Shaanxi's richest man buys distressed tourism firm for $160M, adding a fourth listed company
What's the deal? Sanyuan JiuheDealroom has a profile for this one. Try Dealroom →, controlled by Shaanxi billionaire Yan Jianya, is acquiring struggling state-owned tour operator Xi'an TourismDealroom has a profile for this one. Try Dealroom → (000610.SZ) in a buyout worth about US$151.3M (roughly $160 million, converted at current rates). Once complete, Yan becomes the controlling shareholder of what will be his fourth listed platform.
How the deal works: Sanyuan JiuheDealroom has a profile for this one. Try Dealroom → will take 146 million shares at US$0.49 each, investing US$71.1M, while eight co-investors add US$80.3M at US$0.54 per share. Both prices sit well below the September 21 close of US$1.16 — the lead investor's price is a 58% discount.
Why now? Xi'an Tourism is fighting for survival. On August 28, a creditor petitioned a Xi'an court for restructuring over an unpaid US$243.4K debt; the company's shares were flagged as delisting risks in April 2026.
The numbers: Xi'an Tourism has posted negative recurring net profit for 13 straight years since 2013, with cumulative losses near US$173.3M. In 2025 it reported revenue of US$76.5M, down 4.57%, and a net loss of US$40M, up 11.86% — leaving net assets at −US$7.49M.
What's the endgame? Yan already controls biotech firm Giant BiogeneDealroom has a profile for this one. Try Dealroom → (02367.HK) and defence supplier Trinity DefenceDealroom has a profile for this one. Try Dealroom → (300775.SZ), and holds a strategic stake in marketing group SanrenxingDealroom has a profile for this one. Try Dealroom → (605168.SH). One distressed-asset investor said Yan's "core aim may not be running the tourism business, but targeting the company's underlying real estate and its clean A-share shell."
What could go wrong? The historical burden is heavy. A single project — the Zagana eco-wellness venture — swallowed more than US$6.88M in inventory write-downs in 2025 alone. Even if restructuring succeeds, the company must turn net assets positive and return to profit in 2026 to shed its delisting warning.
The signal: The deal shows private capital moving in on distressed state-owned assets that struggle to be liquidated inside the state system. For Yan, whose portfolio spans biotech, defence, and marketing, a cleaned-up listed vehicle in prime Xi'an real estate offers a fresh base for future capital manoeuvres — provided the baggage can be cleared.
Image credit: Ronnie Macdonald
