Bestore(SH:603719) IPO早知道·2025-07-18 10:34Core Viewpoint - The article discusses the competition between state-owned enterprises in Guangzhou and Wuhan for acquiring shares of the snack company, Liangpinpuzi, highlighting the complexities and uncertainties surrounding the ownership transfer process [4]. Group 1: Background of the Acquisition - Liangpinpuzi announced two separate agreements regarding share transfers, one with Wuhan's Changjiang International Trade Group and another with Guangzhou's Light Industry and Trade Group, raising questions about potential conflicts and "double selling" [3][6]. - The competition between the two state-owned enterprises is unusual in the context of A-share mergers and acquisitions [4]. Group 2: Legal and Procedural Issues - Guangzhou Light Industry insists on proceeding with the previously signed agreement, which includes a priority clause, while also pursuing legal action against Ningbo Hanyi for breach of contract [6]. - The agreement with Guangzhou stipulates that if they wish to proceed with the transaction, Ningbo Hanyi must cooperate without delay, indicating a structured process for share transfer [8][9]. Group 3: Uncertainties in Control Transfer - There are concerns about whether Changjiang International can successfully take control of Liangpinpuzi, given the ongoing litigation and share freezes affecting Ningbo Hanyi's holdings [13]. - The frozen shares represent 56.46% of Ningbo Hanyi's holdings in Liangpinpuzi, equating to 19.89% of the total shares of the company, complicating the control transfer process [13]. Group 4: Management Dynamics - The management structure of Liangpinpuzi has undergone significant changes, with key figures like Yang Hongchun and Yang Yinfen experiencing communication breakdowns, which has affected the company's governance and strategic direction [15][16]. - The shift from seeking strategic investors to self-rescue indicates a reactive approach to the company's challenges, raising questions about future leadership and operational strategies [15][17].