Wen/Leju Finance Lin Zhenxing

On May 7, Yitian The 2023 Annual Meeting of Excellent Distributors and the 2024 New Product Release Conference were held in Hefei, Anhui Province, Yitian Intelligent Sun Weiyong, the chairman of the board, together with his wife Chen Yuehua, son Sun Ji and other senior leaders of the company, appeared at the event.

Chen Yuehua's position in Yitian is vice chairman. In her speech, she proposed that in order to achieve sustainable innovative development, systematic organizational change must be carried out, and "three services, four improvements" as the work direction, to improve quality and efficiency. Yitian will continue to optimize its internal management system, improve its operational efficiency, ensure steady progress in reform, and lay a solid foundation for the long-term prosperity of the enterprise.

Chen Yuehua, 59, has not only the identity of "proprietress" of Yitian, but also the experience of doing business. She has many subsidiaries. Among them, Zhuoyue Family Office (Guangzhou) Partnership (Limited Partnership) was established in May 2018, with a registered capital of 5.25 million yuan. Chen Yuehua, Yuan Jia, Liu Qi and Liu Xinyu held 38.46%, 23.08%, 19.23% and 19.23% shares respectively.

According to Leju Finance, Yuan Jia, the second shareholder, is the chairman of Hangzhou Yitian Intelligent Kitchen Electric Sales Co., Ltd. In addition, at the end of last year, a new subsidiary of Yitian Intelligent, Zhejiang Yisuan Intelligent Technology Co., Ltd., included a number of AI businesses. Yuan Jia acted as the legal representative of the company.

But not all investments can make Chen Yuehua happy.

Back six years ago, on August 31, 2018, Zhuoyue Family Office (Guangzhou) Partnership (Limited Partnership) (hereinafter referred to as "Zhuoyue Partnership", Party A) and Hangzhou Xugong Technology Co., Ltd. (hereinafter referred to as "Xugong Company", Party B), Shu Yuanming, Xu Jiamei, Zhou Qingguo, E Gehao, Gao Bin, Li Feng, Shu Yuanye, Shu Tangrui Shanghai Oriental Pegasus Enterprise Service Co., Ltd. and Beijing Qingchuang Epoch Asset Management Co., Ltd. (Party C) signed the Agreement on Capital Increase and Share Expansion of Hangzhou Xungong Technology Co., Ltd.

According to Leju Finance, Xugong is mainly engaged in the express sorting business, and Shu Yuanming is the founder.

According to the agreement, the parties agree that the investor will increase the capital of the company by 5 million yuan in cash, of which 534334 million yuan will be included in the registered capital, that is, the paid in registered capital of the company will increase to 694634 million yuan, accounting for 7.6923% of the total registered capital of the company after the capital increase. The remaining investment will be injected into the company as the daily business needs of the company, and the company will be valued at 65 million yuan after this capital increase. After this capital increase, the equity structure of the company was 7.6923% of the shares held by Excellence Partnership.

After the signing of the above agreement, Excellence Partnership has successively paid 5 million yuan of investment to Xugong.

On April 16, 2019, Xugong Company held a shareholders' meeting. Through the approval of shareholders representing 100% of the voting rights, it agreed to accept Zhuoyue Partnership as the new shareholder of the Company, and agreed that the shareholder would subscribe to invest 534334 yuan in the Company in currency, accounting for 7.35% of the registered capital. On the same day, Xugong Company handled the corresponding company change registration, and Zhuoyue Partnership was registered as a shareholder of Xugong Company.

However, just over two years later, the two sides had "fallen out". On August 12, 2021, Shu Yuanming sent the Contract Termination Letter to Zhuoyue Partnership to terminate the Capital Increase and Share Expansion Agreement on the grounds that Zhuoyue Partnership failed to pay the investment funds in full. On the other hand, Zhuoyue Partnership sued Hangzhou Xungong Technology Co., Ltd. and Shu Yuanming to the court for contract disputes.

The court held that 9.4.1.1 (2) of the agreement agreed: "During the period from December 31, 2020 to December 31, 2022, the investor has the right to unilaterally require the company or the founder to redeem part or all of the equity notified by the investor and redeem the corresponding equity held by the investor after the company or the founder has paid the above amount to the investor." 9.4.2 Agreement: "The parties agree that if the investor requires to buy back all or part of the investor's equity in this round due to the above buyback trigger event, the investor has the right to send a request to Party B or/and the founder to purchase all or part of the company's equity held by the investor according to the redemption price of equity determined by the formula agreed in 9.4.1 under different circumstances; Party B or/and the founder shall unconditionally purchase the equity to be sold back and pay the corresponding equity to be sold back price within three months after receiving the notice of sale back, and the founder shall bear joint liability for the above obligations of Party B. " Zhuoyue Partnership requires Xugong Company and Shu Yuanming to buy back all the equity and handle the equity change registration within the agreed period. Xugong Company and Shu Yuanming refuse to perform their contractual obligations, and their acts have constituted a breach of contract, and they should bear corresponding liabilities for breach of contract.

Finally, the court ruled that Hangzhou Xungong Technology Co., Ltd. and Shu Yuanming paid the equity resale price of 5000000 yuan to Zhuoyue Family Office (Guangzhou) Partnership (Limited Partnership) and the income calculated at the annual interest rate of 10% from January 24, 2019 to the date of actual settlement; In addition, Shu Yuanming cooperated with Zhuoyue Family Office (Guangzhou) Partnership (Limited Partnership) to change all the shares of Hangzhou Xungong Technology Co., Ltd. held by Zhuoyue Family Office (Guangzhou) Partnership (Limited Partnership) to Shu Yuanming.

According to Leju Finance, on October 11, 2022, Excellence Partnership "withdrew" from the list of shareholders of Hangzhou Xungong Technology Co., Ltd.