金证研

wrote a post ·

Cadel: Former director and original supervisor of new state-owned shareholder share the same name; doubts may arise over VP change disclosures

Southern Capital Center of JZY Research, Author: Luo Jiu, Risk Control: Nanjiang Yingwei

Endowed with resources described as 'backed by mountains, facing the sea, along the river and embracing lakes,' Quanzhou's Taiwan Investment Zone is rich in overseas Chinese and ** resources. Cadel Electronic Materials Co., Ltd. (hereinafter referred to as 'Cadel'), a locally grown high-tech enterprise, faces risks associated with product homogeneity upon its IPO. Over the past four years, Cadel’s main product has been BOPP electrical film, accounting for over 90% of its revenue.

On the other hand, after more than two decades of development, Cadel has recognized Huang Zecheng, grandson of Huang Dongliang, and Huang Yanhuang, his grandson-in-law, as joint actual controllers, each holding 47.94% of Cadel’s shares. Under these circumstances, questions have been raised regarding the rationality of Cadel’s control structure and corporate governance. Notably, out of Cadel’s nine directors, five are either family members of the actual controllers or Cadel employees, while one director was appointed by an external shareholder. Meanwhile, there may be doubts surrounding the company’s disclosure of information about changes in the vice president position.

Moreover, Zhuang Zhigang assumed the role of external director at Cadel in March 2024 and resigned in September 2025. The former supervisor of the state-owned shareholder introduced in June 2025 to optimize Cadel’s equity structure also goes by the name Zhuang Zhigang. Additionally, Huang Bifen is the mother of Huang Yanhuang, one of Cadel’s actual controllers. A person named Huang Bifen, bearing the same name, once co-founded a business with an individual named Zhuang Zhigang, which was later dissolved.

First, the cousins are joint actual controllers, with one director appointed by an external shareholder, potentially raising concerns over disclosure of VP changes.

Amid questions about its control structure and corporate governance, Jiadelie is under scrutiny for making purchases worth over ten million yuan from individual businesses operated by related parties. The company is equally controlled by two cousins who together hold 95.89% of the shares, forming the joint actual controllers of Jiadelie. Additionally, there are concerns regarding the accuracy of senior management's disclosures.

Jiadelie is equally owned by cousins Huang Zezhong and Huang Yanhuang with a combined stake of 95.89%, and they jointly control the firm. Their shared control and the reasonableness of the corporate governance structure have been questioned.

In May 2002, Jiadelie was founded by Huang Zezhong’s grandmother and Huang Yanhuang’s maternal grandmother,Guo Lizhen,who solely funded the establishment. After its founding, Guo Lizhen, along with her spouse Huang Dongliang and Huang Yanhuang’s parents, Huang Huanming and Huang Bifen, jointly managed the operations.

In 2010, Guo Lizhen transferred 50% of Jiadelie’s shares to each of hergrandson Huang ZezhongandGrandson-in-law Huang Yanhuang。

In June 2025, Jiadelie underwent its first capital increase as a joint-stock company, bringing in external investors such as Fuzhou Innovation Venture Capital Investment Partnership (Limited Partnership) (hereinafter referred to as 'Fuzhou VC') and Quanzhou Taiwan Business Investment Zone Investment & Tourism Group Co., Ltd. (hereinafter referred to as 'Investment & Tourism').

After this capital increase, Huang Zezhong and Huang Yanhuang held 47.94% of Jiadelie’s shares each, with a combined stake of 95.89%. The remaining four external shareholders held less than 5%, with Fuzhou VC and Investment & Tourism owning 1.92% and 0.55% respectively.

According to the prospectus dated March 13, 2026 (hereinafter referred to as the 'March 13, 2026 prospectus'), as of the date of signing, the equity structure of Jiadelie had not changed. Huang Zezhong and Huang Yanhuang remain the joint actual controllers of Jiadelie.

It should be noted that Jiadeli signed a listing tutoring agreement in December 2024, with the tutoring period from December 2024 to October 2025. During the tutoring period, Jiadeli was assisted by the sponsor institution to introduce external investors.

Jiadeli is an enterprise established by the family of actual controller Huang Zezhong and Huang Yanhuang, who previously held all the shares. In June 2025, Jiadeli introduced external investor shareholders during the listing tutoring period, with the total shareholding percentage of external investor shareholders not exceeding 5%.

Notably, in two rounds of inquiries, Jiadeli faced questions regarding its joint control by cousins Huang Zezhong and Huang Yanhuang. Specifically, Jiadeli was questioned about the effectiveness and operability of the resolution mechanism when disagreements occur between the joint actual controllers, whether there could still be internal deadlocks among the joint controllers and relevant resolution measures; whether the corporate governance structure is sound and functioning well, and whether the existing equity structure and corporate governance framework might lead to the easy infringement of small and medium investors' rights.

In response, Jiadeli, in the 'Response to the Review Inquiry Letter on Jiadeli’s Initial Public Offering and Listing Application on the Shanghai Main Board', dated January 13, 2026 (hereinafter referred to as 'the first round inquiry reply dated January 13, 2026'), stated that the acting-in-concert agreement signed by the actual controllers Huang Yanhuang and Huang Zezhong stipulated that proposal submissions and voting require the consent of both parties to be considered approved. During the actual implementation of the 'Acting-in-Concert Agreement', there were no instances of disagreement among the parties, no situations leading to internal deadlocks among the joint controllers, and no circumstances affecting the stability of Jiadeli's control.

In the 'Response to the Second Round Review Inquiry Letter on Jiadeli’s Initial Public Offering and Listing Application on the Shanghai Main Board', dated February 25, 2026 (hereinafter referred to as 'the second round inquiry reply dated February 25, 2026'), Jiadeli stated that the two actual controllers had signed a supplementary agreement, which stipulated that matters related to production, R&D, and equipment engineering would follow Huang Yanhuang's opinions, while matters concerning Jiadeli's marketing, procurement, storage, transportation, and other issues would follow Huang Zezhong's opinions.

Regarding the reasonableness of the corporate governance structure, in the first round inquiry reply dated January 13, 2026, Jiadeli stated that it had already introduced four state-owned investment external shareholders in 2025 to optimize its equity structure. Among the nine board members, three are actual controllers and family members, while six are non-family member directors. Jiadeli's equity and corporate governance structures are sound and reasonable, ensuring that the rights of small and medium investors are not easily infringed.

Among the nine directors, five are family members of the actual controllers and Jiadeli employees, with one director appointed by an external shareholder.

It should be noted that the second round inquiry reply dated February 25, 2026 disclosed that for Jiadeli to pass an ordinary resolution at a shareholders' meeting, it requires more than half of the votes held by attending shareholders. For a special resolution, it requires at least two-thirds of the votes held by attending shareholders. For board resolutions, each director has one vote unless otherwise stipulated in the company's articles of association, and resolutions must be passed by a majority of all directors.

According to the prospectus signed on March 13, 2026, as of the signing date, Jiadeli has nine board members: Huang Huanming, Huang Zezhong, Huang Yanhuang, Du Jianqiang, Guo Hanxiang, Weng Wuning, Xu Shaobo, Xu Yiting, and Chen Rong, holding the positions of Chairman, Director, Director, Employee Director, Director, External Director, Independent Director, Independent Director, and Independent Director respectively.

Among them, Huang Huanming, Huang Zezhong, Huang Yanhuang, Guo Hanxiang, Xu Shaobo, Xu Yiting, and Chen Rong were jointly nominated by the actual controllers Huang Zezhong and Huang Yanhuang.Weng Wuning was nominated by the external shareholder Fuchuang Investment。

Additionally, Du Jianqiang joined Jiadeli in 2004 and was promoted to Vice General Manager and Director in March 2024. Over the past two decades, he held positions such as Manager of the Production Technology Department and Director of the R&D Department. Guo Hanxiang joined Jiadeli in 2014 and has served as the Manager of the R&D Department since then.

In other words, among Jiadeli’s nine board members, only one director, Weng Wuning, was nominated and appointed by an external shareholder, three independent directors were nominated by Jiadeli's actual controller, and the remaining five directors are members of the actual controller’s family or employees of Jiadeli.

One of the actual controllers, Huang Yanhuang, serves as Vice General Manager but has appeared on the list of inventors for several patents owned by related parties. In the past four years, Jiadeli has made purchases totaling over ten million yuan from individual businesses operated by relatives of the actual controller.

According to the prospectus signed on March 13, 2026, Quanzhou Huadong Equipment Co., Ltd. (hereinafter referred to asHuadong Equipment) is a company fully controlled (100% equity) by one of Jiadeli’s actual controllers, Huang Yanhuang, his spouse Hong Yunyu, and Huang Yanhuang’s parents Huang Huanming and Huang Bifen. The company’s main business involves air compressors.

Huang Yanhuang serves as a director, Vice General Manager, and core technical personnel at Jiadeli. He previously served as the head of the production department at Huadong Equipment.

According to data from the State Intellectual Property Office, during the period from 2022 to 2024, Huadong Equipment submitted18 patent applicationsThe patent applications, where15 patentslist 'Huang Yanhuang' as one of the inventors.

Specifically, from 2022 to 2024, Huang Yanhuang, serving as the Vice General Manager and core technical personnel at Jiadelic, participated in patent development for the related party Huadong Equipment. During this period, Huang Yanhuang was involved in the research and development of 80% of Huadong Equipment's patents.

Now let’s examine another related party.

From 2022 to 2025, Jiadelic procured plastic packaging materials from a related party, Quanzhou Taiwan Business Investment Zone Chuanyang Plastic Products Processing Plant (hereinafter referred to asChuanyang Plastic Plant), with procurement amounts totaling 1.861 million yuan, 2.5688 million yuan, 2.8028 million yuan, and 2.8101 million yuan respectively.

Chuanyang Plastic Plant is controlled by Huang Xichuan, the younger brother of Huang Dongliang, who is the grandfather or maternal grandfather of Jiadelic's actual controller.

In response, Jiadelic stated that its procurement of plastic packaging materials from Chuanyang Plastic Plant was priced according to market levels. The procurement amount accounted for a relatively low proportion of Jiadelic’s total procurement, and would not significantly impact Jiadelic’s production and operations.

According to data from the Market Supervision Administration,Chuanyang Plastics Factory is an individually owned business, established on October 24, 2019. As of the inquiry date, April 14, 2026, the operator of Chuanyang Plastics Factory is Huang Xichuan, with the address at No. 8 Houcai, Jinfeng Village, Dongyuan Town, Quanzhou Taiwan Investment Zone.

Map software shows that as of the inquiry date, April 14, 2026, No. 8 Houcai, Jinfeng Village, Dongyuan Town is the location of Huada Machinery Company.

Another actual controller of Jiadelong, Huang Zezhong's mother Chen Meiying, controls a company named Fujian Province Quanzhou Huada Machinery Co., Ltd. (hereinafter referred to as Huada Machinery”）。

Thus, Chuanyang Plastics Factory is an individual business set up by Huang Xichuan, a relative of Jiadelong's actual controller, in October 2019. From 2022 to 2025, Jiadelong continuously purchased plastic packaging materials from Chuanyang Plastics Factory, with a total procurement amount of 10.0427 million yuan over the past four years.

The 'issue' has not ended.

1.4 The prospectus discloses that Huang Zezhong took over as general manager in November 2022, replacing Huang Yanhuang's mother. Information disclosed on the official website in 2018 and publicly available information in July 2022 show that Huang Zezhong was the general manager.

According to the prospectus signed on March 13, 2026, Jiadelong's senior management includes the general manager, deputy general managers, financial director, and board secretary. Senior management is appointed or dismissed by the board of directors, each serving a three-year term. As of the signing date, Jiadelong has five senior executives: Huang Zezhong, Huang Yanhuang, Du Jianqiang, Huang Kunfeng, and Huang Shengquan, holding positions as general manager, deputy general manager, deputy general manager, financial director, and board secretary, respectively.

Regarding changes in senior management, Jiadelong disclosed that at the beginning of the reporting period, i.e., from 2022 to November 2022, Jiadelong had five senior executives: Huang Bifen, Huang Zezhong, Huang Yanhuang, Huang Kunfeng, and Du Jianqiang, among whom Huang Bifen served as the general manager.

In November 2022, Huang Bifen retired due to reaching retirement age, and the position of general manager was changed to Huang Zezhong.During the period from November 2022 to March 2024, the senior management members of Gadlee were Huang Zechung, Huang Yanhuang, Huang Kunfeng, and Du Jianqiang.

In March 2024, Gadlee was restructured into a joint-stock company, adding positions such as board secretary. A new senior management member, Huang Shengquan, was added to Gadlee's executive team. Since then, there have been no further changes in Gadlee's senior management members.

The prospectus disclosed that Huang Bifen served as the general manager of Gadlee. After Huang Bifen's retirement in November 2022, Huang Zechung took over as general manager.

According to the Gadlee official website, on the afternoon of August 20, 2018, an expert project review meeting organized by the Quanzhou Intelligent Equipment Association was successfully held at Gadlee Electronics. Among those present from Gadlee,Huang Zezhongthe general manager, gave a project presentation.

Public information also shows that on July 25, 2022, the fourth membership meeting of the Taishang District Dongyuan Chamber of Commerce was held, where the list of the fourth council president, supervisory chairman, vice presidents, secretary-general, supervisors, standing committee members, and council members was elected. Among them,Huang Zezhong, General Manager of Jia Deliwas elected as the president.

This means that according to the information available on Gadlee's official website in August 2018 and public information from July 2022, Huang Zechung may have attended relevant activities in his capacity as general manager.

Public information from 2023 and 2024 shows Hong Jiemin as the Vice General Manager of Jiadel, while neither the current nor historical executives disclosed in the prospectus mention 'Hong Jiemin'.

According to information published on a WeChat public platform certified by the News Publicity Office of the State Taxation Administration, on November 1, 2023, the online theme campaign 'Decoding ‘Little Giants’ —— Specialized, Precise, Unique, and Innovative Enterprises in China' Fujian leg was held in Quanzhou. During this event,Jiadel's Vice General Manager Hong Jieminwas interviewed.

According to public information released on February 15, 2024, by a WeChat public platform certified by Fujian Anxi Food Co., Ltd., official announcements made on May 17, 2024, and public information posted on June 21, 2024, by a WeChat public platform certified by Quanzhou Development and Reform Commission, at that time,Hong Jiemin was the Vice General Manager of Jiadel.。

That is, public information released between November 2023 and June 2024 indicated that Hong Jiemin served as Jiadel’s Vice General Manager.

However, the senior management team of Jiadel, which includes Vice General Managers, does not mention 'Hong Jiemin' in either the current or historical executive disclosures in the prospectus dating back to 2022.

It is not difficult to see that Jiadel’s equity is equally split between cousins Huang Yanhuang and Huang Zezhong, who jointly control the company, raising questions about the rationality of its control structure and corporate governance. Of the nine board members, five are family members of the actual controllers or employees of Jiadel, with one director appointed by an external shareholder. Additionally, during the reporting period, one of the actual controllers, Huang Yanhuang, developed patents for related parties, and Jiadel purchased over ten million yuan worth of goods from individual businesses operated by relatives of the actual controllers over the past four years.

Not only that, but according to the prospectus, Jiadel's senior management includes the General Manager, Vice General Managers, Financial Director, and Board Secretary. The senior management during the reporting period included Huang Bifen, Huang Zezhong, Huang Yanhuang, Du Jianqiang, Huang Kunfeng, and Huang Shengquan, but did not include 'Hong Jiemin.' Among them, before November 2022, Huang Bifen served as the General Manager, and after her retirement in November 2022, Huang Zezhong took over as General Manager, with public disclosures from July 2022 and the company’s official website indicating Huang Zezhong as the General Manager.

Two, Zhuang Zhigang resigned as supervisor of Jiadel after one year in the role, sharing the same name with the former supervisor of an external shareholder

Notably, in March 2024, Jiadel hired Zhuang Zhigang as an external director, and in September the following year, Zhuang Zhigang resigned from the director position citing personal health reasons. Additionally, the original supervisor of the state-owned shareholder introduced by Jiadel in June 2025 was also named Zhuang Zhigang. Meanwhile, Huang Yanhuang's mother, one of Jiadel’s actual controllers, co-founded a business with an individual named Zhuang Zhigang.

2.1 In March 2024, Zhuang Zhigang assumed the role of external director at Jiadel and applied to resign from the director position in September 2025.

According to the prospectus signed on March 13, 2026, in March 2024, Jiadel hiredZhuang Zhigangas an external director. In September 2025, Zhuang Zhigang applied to resign from his director position due to personal health reasons.

According to documents signed in 2024 and 2025, Zhuang Zhigang received pre-tax compensation of 60,000 yuan and 54,000 yuan respectively from Jiadel.

2.2 China Merchants Cultural Tourism Development Co., Ltd., a state-owned shareholder introduced in June 2025, had a supervisor named Zhuang Zhigang between February 2023 and January 2025.

As mentioned earlier, in June 2025, Jiadel introduced four external investor shareholders, including China Merchants Cultural Tourism Development Co., Ltd., to improve its equity structure.

According to the prospectus signed on March 13, 2026, as of the signing date, China Merchants Cultural Tourism Development Co., Ltd. held 2,265,005 shares of Jiadel, representing a stake of 0.5482%. China Merchants Cultural Tourism Development Co., Ltd. belongs toState-owned shareholder。

Regarding the introduction of external shareholders in the capital increase for 2025, Jiadeli stated that the new shareholders have no affiliated relationships with other shareholders, directors, supervisors, or senior management of Jiadeli. Additionally, the new shareholders have no affiliated relationships with the intermediaries involved in this issuance, their leaders, senior management, or handling personnel. The new shareholders do not hold shares on behalf of others.

According to data from the Market Supervision Administration, changes occurred in the registration of directors, supervisors, and senior management at China Merchants Cultural Tourism on February 1, 2023,Zhuang Zhigang was newly registered as a supervisor of China Merchants Cultural Tourism,After changes occurred in the registration of directors, supervisors, and senior management on January 8, 2025,Zhuang Zhigang ceased to be a supervisor of China Merchants Cultural Tourism。

In other words, Zhuang Zhigang, an individual who served as a supervisor of China Merchants Cultural Tourism from February 1, 2023, to January 7, 2025, became a new shareholder of Jiadeli.

In 2018, Huang Bifen co-founded Na Ao Trading with an individual named Zhuang Zhigang. Huang Bifen is the mother of Huang Yanhuang, the actual controller.

According to data from the Market Supervision Administration, Shi Shi Na Ao Trading Co., Ltd. (hereinafter referred to asNa Ao Trading”) was registered on December 20, 2018, and deregistered on June 17, 2021. From its establishment until the date of deregistration, Na Ao Trading was held byZhuang Zhigangwith 90% equity and serving as the executive director and general manager, whileHuang Bifenheld 10% equity and served as the supervisor.

According to the prospectus signed on March 13, 2026, Huang Bifen is the mother of one of Jiadelì’s actual controllers, Huang Yanhuang, and served as Jiadelì's general manager before November 2022.

It can be seen that the mother of the actual controller Huang Yanhuang is named Huang Bifen, who, in 2018, jointly established Na Ao Trading with an individual named Zhuang Zhigang.

From the above, it is known that in December 2018, Huang Bifen, together with an individual named Zhuang Zhigang, established Na Ao Trading, which was deregistered in June 2021. Among them, the mother of one of Jiadelì’s actual controllers, Huang Yanhuang, is also named Huang Bifen, and the former shareholder of Na Ao Trading, the former external director of Jiadelì, and the former supervisor of Zhaoshang Cultural Tourism, a state-owned shareholder introduced by Jiadelì in 2025, are all named Zhuang Zhigang.

III. Conclusion

In short, Jiadelì is jointly controlled by cousins Huang Yanhuang and Huang Zezhong, with questions raised about the rationality of their control and corporate governance structure. In June 2025, Jiadelì introduced several external investor shareholders to improve its equity structure, but the combined shareholding percentage of these external investors is less than 5%, and five out of nine directors are family members of the actual controller and employees of Jiadelì, with one director appointed by external shareholders. Additionally, one of the actual controllers, Huang Yanhuang, had developed patents for related parties during the reporting period, and Jiadelì has purchased over ten million yuan from individual businesses operated by relatives of the actual controller in the past four years. Moreover, there are doubts about Jiadelì’s disclosure of senior management information.

On the other hand, in March 2024, Zhuang Zhigang served as an external director of Jiadelì and later resigned in September 2025. One of the state-owned shareholders introduced by Jiadelì in June 2025 to improve its equity structure also had a former supervisor named 'Zhuang Zhigang'. Looking back at history, an individual named Huang Bifen jointly established Na Ao Trading with an individual named Zhuang Zhigang in 2018, after which Na Ao Trading was deregistered, and the mother of one of Jiadelì’s actual controllers, Huang Yanhuang, is also named Huang Bifen. In this situation, the coincidence of identical names deserves attention.

643 Views