In a surprising turn of events in the A-share market, a high-profile divorce case has emerged once again. On the evening of September 23, Yunnan’s “Pig Farming Magnate” Shennong Group announced that its controlling shareholder and 61-year-old chairman He Zuxun was being sued for divorce by his wife Luo Wanyu. This news has garnered attention due to the involvement of billions of yuan in asset division and its implications on the company’s ownership.
The announcement revealed that Yunnan Shennong Agricultural Industry Group Co., Ltd. recently received notification from its controlling shareholder and actual controller He Zuxun that his wife Luo Wanyu had filed for divorce at the Guandu District Court in Kunming, explicitly requesting the dissolution of the marriage and equal division of assets. Currently, both parties have agreed to first seek private mediation under the supervision of the court.
Regarding this divorce lawsuit, Shennong Group emphasized in its announcement that the litigation only involves He Zuxun’s personal shareholder rights in the company, unrelated to the company’s production and operation, and has no significant impact on the company’s operations.
However, at the close of trading that day, Shennong Group’s stock still fell by 1.55%, ending at 33.60 yuan per share, reducing the company’s total market value to 17.68 billion yuan.
According to a report by Red Star Capital Bureau, He Zuxun currently holds 260 million shares of the company, accounting for 49.60% of the total share capital. Based on the closing price on September 23, the market value of his shares amounts to a staggering 8.77 billion yuan. His wife Luo Wanyu, on the other hand, does not hold any shares in the company.
Of note, just a day before the divorce announcement was made, Shennong Group had announced the departure of a key executive. The company’s director and deputy general manager Dun Can resigned early for personal reasons and will no longer hold any position in the company after resignation. Dun Can’s resignation took effect on September 18.
Currently, Dun Can holds 310,000 shares of the company, including 180,000 shares of incentive stocks awarded to him by the company last year. These shares are set to be unlocked for cashing out in 21 days (October 9), but he chose to submit his resignation at this crucial moment, leading to further speculation about changes in the company’s management.
Public records show that Shennong Group was founded single-handedly by He Zuxun, with operations covering production, pig farming, slaughtering and processing, and food deep processing. It is the largest pig farming enterprise in Yunnan Province and successfully went public in 2021, becoming the first listed agricultural and animal husbandry company in Yunnan.
Impacted by the downward trend in pork prices, in the first half of 2026, Shennong Group’s revenue was 2.489 billion yuan, a year-on-year decrease of 11.02%; the net profit attributable to the parent company was a loss of 809 million yuan, shifting from profit to loss compared to the same period last year.