Dongyi Risheng's top executive has been replaced

On the last day of 2025, “Home Renovation Leader” Dongyi Risheng announced that the company’s restructuring plan has been completed.

In January, Dongyi Risheng founder Chen Hui reappeared in the public eye after more than 600 days. He emphasized that “home renovation will still be a core part of Dongyi Risheng’s business after restructuring.”

During these 600+ days, Chen Hui faced many difficulties. He shared on his social media platform that his identity had changed, and he was now seen by others as a “failure.” Previously, he faced a broken funding chain, nationwide store closures, unfinished renovations for homeowners, delayed payments to suppliers, and the auction of the headquarters building. He described this experience as a “time travel,” during which he experienced panic, helplessness, and repeated despair.

In the industry’s winter, completing the restructuring was almost a “rebirth from despair.” On January 6, 2026, Dongyi Risheng initiated its first repayment. Chen Hui said he finally felt the “joyful gate opening,” emerging from a long period of darkness.

Since then, Chen Hui has “regained his footing,” not only making a high-profile public appearance but also sharing many views on the industry and the company’s future development. He previously stated that the home renovation industry would shift from “whole-house renovation” to “stock renewal.” In his view, home renovation should go beyond construction and become a “lifestyle guide,” deeply integrating living needs and lifestyles through AI and digital design. This strategy aligns with Dongyi Risheng’s decade-long focus on digital capabilities.

Perhaps the entire home renovation industry is waiting for Chen Hui to lead Dongyi Risheng to “new heights” again. However, shortly after the Lunar New Year, there was news of senior management changes at Dongyi Risheng.

On March 3, *ST Dongyi (002713.SZ) announced that the board and senior management team had been reshuffled. The seventh board of Dongyi Risheng consists of 7 directors, including 4 non-independent directors and 3 independent directors.

Most notably, Zhang Jianhua was appointed as the new Chairman of Dongyi Risheng and also named General Manager. Xu Jun was appointed as Vice General Manager, and Yu Qiting as Chief Financial Officer. Due to the temporary vacancy of the board secretary position, Chairman Zhang Jianhua was designated to perform the duties of the board secretary.

Overall, Zhang Jianhua becoming the new Chairman, General Manager, and simultaneously serving as board secretary indicates a concentration of power. The announcement stated that having Zhang Jianhua, the company’s actual controller, hold both roles is beneficial for unified decision-making and execution at this stage, reducing communication costs, improving operational efficiency, and ensuring the stable implementation of long-term strategies.

As for Chen Hui, Dongyi Risheng stated that non-independent directors Chen Hui, Li Yonghong, Liu Bin, and independent directors Zhan Xiangyang and Ding Yun, since their election at the seventh board, have completed their terms and will step down, no longer serving as directors, independent directors, or members of the board’s specialized committees. The terms of the sixth board’s senior management, including Chen Hui, Cai Shuang, and Zhao Min, have also expired, and they have left their positions.

In the judicial restructuring in January this year, Chen Hui and his concerted parties irrevocably waived voting rights for approximately 73.45 million shares until they no longer hold any shares in the company. With the expiration of their terms, Chen Hui officially exited the board, and his 5.7115 million shares will be managed according to laws and regulations.

As the founder and soul of Dongyi Risheng, Chen Hui has served as chairman since the company’s founding in 1997, totaling 29 years. The announcement not only marks Chen Hui’s official departure from the board but also signals the end of the “Chen Hui era” at this longstanding home decor company.

The new Chairman of Dongyi Risheng, Zhang Jianhua, was born in 1973, holds a graduate degree from Northeast University of Finance and Economics, and previously served as Chairman and General Manager of Beijing Changkong Construction Co., Ltd. Since 2020, he has been Chairman and General Manager of Beijing Huazhuo Technology Co., Ltd., and joined Dongyi Risheng in January 2026.

Although Zhang Jianhua does not directly hold shares in Dongyi Risheng, during the company’s restructuring in January, Huazhuo Technology, as an industry investor, subscribed to 150 million shares through a share transfer, holding 15.77% of the total shares, becoming the largest shareholder and controlling shareholder of Dongyi Risheng. As the actual controller of Huazhuo Technology, Zhang Jianhua is effectively the ultimate controlling person of Dongyi Risheng.