Shengfutong’s 200 million yuan equity was frozen

Blue Whale News February 18 (Reporter Huang Yujie)Recently, Tianyan information showed that Shanghai Shengfutong Electronic Payment Service Co., Ltd.(hereinafter referred to as Shengfutong) added a new piece of equity freezing information. The enforcement court is the Second Intermediate People’s Court of Shanghai City, and the enforcement notice number is (2024) Shanghai 02 Minchu Law No. 157. The company subject to the equity freeze this time is Shengfutong, with an equity amount of 200 million yuan. The person subject to execution is Shanghai Zhangmen Technology Group Co., Ltd., and the freeze period runs from February 6, 2025 to February 5, 2028 for a period of three years.

This is the second time in recent years that Shengfutong has faced an equity freeze due to shareholder issues. In October 2023, the 200 million yuan equity of Shengfutong held by Zongmen Technology was frozen by Shanghai City No. 1 Intermediate People’s Court. The case number is (2023) Shanghai 01 Financial Insurance Law No. 20, and the freezing period will expire until 2026. Equity freezing is usually due to litigation disputes, debt disputes, etc., and creditors apply to the court for property preservation or measures taken by the court to protect the interests of creditors.

Shengfutong was established on June 1, 2008 and was founded by Shanda Group. It is one of the first 27 companies in the country to obtain payment licenses. On May 3, 2011, Shengfutong obtained the “Payment Business License” issued by the central bank for the first time. The business types include Internet payment, prepaid card issuance and acceptance, mobile phone payment, fixed-line phone payment, bank card acquiring, etc. On February 18, 2014, Shengfutong was approved for cross-border RMB qualification, becoming one of the first payment institutions to obtain cross-border foreign exchange payment business licenses.

In the early days, Shengfutong mainly relied on Shanda Group’s game series to provide payment services such as game virtual currency and credit cards. With the development of the payment industry, Shengfutong has gradually expanded into offline POS acquiring, cross-border fund settlement and other business areas. In 2011, Shanda Network decided on a transformation plan. After abandoning its U.S. stock listing status in 2015, the company’s personnel changes frequently, its performance declined, and its game development fell short of expectations.

On November 24, 2017, Shanda Network withdrew from Shengfutong, which was controlled by Shanghai Zhangmen Technology Co., Ltd., with a shareholding ratio of 80%. The actual controller of Qianmen Technology is Chen Danian, and its main products include Shengfutong, WiFi Master Key, etc.