"Tsinghua Qidi Group" Faces Pre-Restructuring Application as Billion-Yuan "Takeover Player" Emerges

Deep News
Sep 24

The "ancient herbal formula" brand has found a new owner.

Former "environmental giant" Tus Environmental Science And Technology Development Co.,Ltd. (000826.SZ) now stands at a critical crossroads.

On September 23, Tus Environmental Science And Technology Development Co.,Ltd. issued two consecutive announcements. The first revealed that the company received a notice from creditor Ningbo Zhaotai Energy Equipment Co., Ltd., which applied to Yichang Intermediate People's Court for corporate restructuring and initiation of pre-restructuring procedures, citing the company's inability to repay due debts and obvious lack of solvency despite having restructuring value.

The second announcement disclosed that the company lost a financing lease contract dispute, being ordered to pay Huaxia Financial Leasing Co., Ltd. total rent of 59.28 million yuan plus related fees.

Tus Environmental Science And Technology Development Co.,Ltd.'s financial condition has continued deteriorating in recent years. According to the company's latest financial data, as of June 30, 2025, total assets reached 19.103 billion yuan, total liabilities stood at 14.79 billion yuan, with net assets attributable to listed company shareholders at only 1.794 billion yuan.

As early as June 21, 2024, Tus Environmental Science And Technology Development Co.,Ltd. announced its entry into bankruptcy restructuring phase. In December 2024, former controlling shareholder Tsinghua Qidi Technology Service Co., Ltd. ("Qidi Tech Service"), as the executed party, had approximately 166 million shares of Tus Environmental Science And Technology Development Co.,Ltd. auctioned for about 333 million yuan, causing Qidi Tech Service to lose its controlling shareholder status.

Just recently in July, Tus Environmental Science And Technology Development Co.,Ltd. was "completely liquidated" by Qidi Tech Service through auction, alongside Tus-Pharmaceutical Group Co.,Ltd. (000590.SZ).

Tus Environmental Science And Technology Development Co.,Ltd. and Tus-Pharmaceutical Group Co.,Ltd. were key listed companies in Qidi Tech Service's strategic layout in environmental protection and pharmaceutical sectors, representing strategic investment targets for parent company Qidi Holdings in emerging industry cluster business segments. Following these two equity auctions, Qidi Tech Service will no longer hold shares in either listed company, marking its complete "exit."

As of September 24, Tus Environmental Science And Technology Development Co.,Ltd. closed at 2.49 yuan per share with total market value of 3.5 billion yuan; Tus-Pharmaceutical Group Co.,Ltd. closed at 11.83 yuan per share with total market value of 2.8 billion yuan.

Why did the "Qidi Group," backed by Tsinghua and Peking University talent, abandon Tus Environmental Science And Technology Development Co.,Ltd.? Who exactly is taking over these "Qidi Group" assets?

**Spending 1 Billion Yuan to Acquire Tus-Pharmaceutical Group, What's Hunan Sailexian's Background?**

Similar to Tus Environmental Science And Technology Development Co.,Ltd.'s situation, Tus-Pharmaceutical Group Co.,Ltd. previously announced that after completing equity transfer from this auction, Hunan Sailexian will hold 58.607 million company shares, representing approximately 24.47% ownership, potentially gaining company control. Qidi Tech Service will no longer hold Tus-Pharmaceutical Group Co.,Ltd. shares, though its concert party Beijing Huaqing Investment Co., Ltd. still holds approximately 4.5445 million shares, representing 1.9% of total share capital.

Notably, Hunan Sailexian's winning bid of 1.007 billion yuan for the above shares translates to approximately 17.19 yuan per share. Compared to the previous trading day's closing price of 13.86 yuan per share, at least two consecutive limit-ups would be needed to approach this price. On the auction completion day, Tus-Pharmaceutical Group Co.,Ltd.'s intraday price once reached 15.25 yuan per share before falling back to 13.86 yuan per share. As of publication date, Tus-Pharmaceutical Group Co.,Ltd.'s stock price continued declining, closing at 12.47 yuan per share.

What's Hunan Sailexian's background? Why is it so optimistic about Tus-Pharmaceutical Group Co.,Ltd.'s prospects?

According to corporate records, Hunan Sailexian was established on June 19 this year with registered capital of 400 million yuan, 75% owned by Shanghai Sailexian Enterprise Management Consulting Co., Ltd. ("Shanghai Sailexian"). Shanghai Sailexian was established in July 2018, owned by Jiang Jin, Zhou Yanqi, Jiang Qiong, Xie Langfu, and Jiang Hui, with Jiang Jin holding 66.86% as the controlling shareholder, legal representative, and executive director.

Further investigation reveals that besides controlling Hunan Sailexian, Shanghai Sailexian owns 61.7436% equity in Hunan Hengchang Pharmaceutical Group Co., Ltd. ("Hengchang Pharmaceutical") and holds 10% stake in A-share listed company Kangzhi Pharmaceutical as its second-largest shareholder.

Born in 1984, Jiang Jin founded Hengchang Pharmaceutical in 2015 and currently serves as its chairman. Corporate records show Jiang Jin currently serves as legal representative in 17 companies, shareholder in 14 companies, and holds positions as chairman, executive director, or general manager in 7 companies.

Risk information indicates that Hengchang Pharmaceutical and Hunan Liugu Pharmacy Chain Co., Ltd., where Jiang Jin serves as legal representative, have multiple legal case involvements. On April 1 this year, Hengchang Pharmaceutical sued Guangdong Jianzhidao Pharmacy Chain Co., Ltd. for copyright ownership and infringement disputes.

According to Hengchang Pharmaceutical's official website, the company focuses on serving small and medium-sized pharmacy chains, independent pharmacies, and grassroots medical institutions. Established in Changsha in 2015, it's now a key enterprise in Hunan Province's biomedical industry and among the top 100 private enterprises in Hunan.

By end of 2023, Hengchang Pharmaceutical served over 200,000 member pharmacies and clinics, operating four major logistics bases in Changsha headquarters, Tianjin North China, Chongqing West China, and Zhengzhou Central China warehouses, capable of handling annual shipment volumes exceeding 7.5 billion yuan.

The company pioneered the "proprietary brand, direct supply exclusive sales" model, leveraging its self-developed B2B service platform to compress intermediate distribution links, directly connecting quality upstream pharmaceutical companies with downstream small and medium retail pharmacies and grassroots medical institutions, with over 2,000 proprietary brand products.

Compared to Hunan Sailexian, Wu Eryong, who took over Tus Environmental Science And Technology Development Co.,Ltd., maintains a relatively mysterious identity with limited public information.

**Qidi Tech Service Involved in 4 Billion Yuan Cases "Exits," Management Team from Tsinghua and Peking Universities**

Before being auctioned, both Tus Environmental Science And Technology Development Co.,Ltd. and Tus-Pharmaceutical Group Co.,Ltd. indicated that after completing auctions and equity transfers, Qidi Tech Service would no longer hold company shares, meaning Qidi Tech Service would officially exit both listed companies.

Corporate records show Qidi Tech Service was established in 2014 as an indirect subsidiary of Qidi Holdings, primarily engaged in technology promotion and application services, with registered capital of 1.037 billion yuan and completed Series B funding in 2018.

Research reveals Qidi Tech Service has invested in up to 45 companies, with 33 still operating, covering pharmaceuticals, daily chemicals, environmental protection, finance, and other sectors, demonstrating Qidi Tech Service's broad investment scope as one of Qidi Holdings' core investment platforms.

Among listed companies invested by Qidi Tech Service, besides Tus Environmental Science And Technology Development Co.,Ltd. and Tus-Pharmaceutical Group Co.,Ltd., there's also NEEQ-listed Boda Pharmaceutical (871194.NQ) with 4.12% stake as the sixth-largest shareholder.

Contrasting with its extensive external investments, Qidi Tech Service faces numerous judicial litigation cases.

Corporate records show Qidi Tech Service currently involves 24 judicial cases, with 22 as defendant, totaling approximately 4.026 billion yuan in litigation amounts. Half the cases involve financial loan contract disputes with multiple financial institutions including China Import-Export Bank, China Merchants Bank, and CITIC Trust.

Additionally, Qidi Tech Service has 14 equity freeze records and became an executed party twice in August 2024 and April 2025, with total execution amounts of approximately 1.023 billion yuan. Both Qidi Tech Service and its legal representative and chairman Wang Shugui received consumption restriction orders from courts.

Notably, Qidi Tech Service belongs to Qidi Holdings Co., Ltd. ("Qidi Holdings"), a venture capital enterprise composed of "talented individuals" from Tsinghua and Peking Universities.

Qidi Holdings originated from Tsinghua Science Park Development Center. Tsinghua Science Park Construction Co., Ltd. was established in 2000, renamed Qidi Holdings Co., Ltd. in 2004, primarily focusing on venture capital services including "technology commercialization, startup incubation, and innovative talent cultivation." Its board of directors and management team members largely come from Tsinghua and Peking Universities.

Qidi Tech Service's chairman Wang Shugui currently serves as Chief Operating Officer of Qidi Holdings, having studied at Peking University and Tsinghua University, obtaining bachelor's and master's degrees respectively. Qidi Tech Service's director Zhang Jinsheng currently serves as Executive President of Qidi Holdings and President of Qidi Northeast Asia Headquarters, plus Qidi Holdings Party Committee member. He entered Tsinghua University's Department of Automation in 1994, graduated in January 2002, and has worked at Tsinghua Science Park since then.

**7 Billion Yuan Entry into Largest Environmental Giant, Bankruptcy Restructuring After Ten Years**

Qidi Holdings' core business system consists of three major business segments: global innovation network, vertical incubation system, and emerging industry clusters. The emerging industry group includes environmental protection, digital economy, clean energy, new materials, and medical health investment fields, with Tus Environmental Science And Technology Development Co.,Ltd. being an important listed company in Qidi Holdings' environmental protection investment.

Regrettably, Tus Environmental Science And Technology Development Co.,Ltd. has suffered consecutive years of losses, cash flow pressure, and concerning development prospects.

From 2020 to Q1 2025, Tus Environmental Science And Technology Development Co.,Ltd. has lost money for 5 consecutive years, with combined losses approaching 11.7 billion yuan. Total revenue has declined continuously for 6 years, with 2024 total revenue of 5.245 billion yuan compared to 10.99 billion yuan in 2018, shrinking by more than half.

More importantly, as of end-2024, Tus Environmental Science And Technology Development Co.,Ltd. held only 749 million yuan in monetary funds, while short-term borrowings and non-current liabilities due within one year totaled approximately 3.933 billion yuan, creating significant short-term debt pressure. The company and subsidiaries face pending payment obligations approaching 5.2 billion yuan.

Tus Environmental Science And Technology Development Co.,Ltd. emerged from "Qidi Group's" 7 billion yuan massive acquisition of listed company Sander Environment in 2015, representing mainland China's largest environmental market transaction at the time. Tus Environmental Science And Technology Development Co.,Ltd. was originally established in 1993, long committed to waste resource utilization and sustainable development of environmental resources.

In April 2015, Sander Environment announced that four companies led by Qidi Technology Service Group under Tsinghua Holdings Co., Ltd., as strategic investors, acquired 29.8% of Sander Environment shares held by Sander Group. Sander Environment's actual controller would change to Tsinghua Holdings, with Qidi Tech Service (Tsinghua Holdings subsidiary) becoming the largest shareholder and Sander Group becoming the second-largest shareholder with 15% of Sander Environment shares.

According to public information, after "Qidi Group" gained control, Tus Environmental Science And Technology Development Co.,Ltd. embarked on an acquisition spree, successively acquiring companies including Hunan Tongli Electronic Waste Recovery and Dismantling Co., Ltd., Harbin Qunqin Environmental Technology Service Co., Ltd., Shanghai Hengtai International Trading Co., Ltd.'s holdings in Nantong Senlan, Shuyang Mingche Water Industry Co., Ltd., and over ten other companies' full or partial equity stakes.

Through this acquisition series, Tus Environmental Science And Technology Development Co.,Ltd.'s performance began explosive growth, with revenue surging from 6.341 billion yuan in 2015 to 10.99 billion yuan in 2018, representing 73% growth over three years. However, continuous expansion's aftereffects quickly emerged. Starting 2019, Tus Environmental Science And Technology Development Co.,Ltd.'s revenue and net profit indicators began declining simultaneously, with losses beginning in 2020 and continuing to present.

On June 21, 2024, Tus Environmental Science And Technology Development Co.,Ltd. announced entering bankruptcy restructuring phase.

In December 2024, Qidi Tech Service, as executed party, had approximately 166 million Tus Environmental Science And Technology Development Co.,Ltd. shares auctioned for about 333 million yuan, losing its controlling shareholder status. Tus Environmental Science And Technology Development Co.,Ltd. clearly stated the company currently operates without actual controller.

**Both Major Listed Companies Suffering Losses, Environmental Protection and Medical Investment Failures?**

Similar to investing in Tus Environmental Science And Technology Development Co.,Ltd., optimistic about emerging industry prospects, "Qidi Group" invested in the famous Chinese "time-honored brand" "Guhan" known for its exclusive product "Guhan Yangsheng Essence." The "Guhan" brand originally started from the century-old store "Xieshengxi" Hengyang branch, officially launched production in 1956, initially named Xiangzhong Pharmaceutical, later using names like "Guhan Group," "Unisplendour Biology," "Unisplendour Guhan" through multiple restructurings and investor changes.

Under "Qidi Group" control, it also used the company name "Qidi Guhan," finally changing to the current "Tus-Pharmaceutical Group Co.,Ltd." Tus-Pharmaceutical Group Co.,Ltd.'s main products include traditional Chinese medicine, chemical medicine, health foods, etc., owning over 30 patents, over 140 prescription and non-prescription medicines, over 30 medicine-food homologous health products, with exclusive product "Guhan Yangsheng Essence" selected as Hunan Provincial intangible cultural heritage representative project.

However, even this century-old "time-honored" enterprise has experienced consecutive losses.

Tus-Pharmaceutical Group Co.,Ltd.'s 2023 and 2024 non-recurring net profits lost 4.65 million and 170 million yuan respectively, with 2024 and Q1 2025 attributable net profits also continuing losses.

In 2015, when entering Tus Environmental Science And Technology Development Co.,Ltd., Qidi Tech Service acquired Guhan Group shares held by Tsinghua Unisplendour Group through agreement transfer, becoming controlling shareholder and renaming the company Qidi Pharmaceutical Group Co., Ltd.

After this acquisition completion, Qidi Tech Service directly held approximately 22.33% shares, reaching 29.41% combined holding ratio through concert parties including Beijing Huaqing Investment, forming absolute control over Tus-Pharmaceutical Group Co.,Ltd. This operation marked Tus-Pharmaceutical Group Co.,Ltd.'s transition from "Tsinghua Unisplendour Group" to "Tsinghua Qidi Group," becoming Qidi Holdings' core pharmaceutical sector listed platform.

Unlike Tus Environmental Science And Technology Development Co.,Ltd., "Qidi Group" had few acquisition cases after gaining control of Tus-Pharmaceutical Group Co.,Ltd. in 2015, mainly the 2022 acquisition of 100% equity in Guangdong Xiantong Pharmaceutical Co., Ltd. for 220 million yuan in self-owned funds. Guangdong Xiantong holds 16 traditional Chinese medicine approvals, including 1 essential medicine catalog variety, 1 exclusive variety, 2 OTC varieties, with Yixinshu tablets as core product.

In 2024, Tus-Pharmaceutical Group Co.,Ltd. planned to acquire 55% equity in Wuhan Mingshi Pharmaceutical Co., Ltd. for 141 million yuan cash, extending product lines to health care foods and functional foods to resolve single-product operational risks, enrich product lines, and achieve mutual sales channel complementarity.

However, this acquisition ultimately failed due to unilateral termination by Wuhan Mingshi Pharmaceutical Co., Ltd. shareholders.

Actually, in 2024, controlling shareholder Qidi Tech Service's funding problems became evident, naturally causing transaction counterpart concerns.

As early as May 2024, Tus Environmental Science And Technology Development Co.,Ltd. disclosed controlling shareholder Qidi Tech Service's partial share freezing. At that time, 71.0843 million shares held by Qidi Tech Service were frozen by Beijing Financial Court, subsequently entering judicial auction procedures.

As a "cash cow" that Qidi Tech Service once heavily invested in, Tus Environmental Science And Technology Development Co.,Ltd.'s continuous losses after 2020 "disappointed" both the company itself and controlling shareholder Qidi Tech Service in profit returns, consequently expanding funding disputes between parent and subsidiary companies.

On December 3, 2024, Tus Environmental Science And Technology Development Co.,Ltd. received Qidi Tech Service's "Repayment Notice," demanding repayment of 166 million yuan principal plus 63.8789 million yuan interest before December 6. Qidi Tech Service also stated it would pursue legal remedies if Tus Environmental Science And Technology Development Co.,Ltd. defaulted.

Additionally, Qidi Tech Service's indirect controlling shareholder Qidi Holdings sent a "Lawyer's Letter" to Tus Environmental Science And Technology Development Co.,Ltd. on the same day, demanding termination of guarantee responsibilities or provision of adequate credit enhancement measures. Public information shows Qidi Holdings provided three joint liability guarantees for Tus Environmental Science And Technology Development Co.,Ltd., involving loan amounts up to 1.8 billion yuan.

Notably, in June 2025, Caixin Magazine published an article titled "Former Environmental Giant Tus Environmental Science And Technology Development Co.,Ltd. Loses Color, Chaos Emerges Under Nominal No-Actual-Controller Status," pointing out that Qidi Holdings transferred Tus Environmental Science And Technology Development Co.,Ltd.'s quality assets and encroached on listed company interests through multiple related transactions, with the current largest shareholder bearing responsibility for controllable risk spread through inaction. Investors questioned Tus Environmental Science And Technology Development Co.,Ltd. accordingly.

Tus Environmental Science And Technology Development Co.,Ltd. responded to investors that former controlling shareholder Qidi Tech Service and indirect controlling shareholder Qidi Holdings had no asset encroachment behavior, had directly supported the company through financial assistance and sanitation equity participation, and assisted company debt collection work progress.

Tus Environmental Science And Technology Development Co.,Ltd. stated that current largest shareholder Tianfu Qingyuan (formerly Tsinghua Holdings) played irreplaceable roles in company development, providing credit support through its controlled finance company. After Tsinghua Holdings renamed to Tianfu Qingyuan, this business entered abnormal status due to finance company litigation, further increasing company liquidity pressure over recent two years, with all parties actively communicating to seek better solutions.

Currently, some directors and executives of Tus Environmental Science And Technology Development Co.,Ltd. still come from "Qidi Group," such as Chairman Wang Yi, who previously served as Vice President of Beijing Qidi Clean Energy Technology Co., Ltd. and President of Datong Qidi Future Energy Technology Group Co., Ltd.; General Manager Song Lantao previously served as Vice General Manager of Qidi Tech Service.

Renowned strategic positioning expert and founder of Fujian Huace Brand Positioning Consulting, Zhan Junhao, stated that Qidi Tech Service's loan disputes may stem from overly aggressive expansion and funding management failures. Its investment layout is broad with large funding requirements; once market environment changes and project returns fall short of expectations, it easily leads to cash flow breaks and inability to repay debts.

"Subsidiary Tus-Pharmaceutical Group Co.,Ltd. and Tus Environmental Science And Technology Development Co.,Ltd.'s continuous performance losses have exacerbated funding problems with controlling shareholder Qidi Tech Service. Overall, Qidi Tech Service and underlying Qidi Holdings still need to strengthen investment strategies, improve judgment of industry trends and enterprise development potential. Can post-investment effectively empower?" Zhan Junhao believes that pharmaceutical and environmental protection industries are highly competitive with frequent policy and market fluctuations. If enterprises have shortcomings in operational management, technological innovation, market expansion, they will seriously impact performance.

How do you view Qidi Group's painful loss of two listed companies? Can Tus Environmental Science And Technology Development Co.,Ltd. still achieve transformation and rebirth?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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