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On June 14， Zhongrun Resource Investment Corporation （Zhongrun Resource） announced that its largest shareholder Jin’an Investment， which is controlled by Zheng Fengwen， transferred 185 million stocks of Zhongrun Resource to Zhongrun Fotai Investment Co.， Ltd （Zhongrun Fotai）.
Zhongrun Foai’s legal representative was Zheng Qiang， newphew of Zheng Fengwen. The company was founded in March 2009. After the stock transfer， Zhongrun Fotai controlled 32.37% of Zhongrun Resource， even larger than his uncle Zheng Fengwen （31.99%）
Zheng Fengwen is the richest man in Jinan， Shandong. He was widely praised for turning around the situation of Zhongrun Resource. After taking control of the company， he helped Zhon- grun Resource earn profits for several years. From 2010 to 2012， its annual net profits were 283 million， 223 million and 318 million yuan.
However， the company did not issue dividends in 2010 and 2011 in spite of the good performance. In 2012 the company issued the dividends， which pulled the stock price lower before Zheng Fengwen’s selling stocks to his nephew.
No reason was revealed to explain why Zheng Fengwen did this. But he said that his nephew Zheng Qiang was a prodigy in business. And Zhongrun Resource is a close partner with the government in terms of construction and infrastructure. Therefore， Zheng Fengwen is believed to be seeking the best time to retire and pass his throne to his nephew.
Zhongrun Foai’s legal representative was Zheng Qiang， newphew of Zheng Fengwen. The company was founded in March 2009. After the stock transfer， Zhongrun Fotai controlled 32.37% of Zhongrun Resource， even larger than his uncle Zheng Fengwen （31.99%）
Zheng Fengwen is the richest man in Jinan， Shandong. He was widely praised for turning around the situation of Zhongrun Resource. After taking control of the company， he helped Zhon- grun Resource earn profits for several years. From 2010 to 2012， its annual net profits were 283 million， 223 million and 318 million yuan.
However， the company did not issue dividends in 2010 and 2011 in spite of the good performance. In 2012 the company issued the dividends， which pulled the stock price lower before Zheng Fengwen’s selling stocks to his nephew.
No reason was revealed to explain why Zheng Fengwen did this. But he said that his nephew Zheng Qiang was a prodigy in business. And Zhongrun Resource is a close partner with the government in terms of construction and infrastructure. Therefore， Zheng Fengwen is believed to be seeking the best time to retire and pass his throne to his nephew.