Analysis of Governance and Strategic Impacts of Kunlun Wanwei's Actual Controller Zhou Yahui Taking Over as Director

December 19, 2025, Kunlun Wanwei (300418.SZ) director Huang Guoqiang resigned for personal reasons, and the actual controller and founder Zhou Yahui took over the director position [0]. The event occurred recently, and no formal official announcements or detailed reports have been released yet.
Kunlun Wanwei is a Chinese technology company mainly engaged in video games and multimedia businesses [0]. Recently, the company faces significant performance pressure: net profit margin is -21.38%, ROE is -11.74%, market capitalization is 4.993 billion USD; its stock price dropped 7.85% in the past month and 12.42% cumulatively in the past three months [0].
From the perspective of governance structure, the actual controller joining the board may strengthen the company’s centralized management and improve decision-making efficiency, but it may also have a certain impact on the independence of the board [0]. At the strategic level, Zhou Yahui’s direct participation in board decisions may more actively promote the company’s strategic adjustments to address the challenge of performance decline [0].

• This governance adjustment may be one of the company’s measures to deal with performance pressure, reflecting the actual controller Zhou Yahui’s intention to intervene more directly in the company’s operational decisions.
• The trend of centralization of the governance structure and the potential balance issue of board independence will become the core focus of investors in the future.

1. Governance risk: If the independence of the board is impaired, it may arouse investors’ concerns about the effectiveness of the company’s governance mechanism.
2. Market risk: The uncertainty of investors about changes in the governance structure may exacerbate short-term stock price fluctuations.
3. Strategic risk: The direction and rhythm of strategic adjustments are still unclear, and there is uncertainty about the execution effect.

1. Improvement of decision-making efficiency: Centralized management may help quickly formulate and implement strategies to address performance challenges.
2. Enhancement of strategic consistency: The founder’s direct participation in decision-making may make the company’s strategy more in line with his long-term vision.

This event is a governance structure adjustment of Kunlun Wanwei, where the actual controller Zhou Yahui took over as director. Based on the company’s current performance pressure, this adjustment may affect the degree of governance centralization and decision-making efficiency, and may promote strategic adjustments. Due to the recent occurrence of the event and the lack of detailed official information, the specific impact still needs further observation.