His stake comprises the 10 percent he owned before Dec. 31, and 48.9 percent formerly owned by Zhou, analysts said.
"It's not surprising that Daying is trying to wash off its links with Zhou, now that he is in hot water," said Ma Yilun, an analyst at China Communication Securities Co in Shanghai.
Shares of Hainiao, which sells and leases properties in Shanghai, fell 7.3 percent yesterday as they resumed trading after a two day halt, dropping to a 15-month low of 9.39 yuan.
Highlighting the murky ties between the companies and Zhou, two of the companies today published statements in the China Securities Journal, an official newspaper, that contradicted each other.
In one, Hainiao said its biggest shareholder is closely held Shang-hai Donghong Industry Investment Co, with a 26 percent stake. The company said Hainiao isn't part of Nongkai and isn't related to it in any way. In the other statement, Xugong said Donghong is indeed owned by Nongkai.
Shares of Xugong, which makes construction machinery, fell by their daily 10 percent limit in Shenzhen for the day this week, bringing their loss since May 26 to 42 percent.
Zhou made his billions starting in 1995 by buying shares from workers in as many as 60 companies before they went public, the Standard reported Wednesday.
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