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Yangtze Business Daily News●Huang Cong, reporter of Yangtze Business Daily

The status of Tianshili’s controlling shareholder is no longer secure, and the actual controller Yan Kaijing loves “drinking” even more.

On the evening of July 31, Tasly (600535.SH) announced that the company received a notice from its controlling shareholder Tasly Industrial Group that day that it was planning a share transfer, which may lead to a change in the company's control.

The first quarter report of 2024 shows that Tasly Industrial Group holds 49.89% of Tasly shares.

In 2014, Yan Xijun resigned as chairman of Tasly and handed the company over to his son Yan Kaijing.

However, in 2020 and 2023, Tasly successively sold part of the assets of Tasly Marketing and Tasly Pharmaceutical Business, and the company's performance dropped sharply.

In 2023, Tasly achieved a revenue of 8.674 billion yuan, which was even lower than the 9.343 billion yuan in 2012.

In May 2024, Guotai Liquor announced that Yan Xijun’s son Yan Kaijing would take over as chairman.

Subsequently, Guotai Liquor made adjustments in personnel and other aspects, and veteran employee Zhang Chunxin "retired".

It is worth mentioning that Guotai Liquor has always had a "listing dream" and disclosed its prospectus as early as May 2020, but voluntarily withdrew its IPO application in June 2021.

In early 2023, there was news that Guotai Liquor would change its listing to Hong Kong, but there has been no new progress so far and the company's IPO has failed for four years.

Sales of core assets led to a sharp drop in revenue

On the evening of July 31, Tasly issued an announcement showing that the company received a notice from its controlling shareholder, Tasly Biotechnology Industry Group Co., Ltd. (hereinafter referred to as "Tasly Industry Group"), that it was planning a share transfer, which may lead to a change in the company's control.

Tasly stated that in view of the significant uncertainties surrounding the above matters, in order to ensure fair information disclosure, safeguard the interests of investors and avoid abnormal fluctuations in the company's stock price, the company applied to the Shanghai Stock Exchange and the company's stock will be suspended from trading from the opening of the market on the morning of August 1. The suspension is expected to last no more than two trading days.

According to the official website of Tasly Industrial Group, the company was founded in 1994. It is a high-tech international large-scale enterprise group that takes the big health industry as its main line, the big pharmaceutical industry system as its core, and coordinates the development of the international industrial system, health care and health management industry system, education system, and capital system.

The first quarter report of 2024 shows that Tasly Industrial Group holds 49.89% of Tasly shares.

The actual controllers of Tianshili are Yan Kaijing, Yan Xijun, Wu Naifeng and Li Bihui. Among them, Yan Xijun and Wu Naifeng are husband and wife, Yan Kaijing and Li Bihui are also husband and wife, and Yan Xijun and Yan Kaijing are father and son.

In 2014, Yan Xijun resigned as chairman of Tasly and handed over the company to his son Yan Kaijing. However, Wu Naifeng still serves as a director of Tasly.

However, under Yan Kaijing's leadership, Tasly's scale has shrunk.

In 2019, Tasly's operating income reached 18.998 billion yuan, a year-on-year increase of 5.61%, reaching a historical peak; net profit reached 1.001 billion yuan, a year-on-year decrease of 35.19%.

Among them, Tasly's pharmaceutical industry and pharmaceutical commerce revenues were 6.215 billion yuan and 12.717 billion yuan respectively in 2019. Obviously, the company's pharmaceutical commerce contributes the vast majority of its revenue, which has already supported half of Tasly's revenue.

However, in June 2020, Tasly announced that the company and six partnerships including Tianjin Shanqi intend to sell 99.9448% of the equity of Tianjin Tasly Pharmaceutical Marketing Group Co., Ltd. (hereinafter referred to as "Tasly Marketing") to Chongqing Pharmaceutical. The equity transaction price is set at 1.489 billion yuan. After the completion of this transaction, Tasly will withdraw from the third-party pharmaceutical product distribution and delivery business platform.

In 2021, Tasly's operating income reached 7.952 billion yuan, a year-on-year decrease of 41.43%, and lower than the revenue of 9.343 billion yuan in 2012.

In April 2023, Tasly and Shuyu Pingmin both issued announcements showing that Tasly's wholly-owned subsidiary Tasly Pharmaceutical Business intends to sell its 60% stake in Jinan Pingjia, 90% stake in Liaoning Tasly and its subsidiaries to Shuyu Pingmin for a total price of 715 million yuan.

In 2022 and 2023, Tasly's operating income was RMB 8.637 billion and RMB 8.674 billion, respectively, up 8.06% and 0.42% year-on-year.

Yan Kaijing takes over the national team and the veteran retires

Yan Kaijing, who has been at the helm of Tasly for more than 10 years, seems to prefer "drinking".

Industrial and commercial registration information shows that on July 19, Yan Kaijing replaced Zhang Chunxin as the legal representative of Guotai Liquor Sales Company, and joined the sales company's board of directors together with Yan Xijun and Liu Hongwei.

Zhang Chunxin is a veteran figure in Guotai Liquor. He joined Tasly Group in 2005 as senior secretary to the president, directly serving the group's founder Yan Xijun. He has been in charge of the group's liquor business since 2007 and has long served as general manager of Guotai Liquor.

Just two months ago, Yan Kaijing took over from his father Yan Xijun as chairman of Guotai Liquor.

In May 2024, Guotai Liquor held the sixth meeting of the second board of directors, which reviewed and approved Yan Xijun's resignation from the positions of Chairman of Guotai Liquor Group and other positions, and his son Yan Kaijing took over. At the same time, Yan Xijun and Wu Naifeng were confirmed as the founders of Guotai.

After taking office, Yan Kaijing said that the digital development of the wine industry is an irreversible trend. We must make every effort to build an intelligent industry, relying on the outstanding advantage of the wine industry in directly connecting to the C-end, focusing on the core characteristics of the intelligent industry such as intelligent manufacturing, digital supply chain, digital marketing, and self-centered creation, and strive to let Guotai enter the first echelon of China's intelligent industry as soon as possible.

Guotai Liquor has always had a "listing dream". As early as May 2020, the company disclosed its prospectus.

In November 2020, the China Securities Regulatory Commission raised 47 questions in its feedback, requiring the company to provide further explanation on matters related to the acquisition of Huaijiu Liquor Industry, competition among the actual controller's affiliated companies, related transactions of the actual controller, and ownership of the "Guotai" series of trademarks.

However, Guotai Liquor did not respond to the questions raised by the CSRC, but instead voluntarily withdrew its IPO application in June 2021.

Reports show that in 2022, Guotai Liquor was sued by many distributors. The reason was that in order to maintain its performance, Guotai Liquor frequently forced distributors to stock up by raising prices significantly, but due to poor sales, the distributors suffered losses.

Industry analysts believe that Guotai Liquor withdrew its IPO mainly to "clear mines." If it were forced to go public, hidden issues such as related-party transactions, inventory backlogs, and poor sales could lead to rapid changes in performance, and some problems would also be exposed during the IPO review and listing period.

After that, Guotai Liquor once again accepted listing guidance, and in early 2023 it was reported that it would be listed in Hong Kong with a financing scale of US$500 million.

In June 2024, the list of Guizhou Province's 2024 IPO reserve companies was announced. According to the list, a total of 157 companies in the province entered the IPO reserve company database, including 7 wine-related companies including Guotai Liquor.

However, to date, there has been no progress in the listing of Guotai Liquor, and the company's IPO has failed for four years.