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Zhang Hai, who is not yet 40 years old, was born in the 1980s, but he has served as the chairman of Guizhou Sanli (603439), a well-established Chinese medicine company, for nearly 13 years and has long been the "soul figure" of Guizhou Sanli. As a "second-generation entrepreneur", Zhang Hai is not satisfied with the business results accumulated by his parents. In 2020, he promoted Guizhou Sanli to list on the A-share market and promoted and participated in many major events of Guizhou Sanli.

Because of this, the news that Zhang Hai and his mother Wang Huiying wanted to reduce their holdings has aroused investors' concerns. On July 31, Guizhou Sanli's stock price fell by more than 7% during the trading session. Currently, Guizhou Sanli's stock price is at a low level. Zhang Hai's eagerness to reduce his holdings at this time may involve another listed company. Recently, Zhang Hai plans to acquire 5.24% of Yongji Shares (603058) for 166 million yuan, which will make him the fourth largest shareholder of Yongji Shares. Yongji Shares and Guizhou Sanli have multiple connections.

Plan to reduce holdings again

The actual controller of Guizhou Sanli is going to reduce its holdings again. The latest announcement of Guizhou Sanli shows that the company's controlling shareholder and actual controller Zhang Hai and his person acting in concert Wang Huiying, due to personal financial needs, plan to reduce their holdings of the company's shares by no more than 12.2941 million shares, or no more than 3% of the company's total share capital, through centralized bidding transactions and block transactions from August 30 to November 29.

As of the date of disclosure of the announcement, Zhang Hai held 189 million shares of Guizhou Sanli Co., Ltd., accounting for approximately 46.04% of the company's total share capital; his mother Wang Huiying held 23.3479 million shares of the company, accounting for 5.7% of the company's total share capital.

Influenced by the above news, on July 31, Guizhou Sanli fell by more than 7% at one point. Subsequently, driven by the overall strong rise of the market, Guizhou Sanli's decline narrowed to 2.73%. The closing price was 11.77 yuan per share, and the total market value was 4.823 billion yuan.

Today, Guizhou Sanli's stock price is at a low point, and its stock price has fallen by more than 30% this year. According to Oriental Fortune, from January 2 to July 31, Guizhou Sanli's cumulative decline in the adjusted price range was 35.93%.

Chen Qiaoyi, an expert at Kant Think Tank and a lawyer at Shanghai Guangming Law Firm, said in an interview with Beijing Business Daily that the reduction of holdings by the actual controller of a company does not necessarily mean that the company has a bad prospect or that the actual controller has lost confidence in the company, but may be due to various reasons such as personal capital needs, asset allocation adjustments, and changes in investment strategies. However, for the market and investors, the reduction of holdings by the actual controller often causes certain attention and concerns, because the behavior of the actual controller is often regarded as an important indicator of the company's development.

In fact, this is not the first time that Wang Huiying and Zhang Hai have reduced their holdings. According to data, Guizhou Sanli was listed on April 28, 2020. Three years after the listing (April 28, 2023), the restricted shares of Guizhou Sanli's first issuance were released. More than two months after the release, Guizhou Sanli disclosed an announcement that Zhang Hai and his joint actors Wang Huiying and Ling Zongrong planned to reduce their holdings by no more than 6% of the company's shares.

It is worth mentioning that during this reduction process, Wang Huiying made an error in the combined calculation of the number of shares reduced by the concerted actors due to her old age, which led to a miscalculation in the calculation of the shares that could be reduced, and an illegal reduction occurred. As of January 30 this year, the above reduction period had expired, and Zhang Hai did not reduce his holdings. Wang Huiying and Ling Zongrong reduced their holdings by a total of 12.1223 million shares, accounting for approximately 2.96% of the company's total share capital.

Will become the fourth largest shareholder of Yongji Shares

Beijing Business Daily reporters noticed that while Zhang Hai was planning to reduce his holdings in his own company's shares, he also planned to acquire 5.24% of Yongji Shares' equity, thus becoming the fourth largest shareholder of Yongji Shares.

According to the announcement of Yongji Shares, Zhang Hai and Wang Huiying are mother and son, and constitute a relationship of acting in concert. It can be determined that the person who acquired the equity of Yongji Shares is Zhang Hai, the actual controller of Guizhou Sanli.

Before this change in equity, Zhang Hai did not hold any shares in Yongji Shares. After the change in equity, Zhang Hai will become the fourth largest shareholder of Yongji Shares.

The announcement shows that the transfer price is 7.56 yuan per share, and the total transfer price is 166 million yuan. Economist and new financial expert Yu Fenghui analyzed to the Beijing Business Daily reporter that from the known information, Zhang Hai became the fourth largest shareholder of Yongji Shares through the transfer agreement, so the reduction of Guizhou Sanli's shares may be to raise funds for further investment.

Regarding the reasons for reducing holdings in his own company and choosing to invest in another company, Yu Fenghui said that one possible reason is that he believes that other companies have better investment opportunities and can bring higher returns. Another possibility is that he wants to diversify his investments and reduce risks.

In Chen Qiaoyi's opinion, Zhang Hai may adjust his asset allocation according to changes in the market environment and his own investment strategy. It may also be to raise funds to meet the funding needs of individuals or enterprises. In this case, increasing holdings in other companies may be just one aspect of fund utilization.

Already have a history

Beijing Business Daily reporters discovered that Guizhou Sanli, as well as Wang Huiying and Zhang Hai, mother and son, have a long history with Yongji Shares.

Yongji Shares and Guizhou Sanli are both Guizhou companies. Tianyancha shows that in the list of shareholders of Guizhou Sanli's holding subsidiary Guizhou Hanfang Pharmaceutical Co., Ltd. (hereinafter referred to as "Hanfang Pharmaceutical"), Deng Daixing, one of the actual controllers and chairman of Yongji Shares, is listed. Deng Daixing holds 22.91% of the shares, making him the second largest shareholder of Hanfang Pharmaceutical.

Guizhou Sanli and Yongji also have overlapping independent directors. Wang Qiang, the current independent director of Guizhou Sanli, served as an independent director of Yongji from September 2018 to April 2024. It is worth mentioning that Guizhou Sanli announced on July 10 that independent director Wang Qiang is currently under residential surveillance at a designated residence by the Economic and Technological Development Zone Branch of the Guiyang Public Security Bureau for personal reasons.

In addition, Wang Huiying also made money by speculating in Yongji shares in the past six months. On February 8, Wang Huiying bought 517,700 shares of Yongji shares at an average price of 5.793 yuan per share. On February 7, Yongji shares just hit a periodic low point, and then the stock price of Yongji shares rose all the way. On February 21, Wang Huiying sold the 517,700 shares bought earlier at an average price of 6.842 yuan per share. According to calculations, Wang Huiying made about 543,100 yuan from this round of trading.

According to the data, Yongji shares' main business is the design, research and development, production and sales of cigarette labels and other packaging and printing products. Yongji shares' semi-annual performance forecast shows that the company expects its semi-annual attributable net profit in 2024 to be approximately 74 million to 79 million yuan, an increase of 45.8066 million to 50.8066 million yuan compared with the same period last year, a year-on-year increase of 162.47% to 180.21%.

Guizhou Sanli's main business is the research and development, production and sales of medicines. The main products are Kaihoujian Spray (Children's Type), Kaihoujian Spray, Qijiao Shengbai Capsules, Fuke Zaizao Pills, Qiangli Tianma Duzhong Capsules, Huangqi Granules, etc. At present, Guizhou Sanli has not disclosed its first half performance forecast. In the first quarter of this year, Guizhou Sanli achieved operating income of approximately RMB 422 million, a year-on-year increase of 20.93%; the corresponding attributable net profit was approximately RMB 56.05 million, a year-on-year increase of 2.03%.

Beijing Business Daily reporter Ding Ning