On June 6th, TikTok influencer '珍珍Janice' blew the whistle on Shenghong Technology's chairman, Chen Tao, for cheating on his wife, with a surveillance video of the two kissing in the company elevator instantly blowing up online.
This seemingly ordinary rumor has turned into a seismic event in the capital markets, impacting tens of thousands of investors, all because it involves an AI company valued at over 300 billion.
The whistleblower claims that the male lead of this story is Chen Tao, one of the most legendary figures in the semiconductor industry. This 54-year-old veteran rose from a rural area in Gansu, founded Shenghong Technology in 2006, and successfully entered the Nvidia supply chain in 2020 by accurately predicting AI computing trends.
Now, Shenghong Technology has become a leading global high-end PCB manufacturer for AI servers, estimated to occupy about 50% of Nvidia's latest GB200/GB300 server PCBs, with orders scheduled until 2026.
The female lead, Song Zhenzhen, whose online name is 'Zhenzhen Janice', is a short video blogger with tens of thousands of fans.
According to her account, she joined a company affiliated with Shenghong Technology in 2022 and developed a romantic relationship with Chen Tao. At that time, Chen Tao concealed his marital status from her, promised to divorce and marry her, and even encouraged her to have children.
The key evidence for this 'underground love' rumor is a surveillance video filmed in the elevator in April 2025.
In the video, Chen Tao and Song Zhenzhen are seen getting cozy and kissing in the company’s exclusive elevator. This clip reportedly circulated in the finance circle in September 2025, but it didn’t gain much traction at the time.
The escalation of the conflict occurred at the end of 2025. According to Song Zhenzhen's disclosure, Chen's original wife once brought people to negotiate with her, and the visitor was sentenced to six months in prison for illegal intrusion. After that, Chen gradually distanced himself from Song Zhenzhen, directly blocking her during her hospitalization for depression.
'I accompanied him from 30 billion to 300 billion, but he only gave me a few hundred thousand for living expenses.' Song Zhenzhen wrote in her disclosure. She recounted that she attempted suicide twice, one time swallowing a whole bottle of sleeping pills, and was sent to the hospital for gastric lavage after being discovered by her mother.
After multiple unsuccessful contacts with Chen Tao, on June 6, 2026, Song Zhenzhen chose to make all evidence public, including the elevator video, chat records, and Chen's health issues.
Market cap evaporated by hundreds of billions.
Shareholders are paying for the 'most expensive kiss in history'.
The destructive power of this private emotional dispute far exceeds everyone's imagination.
In fact, the day before Song Zhenzhen’s formal disclosure (June 5), Shenghong Technology's stock had already shown volatility.
On that day, the company’s A-shares plummeted 7.59%, with a trading volume reaching 19.275 billion yuan, net outflow of main funds was 3.8 billion yuan, and the market cap evaporated by about 25 billion yuan. The Hong Kong stock performance was even worse, with a daily drop of 11.18%.
After the disclosure on June 6, market panic further spread.
On the morning of June 8, Shenghong Technology’s stock price opened low and continued to decline. By lunchtime, A-shares fell by 6.07% and Hong Kong stocks dropped by 6.19%, with a latest market cap of approximately 312.3 billion yuan.
In just three trading days, the company's market cap has evaporated by about 54 billion yuan.
'So it turns out, the love between A Tao and A Zhen ended up being paid for by us shareholders.' one investor sarcastically commented in the stock forum.
Faced with the overwhelming public opinion, on June 7, the president of Shenghong Technology responded that the circulating information was not entirely accurate and that they had reported it to the police.
On the morning of June 8, Shenghong Technology responded again: the circulating video and related information reflected content unrelated to the company's production and operational activities, nor does it involve company governance, internal control, or any major information that should be disclosed, and will not affect the company's daily operations.
A rumor about the chairman.
Why has this blown up so much?
'The elevator door' incident has fermented to this day, and the truth remains undetermined. As of the time of writing, Chen Tao has yet to make any public response to the matter.
However, in the public opinion arena, there have already been starkly different voices.
The most furious are the retail investors. They believe that as the actual controller and chairman of a listed company, Chen Tao's personal ethics issues have severely damaged the company's image and shareholder interests.
'The chairman is busy dating, where does he have the energy to manage the company?'
Many shareholders questioned why the surveillance video in the company elevator was privately obtained and leaked, wondering if there were internal control loopholes behind it.
Market observers, however, are relatively rational. They point out that the short-term price fluctuations are more emotional, and the fundamentals of Shenghong Technology as a core supplier to Nvidia have not fundamentally changed.
However, they also pointed out that Chen Tao and his wife jointly hold about 30% of the company’s shares. If a divorce property split occurs later, it could lead to a shake-up in the shareholding structure, which is an uncertain factor for the long-term development of the company.
Some netizens also pointed fingers at the whistleblower, Song Zhenzhen.
They believe the authenticity of the video is yet to be confirmed; at the same time, Song Zhenzhen knew Chen Tao was married but still maintained a relationship with him, which itself presents a moral flaw.
Choosing to blow the whistle in a fish-dead-net-breaking manner is essentially due to the failure to obtain compensation; it’s a 'if I can't have it, I’ll destroy it' farce.
Regardless of the truth, this 'most expensive kiss in history' has taught a profound lesson to all actual controllers of listed companies.
In today’s highly transparent capital market, the personal lives of company owners are no longer purely private affairs.
Their every word and action not only affects their personal reputation but also the vested interests of thousands of investors, potentially impacting the life and death of the company.
Will this storm eventually calm down over time, or will there be a major turnaround? Let’s wait and see.