A wealthy female entrepreneur from Zhejiang who has appeared three times on the Hurun Rich List, and the actual controller and current director of the listed company Yongjin Shares on the mainland, Cao Peifeng, recently surrendered to the authorities on July 7th due to suspicion of manipulating others’ securities accounts for short-term trading of her own stocks and engaging in insider trading during sensitive periods. She is now on bail pending trial. Her husband and son have obtained Canadian citizenship.
Yongjin Shares announced on July 8th that they were informed by the actual controller Cao Peifeng on the evening of July 7th that she was placed on bail pending trial by the Jinhua Public Security Bureau on the same day for her alleged involvement in insider trading and leaking insider information.
According to a report by “Huaxia Times,” Cao Peifeng surrendered voluntarily. Sources revealed that the amount involved in insider trading is substantial, and with legal representation, she chose to surrender, which may lead to criminal responsibilities.
At the age of 62, Cao Peifeng is the mother of Yu Chenjie, the current chairman of Yongjin Shares, and the wife of the former chairman Yu Jiqun. Both Yu Jiqun and Yu Chenjie have obtained Canadian citizenship. Cao Peifeng herself holds Chinese nationality but has permanent residency in Canada. The couple of Yu Jiqun and Cao Peifeng had consecutively made it onto the Hurun Rich List from 2020 to 2022 for three years, with their wealth reaching as high as 6.5 billion yuan.
Established in 2003, Yongjin Shares went public on the Shanghai Stock Exchange main board in December 2019. As of the end of the first quarter of 2025, Cao Peifeng and Yu Jiqun collectively held a 43.27% stake in the company, with Cao Peifeng’s sister Cao Jingfen also holding a 2.4% stake.
This is not the first time Cao Peifeng has been involved in insider trading. In early August of last year, she was under investigation by the Securities Regulatory Commission for alleged insider trading and short-term trading. On January 10th of this year, the Zhejiang Securities Regulatory Bureau issued an “Administrative Penalty Decision” to her, requiring her to handle illegal securities and giving a warning, confiscating illegally obtained proceeds of about 550,000 yuan, and issuing a fine of about 5.85 million yuan.
According to the announcement, Cao Peifeng had controlled and operated three securities accounts under the names of “Zhang Mujie,” “Qian Mou,” and “Zheng Mouzhen” to conduct illegal transactions. Her two instances of insider trading were related to repurchase matters of Yongjin Shares and occurred during sensitive periods.
Furthermore, it was discovered that she had engaged in multiple short-term trading activities between September 2020 and March 2023, with transaction volumes exceeding 10 million yuan each time.
Wind data shows that as of the end of the first quarter of 2025, Cao Peifeng and Yu Jiqun collectively held a 43.27% stake in Yongjin Shares. Cao Peifeng’s sister, Cao Jingfen, is also a shareholder of Yongjin Shares, holding a 2.4% stake, making her a consistent actor with the company’s controlling shareholder.