Group 1 - The core point of the article is that Baifu Holdings has announced the transfer of a 1.71% stake in Yujian Xiaomian for 48 million yuan, reducing its ownership from 17.16% to 15.46% while still maintaining it as an associate company [3][5] - The transaction is expected to generate a pre-tax profit of approximately 42 million yuan for Baifu Holdings, based on the estimated value of the investment and the transaction price [3][5] - Yujian Xiaomian is valued at approximately 2.8 billion yuan based on the transaction price [5] Group 2 - Baifu Holdings is a restaurant platform enterprise controlled by Lenovo-affiliated PE Hongyi Investment, focusing on investment, acquisition, and management of restaurant brands [5] - The company has been a significant investor in various well-known restaurant brands, including Yujian Xiaomian, and has participated in multiple funding rounds [5] - The reason for the stake sale is to recoup initial investment costs to supplement working capital and seek new investment opportunities, while the company has no plans to sell the remaining shares [5][6] Group 3 - Yujian Xiaomian submitted its IPO application to the Hong Kong Stock Exchange on April 15, aiming for a mainboard listing [6] - As of April 5, Yujian Xiaomian operates 374 restaurants in 22 cities in mainland China and 6 in Hong Kong, with 64 new restaurants in preparation [6] - On May 30, the China Securities Regulatory Commission requested Yujian Xiaomian to clarify six issues, raising concerns about the impact of Baifu Holdings' stake reduction on the company's IPO process and future development [7]