Due to a lease dispute, four Hong Kong-listed companies under MicroPort — MicroPort Scientific Corporation (00853.HK), MicroPort MedBot (02252.HK), MicroPort CardioFlow (02160.HK), and MicroPort NeuroScientific (02172.HK) — have delayed disclosure of their 2026 interim results and were simultaneously suspended from trading on September 1 this year.
The landlord involved in the lease is Shanghai Huiqingcheng Investment Management Co., Ltd. (hereinafter referred to as Huiqingcheng), which was named Shanghai MicroPort Investment Management Co., Ltd. before June 2022. In 2019, the company appeared as a related party in MicroPort's annual report.
An investigation by the reporter exclusively found that prior to this lease, the two parties had an even earlier lease agreement. As early as MicroPort's 2017 annual report, Shanghai MicroPort Investment Management Co., Ltd. appeared as a related-party lessor. The lease that triggered MicroPort's trading suspension was signed one year later than that earlier lease and, in addition to approximately 1.3 billion yuan in rent, included an additional deposit balance of approximately 296 million yuan.
Further penetrating the business registration information, the reporter found that companies in the landlord camp frequently appeared on the shareholder lists of multiple MicroPort subsidiaries — capital increases, transfers, succession, and exits. On-site visits also revealed that several companies in the landlord camp were "not found" at their registered addresses, had already been demolished, or had other enterprises operating there.
Where the trouble began
MicroPort Scientific Corporation (00853.HK), MicroPort MedBot (02252.HK), MicroPort CardioFlow (02160.HK), and MicroPort NeuroScientific (02172.HK) all stated that their 2026 interim results would be delayed. One of the reasons given in the listed companies' announcements was the need for more time to "review the relationship between the Group and the owner of the property and its contacts."
The owner referred to in the announcements is Huiqingcheng, which was named Shanghai MicroPort Investment Management Co., Ltd. before June 2022. When it was established in July 2003, it was named Shanghai MicroPort Investment Development Co., Ltd., with a registered address at Building 4, No. 1661 Zhangdong Road and No. 2585 Zuchongzhi Road, China (Shanghai) Pilot Free Trade Zone. In 2019, the company appeared as a related party in MicroPort's annual report, showing that its legal representative in 2018 was Chang Zhaohua, founder of MicroPort.
In 2021, relevant subsidiaries of MicroPort entered into 10 lease agreements with Huiqingcheng, leasing approximately 126,400 square meters of premises at No. 1661 Zhangdong Road, Shanghai. Over five years, the cumulative rent paid by MicroPort's relevant subsidiaries amounted to approximately US$195 million, with a deposit balance of nearly 296 million yuan.
It is worth noting that with Chang Zhaohua's exit, the company's name change, and shareholder changes, no direct equity relationship between the two can be found in business registration records. The company's current position is that Huiqingcheng is an indirect subsidiary of Qiuzhen Wushi Fund Limited, a non-cellular company limited by guarantee incorporated in Hong Kong with no beneficial owner or ultimate controller.
A lease that came even earlier
After in-depth investigation, the reporter found that prior to this widely scrutinized lease, the two parties had an even earlier lease agreement. As early as MicroPort's 2017 annual report, Shanghai MicroPort Investment Management Co., Ltd. appeared as the lessor. In that annual report, MicroPort stated that the lessor's legal representative and board chairman was a director of the company, and therefore the lessor was a related party of the company. According to the lease agreement, the lessor would lease certain buildings to MicroPort Shanghai for a term of five years starting from May 1, 2020. MicroPort Shanghai agreed to pay the lessor a pledge deposit of 112.8 million yuan before June 1, 2018. The lease deposit and future rent could first be deducted from the pledge deposit. If MicroPort Shanghai cancelled the lease without the lessor's permission, it would have to pay 20% of the pledge deposit as compensation.
In January 2018, two years before the aforementioned lease was to take effect, MicroPort Shanghai paid a partial pledge deposit of 72.5 million yuan to the lessor. The subsequent fate of this pledge deposit was not disclosed in other MicroPort announcements. According to lease information in MicroPort's subsequent announcements, the lease was delayed by one year compared to this contract and added a new deposit balance of approximately 296 million yuan.
The mystery behind the landlord
Huiqingcheng is currently 100% controlled by Huajiaoshu Telemedicine Network Technology (Shanghai) Co., Ltd. (hereinafter referred to as Huajiaoshu). Huajiaoshu's background is quite mysterious — its shareholders are two foundations that cannot be traced to natural persons through business registration data. Its identifiable investment structure is relatively simple: it 100% owns Huiqingcheng and Shanghai Changlong Life Medical Technology Co., Ltd. (hereinafter referred to as Shanghai Changlong); Huiqingcheng in turn holds Shanghai Aimeigao Enterprise Management Co., Ltd. (hereinafter referred to as Aimeigao) through its wholly-owned subsidiary Shanghai Ruizheng Investment Management Co., Ltd. (hereinafter referred to as Shanghai Ruizheng); additionally, Huiqingcheng once held shares in Shanghai MicroPort Daotong Medical Technology Co., Ltd. (hereinafter referred to as MicroPort Daotong).
Through penetrating business registration data, the reporter found that these companies in the landlord camp have frequently appeared on the shareholder lists of the MicroPort system over the past few years.
Among them, Shanghai Changlong was established in September 2006 and is a "familiar face" within the MicroPort system: its shareholding record can be traced back to 2017, after which it increased holdings, transferred shares, and succeeded others in multiple MicroPort subsidiaries, and as recently as 2026 still appeared in announcements of CardioFlow Medical. Third-party platform data shows that in June 2017, Shanghai Changlong first appeared on the shareholder list of Shanghai MicroPort Life Science Technology Co., Ltd. (hereinafter referred to as MicroPort Life, established in 2008). In 2025, MicroPort Life had two capital increases, with registered capital increasing from 145.75 million yuan to 222.191672 million yuan. The capital increase was jointly subscribed by Shanghai Changlong, Aimeigao, and MicroPort Investment Holdings Co., Ltd. (MicroPort's domestic investment platform). Director filings simultaneously showed that Tu Xianni and Huo Qingfu exited, while Xu Yimin and Dong Xu entered.
It is worth noting that the legal representative of Shanghai Changlong and the former legal representative of Huajiaoshu are both named "Tu Xianni." If the above "Tu Xianni" is indeed the same person, this personnel change is noteworthy — while Changlong gained controlling rights, Changlong's person exited the board of directors, replaced by MicroPort system management. Public information shows that Xu Yimin is a member of the Greater China Executive Committee of Shanghai MicroPort Medical (Group) Co., Ltd. and Executive Vice President of Group Product Registration and Group Property. MicroPort Life's official website shows that Xu Yimin's position is Chairman of the company.
Later, Shanghai Changlong also participated in investments in MicroPort MedBot and others. In December 2018, Shanghai Changlong increased its capital in MicroPort MedBot with a total consideration of 60.76 million yuan, with 4.0823 million yuan recorded as registered capital; during the same period, Changlong became the general partner of Shanghai Qinghe, MicroPort MedBot's employee shareholding platform. On August 31, 2020, MicroPort announced that Shanghai Changlong transferred 2.38% of MicroPort MedBot's registered capital to six Pre-IPO investors for a consideration of 500 million yuan.
In addition, Shanghai Changlong also holds a 4.32% stake in Shenzhen MicroPort Trace Medical Equipment Co., Ltd.
The shareholding shuffle
Beyond direct shareholding, the reporter noted that Huajiaoshu's subsidiaries Shanghai Changlong and Huiqingcheng have been "flipping" equity in multiple MicroPort subsidiaries with the MicroPort system. MicroPort Daotong was established in 2021. Its first equity change occurred in May 2024, when MicroPort's Shanghai MicroPort Investment Holdings Co., Ltd. exited and Huiqingcheng entered. In October 2024, another shareholder, Shanghai Qiantiao Enterprise Management Consulting Center (Limited Partnership), exited, making MicroPort Daotong a wholly-owned subsidiary of Huiqingcheng. In January this year, Huiqingcheng exited, and MicroPort Daotong is now wholly owned by Shanghai MicroPort Dimension Brain Science Technology (Group) Co., Ltd., a MicroPort subsidiary. Additionally, in March 2026, Shanghai Changlong took over 4.15% equity in Lanmai Medical, a subsidiary of CardioFlow Medical.
Unlike Changlong's long-term holdings, Aimeigao's investment activities were concentrated in 2024 and 2025, with most entries and exits ending in "handovers." Aimeigao is wholly owned by Shanghai Ruizheng, is a wholly-owned grandchild company of Huiqingcheng, and its legal representative is Shen Ya. Before 2024, almost no record of its shareholding within the MicroPort system could be found in public records; starting from July 2024, it successively entered Suzhou MicroPort Regenerative Medicine Technology Co., Ltd. (hereinafter referred to as Suzhou MicroPort Regenerative) and MicroPort Life, then exited in July and October 2025 respectively.
The first stop was Suzhou MicroPort Regenerative, established in December 2021, which was once 100% held by Shanghai MicroPort Investment Holdings Co., Ltd. In July 2024, Aimeigao acquired 24.24% equity; after a series of equity transfers, MicroPort Investment Holdings' stake dropped to 46.788%. A year later, Suzhou MicroPort Regenerative saw another equity change. Business registration data shows that in July 2025, Aimeigao exited, and MicroPort Life became the controlling shareholder of Suzhou MicroPort Regenerative by acquiring shares from MicroPort Investment Holdings and Aimeigao.
One week before the above equity changes, Aimeigao became a shareholder of MicroPort Life. On July 23, 2025, MicroPort Life's registered capital increased to 222 million yuan. This capital increase was jointly subscribed by two shareholders: Aimeigao subscribed 9.639541 million yuan; MicroPort Investment Holdings subscribed 18.6044 million yuan, with its subscribed capital contribution increasing from 55.4837 million yuan to 74.0881 million yuan. But on October 23, 2025, Aimeigao exited. Business registration change records show that its 9.6395 million yuan capital contribution was transferred to Shanghai Changlong, whose subscribed capital contribution increased from 105.7 million yuan to 115.3 million yuan, with its shareholding ratio rising to 51.91%. It was through these two capital operations that Shanghai Changlong indirectly gained control of Suzhou MicroPort Regenerative.
Aimeigao's upper-level shareholders added a layer of funding background to this "bridge" transaction. Business registration information shows that Shanghai Ruizheng has registered capital and paid-in capital of 1.397 billion yuan, with only one external investment — Aimeigao — and no other business operations shown in public information. In addition, Huiqingcheng, Huajiaoshu, Shanghai Changlong, Wangdaotong, and other companies share the same phone number in business registration information. When dialed, the voice prompt points to Shanghai Direction Medical System Co., Ltd. — a company incubated by the MicroPort system.
On-site visits: registered addresses with no trace
Following Shanghai Changlong's registered address, the reporter arrived at No. 841 Hewu Highway, Bao Town, Chongming District, Shanghai. The "841" number plate on the gate post was clearly visible, the dark gray iron gate was tightly closed, and the iron lock on the gate showed obvious signs of rust. The cement wall was covered with stains of varying shades. Outside the gate, several container-style activity rooms were placed side by side, with mottled exterior walls and visible rust at the edges. Broken bricks, stones, and other construction waste were piled nearby, with weeds growing from the wall base and exposed mud. Looking over the wall, the cement yard inside was empty, with boards, metal frames, and other miscellaneous items leaning against the wall. In a single-story house on one side inside the wall, wooden boards could be faintly seen stacked inside. During this visit, the reporter could not identify the location of "Room 105" from outside the wall, nor within the visible range could any company signage or signs of personnel working for Shanghai Changlong be seen. The reporter also asked nearby merchants, and one said: "Some of the spaces inside No. 841 are warehouses; normally no one works here."
Subsequently, the reporter rushed to No. 58 Bao Town South Road, several kilometers away, where business registration information shows three companies are registered: Huajiaoshu, Shanghai Yuhua Investment Management Co., Ltd., and Shanghai Wangdaotong Biotechnology Co., Ltd. At the scene, the reporter saw that below the green door plate marked "No. 58 Bao Town South Road," a nameplate read "Shanghai Dalue Electric Motor Manufacturing Co., Ltd." Entering the gate, an industrial factory area came into view. In the open workshop, mechanical equipment, workbenches, and material racks were distributed throughout. Multiple cylindrical metal products wrapped in transparent film were stacked on pallets, with stacks of boards, cardboard boxes, and packaging materials placed nearby. A worker at the factory said this was the Dalue Electric Motor factory, that he had not heard of the above three companies, and said: "Many companies are registered here, but no people work here. Many people have come to ask about companies before and couldn't find them; some even went to court."
Aimeigao's registered address is No. 1325 Middle Huaihai Road, Xuhui District, namely Ruili Building. The front desk staff at the building said that Aimeigao is the building's management company but does not actually office there. Shanghai Ruizheng's registered address is "No. 24, Lane 315, Fenggu Road, Xuhui District, Shanghai." At the scene, the reporter saw that this was actually a residential community. Searching along the community, the building numbers the reporter saw ranged from No. 1 to No. 22, and "No. 24" was not found. The community gatekeeper recalled that the original Building No. 24 had been demolished around 2022, and a police station was later built on the original site. The gatekeeper also said that fire and other relevant personnel had previously come to inquire about companies registered at this address. During this visit, the reporter could not find any trace of Shanghai Ruizheng.
Regarding rent-related matters, the reporter sent an interview letter to MicroPort, and the company replied on September 24 that relevant matters should be referred to the announcements.