Heng Ren’s activism started in 2015. It began with investments in undervalued Chinese stocks where special situations evolved.
Heng Ren’s activism started in 2015. It began with investments in undervalued Chinese stocks where special situations evolved.
Heng Ren's activism initially focused on undervalued microcap Chinese companies trading on U.S. stock exchanges. Our purpose is to protect our investors' rights, and to realize value in our investments for our investors, and all shareholders.
China Nepstar
After a 91% drop in stock price we demanded the drug store chain make changes to become profitable. Some were implemented and the stock rose. A management buyout was accepted at a price +73% higher than at the start of Heng Ren's initiative.
Exited in 2016.
Jiayuan.com
Heng Ren successfully forced a 41% increase in the company's lowball bid to buy out minority shareholders of the Chinese dating site.
Exited in 2015.
Renren Inc.
Heng Ren resisted a management corporate action that hurt minority shareholders. A historic $300 million settlement was paid to shareholders during litigation.
Exited in 2022.
Sinovac Biotech Ltd.
Initially Heng Ren resisted a failed, lowball bid by management in 2016 to buy out minority shareholders. In 2025 Heng Ren pushed for $8.9 billion in dividends from the Chinese vaccine company's enormous COVID-19 profits. A partial $3.9 billion dividend was paid in 2025 to shareholders; Heng Ren continues to push for the unpaid dividends.
Ongoing in 2026.
Jumei Insiders Withdraw Buyout Bid Under Heng Ren Pressure – Activist Insight
In 2016, China-based, New York-listed Jumei International has decided to reject a buyer group's proposal to take the company private. The online beauty products retailer received a letter from the buyer group stating that they were withdrawing their previous non-binding proposal immediately. The proposal, initially made in February 2016 by the company's founder and CEO, Leo Ou Chen, along with Yusen Dai of Sequoia Capital China, offered $7 per share.
Activist investor Heng Ren Partners criticized Chen and Sequoia Capital China in August for not providing updates on their initial bid, which led to a sharp drop in Jumei's stock price. The stock had fallen by nearly 40% since the start of the year, hovering at around $3. However, following the announcement of the withdrawal, Jumei's shares experienced a 13% surge, followed by another 7% in pre-market trading for a cumulative 20% surge after Heng Ren's actions.
China Cord Blood ditches management buyout after Heng Ren declares bid undervalued
April 13, 2017
The board of China Cord Blood (NYSE: CO) has abandoned negotiations over a management buyout as its controlling shareholder is set to sell its stake in the company. In a Thursday statement, the Chinese umbilical cord blood banking operator said that the decision was taken in light of Golden Meditech Holdings' 764 million yuan sale of shares to Nanjing Xinjiekou Department Store, as well as of the buyer's "future plans regarding [China Cord Blood] after the acquisition is completed."
Golden Meditech was founded by Yuen Kam, who serves as chairman and CEO of the company and is also the chairman of China Cord Blood.
In 2015, Golden Meditech submitted a proposal to buy the umbilical cord blood company, causing protests from shareholder Jayhawk Capital Management.
Two months later, Nanjing Xinjiekou submitted a $6.40 per share offer for China Cord Blood's stock which for a while seemed to be tempting Golden Meditech.
In January 2017, Nanjing Xinjiekou made an improved $10.50 per share offer for Golden Meditech's 65% stake in China Cord Blood, and Yuen's company caved in. However, the new offer was not extended to the entire stock of the Chinese company.
Activist Heng Ren Investments, who had joined the fray in December 2016, praised the deal, which proved its claim that China Cord Blood was undervalued.
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