Core Viewpoint - The article highlights the emergence of a 90s entrepreneur, Xu Yi, who, in collaboration with local state-owned capital, is acquiring a controlling stake in Jiaheng Jiahua for 1.7 billion yuan, marking a significant shift in ownership dynamics within the company [2][5][7]. Group 1: Acquisition Details - Jiaheng Jiahua announced that Hangzhou Pinbianyi plans to acquire 50.80% of its shares through a combination of agreement transfer, voting rights waiver, and tender offer, totaling 1.7 billion yuan [2][3]. - The acquisition process involves three steps: the initial share transfer agreement, the waiver of voting rights by the original owner, and a tender offer to other shareholders [14][15]. Group 2: Background of the Acquirer - Xu Yi, born in 1990, founded Hangzhou Pinbianyi in 2017, focusing on B2B fast-moving consumer goods (FMCG) and leveraging AI to optimize traditional supply chains [5][6]. - The company has achieved rapid growth, covering over 30 cities and serving nearly 700,000 stores within eight years, establishing itself as an industry unicorn [5][6]. Group 3: Financial Performance - Hangzhou Pinbianyi's revenue grew from 604 million yuan in 2022 to 1.079 billion yuan in 2023, with a slight decline to 999 million yuan projected for 2024. However, net profits showed consistent growth during the same period [8]. Group 4: Challenges in Succession - The previous owner, Zeng Ben Sheng, transferred control to his children, who faced challenges leading to the company's first annual loss since its listing, with a net profit of -23.7 million yuan in 2024 [10][11]. - The article discusses the broader trend of second-generation leadership in family businesses, highlighting varying performance outcomes post-succession [12]. Group 5: Role of State-Owned Capital - The acquisition is supported by Zhejiang provincial state-owned capital, which provides financial backing and strategic alignment, indicating a trend of collaboration between private enterprises and state-owned entities [14][16]. - The involvement of state-owned enterprises is seen as a strategic move to enhance competitiveness in the fast-moving consumer goods sector [16][17].

来源：钛媒体 在"二代"正式接班仅一年后，老牌日化代工企业嘉亨家化（300955.SZ）将迎来新的主人。 2026年1月6日，嘉亨家化的控制权变更迎来了新的进展，公司控股股东曾本生与杭州拼便宜网络科技有限公司（以下简称"拼 便宜"）和有着地方国资背景的杭州润宜企业管理咨询合伙企业（有限合伙）（以下简称"杭州润宜"）等三方签署股份转让协 议，交易最终完成后徐意将成为上市公司新的实际控制人。 上市仅五年，嘉亨家化目前已经深陷亏损泥沼，对于如何脱困对于公司实控人、已经退居二线的"终身名誉董事长"曾本生来 说，找人接盘或是最好的出路，而上市公司是否能在新股东带领下实现业绩反转还有待市场检验。 拼便宜联手浙江国资接盘 根据公告中披露的信息显示，此次控制权的变更将采用"协议转让+部分要约收购+表决权放弃"的组合交易模式。 嘉亨家化的控股股东曾本生与拼便宜、温州苍霄企业管理合伙企业（有限合伙）（以下简称"温州苍霄"）及杭州润宜企业管理 咨询合伙企业（有限合伙）（以下简称"杭州润宜"）分别签署股份转让协议。根据协议，曾本生通过协议转让方式向三方合计 出让上市公司29.70%的股份（约2989万股），其中拼便宜作为主要受让方受 ...