Changjiang Securities(SZ:000783) Xin Lang Cai Jing·2025-11-15 09:24Core Viewpoint - Liu Yiqian's capital operations, particularly regarding Changjiang Securities, reflect a significant shift in his investment strategy and highlight the challenges faced by his investment group, New Liyi Group, in maintaining control and achieving expected returns [1][10][29]. Group 1: Stock Pledge Transactions - New Liyi Group, a major shareholder of Changjiang Securities, announced a stock pledge transaction involving approximately 411.67 million shares, representing 49.99% of its holdings and 7.44% of Changjiang Securities' total share capital, with a market value of approximately 3.68 billion yuan [1][2][10]. - The stock pledge is intended for "investment cooperation," with two separate transactions involving different pledgees [1][2]. Group 2: Historical Context and Investment Journey - Liu Yiqian founded New Liyi Group in 2000, which has diversified investments across various sectors, including finance, pharmaceuticals, and real estate [4][25]. - Liu's initial investment in Changjiang Securities occurred in 2015 when New Liyi Group acquired a 14.72% stake for 10 billion yuan, becoming the largest shareholder [4][10]. - Following the acquisition, Liu faced significant challenges, including dilution of his stake due to a 12 billion yuan private placement initiated by Changjiang Securities' management [5][10]. Group 3: Recent Developments and Financial Performance - As of November 14, 2023, Changjiang Securities' stock price has decreased over 40% from its peak in 2015, indicating a substantial loss on Liu's investment [10][11]. - Liu's family has also engaged in stock pledges with other companies, including Hendi Pharmaceutical, totaling approximately 4.83 billion yuan in recent transactions [12][13]. - Hendi Pharmaceutical has reported declining financial performance, with a 4.52% drop in revenue and a 71.96% decrease in net profit year-over-year for the first three quarters of 2025 [16][18]. Group 4: Broader Implications and Market Position - The recent stock pledge activities and the decline in stock values suggest a potential restructuring of Liu Yiqian's capital portfolio, as he navigates a challenging market environment [29][30]. - The delisting of Tianmao Group, another company under Liu's control, further illustrates the contraction of his capital empire and raises questions about the future direction of his investments [18][20][30].