On a certain date, Zhongrun (Zhongrun Resources Investment Co., Ltd.) announced that through equity transfer, Zhaojin Ruining (Shandong Zhaojin Ruining Mining Co., Ltd.) has become the controlling shareholder of Zhongrun. Notable investor Guo Changjie finally shed his shell after the year.

Zhongrun Resources is considered a well-known "asset tool" in the stock market. Since its listing, its operating performance has never improved, yet it has changed its name ten times and been implemented multiple times. This game of hot potato was passed to Guo Changjie in 2016. As a result, this investor skilled in capital operations encountered trouble with Zhongrun Resources. In 2017, Guo Changjie made multiple attempts to restructure assets, all of which failed. Zhongrun Resources not only fell into a series of debt crises but also, on January 31, 2018, due to consecutive years of losses, received an "unqualified opinion" with a paragraph on significant uncertainty regarding its ability to continue as a going concern in its annual audit report, thus being labeled. The stock price of Zhongrun Resources plummeted, hitting a series of consecutive跌停板 (limit-down).

Deloitte Certified Public Accountants issued an "unqualified opinion" on the annual financial report audit of Zhongrun Resources, leading to a drop in Zhongrun Resources' stock price. Deloitte's distrust of Zhongrun Resources during the year was primarily due to Zhongrun Resources' controversial equity swap in the year. The purpose of this equity swap was to divest the real estate business from the company. Previously, Zhongrun Resources' main businesses were divided into two parts: real estate and gold mines. In January, Zhongrun Resources signed a "Major Asset Swap Agreement" with Mawei Titanium Industry Company. After the swap, Zhongrun Resources directly held 100% of the shares of New Gold International Limited, a subsidiary of Mawei Titanium Industry Company, while Mawei Titanium Industry Company directly held 100% of the shares of Jinan Xingrui Commercial Operations Co., Ltd. and 100% of the shares of Shandong Zhongrun Group Zibo Real Estate Co., Ltd. In other words, Zhongrun Resources exchanged two of its real estate companies for 100% of the shares of New Gold International.

New King International, a registered investment company in the British Virgin Islands, holds a % stake in Mawell Mining Limited. Mawell Mining, registered under the laws of Malawi, Africa, holds the mining rights for the Makanjira zircon-titanium sand mine in Malawi, with its main products being % titanium middlings, ()% zircon middlings, and % iron concentrate (not yet officially put into production). Regarding the reason for Mawell Titanium converting its mining assets into real estate, the original shareholder Yan Gaoming explained, "Mawell Titanium faced cash flow shortages and difficulty in starting the Malawi project, so it chose to inject real estate and divest the Malawi mining rights." In summary, the real estate for mining swap was completed on the date of the month. The controversial event occurred days later. On the date of the month, Shandong Ruishi Property Management Co., Ltd. acquired a % stake in Mawell Titanium. Given that Mawell Titanium had a positive view on the real estate market, why did it sell so quickly? The public explanation is that Mawell Titanium felt it lacked experience in the real estate market, while Shandong Ruishi had the expertise, so it handed over the business to Shandong Ruishi. Shandong Ruishi paid Mawell Titanium million yuan for two real estate projects, while also taking on the responsibilities of "existing unresolved litigation worth tens of millions of yuan, approximately billion yuan in external guarantees, risks of large tax payments due to incomplete land value-added tax settlement, difficulties in disposing of commercial real estate assets in third-tier cities, and uncertainties in the disposal value of assets."

This equity swap also triggered an inquiry from the Shenzhen Stock Exchange. On a certain date, the Lixin Certified Public Accountants provided the Shenzhen Stock Exchange with a special explanation for the inquiry letter, spanning 100 pages, involving 10 issues such as Zhongrun Resources' current equity swap and its negative net profit for consecutive years. However, regardless of the circumstances, Zhongrun Resources finally managed to divest its real estate sector—this part is no longer related to the listed company, and they also acquired mineral assets in Malawi. Zhongrun Resources stated that the company's business will focus on mining. Concentrating the business on mining also paves the way for Guo Changzheng's next step in divesting the shell.

According to the information on Zhongrun Resources' official website, the British Vatukoula Gold Mines Limited, through its wholly-owned subsidiary Fiji Vatukoula Gold Mines Limited, owns the Vatukoula Gold Mine and relatively complete mining, mineral processing, and exploration facilities. The gold mine is located in the northern part of Viti Levu, Fiji's largest island, with a mining rights area of . square kilometers. Currently, it holds a total of . million ounces (approximately . tons) of gold resources and a reserve of million ounces (approximately . tons), making it a large-scale gold mine. Zhongrun Resources has obtained control over the gold mine's mining rights by investing in British Vatukoula Gold Mines Limited. However, due to the impact of the pandemic, heavy rains, local policies, aging facilities, technological improvements in mining, rising costs, and other factors, the operation of Vatukoula Gold Mine has been poor. In fact, the issues faced by Zhongrun Resources at the mine are common problems for gold mines worldwide. Today, global gold mining is becoming increasingly difficult, and gold is in a state of supply and demand imbalance. The rise in global gold prices has made this contradiction even more pronounced.

On [Date], Shandong Zhaojin Ruining Mining Co., Ltd. was established. Zhaojin Ruining is controlled by Shandong Zhaojin Group Co., Ltd. and its subsidiary Zhaojin Mining Industry Co., Ltd. (holding a total of [Percentage]% of the shares), with Zijin Mining holding [Percentage]% and Ningbo Meishan Bonded Port Zone Ransheng Shengtong Investment Partnership holding [Percentage]% (with a subscribed capital of [Amount] billion yuan). The latter, Ransheng Shengtong, is actually controlled by Guo Changwei. In other words, the formation of Zhaojin Ruining, this new company, is the result of Guo Changwei's capital operation, aimed directly at the restructuring of Zhongrun Resources. On [Date], Zhaojin Ruining appeared in the announcement regarding the acquisition of shares of Zhongrun Resources by Guo Changwei and his concerted action parties (three shareholders). The announcement stated that Zhaojin Ruining acquired [Percentage]% of Zhongrun Resources' shares for approximately [Amount] billion yuan, achieving a controlling stake. Meanwhile, Guo Changwei retained [Percentage]% of Zhongrun Resources' shares but relinquished his voting rights. This situation likely arose because, after the acquisition, Guo Changwei and his concerted action parties still held [Percentage]% of the shares, posing a potential risk of losing control over Zhaojin Ruining. To ensure Zhaojin Ruining's control, both parties made special negotiations. However, Guo Changwei still had one issue to resolve: the [Amount] billion shares of Zhongrun Resources he held were frozen, and thawing required coordination. Judging from the acquisition results alone, Guo Changwei effectively swapped [Percentage]% of Zhongrun Resources for the new company Zhaojin Ruining. Zhongrun Resources was handed over to Zhaojin Ruining for control. Guo Changwei shed more than half of his shell. The Zhaojin Group behind Zhaojin Ruining is located in Zhaoyuan City, Shandong Province, known as the "Golden Capital of China" and the "No. 1 Gold Production City in China," which is 100% controlled by the State-owned Assets Supervision and Administration Bureau of Zhaoyuan City, backed by the Zhaoyuan Municipal People's Government. This means that after shedding his shell, Guo Changwei has now taken shelter under state-owned assets. On the other hand, recent efforts by domestic gold mining companies to promote smart mines and enhance gold production capacity and efficiency present opportunities for both Fiji's mines (including those in Malawi) and the Zhaoyuan Group. This opportunity is better than any previous story of Guo Changwei.