Core Viewpoint - Huang Hongyun has lost control of Jinke Co., Ltd. (ST Jinke), marking a significant shift in the company's ownership structure and the end of his era as a prominent figure in the real estate industry [1][2]. Company Overview - Jinke Co., Ltd. announced the transfer of 993 million shares, representing 9.34% of the total share capital, to the Shanghai Pinqi Consortium, which has become the largest shareholder [1]. - The company’s market capitalization is approximately 14.994 billion yuan, with a current stock price of 1.41 yuan [1]. Historical Background - Huang Hongyun began his career in real estate in 1998, founding Jinke Group after initially working in construction [3]. - The company gained prominence with successful projects like Jinke Garden, benefiting from favorable market conditions in Chongqing [4]. - Jinke's sales surged from 10 billion yuan to a peak of 200 billion yuan in 2020, with Huang's personal wealth reaching 21.5 billion yuan [4]. Control Struggles - Huang faced a prolonged struggle for control of Jinke after announcing a dual business strategy in 2014, which led to significant stock price fluctuations and personal financial gains through share sales [5][6]. - In 2016, a power struggle emerged with Sun Hongbin's Sunac China, leading to Huang's temporary retention of control through strategic alliances [6][7]. - Huang's control weakened over time, culminating in the company's restructuring and eventual loss of control to the Shanghai Pinqi Consortium [8][9]. Recent Developments - The restructuring process involved the dilution of Huang's and his allies' shareholdings, with Huang's stake dropping from 8.78% to 4.41% [10]. - The new controlling entity, Shanghai Pinqi Consortium, has denied any prior connections with Huang, aiming to establish a clear separation from the former management [8][10]. - The restructuring plan is set to be executed following the establishment of a trust plan and the completion of debt repayment arrangements [10].