蔡文胜再出手！布局Web3与数字资产新赛道
In a striking move that has sent ripples across Hong Kong’s financial markets, Cai Wensheng — the visionary founder of Meitu — has re-emerged as a key player in the evolving landscape of technology investment. On June 24, China Financial Leasing (02312.HK) announced a major share transfer, marking the beginning of a strategic transformation aimed squarely at Web3, artificial intelligence, and digital asset finance.
The stock surged 646% upon resumption of trading on June 25, briefly hitting HK$2.50 per share before settling at HK$1.16 by mid-afternoon. This dramatic movement followed news that Longling Capital Ltd — a newly spotlighted entity — acquired a combined 34.96% stake in the company from original shareholders Lin Shusong and Capital Venture Holdings. The transaction involved 121 million shares for a total consideration of approximately HK$46.08 million.
Under regulatory requirements, Longling Capital is now obligated to launch a mandatory conditional cash offer for all outstanding shares at HK$0.38 each — a 13.43% premium over the pre-suspension closing price — amounting to a potential outlay of HK$85.74 million.
A New Chapter for China Financial Leasing
What makes this development particularly significant is the leadership behind Longling Capital: Cai Wensheng, who serves as its chairman. According to the official announcement, the acquisition isn’t merely financial — it’s transformational.
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The plan? To maintain the company’s listing on the Hong Kong Stock Exchange while building a world-class asset management platform focused on technology incubation, AI innovation, and digital asset financial products. The ambition is clear: evolve China Financial Leasing into a globally recognized investment holding group with deep roots in next-generation technologies.
Founded in October 2022, China Financial Leasing initially operated primarily as a securities investor, dealing in listed and unlisted instruments such as warrants, commodities, options, futures, and collective investment schemes. With Cai at the helm of its strategic direction, the firm is poised for a radical pivot toward high-growth tech sectors.
Who Is Cai Wensheng?
Cai Wensheng's journey from high school dropout to tech tycoon reads like a modern entrepreneurial epic. Born in Shishi, Fujian Province, he began his career in garment trading before making his first leap into the internet world in 2000 — not through coding, but through domain name speculation.
His early success came with the founding of Beijing 265 Technology Co., Ltd. in 2004, a web navigation service later acquired by Google in 2007. That exit cemented his status in China’s startup ecosystem and launched his career as an angel investor.
Over the years, Cai has backed now-household names such as 58.com, Baofeng Group, and Feiyu Technology. But perhaps his most iconic creation is Meitu, the image-editing app giant that revolutionized selfie culture across Asia.
Known for his decisiveness — “I make decisions very fast,” he once said — Cai has built a reputation for moving quickly and boldly. One legendary example: during a competitive bidding war for Baofeng, he secured the deal within half an hour with a verbal agreement and an immediate transfer of RMB 12 million.
Early Advocate of Blockchain and Digital Assets
Long before Web3 became mainstream, Cai Wensheng was already placing bets on blockchain’s future.
In 2014, his investment firm Longling Investment took a stake in OKCoin, one of China’s earliest cryptocurrency exchanges. By 2018, he publicly revealed investments in over ten blockchain projects, including Theta, Ontology (ONT), and Zipper (ZIP). In that same year, he famously claimed ownership of 10,000 bitcoins, positioning himself among Asia’s most prominent crypto holders.
His belief wasn’t just speculative — it was strategic. He saw blockchain as foundational infrastructure for the next internet era.
Meitu’s Crypto Journey: From Losses to Gains
Under Cai’s influence, Meitu made headlines in 2021 when it began allocating corporate funds to digital assets. The initial phase was rocky. Due to market volatility, the company recorded substantial impairment losses — RMB 86.6 million on Ethereum and RMB 198.2 million on Bitcoin by the end of 2022.
However, as crypto markets rebounded in 2023, so did Meitu’s fortunes. The fair value of its holdings rose to around USD 71.23 million for Ethereum and USD 39.91 million for Bitcoin. As a result, Meitu reversed approximately RMB 270 million in impairment losses in its annual report.
By late 2024, with Bitcoin reaching new highs, Meitu executed a well-timed exit strategy.
Between November and December 2024, the company sold its entire portfolio — roughly 31,000 ETH and 940 BTC — generating total proceeds of about USD 180 million (USD 100 million from Ethereum and USD 80 million from Bitcoin). The net profit from these sales reached approximately USD 79.63 million (RMB 571 million).
Meitu announced plans to distribute around 80% of the profits as a special dividend, returning value directly to shareholders, while reinvesting the remainder into expanding its core subscription-based image and design software business.
Strategic Shift or Full-Scale Transformation?
While Cai stepped down as Meitu’s chairman in June 2023 — reportedly due to internal disagreements over crypto exposure — his latest move signals no retreat from digital assets. Instead, it suggests a broader vision: leveraging public market platforms to build institutional-grade infrastructure for emerging technologies.
This time, the focus isn't just on holding cryptocurrencies — it's about creating ecosystems around Web3 applications, AI-driven tools, and regulated digital finance products.
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With Longling Capital now steering China Financial Leasing, expect increased activity in tech incubation, startup funding, and structured financial products tied to decentralized technologies.
Frequently Asked Questions (FAQ)
Q: Why did China Financial Leasing's stock surge over 600%?
A: The surge followed the announcement of a major share acquisition by Longling Capital Ltd., chaired by Meitu founder Cai Wensheng. Investors reacted positively to the prospect of strategic redirection toward high-growth sectors like AI and Web3.
Q: What are Cai Wensheng’s plans for China Financial Leasing?
A: He intends to transform the company into a global investment holding group focused on technology incubation, AI innovation, and digital asset financial products — all while maintaining its Hong Kong Stock Exchange listing.
Q: Did Meitu profit from its cryptocurrency investments?
A: Yes. After initial impairment losses due to market downturns, Meitu reversed those write-downs in 2023 and ultimately realized a net gain of USD 79.63 million upon selling its entire crypto portfolio in late 2024.
Q: Is Cai Wensheng still involved with Meitu?
A: No. He stepped down as chairman in June 2023 but remains the company’s largest individual shareholder.
Q: What is Longling Capital?
A: It is an investment entity chaired by Cai Wensheng, recently acquiring a controlling stake in China Financial Leasing with ambitions to develop it into a tech-focused asset management platform.
Q: How does this affect the Web3 landscape in Asia?
A: This move signals growing institutional interest in Web3 from seasoned tech entrepreneurs. It could catalyze more traditional firms to explore blockchain integration and digital asset strategies.
As the lines between traditional finance and digital innovation blur, figures like Cai Wensheng serve as bridges — combining decades of internet experience with forward-looking conviction in decentralized technologies.
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The era of Web3-powered finance isn’t coming — it’s already being built.