Bestore(SH:603719) Guo Ji Jin Rong Bao·2025-10-17 12:05Core Viewpoint - The proposed share transfer of 21% from Ningbo Hanyi to Changjiang International Trade Group has been terminated due to unmet conditions, leaving Ningbo Hanyi as the controlling shareholder of Liangpinpuzi [1][5]. Group 1: Share Transfer Details - On July 17, Ningbo Hanyi announced plans to transfer 18.01% of shares at a price of 12.42 CNY per share to Changjiang Guomao, with an additional 2.99% from its action partner, totaling 21% [3]. - The transaction aimed to leverage state-owned resources for high-quality development, with Changjiang Guomao set to become the controlling shareholder [3]. - A dispute arose when Guangzhou Light Industry Group claimed a right of first refusal on the shares, leading to legal action against Ningbo Hanyi [4]. Group 2: Legal and Financial Implications - The court froze 79.76 million shares held by Ningbo Hanyi, which accounted for 56.46% of its holdings and 19.89% of the total shares, directly impacting the share transfer [4][5]. - The share transfer agreement stipulated a deadline of October 15 for the transaction to be completed, which was not met due to the ongoing legal freeze [5]. Group 3: Company Performance - Liangpinpuzi reported a revenue of 2.829 billion CNY in the first half of the year, a decline of 27.21% year-on-year, with a net loss of 93.55 million CNY, a significant increase in losses compared to the previous year [6]. - The company’s revenue for 2024 was 7.159 billion CNY, down 11.02% year-on-year, with a net loss of 46.1 million CNY, reflecting ongoing financial pressures [7]. - Factors contributing to the decline include price reductions affecting gross margins and a decrease in both offline and online sales channels, with a notable drop in the number of physical stores from 2,704 to 2,445 [7].