贝因美控股股东进入预重整程序 高比例股权质押隐忧待解

Core Viewpoint - Beiyinmei Co., Ltd. is undergoing a pre-restructuring process due to its controlling shareholder, Xiaobei Dami Holdings, facing severe financial difficulties, highlighted by a high percentage of pledged and frozen shares [1][2][3] Group 1: Shareholder Situation - Xiaobei Dami Holdings holds 132.6 million shares of Beiyinmei, accounting for 12.28% of the total share capital, with 98.85% of these shares pledged or frozen, indicating a critical liquidity issue [2] - The controlling shareholder submitted a pre-restructuring application on July 16, 2025, which was accepted by the court on July 22, 2025, appointing temporary managers to oversee the restructuring process [2][3] Group 2: Financial Pressure - The core reason for the pre-restructuring application is the tight cash flow situation, exacerbated by increasing competition in the infant formula market, where Beiyinmei, once a market leader, is under significant operational pressure [3] - High levels of share pledges often indicate that the controlling shareholder relies on equity financing, which poses risks if market conditions change or investments falter, potentially leading to share freezes [3] Group 3: Impact on the Company - In the short term, Beiyinmei asserts that it maintains independent operations and that the pre-restructuring will not significantly impact its daily business activities [4] - However, the long-term implications remain uncertain; successful restructuring could alter shareholder rights, while failure could lead to bankruptcy and judicial auction of shares, potentially changing the company's control [4] - Changes in control could either inject new capital and resources into Beiyinmei or lead to strategic shifts that may affect its long-term stability in a highly competitive market [4]