According to Tianyan investigation, Shenzhen Huazhixiao E-Commerce Co., Ltd. has undergone a number of executive changes. Yang Zifeng, founder of Hua Zhixiao, stepped down as chairman and continued as manager and director; Hou Yameng, general manager of Perea, took over as chairman. Huazhixiao co-founder Zhou Tiancheng withdrew from the board of directors, and Huazhixiao's chief marketing officer Gong Yiliu stepped down as supervisor; Jin Chang, head of finance at Perea, assumed the above position. This adjustment occurred after Perea completed HuaZhi Holdings. In 2025, Perea Investment Co., Ltd., a wholly-owned subsidiary of Perilla, invested 428 million yuan to acquire 38.45% of Huazhixiao's shares. In May 2026, Perea transferred another 12.54% of Yang Zifeng's shares for 351 million yuan, and the cumulative shareholding ratio rose to 51%. Hua Zhixiao is therefore included in the scope of Perea's consolidated statements.

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