(Original title: Hillhouse’s shareholders are throwing away their shareholding reduction plans to clear their warehouses and reduce their holdings of 5.56% of BESTORE’s shares)
Only 2 days after the expiration of the last round of shareholding reduction plan, the first shareholder Hillhouse has thrown out a paper shareholding reduction plan, planning to reduce 5.56% of the shares of BESTORE (603719) in a liquidation manner.
On the evening of November 20th, BESTORE announced that Zhuhai Hillhouse Tianda Investment Center (Limited Partnership), HHLPPZ (HK) Holdings Limited, and Ningbo Hillhouse Zhiyuan Enterprise Management Partnership (Limited Partnership), as shareholders acting in concert, hold 5.56% of the company. % of the shares, and plans to reduce the company’s shares to a total of no more than 22.29 million shares, that is, a total of no more than 5.56% of the company’s total share capital.
In fact, since February 2021, when the original shareholder’s restricted shares were lifted, Hillhouse has chosen to continue reducing its holdings in BESTORE. From the perspective of the secondary market, the stock price of Liangpin store fluctuated from around 63 yuan and weakened all the way, and hit 21.55 yuan in April this year, a new low in recent years. However, since then, BESTORE’s stock price has continued to rebound, with a cumulative increase of more than 50%. As of the close on November 18, it closed at 35.39 yuan per share, with a total market value of 14.2 billion yuan.
Continue to reduce holdings of BESTORE
According to the announcement, due to their own capital needs, the above-mentioned Hillhouse shareholders plan to reduce their shareholding through centralized bidding from December 13, 2022 to May 21, 2023, and from November 25, 2022 to May 2023. On the 21st, the total number of shares held by the company through block transactions or agreement transfers shall not exceed 22.29 million shares, which shall not exceed 5.56% of the company’s total share capital.
As of the date of the announcement, the above-mentioned Hillhouse shareholders held a total of 22.29 million shares of BESTORE. The source of the shares was obtained before the IPO, and the shareholding ratio was 5.56%. The last round of shareholding reduction plan for BESTORE just expired.
On the evening of November 18th, BESTORE announced the results of a 1% change in shareholders’ equity holding more than 5% of the shares and the results of the share reduction. In this round of shareholding reduction plan, the shares held by Hillhouse shareholders have dropped from 7.51% to 5.6%. .
Looking back, on May 21 this year, Hillhouse shareholders announced a shareholding reduction plan. Due to their own capital needs, Zhuhai Hillhouse Tianda Investment Center and other parties acting in concert plan to reduce their holdings of BESTORE by no more than 24.06 million shares in the next six months. , totaling no more than 6% of the company’s total share capital.
As of November 18, the current round of shareholding reduction plan expired, and the completion rate of Hillhouse shareholders’ shareholding reduction was less than 1/3. According to the announcement, Zhuhai Hillhouse Tianda Investment Center and other parties acting in concert have reduced their holdings of about 7.82 million shares in the company through centralized bidding, accounting for 1.95% of the total share capital; shares, accounting for 5.56% of the total share capital.
From the perspective of shareholding reduction price, in this round of shareholding reduction, Hillhouse shareholders reduced their holdings at a price of 25.47-35.64 yuan per share, with a total reduction of 219 million yuan.
In fact, since February 2021, after the lifting of the ban on BESTORE’s IPO restricted shares, the Hillhouse Group has gradually reduced its holdings from the second quarter of that year. According to the announcement, in February 2021, Hillhouse shareholders first proposed a reduction plan for BESTORE. At that time, Zhuhai Hillhouse, Hong Kong Hillhouse, and Ningbo Hillhouse, as the initial shareholders, held a total of 46.8 million shares of BESTORE. Accounting for 11.67% of the total share capital.
According to the latest list of shareholders of Liangpin Store, as of the end of September this year, Hillhouse shareholders such as HHLPPZ (HK) Holdings Limited, Zhuhai Hillhouse Tianda Investment Center, and Ningbo Hillhouse Zhiyuan Enterprise Management Partnership (Limited Partnership) ranked second among listed companies. The largest, fourth and sixth largest tradable shareholders.
If calculated based on the latest shareholding ratio, after the completion of the last round of shareholding reduction plan, Hillhouse shareholders have reduced their holdings of BESTORE by approximately 24.51 million shares.
A number of institutional shareholders increased their positions
BESTORE was listed on the Shanghai Stock Exchange on February 24, 2020. The company is one of the leading companies in the A-share snack food field. At present, BESTORE has formed a network covering meat snacks, roasted nuts, confectionery, dried and preserved fruits, and vegetarian food. Shanzhen and other categories, there are more than a thousand kinds of product combinations.
Although Hillhouse shareholders are continuing to reduce their holdings, BESTORE is still being increased by many institutional investors. The latest list of shareholders shows that in the third quarter of this year, Bosera Growth and Bosera Yulon A became the top ten tradable shareholders, and foreign shareholders Merrill Lynch and JPMorgan Chase also became the ninth and tenth largest shareholders.
In terms of operating performance, BESTORE’s performance in the third quarter declined. The company’s financial report released on October 31 showed that in the first three quarters, it achieved revenue of 7.03 billion yuan, a year-on-year increase of 6.6%, and a net profit of 287 million yuan, a year-on-year decrease of 9.5%. In terms of a single quarter, in the third quarter, the company achieved revenue of 2.108 billion yuan, a year-on-year decrease of 1.84%, net profit of 94.13 million yuan, a year-on-year decrease of 23%, and non-net profit of 89.9219 million yuan, a year-on-year increase of 0.57%.
However, in terms of channels, the sales business of BESTORE’s offline stores has grown steadily and relatively. According to the announcement of the company’s main operating data for the third quarter, the e-commerce business achieved sales of 1.0 billion yuan, a year-on-year decrease of 12.19%; three offline businesses, including franchise business, direct retail business and group buying business, achieved revenue of 1.277 billion yuan. A year-on-year increase of 9.19%. However, except for the franchise business, the gross profit margin of several other businesses has declined.
BESTORE stated in the investor survey after the release of the third quarterly report that the store channel is a channel with core competitiveness and traditional advantages of the company. The store operation activities are not limited to the store, but actively radiate to the surrounding areas and extend to single-customer out-of-store operations. The resources and tools of the store link platform provide differentiated business services such as home delivery, group buying, and online interaction.
As of the end of September 2022, BESTORE has a total of 3,163 stores, including 963 directly-operated stores, 2,200 franchised stores, and 562 new stores in the first three quarters. In the future, the company will further accelerate and increase the speed and scale of offline store development .