“China Shoe King” Aokang International continues to shrink its offline stores. As of the end of June 2026, the company has reduced its domestic physical stores by 857 compared to the end of 2021, a decrease of over 30% in four and a half years. Meanwhile, Aokang International has been running losses for four consecutive years, with accumulated losses of about 924 million yuan. Despite the business performance not fully recovering, the company’s controlling shareholder and actual controller plan to transfer a total of 12.0002% of shares for approximately 393 million yuan.
On the evening of September 17th, Aokang International disclosed a notice of share transfer. The company’s controlling shareholder Aokang Investment Holdings Limited and the actual controller, Wang Zhentao, signed share transfer agreements with Zhejiang Hangshu Technology Development Partnership Enterprise (Limited Partnership); on the same day, Aokang Investment also signed a share transfer agreement with individual Chen Haifeng.
The three transactions plan to transfer a total of 48.1186 million shares of Aokang International, accounting for 12.0002% of the total share capital of the company, with a total transaction price of approximately 393 million yuan.
Among them, Wang Zhentao directly transferred 10 million shares to Hangshu Technology, with a transaction price of 81.7 million yuan; Aokang Investment transferred 18.0686 million shares to Hangshu Technology, with a transaction price of about 1.48 billion yuan; and transferred 20.05 million shares to Chen Haifeng, with a transaction price of about 1.64 billion yuan.
Wang Zhentao holds 90% of the shares of Aokang Investment, while his son Wang Chen holds 10% of the shares. According to the shareholding structure, the transferors controlled by Wang Zhentao and his son are planned to cash out approximately 393 million yuan in total this time.
It is important to note that the current share transfer is still an agreement arrangement and requires compliance confirmation from the Shanghai Stock Exchange and share transfer registration, so there is uncertainty about whether the transaction can be completed. After the transaction is completed, Aokang Investment’s shareholding ratio will be reduced from 27.73% to 18.22%, Wang Zhentao’s direct shareholding ratio will decrease from 15.10% to 12.61%. However, both of them will remain the company’s controlling shareholder and actual controller, maintaining control over the company.
In recent years, the number of Aokang International stores has been consistently decreasing. By the end of 2021, the company had about 2,614 domestic physical stores; by the end of 2025, it had decreased to 1,836 stores, opening 368 new stores and closing 767, resulting in a net decrease of 399 stores.
In the first half of 2026, the company opened 71 new stores, closed 150, resulting in a net decrease of 79 stores. As of the end of June, the number of domestic physical stores had decreased to 1,757. Compared with the end of 2021, the number had decreased by 857 stores in about four and a half years.
Along with store contraction, Aokang International’s revenue has also been continuously declining. From 2022 to 2025, the company’s operating income was 2.754 billion yuan, 3.086 billion yuan, 2.539 billion yuan, and 1.924 billion yuan respectively; during the same period, the net profit attributable to the parent company was a loss of 374 million yuan, 93.2789 million yuan, 216 million yuan, and 241 million yuan.
Therefore, the company has been continuously incurring losses for four years, with a total loss of approximately 924 million yuan over four years.
According to Aokang International’s 2026 interim report disclosed in August, the company’s operating income in the first half of the year was 769 million yuan, a 28.88% year-on-year decrease; the net profit attributable to the parent company shareholders was 17.5743 million yuan, compared to a loss of 92.0448 million yuan in the same period last year; after deducting non-recurring gains and losses, the net profit still showed a loss of 6.607 million yuan.
In terms of profit composition, the company had a total of 241.813 million yuan in non-recurring gains and losses in the first half of the year, including 256.001 million yuan from fair value changes in financial assets and financial liabilities held by non-financial enterprises, and gains and losses from the disposal of financial assets and financial liabilities.
At the same time, the company significantly reduced costs and expenses. Operating costs in the first half of the year decreased by 38.46%, sales expenses by 32.82%, management expenses by 28.44%, and financial expenses by 46.34%.
This means that although Aokang International achieved a turnaround in net profit attributable to the parent company shareholders in the first half of this year, the non-recurring net profit remained negative, and the profit improvement was influenced by the shrinkage of costs and expenses and non-recurring gains and losses.
It is worth noting that the net profit attributable to the parent company shareholders in the second quarter was a loss of 7.8157 million yuan, whereas the non-recurring net profit was a loss of 16.4563 million yuan.
One of the transferees in this transaction, Hangshu Technology, has also attracted market attention.
According to the announcement and equity change report, Hangshu Technology was established on September 4, 2026, and on September 17, it signed a share transfer agreement with Aokang Investment and Wang Zhentao, merely 13 days after its establishment.
Hangshu Technology plans to acquire 28.0686 million shares of Aokang International at 8.17 yuan/share, holding 7% of the company’s shares after the transaction is completed; the other transferee, Chen Haifeng, intends to hold 5.0002% of the shares. Both transferees stated that their purpose is for financial investment, without seeking control of the listed company.
Regarding the stock price, Aokang International has experienced significant fluctuations this year. As of September 17, the company’s stock price had increased by approximately 5.92% year-to-date; rising by 39.86% in June, falling by 54.67% in July, rebounding by 40.87% in August, and closing at 9.48 yuan on September 17.
On September 18, Aokang International’s stock price rose by the daily limit during trading, ending at 10.43 yuan, an increase of 10.02%, with a total market value of approximately 4.182 billion yuan.