On February 2, FS Holdings (300071.SZ) opened with a decline, closing at 5.83 yuan per share, with a single-day drop of 19.36%, and the company's total market value is approximately 5.619 billion yuan.

In terms of news, the actual controller, chairman, and general manager of FS Holdings, Chen Yongliang, has been placed under detention.

Liu Guohua, the director of Guangdong Benben Law Firm, told reporters that according to relevant regulations, if the person under investigation is suspected of serious job-related violations or crimes such as embezzlement, bribery, dereliction of duty, etc., the supervisory authority has already grasped some facts and evidence of their illegal activities, and there are still important issues that need further investigation. If the case is significant and complex, they may be detained in a specific location.

On February 2, a reporter from Beike Finance learned from the staff of the board secretary office of FS Holdings that the company is unclear about the specific reasons for Chen Yongliang's detention. As of now, the company has not been asked to assist in the investigation, and the production and operation management situation is normal.

"Restructuring Expert" with a Legal Background

FS Holdings Actual Controller Chen Yongliang Detained

Chen Yongliang, the actual controller of FS Holdings and a "restructuring expert" with a legal background, has been detained.

Public information shows that Chen Yongliang was born in February 1976 and holds a bachelor's degree. His career experience spans multiple fields, including law and asset management: he has served as a lawyer and group branch secretary at Zhejiang Haimao Law Firm, and as a legal advisor for several enterprises; from February 2012 to July 2021, he was the general manager of Zhejiang Fort Asset Management Co., Ltd.; from November 2019 to July 2021, he was the general manager of Hangzhou FS Asset Management Co., Ltd.; since February 2012, he has been the chairman of Zhejiang Fort Asset Management Co., Ltd.; since November 30, 2020, he has been the chairman of FS Holdings; and since July 26, 2021, he has been the general manager of FS Holdings.

The reporter noted that Chen Yongliang participated in the restructuring of several listed companies through Hangzhou FS Asset Management Co., Ltd. and its affiliated platforms, including Huayi Brothers, Doushen Education, and *ST Jinke.

According to Qichacha data, the shareholders of Hangzhou FS Asset Management Co., Ltd. are Beijing FS Information Consulting Partnership (Limited Partnership) and Zhejiang Faxi E-commerce Technology Co., Ltd. After equity penetration, the actual controller of Hangzhou FS Asset Management Co., Ltd. is Chen Yongliang.

Taking Huayi Brothers as an example, in September 2020, the shareholder Liu Wei signed a "Voting Rights Entrustment Agreement," entrusting the voting rights of his 107,173,982 shares (accounting for 15.96% of the total share capital of the listed company) to Hangzhou FS Asset Management Co., Ltd. After the agreement took effect, Hangzhou FS Asset Management Co., Ltd. became the largest shareholder of Huayi Brothers, and Chen Yongliang became the actual controller.

As a result, Chen Yongliang obtained his first listed platform. In July 2022, the stock abbreviation of the listed company was changed from "Huayi Brothers" to "FS Holdings."

On July 10, 2023, Doushen Education signed a restructuring agreement with the restructuring investors introduced through negotiation, in which Beijing FS Restructuring Management Consulting Co., Ltd. participated in the investment, and the actual controller of this company is also Chen Yongliang From lawyer to "capital player," Chen Yongliang has not only participated in restructuring but also acquired shares of listed companies through auctions.

In late December 2025, the auction results of the fourth public auction of shares by the largest shareholder of *ST Baoshi, Baota Petrochemical, showed that Beijing Yunfu Baoshi Consulting Partnership (Limited Partnership) won 20 million shares of the listed company for 96 million yuan. According to Qichacha data, Beijing Yunfu Baoshi Consulting Partnership (Limited Partnership) was established on December 4, 2025, and before January 12, 2026, its actual controller was Chen Yongliang.

Continued Losses

FS Holdings' Nearly 500 Million Yuan Compensation Remains Unresolved

Although the company announced four times using the word "normal" (other directors and senior management are performing their duties normally, the company's control has not changed, the board of directors is operating normally, and the production and management situation is normal, and the above matters have not had a significant impact on the company's normal production and operation) in an attempt to cut risks and emphasized that the retention matters "have not had a significant impact on the company," the market did not buy it.

On February 2, investors "voted with their feet," and the company's stock price plummeted.

Behind this, a deeper panic may stem from FS Holdings' already weak fundamentals: continuous losses and several hundred million yuan in compensation hanging in the air.

The performance forecast shows that FS Holdings expects a net loss attributable to shareholders of the listed company of 67 million to 130 million yuan in 2025. Regarding the reasons for the expected loss, FS Holdings stated: "During the reporting period, the company actively reduced parts of the business that did not contribute strongly to performance, and the expansion of new businesses is ongoing, but converting them into orders and recognizing revenue requires some time; the company, based on the principle of prudence, has made credit impairment provisions for accounts receivable from customers with long-term unpaid amounts."

It is worth mentioning that in 2023 and 2024, FS Holdings was in a loss state. In 2024, FS Holdings attributed this to the slowdown in growth and intensified competition in the service sector, especially in the automotive field, rising costs in its industry, and various strategic choices made by the company. "On the one hand, the company has adopted an active business expansion strategy and increased investments conducive to business development; on the other hand, due to prudent and responsible financial considerations, the company has made significant credit impairment losses for individual customers with high repayment risks."

Additionally, the reporter noted that FS Holdings also faces the risk of nearly 500 million yuan in performance compensation being unrecoverable.

On November 15, 2021, FS Holdings signed the "Restructuring Investment Agreement of Beijing Huayi Jiaxin Integrated Marketing Consulting Group Co., Ltd." with its controlling shareholder, Hangzhou Fushi Asset Management Co., Ltd.

According to the agreement, FS Holdings' net profit after deducting non-recurring gains and losses for the three years of 2022, 2023, and 2024 should total no less than 360 million yuan; if the final net profit after deducting non-recurring gains and losses for the three years does not meet this standard, the shortfall will be made up in cash by Hangzhou Fushi Asset Management Co., Ltd. within three months after the audit report for the 2024 fiscal year is published According to relevant announcements, as of January 16, 2026, Hangzhou FS Asset Management Co., Ltd. has paid a performance compensation of 71.2039 million yuan to FS Holdings, with 48.8 million yuan still unpaid. "Considering the factors of stock price fluctuations, there is a risk that the compensation may not be fully received. Hangzhou FS Asset Management Co., Ltd. is still working hard to raise the compensation funds, including mortgaging and pledging FS assets and other assets held by the actual controller, asset liquidation, and expanding other financing channels," FS Holdings stated.

Beijing News Shell Finance reporter Yan Xia, editor Chen Li, proofreader Mu Xiangtong