Who is "Manipulating" Daweiton Technology and *ST Dongyi? Uncovering "Computing Power Merchant" Zhang Jianhua's Business Model

Amid the frenzy over computing power concepts in the A-share market, a mysterious “trader” has surfaced. From participating in the restructuring of Daywei Technology and earning an 8-fold profit, to taking control of *ST Dongyi and realizing nearly 370% unrealized gains, in just a few years, businessman Zhang Jianhua has woven a large network centered on computing power through precise capital operations. This veteran, originating from the aerospace industry and with years of experience in data centers, what is his business secret?

Recently, the concept of computing power leasing has remained hot in the A-share market, with related stocks performing notably. Among them, Dawi Technology’s stock price once soared to 15.25 yuan per share this year, with a maximum increase of 113.29%. Although there has been some correction recently, as of March 12, its year-to-date increase still reached 64.66%. Coincidentally, *ST Dongyi, also within the computing power concept, has achieved a stock price increase this year, with a total rise of 20.27%.

It is worth noting that the strong performance of Dawi Technology and *ST Dongyi is closely related to a key figure—Zhang Jianhua.

Specifically, in December 2023, the computing power company Beijing Huazhuo Technology Co., Ltd. (hereinafter referred to as “Huazhuo Technology”), controlled by Zhang Jianhua, participated in Dawi Technology’s restructuring as an industrial investor.

Since then, Dawi Technology’s stock price has continued to rise for four years. Data shows that since December 2023, its stock price has increased from 3.86 yuan per share to the current 11.79 yuan per share, a total increase of 205.44%.

In September 2025, Huazhuo Technology again entered as an industrial investor in *ST Dongyi’s restructuring process. From that month, *ST Dongyi’s stock price entered a rapid upward channel, climbing from 1.87 yuan to 10.80 yuan per share, an astonishing increase of 477.54%.

Along with the stock price surge, Zhang Jianhua has also gained substantial investment returns. According to estimates, Huazhuo Technology, which he controls, holds 22 million shares of Dawi Technology. At the current price of 11.79 yuan per share, the unrealized profit is about 231 million yuan, with an investment return of 806.92%. As for *ST Dongyi, Huazhuo Technology’s shareholding market value has reached 1.62 billion yuan, with unrealized gains of 1.275 billion yuan, a return of 369.57%.

Who is behind the operation of these two “new stars” in computing power?

On March 10, *ST Dongyi issued an announcement on stock price fluctuations and risk warning, stating that the company’s stock closing prices on March 5, 6, and 9 deviated by more than 12% over three consecutive trading days.

Looking at the longer timeline, since September 2025, *ST Dongyi’s stock price has been soaring, from 1.87 yuan to 10.80 yuan, a total increase of 477.54%.

The starting point of this surge can be traced back to a disclosed progress in *ST Dongyi’s pre-restructuring. In September 2025, the company announced that it had signed agreements with multiple restructuring investors. After the restructuring, *ST Dongyi would retain its core home decoration assets and, leveraging the resources of industry investor Huazhuo Technology, enter the field of computing power center integration and operation services.

Huazhuo Technology’s pledge of a free donation of the Helinger Intelligent Computing Center became the core support for this “computing power transformation” narrative. The project plans to deploy about 5,040 high-power cabinets to build an advanced computing cluster with 100,000 cards, with the first phase expected to provide 16,000 cards of computing power.

In December 2025, Huazhuo Technology further increased its stake, announcing that all new orders for its newly acquired computing power center integration services would be transferred to *ST Dongyi or its controlled companies, further strengthening its computing power business foundation.

It is noteworthy that this is not Huazhuo Technology’s first wave of impact in the capital market. Another concept stock in computing power leasing—Dawi Technology—also has deep ties with it.

In December 2023, Huazhuo Technology, as an industry investor, participated in Dawi Technology’s bankruptcy restructuring, providing computing resources and technical support. Since then, Dawi Technology’s stock price has risen from 3.86 yuan to 11.79 yuan, a total increase of 205.44%.

So, what is Huazhuo Technology’s secret? Public information shows that it was established in September 2020 and is a comprehensive service provider for intelligent computing centers, mainly serving third-party AIDC service providers, with many top internet companies as end users. The company has invested in the Helinger Intelligent Computing Center and is gradually expanding into data center operations, computing equipment integration, and sales.

Although Huazhuo Technology was founded only five years ago, its actual controller, Zhang Jianhua, has a very deep background. Public records show that Zhang Jianhua was born in 1973. From 1998 to 2003, he served as Assistant General Manager of Beijing Changkong Construction Co., Ltd. (hereinafter “Changkong Construction”), then promoted to Chairman and General Manager.

Changkong Construction was founded in 1996 and was originally a subsidiary of China Aerospace Corporation. Under Zhang Jianhua’s leadership, it established an IDC division and ranked among the top 30 data center engineering companies for eight consecutive years, delivering nearly 20 large EPC projects, laying the groundwork for his subsequent capital operations in the computing power field.

Notably, Zhang Jianhua has also built a more secretive computing power network.

In 2024, through Changkong Construction, Zhang Jianhua co-founded Xuandu Spacetime Cloud Technology (Shenzhen) Co., Ltd. with companies including Zhonghe Technology and Langke Technology. According to its official website, the company is positioned as a service provider integrating computing power, algorithms, and data, and plays a leading role in the spacetime big data system engineering.

In the same year, Zhang Jianhua also partnered with Wu Chen, former chairman of Xiangjiang Technology (Group) Co., Ltd. (hereinafter “Xiangjiang Technology”), to jointly establish Shanghai Xijing Technology Co., Ltd., with a registered capital of 900 million yuan, making it the highest registered capital among his controlled companies. Xiangjiang Technology, a core subsidiary of the listed company Chengdi Xiangjiang, has long been involved in data center operations.

Extending the timeline further back, in 2009, Zhang Jianhua co-founded Beijing Shunhe Technology Development Co., Ltd. with Xu Haibo, engaging in technology development. Notably, Xu Haibo is now chairman of Beijing Deli Da Xun Technology Co., Ltd., which also mainly operates data centers. In 2017, Shagang Co., Ltd. planned to acquire this company for 2.908 billion yuan.

Beyond direct industry involvement, Zhang Jianhua has quietly laid out capital strategies. His controlled Huazhuo Technology, together with China Financial Publishing Media Group’s wholly owned subsidiary Zhongcai Quansheng Capital Management Co., Ltd., and the private equity fund Tsinghua Star, jointly established Zhejiang Zhongdi Private Equity Fund Management Co., Ltd., which has successfully invested in companies like Inspur Cloud.

Zhang Jianhua’s Business Secrets

Despite years of deep involvement in data centers, Zhang Jianhua and Huazhuo Technology had not previously entered the secondary market until December 2023, when they participated in Dawi Technology’s restructuring, marking his first public appearance.

Records show that in 2016, Yang Baosheng, the original actual controller of Dawi Technology, acquired Beijing Senhua Yiteng Communication Technology Co., Ltd. (hereinafter “Senhua Yiteng”) founded by Gao Dapeng for 1.2 billion yuan. The company is also based in Beijing, mainly engaged in IDC business, similar to Huazhuo Technology.

In January 2023, Yang Baosheng was unable to repay funds, and Gao Dapeng took over as the actual controller of Dawi Technology. However, just over half a year later, in August 2023, Gao Dapeng was arrested on suspicion of corruption, at a time when the company was in a critical restructuring phase.

Four months later, a consortium led by Huazhuo Technology controlled by Zhang Jianhua and Beijing Urban Intelligent Computing Information Industry Partnership (hereinafter “Beijing Urban Smart Computing”) was successfully selected as the industry investor for Dawi Technology.

According to the restructuring plan, the consortium invested a total of 328 million yuan, acquiring about 17.04% of Dawi Technology’s equity after restructuring at a price of 1.3 yuan per share. Huazhuo Technology contributed about 28.6 million yuan, obtaining approximately 1.49% of the shares; Beijing Urban Smart Computing became the controlling shareholder.

It is noteworthy that Beijing Urban Smart Computing and its executive partner, Beijing Central Chip Data Industry Development Co., Ltd., were established just before the restructuring, with highly dispersed shareholding structures. Wu Jing, the investor in Beijing Urban Smart Computing, is recognized as the actual controller of Dawi Technology, but his indirect shareholding ratio is only about 0.30%.

From the management team, Dawi Technology still maintains close ties with Gao Dapeng. Chairman Zhang Wei previously served as the strategic cooperation manager at Senhua Yiteng; Secretary Zhou Chun was an assistant to the chairman at Senhua Yiteng; and CFO Xia Chunyan also previously served as the company’s financial head.

Now, with the stock price soaring, Zhang Jianhua has gained substantial investment returns. It is estimated that Huazhuo Technology holds 22 million shares of Dawi Technology, and at the current price of 11.79 yuan per share, the unrealized profit is about 231 million yuan, with an investment return of 806.92%.

In addition to investment gains, Zhang Jianhua has also sold subsidiaries to listed companies. In 2024, Dawi Technology acquired Beijing Jinyun Yachuang IoT Technology Co., Ltd. for 120 million yuan, a company controlled by Yunzhijin Enterprise Management Partnership and Yang Lingya.

Although Tianyancha data shows no direct equity relationship between Jinyun Yachuang and Zhang Jianhua, the company’s announcement clearly states it is under his control.

Having tasted success in Dawi Technology’s restructuring, in 2025, Zhang Jianhua turned his attention to *ST Dongyi, which was on the brink of bankruptcy.

According to the restructuring investment plan, Huazhuo Technology is conditionally entitled to transfer 150 million shares of *ST Dongyi, with a total consideration of 345 million yuan, at a price of 2.30 yuan per share. The funds will be used to pay bankruptcy costs, common benefit debts, and settle various bankruptcy claims; any remaining funds will serve as working capital for *ST Dongyi.

Now, as *ST Dongyi’s stock price continues to surge, Zhang Jianhua has again realized significant paper gains. As of now, Huazhuo Technology’s shareholding market value has reached 1.62 billion yuan, with unrealized gains of 1.275 billion yuan, a return of 369.57%.

However, this time Zhang Jianhua’s ambitions are even greater. Huazhuo Technology now owns about 15.77% of *ST Dongyi’s post-restructuring total shares, making it the controlling shareholder, and Zhang Jianhua becomes the new actual controller of *ST Dongyi.

In March this year, *ST Dongyi announced that it had completed the restructuring of its board and senior management, with Zhang Jianhua serving as chairman and general manager.

What is the real value?

In the current capital market, where “computing power concepts” are highly sought after, Zhang Jianhua has undoubtedly hit the market’s hot spot.

However, peeling back the glamorous “computing power transformation” facade, how much substantive help has Huazhuo Technology actually provided to the listed company?

According to *ST Dongyi’s disclosed report, by the end of 2024, Huazhuo Technology’s total assets were only 214 million yuan, net assets 80.92 million yuan, annual revenue 128 million yuan, and net profit just 8.19 million yuan. Such a company, with assets comparable to small and medium-sized enterprises, has limited capacity to support *ST Dongyi’s complete transformation from home decoration to computing power.

Moreover, the promised “injection of computing assets” by Huazhuo Technology remains on paper. *ST Dongyi’s announcement clearly states that the Helinger Intelligent Computing Center donated by Huazhuo Technology’s controlling shareholder has not yet been built or put into operation, posing risks of large capital shortfalls and extended construction cycles.

As a key platform supported by Huazhuo Technology, *ST Dongyi’s current situation is quite dire. Financial data shows that in 2024, its operating income was 1.296 billion yuan, a sharp decline of 55.84%; net profit attributable to shareholders further deteriorated to a loss of 1.171 billion yuan. In the first three quarters of 2025, its operating income was only 544 million yuan, down 52.02% year-on-year, with a net loss of 58 million yuan.

Furthermore, as of the third quarter of 2025, the company’s net assets further worsened to -1.165 billion yuan, with an asset-liability ratio of 172.4%, indicating severe insolvency.

Compared to *ST Dongyi’s painful transformation, Huazhuo Technology’s investment in Dawi Technology seems to have delivered a bright result. Data shows that in the first three quarters of 2025, Dawi Technology achieved revenue of 313 million yuan, up 2.28%, and net profit attributable to shareholders of 38.03 million yuan, a jump of 236.78%.

However, a closer look at the financials reveals that Dawi Technology’s net profit surge was mainly due to asset disposal gains. In the first three quarters, it recorded 109 million yuan in disposal income, up 328.95%.

Against this backdrop, in the first three quarters, Dawi Technology’s net profit after deducting non-recurring gains and losses was -7.07 million yuan, down 20.78% year-on-year. This indicates that the company’s profit growth mainly relies on non-operating income, not on substantial improvements in its core computing power business.

Overall, behind the hype of the computing power concept, Zhang Jianhua’s “computing power story” still faces harsh realities.