The actual controllers of two Gansu-listed firms, Shengda Resources Co.,Ltd. (ASX: 000603) and Gansu Huangtai Wine-Marketing Industry Co.,Ltd. (ASX: 000995), have recently announced that their controlling shareholder, Zhao Mantang, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations.

The investigation is likely related to previously disclosed issues concerning the occupation of funds by the controlling shareholder of Shengda Resources. Shengda Resources itself has also received a formal investigation notice from the CSRC. Huangtai Wine-Marketing stated in its announcement that the investigation targets only the individual controlling shareholder and is unrelated to the company itself, and will not disrupt normal production and operations.

The capital market reacted swiftly. On June 16, Shengda Resources' stock price hit the daily limit-down. As of the close on June 17, it was trading at 26.52 yuan per share, a decline of 4.29%.

Profile of the 'Silver King'

As the head of Shengda Resources, a leader in the silver industry, Zhao Mantang is often referred to as the 'Silver King of Gansu'. After taking control of Huangtai Wine-Marketing in 2019, he managed to steer the company, which was on the brink of delisting, back on track. Furthermore, he holds nearly 5% of the shares in Lanzhou Bank and has extensive investments across various sectors including tourism, wellness, and real estate, demonstrating significant cross-industry operational capabilities.

In March 2026, the Zhao Mantang family was ranked 2559th on the global rich list with a fortune of 12.5 billion yuan.

Details of the Regulatory Inquiry

On the evening of June 16, Huangtai Wine-Marketing announced that its actual controller, Zhao Mantang, received an investigation notice from the CSRC for suspected information disclosure violations. The company emphasized that the investigation pertains solely to the individual and not to Huangtai Wine-Marketing itself.

Just one day prior, the silver industry leader Shengda Resources announced that its actual controller, Zhao Mantang, had received a similar investigation notice from the CSRC for the same alleged violations.

This investigation may be connected to historical incidents involving a total of 792 million yuan in non-operational fund occupation by the controlling shareholder of Shengda Resources. On the same day, Shengda Resources itself also received an investigation notice from the CSRC.

According to a previous self-inspection report disclosed by Shengda Resources, between February and December 2024, its controlling shareholder, Gansu Shengda Group Co., Ltd., and its affiliates intermittently occupied company funds for non-operational purposes.

By December 11, 2024, the company had recovered all the occupied funds and rectified the related issues. Based on the amount and duration of the fund occupation, Shengda Resources charged interest at an annualized rate of 3.85%, and by April 29, 2025, had received all interest payments totaling 3.6014 million yuan.

Following the announcement of the investigation, Shengda Resources' stock price hit the limit-down on June 16.

It is worth noting that, according to previous announcements by Shengda Resources, in July 2018, Shengda Group was warned, ordered to correct its practices, and fined 450,000 yuan by the CSRC for failing to truthfully disclose its shareholdings in Shengda Resources and the pledge status of those shares. Zhao Mantang, as the person in charge, was warned and fined 200,000 yuan.

Building a Dual-Listed Empire

Zhao Mantang is a rare entrepreneur in the A-share market who controls two listed companies, with Shengda Group serving as his core vehicle.

In the early 1990s, Zhao Mantang founded Tianshui Jindu Mining Co., Ltd., entering the mining trade sector. In 1998, he formed Shengda Group through resource consolidation.

In 2008, Zhao Mantang, through Shengda Group, acquired a 23.32% stake in *ST Weida, becoming its largest shareholder and obtaining a valuable 'shell' resource. In 2011, he injected his core silver mining assets into the nearly delisted *ST Weida, achieving a backdoor listing and renaming the company Shengda Mining.

Subsequently, Shengda Mining embarked on a path of mergers and acquisitions.

In 2016, it acquired 100% of Guangda Mining and 100% of Chifeng Jindu. Both mines are located in the silver-lead-zinc metallogenic belt on the western slope of the Greater Khingan Range in Inner Mongolia, a high-quality polymetallic ore belt in China. In 2018, Shengda Mining made another move, acquiring 67% of Jinshan Mining for 1.248 billion yuan.

Through this series of acquisitions, Shengda Mining evolved from a regional mining company into "one of China's largest mining companies with the most silver reserves and strong competitiveness." In 2019, Shengda Mining was renamed "Shengda Resources".

As of the end of 2025, Shengda Resources had cumulative proven and filed reserves of approximately 13,000 tons of silver metal, about 35 tons of gold metal, and roughly 1.64 million tons of copper metal.

The other listed company he controls, Huangtai Wine-Marketing, was also acquired.

Huangtai Wine-Marketing originated from the Wuwai Distillery, established through a public-private partnership in 1953. It was restructured into Gansu Liangzhou Huangtai Distillery in 1985. In 1994, at the second Panama Pacific International Exposition, Huangtai wine won a gold medal alongside Moutai. It listed in 2000, one year earlier than Moutai.

However, its performance declined sharply the year after listing. In 2004, it was first placed under delisting risk warning (ST). Over the following decade, it was repeatedly labeled ST and then had the label removed. In 2019, Zhao Mantang gained actual control through Shengda Group and managed to restore the company's listing status through internal reforms and other measures.

As of the end of the first quarter of 2026, Shengda Group and its concerted actors collectively held 26.98% of the voting shares in Huangtai Wine-Marketing.

Both instances involved a 'rescue' entry. However, compared to the successful operation of Shengda Resources, Shengda Group's 'takeover' has not fundamentally changed the operational difficulties faced by Huangtai Wine-Marketing.

From 2021 to 2024, Huangtai Wine-Marketing's profitability was unstable, alternating between profit and loss. In 2025, its operating revenue was 170 million yuan, a year-on-year decrease of 1.53%; net profit attributable to shareholders was 14.1212 million yuan, down 49.02% year-on-year. In the first quarter of 2026, it reported a net loss attributable to shareholders of 4.822 million yuan, failing to achieve sustained and stable profit growth.

A Broadening Investment Portfolio

Beyond the two listed companies, Zhao Mantang, through Shengda Group, holds nearly 4.92% of Lanzhou Bank. Additionally, Shengda Resources holds a 2.72% stake in Lanzhou Bank.

Lanzhou Bank is one of the largest city commercial banks in Gansu Province, listed on the Shenzhen Stock Exchange in 2022. Shengda Group's stake in Lanzhou Bank is not merely a financial investment but also signifies its position within Gansu's financial landscape.

According to Shengda Group's official website, its capital footprint also extends to financial investment, healthcare, precious metal cultural creation, and real estate.

As early as 2007, Shengda Group invested as the largest shareholder to establish Tianshui Maiji Cooperative Bank and Tianshui Qinzhou Cooperative Bank. In 2012, it partnered with several large financial institutions in the province to invest in establishing the Gansu Equity Exchange Center.

In the healthcare sector, Shengda Group invested in Xi'an Hancheng Maternity Hospital. In real estate, it developed projects like Lanzhou Shengda Center and Tianshui Jindu Commercial, and operates two Hilton hotels in Lanzhou.

Rapid Wealth Accumulation

As the capital empire expanded, the wealth of the Zhao Mantang family grew rapidly.

In 2022, the family was ranked 1127th on the Hurun Rich List with a fortune of 5.5 billion yuan. In March 2026, the Hurun Research Institute's '2026 Hurun Global Rich List' showed the Zhao Mantang family's wealth at 12.5 billion yuan, ranking 2559th globally. Their wealth more than doubled in just four years.

This period also coincided with a significant surge in Shengda Resources' stock price.

Starting in the second half of 2025, as the global silver supply-demand gap widened, silver prices rose sharply. Benefiting from its substantial silver reserves and exposure to hot concepts like photovoltaics and commercial aerospace, Shengda Resources' stock price surged by over 400% from April 2025 to early February 2026.

On January 29, 2026, Shengda Resources' stock price hit an intraday high of 73.47 yuan, reaching a historical peak. Subsequently, the price gradually retreated. Based on the closing price on June 17, the stock has fallen by 64% from its high.

From starting in industry to entering the capital markets, the Zhao Mantang family's business empire has continuously expanded, making them billionaires controlling two listed companies across sectors like mining, finance, real estate, tourism, and healthcare.

However, within this diversified layout, the complexity of governance and regulatory scrutiny have intensified. Risk isolation between public companies and other group businesses, compliance in information disclosure, and transparency in related-party transactions are all unavoidable challenges. Once violations trigger regulatory action, a series of chain reactions may follow.