urban gas and clean energy supply.
Caixin Development, however, focuses on real estate development and environmental protection, which differs significantly from Jiangxi Zhongjiu's core business. How will they achieve substantive synergies? Even if Jiangxi Zhongjiu takes control, how it will advance Caixin Development's growth in terms of capital and business remains a question for the future.
According to business records, Jiangxi Zhongjiu was established in 2014 with a paid-in capital of 260 million yuan, owned 90% and 10% by Yong Zhijun and Lu Yifan, a married couple, respectively. In 2024, the company had 18 employees.
In October 2025, in the 2025 Jiangxi Top 100 Private Enterprises list released by the Jiangxi Federation of Industry and Commerce, Jiangxi Zhongjiu ranked 68th with 2024 revenue of 6.537 billion yuan.
Capital Strategy
For Yong Zhijun, the capital market is not unfamiliar. Before planning to take control of Caixin Development, he had already tested the waters in the A-share market.
In July 2022, Jiangxi Zhongran Natural Gas Investment Co., Ltd. (wholly owned by Jiangxi Zhongjiu) acquired a total of 10.4875 million shares of Xinjiang Torch from eight shareholders, including Chen Zhilong, accounting for 7.41% of the company's total shares at the time, with a total transaction value of approximately 194 million yuan.
Through this acquisition, Jiangxi Zhongran became the second-largest shareholder of Xinjiang Torch (603080.SH). The "collaboration" between the two slowly began.
In July 2023, Xinjiang Torch spent 297 million yuan to acquire 60% of Jiangxi Guoneng Gas from Jiangxi Zhongjiu, thereby entering the Jiangxi gas market and advancing its transformation into a national enterprise.
Two years later, their relationship grew closer with another equity acquisition.
In January 2025, Xinjiang Torch's original controlling shareholder and actual controller, Zhao Anlin, Guo Peng, and three other shareholders transferred a total of 29.0317 million shares, or 20.52% of the company's total shares, to Jiangxi Zhongran for a total consideration of 638 million yuan.
In March of this year, the share transfer procedures were completed, making Jiangxi Zhongran the controlling shareholder of Xinjiang Torch. Yong Zhijun officially took control, and Xinjiang Torch became an affiliate within the Jiangxi Zhongjiu system.
Two months later, after solidifying his position as the actual controller of Xinjiang Torch, Yong Zhijun quickly pushed forward new capital operations.
On May 15, Xinjiang Torch announced plans to spend 125 million yuan to acquire all shares of Yushan Litai Natural Gas Co., Ltd. from Jiangxi Zhongjiu and signed a transfer agreement with Jiangxi Zhongjiu and Yushan Litai.
Xinjiang Torch mainly operates natural gas businesses in Kashgar, Kezhou, and other areas. The acquisition of another Jiangxi natural gas company, thousands of miles away, left outsiders puzzled, especially since Yushan Litai was valued at 129 million yuan, with a premium rate of 203.20%.
Moreover, Yushan Litai also provided financing guarantees for Jiangxi Zhongjiu. In January 2024, it guaranteed 159 million yuan in debt for the latter. Earlier, in August 2022, Yushan Litai pledged its gas supply revenue rights to secure a loan of 40.74 million yuan for itself; in December 2023, it mortgaged land use rights to secure a loan of 10 million yuan.
Both acquisitions drew regulatory attention, with the Shanghai Stock Exchange sending two inquiry letters requesting explanations. In both responses, the company stated that the acquisitions were primarily strategic, aimed at acquiring high-quality assets, expanding market share, and enhancing profitability.
Who is Yong Zhijun?
In 2006, Yong Zhijun, born in 1983 in Nanchong, Sichuan, graduated from the School of Mechanical and Electrical Engineering at Nanchang Institute of Technology.
According to public information, Yong Zhijun had been involved in energy-related fields, gaining deep industry insights that laid the foundation for the later establishment of Jiangxi Zhonglian Energy.
In January 2011, Yong Zhijun registered and established Jiangxi Zhonglian Energy in Nanchang, with Lu Yifan as the legal representative, mainly engaged in coal, mineral product sales, and new energy R&D. Lu and Yong held 86.25% and 13.75% of the company's shares, respectively, making it their core platform for early energy business.
Three years later, within three months, they registered and established Jiangxi Zhongjiu (focusing on natural gas business) and Jiangxi Zhongran (specializing in gas investment). The mailing address of Jiangxi Zhongjiu and the registered address of Jiangxi Zhongran were both in Room 1201, Commercial B2, Jinjiang Road, Honggutan, Nanchang.
In the years that followed, Yong Zhijun mainly used Jiangxi Zhonglian Energy as his business platform.
In 2015, Jiangxi Zhonglian Energy first appeared in the public eye. In the 2015 Jiangxi Top 100 Private Enterprises list disclosed by the Jiangxi Federation of Industry and Commerce, the company ranked 79th with revenue of 1.047 billion yuan. By the 2023 list, its revenue had risen to 4.504 billion yuan.
Later, the natural gas business platform Jiangxi Zhongjiu developed even more rapidly.
In 2022, as a student of the 17th CEO class at Cheung Kong Graduate School of Business, Yong Zhijun disclosed through the school's official WeChat account that Jiangxi Zhongjiu had four major coal bases in Jiangxi, Zhanjiang, Shandong, and Jiangyin; four transit ports; two oil storage depots; multiple CNG and LNG gas stations; nearly 4,000 kilometers of urban gas pipelines; and 600,000 residential, industrial, and commercial users.
Over the past decade, Yong Zhijun has been deeply involved in urban gas, coal, and other energy industries. The rigid demand and stable profitability of these products have allowed him to accumulate significant strength, giving him the confidence to step into the forefront of capital and expand his business territory.
Now, as a white knight leading Caixin Development, he still faces challenges in terms of capital, resources, and industrial support. Whether he can revitalize the company and lead its transformation remains to be seen.
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