Bestore(SH:603719) Zheng Quan Zhi Xing·2025-07-17 14:15Core Viewpoint - The announcement details a significant change in the control of Liangpinpuzi Co., Ltd., as the controlling shareholder, Ningbo Hanyi Venture Capital Partnership, plans to transfer shares to Wuhan Yangtze International Trade Group, resulting in a shift in actual control to the Wuhan Municipal Government State-owned Assets Supervision and Administration Commission [1][2][7]. Summary by Sections Share Transfer Overview - On July 17, 2025, Ningbo Hanyi and its action-in-concert party, Ningbo Liangpin Investment Management Co., Ltd., signed a share transfer agreement with Wuhan Yangtze International Trade Group, transferring 11,970,120 shares, which represents 2.99% of the total shares of the company [1][3]. - If the transaction is completed, the controlling shareholder will change from Ningbo Hanyi to Wuhan Yangtze, and the actual controllers will shift from individuals to a government entity [2][7]. Transaction Details - The total number of shares held by Ningbo Hanyi and its action-in-concert party before the transfer is 153,257,214 shares, accounting for 38.22% of the total shares. Post-transfer, their holdings will decrease to 69,047,214 shares (17.22%), while Wuhan Yangtze will hold 84,210,000 shares (21.00%) [3][4]. - The agreed transfer price is 12.42 RMB per share, with a total transaction value of approximately 1.045 billion RMB [3][10]. Regulatory Approvals - The share transfer requires approval from state-owned asset supervision authorities, market supervision management, and compliance confirmation from the Shanghai Stock Exchange, along with registration with China Securities Depository and Clearing Corporation [2][7]. Legal Considerations - There is an ongoing lawsuit from Guangzhou Light Industry and Trade Group against Ningbo Hanyi, which has resulted in the freezing of 79,763,962 shares, potentially impacting the transfer of control [2][3]. - The transfer does not trigger a mandatory tender offer, and the company assures that normal operations will not be affected [2][7]. Corporate Governance and Future Plans - The transaction is expected to enhance the company's governance structure and promote sustainable development by leveraging Wuhan Yangtze's industry resources and experience [3][10]. - The new controlling entity aims to maintain the company's operational stability and support its long-term growth strategy [16][18].