Amid a dramatic downturn in A-share markets early February, Shenwu Energy Saving Co., Ltd. (000820.SZ), which had hit three consecutive daily limit-downs, announced an interprovincial office relocation while still facing unresolved auditing disputes and potential delisting risks.
Between February 2 and 4, Shenwu Energy Saving’s stock price fell by the daily limit for three straight sessions. The company’s 2025 earnings forecast projected post-adjustment revenues between 315 million and 339 million yuan, but disagreements with its annual auditor over revenue recognition for certain projects, totaling 55.33 million yuan, remain unresolved. If these revenues are ultimately disqualified, the company’s annual revenue would fall below 300 million yuan, triggering possible delisting.
Against this backdrop, the firm announced on the evening of February 3 that it had completed the relocation of its office address, investor contact number, and official website. The new office is now located on the 15th floor of Tianfeng Tower in Wuchang District, Wuhan, having moved from its previous location at Huizhi Tower in Yuhuatai District, Nanjing. The move quickly drew market attention—not only because of the sudden relocation of a struggling *ST-listed company, but also due to the significance of its new address.
Public records show that Tianfeng Tower is the first landmark building completed and put into use in Central China’s Financial City. It was developed by Tianfeng Tianrui Real Estate (Wuhan) Co., Ltd. and consists of two super-high-rise office towers, with Tower 2 serving as the headquarters of Tianfeng Securities.
This is not the first time Shenwu Energy Saving has changed its office location. Originally named Jincheng Papermaking, the company listed on the Shenzhen Stock Exchange main board in 1998, with its registered and operational address in Linghai City, Liaoning Province. In 2016, it acquired a 100% stake in Jiangsu Provincial Metallurgical Design Institute from its parent Shenwu Group for 3.46 billion yuan via a share issuance, resulting in a change of controlling shareholder and actual controller. In November of that year, the company relocated its office to North Latitude International Center in Jianye District, Nanjing. Though it moved several times afterward, it remained in Nanjing until settling at Huizhi Tower in July 2021.
The latest relocation announcement provided no further explanation. On February 4, a company representative stated that due to significant management changes in the past year—with several executives having work experience in Wuhan—the move was intended to facilitate business operations. While this response was measured, it did not fully ease market concerns.
Over the past year, Shenwu Energy Saving’s management team has undergone quiet but notable changes. In April 2025, after former chairman Lü Jianzhong and others resigned, the board nominated Zhu Lin and Zhang Xuan as non-independent director candidates. Zhu Lin previously held roles in legal compliance, risk management, and investment banking at China Securities (CSC), and served as assistant to the chairman of Tianfeng Securities from April 2024 to March 2025. Zhang Xuan, also born in 1983, formerly held positions as deputy director of the investment committee and head of the asset management center at Changjiang Property Insurance, and served as deputy general manager of Hubei Provincial Asset Management.
At the subsequent 2024 annual shareholders meeting, Zhu Lin was elected as a director and later appointed chairman, also acting as general manager; Zhang Xuan was not elected. Around the same time, Wang Lejun was appointed CFO—his background also links to the Hubei Hongtai Group system. In July last year, Yu Liangcheng, nominated by Shenwu Group, was elected as a non-independent director; he has long been employed by Hubei Hongtai Group.
The professional backgrounds of several senior managers converge at Hubei Hongtai Group, which was officially inaugurated in January 2022 as the only financial services enterprise owned by Hubei Province. As of the end of 2023, it reported total assets of 216.3 billion yuan and net assets of 84.5 billion yuan. The group is the controlling shareholder of Tianfeng Securities and holds equity in several financial institutions including Hubei Bank, Changjiang Property Insurance, and Changjiang Securities. Its website states that it aims to actively build a listed company platform through methods such as bail-out restructuring in capital market operations.
As of the end of September last year, however, no state-owned capital from Hubei was listed among Shenwu Energy Saving’s top ten shareholders. Still, a business management consulting firm from Wuhan, Hubei, appeared as a shareholder with 76,000 shares—first noted in the 2023 annual report.
For a *ST-listed company with its stock locked limit-down, relocating offices does not directly improve financial figures or substitute for an auditor’s final judgment—especially when delisting risks and audit disagreements remain unresolved.