State-owned Assets Supervision and Administration Commission
In 2017, the State-owned Assets Supervision and Administration Commission (SASAC) of the Yantai Municipal People's Government, transferred 39.497% stake of Wanhua Industrial Group to another city government-owned company "Yantai Guofeng" (). Yantai's SASAC acquired the aforementioned stake from its subsidiary Wanhua Group Corporation in 2015. (see above section)