Dianhun Network announced on the evening of September 16 that the company's actual controllers Hu Jianping and Chen Fang have completed divorce procedures. Hu Jianping transferred 7.2829 million shares held by him to Chen Fang's name through non-trade transfer, accounting for 3% of the total share capital. Based on the closing price of 13.07 yuan per share that day, the book market value is approximately 95.19 million yuan. After the split, Hu Jianping's shareholding decreased from 5.78% to 2.78%, while Chen Fang's shareholding increased from 10.78% to 13.78%. The two jointly control 40.219 million shares of the company, accounting for 16.56% of the total share capital, exactly the same as before the change. Both parties simultaneously signed a 36-month acting-in-concert agreement, so this divorce-related share split does not involve a change of control. Hu Jianping continues to serve as chairman, and Chen Fang continues to serve as director and general manager. A reporter from China Fund News noted that behind this technical arrangement of splitting shares without splitting control, Dianhun Network is mired in multiple difficulties including aging core products, consecutive losses, and continuous share reductions by the founding team. The company achieved revenue of 385 million yuan in 2025, a year-on-year decline of 30.08%, with a net loss attributable to the parent company of 214 million yuan, the first annual loss since its listing in 2016. In the first half of 2026, revenue was 183 million yuan, down 5.67% year-on-year, and the net loss attributable to the parent company was 58.7737 million yuan, with the loss widening. Since the second half of 2025, core founding team members have continued to reduce their holdings. Hu Jianping reduced his holdings by 4.8692 million shares from July to October 2025, cashing out approximately 101 million yuan, and reduced another 4.6474 million shares from May to August 2026, cashing out 64.36 million yuan. According to media statistics, core management collectively cashed out more than 200 million yuan through concentrated share reductions within half a year.
Hangzhou Electn Soul NetworkDivorce share split comes amid consecutive losses, first annual loss since 2016, and continued founding-team share reductions.
