Tian Gang supports two companies simultaneously. Who might win the bid for the joint aircraft?

Choice data shows that on April 2, Fu Lin Transport’s stock hit the daily limit down; trading value was 415 million yuan, and total market capitalization was about 4.1 billion yuan. Jifeng Technology’s stock surged 6.81%; trading value was 403 million yuan, and total market capitalization was about 5 billion yuan. The two companies appear to be unrelated, but that is not the case.

In an announcement released on the evening of April 1, Fu Lin Transport said that Dongyang Dongwang Lianhang Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as “Dongwang Lianhang”) would become the company’s controlling shareholder.

On April 2, a China Securities Journal reporter confirmed with Fu Lin Transport’s board office as an investor that partner Tian Gangyin of Dongwang Lianhang and Jifeng Technology’s actual controller Tian Gangyin are the same person.

**　　Fu Lin Transport changes hands—Tian Gangyin appears**

On the evening of April 1, Fu Lin Transport announced that its controlling shareholder, Yongfeng Group Co., Ltd. (hereinafter referred to as “Yongfeng Group”), and Dongwang Lianhang signed a share transfer agreement. Yongfeng Group plans to transfer the 56.428 million shares it holds in the company (accounting for 18% of the company’s total share capital) to Dongwang Lianhang at a price of 14.18 yuan per share. The total consideration for the transfer is 800 million yuan.

At the same time, Yongfeng Group promised that, within 36 months from the share delivery date specified in the share transfer agreement, it would waive the voting rights corresponding to the 15.6745 million shares out of the 37.3052 million shares of Fu Lin Transport it holds (accounting for 5% of Fu Lin Transport’s total share capital).

If the above-mentioned matter of “partial share transfer + voting rights entrustment” is carried out, Fu Lin Transport’s controlling shareholder will change from Yongfeng Group to Dongwang Lianhang, and the company’s actual controller will change from Liu Feng to the Dongyang Municipal People’s Government State-owned Assets Supervision and Administration Office (hereinafter referred to as “Dongyang State-owned Assets Office”).

According to data from Tianyancha, Dongwang Lianhang was established on January 20, with a registered capital of 1.501 billion yuan. Its actual controller is the Dongyang State-owned Assets Office. Among them, Dongyang Dongwang Holding Co., Ltd. holds 59.96%, Tian Gangyin holds 39.97%, and Dongyang Dongqiang Enterprise Management Co., Ltd. holds 0.07%.

Fu Lin Transport reminds investors that the above-mentioned change in rights and interests still requires review and approval by the relevant state-owned assets supervision and administration department, and that it still needs to obtain a compliance confirmation opinion issued by the Shenzhen Stock Exchange.

Fu Lin Transport’s main business is passenger car transportation services and the operation of passenger vehicle stations. Other businesses include after-sales services for automobiles, integration of transportation and tourism, and so on. For many years in terms of scale, strength, profitability, and other aspects, the company has ranked first in Sichuan Province’s road passenger transport industry.

Although Fu Lin Transport’s stock hit the daily limit down on April 2, the stock price has already risen significantly in the recent period. Choice data shows that from December 25, 2025 to March 25, 2026 (with trading halted from March 26 to April 1), Fu Lin Transport’s share price cumulatively rose by more than 47%; over the same period, the highway and rail index (802083) fell by 0.64%.

**　　Controlling Jifeng Technology—pledging equity in the transfer**

On April 2, a China Securities Journal reporter confirmed with Fu Lin Transport’s board office as an investor that partner Tian Gangyin of Dongwang Lianhang and Jifeng Technology’s actual controller Tian Gangyin are the same person.

In July 2025, Jifeng Technology’s controlling shareholder changed to Anhui Lanshi Enterprise Management Consulting Co., Ltd. (hereinafter referred to as “Anhui Lanshi”), and its actual controller changed from Wang Huiwu to Tian Gangyin. Anhui Lanshi controlled Jifeng Technology through “partial share transfer + voting rights entrustment.” The Jifeng Technology shares it received were 72.3568 million shares (accounting for 14.64% of Jifeng Technology’s total share capital), with a total consideration of 582 million yuan.

Anhui Lanshi then pledged the company’s shares. The announcement disclosed by Jifeng Technology in August 2025 shows that Anhui Lanshi pledged all of its shares in the company to the Agricultural Bank of China, Wuhu Bay Zhi Sub-branch, and the purpose of the pledge was “its own capital needs.”

In September 2025, Jifeng Technology completed the election of its new board of directors. Tian Qiang was elected chairman of the company’s board of directors. Tian Qiang is Tian Gangyin’s younger brother.

To further consolidate control, Jifeng Technology plans to issue 108 million shares to Anhui Lanshi, expecting to raise 612 million yuan. Jifeng Technology announced on April 1 that recently the Shenzhen Stock Exchange has checked the company’s application documents and the stock offering prospectus for issuance of shares to specific targets, and determined that the application documents are complete and decided to accept the application.

Jifeng Technology mainly has two business segments: an agricultural machinery chain sales and services segment, and a high-end featured agricultural machinery R&D and manufacturing segment. Choice data shows that from March 16 to April 2, Jifeng Technology’s share price cumulatively increased by 26.87%; over the same period, the special equipment index (802028) fell by 7%.

In terms of news flow, Jifeng Technology announced on March 18 that its wholly owned subsidiary, Jifeng Low-Altitude Technology (Hubei) Co., Ltd., signed a “Strategic Cooperation Agreement” with China Telecom Co., Ltd.’s Hubei branch and Shenzhen United Aircraft Technology Co., Ltd. The three parties plan to carry out all-round cooperation in the low-altitude economy field, including building demonstration zones, promoting industry applications, product cooperation, and verifying basic infrastructure.

**　　United Aircraft Capital Markets—speculations on where it goes**

Tian Gangyin has another identity as well—founder of United Aircraft Group, and its chairman and president. Shenzhen United Aircraft Technology Co., Ltd. is the vehicle of the United Aircraft Group (hereinafter collectively referred to as “United Aircraft”).

Public information shows that Tian Gangyin entered Beijing Institute of Technology in 2001 to study aircraft design and engineering. After graduating in 2005, Tian Gangyin entered a Japanese unmanned helicopter agency company. In 2007, Tian Gangyin began his entrepreneurship. In 2012, Tian Gangyin and the founding team registered and established Beijing Sin-Aviation Zhihang Technology Co., Ltd. in Beijing Economic-Technological Development Area (which later became a wholly owned subsidiary of United Aircraft).

The official website of United Aircraft shows that it professionally engages in the R&D, production, and services of high-end equipment such as unmanned aerial vehicles. The company has achieved industrial layout in Beijing, Guangdong, Anhui, Shaanxi, Sichuan, Shanghai, Heilongjiang, Guangxi, and other places, and has built a comprehensive industrial base integrating UAV design and R&D, production and manufacturing, component assembly and final assembly, and integrated testing.

After the board election at Jifeng Technology was completed, when Tian Qiang held communications with the media, he disclosed that the revenue scale of United Aircraft in 2024 exceeded 400 million yuan, and that it is expected to reach around 1 billion yuan in 2025. However, he did not disclose United Aircraft’s profit situation.

As Tian Gangyin steps into the capital markets, market attention centers on whether United Aircraft’s assets could be injected into a listed platform.

Jifeng Technology and United Aircraft already have business synergies. For example: Jifeng Technology has established a low-altitude industry investment and operation platform—Jifeng Aviation; Jifeng Technology plans to purchase complete UAVs and parts from United Aircraft’s subsidiaries; Jifeng Technology will adjust its business structure, placing its low-altitude business among one of the company’s four major core business segments, and so on.

As for the synergy with Fu Lin Transport, it is still unclear. In its announcements, Fu Lin Transport stated that Dongwang Lianhang, Dongyang Dongwang Holding Co., Ltd., Tian Gangyin, Dongyang Dongqiang Enterprise Management Co., Ltd., and the Dongyang State-owned Assets Office have committed that within 36 months after the completion of this rights and interests change, they will not inject the relevant assets they hold into listed company Fu Lin Transport.

Although the operating scope disclosed by Dongwang Lianhang is general projects: enterprise management, enterprise management consulting, and supply chain management services, the name of the company itself already leaves room for imagination.

（Source: China Securities Journal）