A merger deal is unfolding in China Dongsheng International Inc. (OTCMKTS: CDSG) and it’s not too late to get a ringside seat. The current market cap is $2.4 million and the merger target is Pegasus New Energy Vehicles which is a majority owned subsidiary of Visionary Holdings Inc (NASDAQ: GV), and an undervalued NASDAQ holding company. A deep dive reveals a very ambitious project in the EV sector with seasoned executives and the connections to be the market leader in the Canadian EV business.
Chairman Linked to NASDAQ Holding Company
The key to the linkage between the EV company and CDSG lies in the management. In the latest filing CDSG noted that Fan Zhou became the chairman and president of CDSG in January 2025. Additionally we learned that the controlling entity of CDSG is Visionary Energy Holdings Inc, a subsidiary spun off from its parent company, until her resignation in April. The control person is Fan Zhou. The bottom line is that Fan Zhou served as both the Chairman of the Board of Visionary Holdings, Inc., the spin off company of the parent company, Visionary Holdings Inc. until her resignation on April 30, 2025. She concurrently served as the Chairman of CDSG and GV.
Connection to EV Industry
The new CEO of CDSG is Yongheng Hu but he is also part of the management team of NASDAQ listed GV. So here again is the strong linkage between the current CEO of Pegasus New Energy Vehicles and CDSG. He is a seasoned automotive executive with decades of experience in the public market. His bio states that he was the Chairman of a Chinese Listed company Lioaning SG Automotive Group Co. LTD. (600303). To give some context, this company currently has a market cap of $350 million USD and revenues of over $200 million USD. They have six lines of vehicles that include pickup trucks (American style), mini cars, fleet vehicles, coach buses, vans, and vehicle axles and over 3.0 million sf of manufacturing space.
He was also president of China Guangsha Holdings Group which is a holding company with assets in construction, real estate, energy, finance, media, sports, hotels and tourism. He was also president of public company BaWang International (Group) Holding Limited (HKEX: 1338)
which is traded on the Hong Kong Stock Exchange. Yongsheng Hu’s strengths are on the operational side but Luc Lainis the Chairman of Pegasus New Energy Vehicles and possesses the Canadian connection that can bridge the gap between the Chinese EV company and the Canadian markets. .
About Pegasus New Energy – Merger Target
Visionary Holdings Inc. announced in February that Pegasus New Energy was listed on OTC Markets. Based on the quarterly filing it is evident that Pegasus has been in CDSG for about 7 months, but has not had an official announcement in that regard. The listing agreement spells out that GV will hold 60% of the venture leaving 40% to split between Yao Ding and Xu Ye who then likely architected the merger with CDSG. In the first press release for the new company on July 16, 2025, the company announced it is exploring strategic partnerships presumably through Pegasus New Energy. Vision Holdings gives context to these partnerships, insomuch as to what their goals are in terms of units, revenues, and profit.
Projections & Financing Plans
Underwriting all these projections is a $1.0 billion financing consent letter from Qatar’s Alfarda Group. They are a consortium behind the Pegasus New Energy Vehicle project. While this is not a completed funding it is in complete alignment with their business plan.
Corporate Vision
Since GV is a Canadian company, it’s not hard to realize that Canada is their primary market for Pegasus. Their idea revolves around 2 core models like an electric sedan targeting young commuters comfortable with a 400- 500km range or a medium sized luxury SUV with a 500– 600km range. The company also hopes to source battery suppliers capable of charging from 10% to 80% in just 10 min.
Corporate Structure / Control Blocks
For the past 2 years the company was focused on developing a large lithium resource in Tanzania. Unfortunately raising sufficient financing to keep the project moving forward was an issue along with the large increase in lithium supply that drove prices lower and soured investor optimism in lithium mines. For the past year the company has been relatively dormant looking for a new opportunity. There are 170 million in the OS with 107 million in the float. The company has a market cap of $2.7 million.
The ex-insiders principals collectively own 106 million shares or 62% of the company and would be subject to OTC 144 leakout provisions limiting them to 1% of the OS per quarter which works out to about 6.8 million collectively for the 4 affiliates or one day’s volume.
Investment Summary
CDSG is waking up and experiencing price discovery as investors are grappling with the reality that the company likely completed a merger under the radar with an EV company called Pegasus New Energy Vehicles, a spinoff from NASDAQ listed GV. Pegasus brings to the table a NASDAQ quality management team with strong ties to Visionary Holdings Inc. The change of control was filed with the last quarterly statement but does very little to address the intentions of the new management team. The only thing investors have to go off of is that the 60% voting control block is the NASDAQ entity GV and the latest press release indicated the company was moving into the EV market. When connecting the dots it’s very clear that Pegasus is the merger company and it has high aspirations to dominate the Canadian EV market backed by the deep pocket money connections tied to the sovereign funds of Qatar. On a risk to reward basis the new management team needs to bring in tens to hundreds of millions of dollars to execute their business plan but they have the connections in place and an experienced team of leaders. If they fail to bring the pieces together there is very little downside risk but if they succeed this could be a unicorn within a year.
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