Wins Finance Holdings
Wins Finance Holdings is a Chinese financial-services company focused on loan guarantees, equipment leasing, and direct lending for small and medium-sized businesses, primarily in Shanxi.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Wins Finance Holdings is a Chinese financial-services company whose principal activities have included loan guarantees, equipment leasing, and direct loans to small and medium-sized enterprises. Its business has been concentrated in Shanxi Province, with a particularly strong exposure to Jinzhong, a lower-tier city whose economy has historically been connected to coal mining and related activity. The company is therefore better understood as a regional alternative-finance provider than as a broadly diversified international financial institution. The operating history associated with Wins Finance predates the public company. Shanxi Dongsheng Finance Guarantee, described as the group’s main subsidiary, was established in 2006. The equipment-leasing operation began in 2009. These activities supplied the operating business that later became connected to a United States public-market listing through a special-purpose acquisition company. Sino Mercury Acquisition Corporation, or SMAC, was formed as a SPAC by Richard Xu and Brad Reifler and listed on Nasdaq in August 2014. Cantor Fitzgerald acted as the sole book runner for the offering, which raised $40 million. In 2015, SMAC acquired Wins Finance and the resulting public entity adopted the Wins Finance name. The merged company began trading on Nasdaq in October 2015. This transaction gave a locally focused Chinese finance business access to a U.S. public listing without following a conventional operating-company initial public offering. The listing subsequently attracted substantial attention because the company’s share price rose extraordinarily rapidly. Media reports described an increase of as much as 4,555% from the Nasdaq listing to the early-2017 peak. At that point, reported market capitalization reached approximately $9 billion, although those market values reflected the company’s volatile public-market price rather than the scale of its regional lending operations. Wang Hong was reported as the largest shareholder in 2016, with approximately 67% of the shares. In the same period, Zhao Peilin and Zhao Jing were identified as other significant shareholders. Wang later agreed to sell his stake to Hong Kong-listed Freeman FinTech at a substantial discount to Wins Finance’s contemporaneous trading price. The transaction was completed in August 2017 for approximately $260 million, according to the cited reference material. The company’s management and shareholder history also overlapped with Deyu Agriculture, another Shanxi-based company that had previously traded on Nasdaq. Jianming Hao served as chairman and co-chief executive officer of Wins Finance and had previously been chief executive of Deyu Agriculture. Wang Hong was also a major shareholder of Deyu Agriculture and later became its chief executive after Hao stepped down. Peiling He was identified as chief financial officer at Deyu Agriculture and subsequently held the same finance leadership role at Wins Finance. These connections formed part of the public discussion surrounding the company’s structure and market history. Operationally, Wins Finance’s activities included guaranteeing loans for customers, leasing equipment, and making direct loans. Its customer base was focused on small and medium-sized businesses, and its geographic concentration limited the extent to which the business could be viewed as nationally diversified. For the fiscal year ending in June 2017, the loan-guarantee business reportedly declined by half to $2.8 million. The available reference also stated that the company had only two customers in that business at the time, with those customers together accounting for roughly one-third of revenue. Public information supplied for this dossier does not establish the company’s current operating condition, corporate ownership, website, ticker, or continuing listing status.
History
Wins Finance Holdings developed from a regional financial-services operation in Shanxi rather than from a long-established international banking group. Its main subsidiary, Shanxi Dongsheng Finance Guarantee, was founded in 2006. The company’s equipment-leasing business began in 2009, adding an asset-finance component to its loan-guarantee activities. The wider operating model was aimed at small and medium-sized businesses in Shanxi, especially in and around Jinzhong. The public-company history began with Sino Mercury Acquisition Corporation, a special-purpose acquisition company established by Richard Xu and Brad Reifler. SMAC listed on Nasdaq in August 2014 and raised $40 million, with Cantor Fitzgerald serving as the sole book runner. The stated purpose of the shell company was to identify and combine with a Chinese company in the non-traditional financial sector. In 2015, SMAC acquired Wins Finance, and the merged company took the Wins Finance name. Trading under the new identity began on Nasdaq in October 2015. The public listing produced an unusually dramatic market episode. During late 2016 and early 2017, Wins Finance’s share price rose by as much as 4,555% from its listing level. At its reported February 2017 peak, the company had a market capitalization of approximately $9 billion. The episode attracted financial-media scrutiny because the market value appeared disconnected from the relatively narrow geographic and customer base of the underlying business. The company was described as serving primarily Jinzhong, a fourth-tier city whose economy was closely associated with coal mining. The available reference does not establish a definitive cause for the price movement. Ownership changes added another major chapter. Wang Hong was reported to hold about 67% of Wins Finance in 2016, making him the largest shareholder. He entered an agreement to sell the stake to Freeman FinTech, a company listed on the Hong Kong Stock Exchange. The agreed price represented a 79% discount to Wins Finance’s trading price on the day of the agreement, and the transaction was completed in August 2017 for approximately $260 million. Zhao Peilin and Zhao Jing were also identified as important shareholders in the middle of 2016. Wins Finance’s corporate network overlapped with Deyu Agriculture, another Shanxi-based business that had previously been listed on Nasdaq. Jianming Hao held the roles of chairman and co-chief executive officer at Wins Finance and had previously been Deyu Agriculture’s chief executive. Wang Hong was also a major Deyu shareholder and became that company’s chief executive after Hao stepped down in 2013. Peiling He served as Deyu Agriculture’s chief financial officer and later became associated with the same finance role at Wins Finance. These personnel and shareholder links were relevant to reporting about the company’s public-market background. The operating business remained comparatively concentrated. Wins Finance offered loan guarantees, equipment leases, and direct loans to small and medium-sized enterprises. In the fiscal year ending June 2017, its loan-guarantee revenue reportedly fell by half to $2.8 million. The reference described a client base of only two customers in that activity, together representing roughly one-third of revenue. Public reference material supplied for this entry does not provide enough information to determine the company’s present-day operating status, current executives, ownership, website, or whether its securities remain listed.
- 2017
Share-price surge reaches reported peak
[1]The company receives intense media attention after a reported rise of as much as 4,555% from its Nasdaq listing and a peak market capitalization of approximately $9 billion.
- 2017
Freeman FinTech completes Wang Hong stake purchase
[1]Freeman FinTech completes its purchase of Wang Hong’s stake for approximately $260 million.
- 2015
SPAC merger creates the public Wins Finance entity
[1]SMAC acquires Wins Finance and the combined company begins trading under the Wins Finance name in October.
- 2014
Sino Mercury Acquisition Corporation lists on Nasdaq
[1]The SPAC founded by Richard Xu and Brad Reifler raises $40 million in an August Nasdaq IPO.
- 2009
Equipment-leasing operations begin
[1]The operating business expands beyond guarantees into equipment leasing.
- 2006
Shanxi Dongsheng Finance Guarantee is founded
[1]The company’s principal operating subsidiary, Shanxi Dongsheng Finance Guarantee, is established in Shanxi.
Products and positioning
A regional Chinese alternative-finance provider serving small and medium-sized businesses in Shanxi, with historical emphasis on loan guarantees, equipment finance, and direct lending.
Business finance · 2006
Loan guarantees
Wins Finance provided guarantees connected with borrowing by small and medium-sized businesses. The activity was geographically concentrated in Shanxi and particularly in Jinzhong. The available reference indicates that the guarantee business was relatively narrow by fiscal 2017: reported revenue fell by half to $2.8 million, and two customers accounted for approximately one-third of revenue.
Asset finance · 2009
Equipment leasing
The company’s leasing operation began in 2009 and provided equipment-finance services alongside its guarantee and lending activities. The reference material does not identify specific equipment categories, contract terms, or the current scale of this business.
Business lending
Direct loans
Wins Finance also made direct loans to small and medium-sized enterprises. These loans formed part of a regional alternative-finance model serving businesses in Shanxi, but the supplied sources do not provide sufficient detail about loan volumes, maturities, interest rates, or present availability.
Brand decisions
2017
Sell Wang Hong’s controlling stake to Freeman FinTechM&ABackground
Wang Hong was reported to own approximately 67% of Wins Finance while the company’s share price was undergoing an extraordinary rise.
Action taken
Wang Hong agreed to sell his shares to Hong Kong-listed Freeman FinTech at a substantial discount to the prevailing trading price. Freeman completed the purchase in August 2017.
Aftermath
The transaction transferred the major shareholder’s stake for approximately $260 million, but the supplied sources do not establish the subsequent ownership or operating consequences.
Purchase price for Wang Hong's shares. $260 million (Completed August 2017)
2015
Complete the Sino Mercury Acquisition Corporation mergerM&ABackground
Sino Mercury Acquisition Corporation had been created as a Nasdaq-listed SPAC intended to combine with a Chinese non-traditional financial-services business.
Action taken
SMAC acquired Wins Finance and renamed the merged public entity Wins Finance Holdings, which began trading under the new identity in October 2015.
Aftermath
The transaction placed a regionally focused Chinese finance company on Nasdaq and preceded the company’s highly volatile 2016–2017 market performance.
Recent events
Wins Finance reports unaudited six-month results[2]
Reported:
Wins Finance announced unaudited financial results for the six months ended December 31, 2020, including a net loss of $14.6 million. The company attributed the decrease from the prior-year period mainly to the disposal of Jinchen Agriculture and its subsidiary Dongsheng Guarantee.
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/wins-finance-holdings · Editorial policy · How profiles are compiled