Jason Furniture (Hangzhou) (SH:603816) Guan Cha Zhe Wang·2025-10-20 06:38Core Viewpoint - The control of Gujia Home Furnishing (603816) by He Jianfeng is strengthening through a nearly 2 billion yuan private placement, which will increase his shareholding to 37.37% [1][2]. Group 1: Shareholding Changes - Gujia Home Furnishing announced a private placement to raise 1.0428 billion shares at 19.15 yuan per share, totaling approximately 19.97 billion yuan [1]. - He Jianfeng, through Yingfeng Group and Yingfeng Ruihe Investment, will increase his control over Gujia Home Furnishing, while the founding family, Gu Jiangsheng, will see their control diluted [3][4]. - The second-largest shareholder, Hangzhou Deyejiajun, holds 10.76% of shares, and the third-largest shareholder, TB Home Limited, holds 5.01%, both of which have their shares frozen [3][4]. Group 2: Financial Performance and Investment - As of October 17, Gujia Home Furnishing's stock price was 30.22 yuan, with a total market capitalization of 248.24 billion yuan [4]. - The private placement will primarily be used to supplement working capital, with about 10 billion yuan allocated for this purpose, indicating liquidity issues [4]. - The company plans to invest in AI and retail digital transformation, smart production line upgrades, and brand enhancement, with the largest investment of approximately 3.95 billion yuan for AI and digital transformation [4][5]. Group 3: Operational Recovery - Gujia Home Furnishing reported a revenue of 9.801 billion yuan for the first half of the year, a year-on-year increase of 10.02%, and a net profit of 1.021 billion yuan, up 13.89% [5][6]. - The company is expanding its overseas market presence, with an investment of approximately 1.124 billion yuan to build a base in Indonesia, expected to generate an annual revenue of 2.52 billion yuan once completed [6]. Group 4: Founder’s Shareholding Issues - The founding family of Gujia Home Furnishing is facing significant financial difficulties, with shares being auctioned off due to judicial actions [7][8]. - The shares being auctioned represent 3.46% of the total share capital, and if sold, the founding family's stake will decrease to 12.32% [7][8]. - The founder's shares have been subject to multiple auctions, indicating a trend of diminishing control over the company [9].