Wins Finance Holdings is a China-based company in the middle of a significant business transformation. Its original business was financial leasing and advisory services to Chinese SMEs and microenterprises that lacked access to traditional bank financing — a capital-intensive model that earned a spread on equipment leases, relying on a proprietary referral-based risk framework called the "Trusted Business Circle." That legacy business effectively collapsed after Chinese authorities seized and disposed of its two main operating subsidiaries in Shanxi Province following a 2020 criminal case. Today, Wins is rebuilding as a medical equipment and consumables distributor, selling products such as PET-CT scanners, ultrasound equipment, and orthopedic implants to hospitals and clinics across China through a national sales agent network. The company targets roughly 15% margins in this business, distributing equipment and consumables through subsidiaries acquired since 2021. For consumables, Wins invoices hospitals based on confirmed usage; equipment sales follow standard contract terms. Wins' longer-term ambition is to expand through further acquisitions of distributors and manufacturers, and to establish a network of regional cancer diagnosis and treatment centers in major Chinese cities. The medical business is nascent, with a very small revenue base, and the company faces material weakness in internal controls, going concern questions, and a controlling shareholder that is in provisional liquidation proceedings in Hong Kong.