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Shortly after disclosing the reduction plan, Zhang Hai, the controlling shareholder and actual controller of Guizhou Sanli (603439), is going to cash out again. The company's latest announcement shows that Zhang Hai intends to transfer about 5.12% of the company's shares held by him to Hainan Yuexin Pharmaceutical Investment Partnership (General Partnership) (hereinafter referred to as "Yuexin Pharmaceutical") by way of agreement transfer, and plans to cash out a total of about 221 million yuan. It is worth noting that there is a certain discount in the price of this equity transfer, which is about 15% lower than the company's closing price on August 12. Less than half a month ago, Guizhou Sanli announced that Zhang Hai and his concerted actor Wang Huiying planned to reduce their holdings of no more than 3% of the company's shares in total. Behind the frequent cashing out, it can be seen that Zhang Hai is currently facing a large demand for funds. Recently, Zhang Hai plans to acquire 5.24% of Yongji shares for 166 million yuan, and will become the fourth largest shareholder of Yongji shares.

Discounted transfer of approximately 5.12% of the company's shares

The latest announcement from Guizhou Sanli shows that the company's controlling shareholder and actual controller Zhang Hai intends to transfer his 21 million shares of the company to Yuexin Pharmaceutical through an agreement transfer, accounting for 5.1244% of the company's total share capital.

Prior to this change in equity, Zhang Hai held 189 million shares of Guizhou Sanli Co., Ltd., accounting for 46.04% of the company's total share capital; the company's controlling shareholder and its persons acting in concert held a total of 212 million shares of the company, accounting for 51.74% of the company's total share capital; Yuexin Pharmaceutical did not hold any shares of the company.

After this change in equity, Zhang Hai's shareholding ratio dropped to 40.91%; the controlling shareholder and its persons acting in concert hold a total of 46.61% of the company's shares; Yuexin Pharmaceutical holds 21 million shares of the company, accounting for 5.1244% of the company's total share capital.

The agreement stipulates that the equity transfer price for this transaction is 10.5 yuan per share, and the total transfer price is 221 million yuan. Compared with the closing price of Guizhou Sanli before the announcement, the transaction price is discounted to a certain extent. The closing price of Guizhou Sanli on August 12 was 12.36 yuan per share. After calculation, the discount is about 15%.

The announcement shows that Yuexin Pharmaceutical intends to acquire the company's shares through an agreement transfer based on its recognition of the company's business management capabilities, development plans, future prospects and investment value.

Beijing Business Daily reporters noticed that Yuexin Pharmaceutical is a company that was just established this year. According to data, Yuexin Pharmaceutical was established on January 23, 2024. As of now, Yuexin Pharmaceutical has no equity interests in other listed companies at home or abroad that reach or exceed 5% of the company's issued shares.

Tianyancha shows that Yuexin Pharmaceutical's investment amount is 10 million yuan, with Chen Yan and Yang Shuang contributing 90% and 10% respectively. Its executive partner Chen Yan is also only associated with this one company.

It is worth mentioning that some of the Guizhou Sanli shares held by Zhang Hai are pledged. As of the date of the announcement, Zhang Hai has pledged a total of 94.1456 million shares of the company, accounting for 49.9% of his shares and 22.97% of the company's total share capital. The pledgee is Haitong Securities Co., Ltd.

Just disclosed a plan to reduce holdings by no more than 3%

Affected by the news that Zhang Hai planned to transfer the company's shares, Guizhou Sanli fell by more than 4% on August 13. Less than half a month ago, Guizhou Sanli just disclosed a plan for the actual controller to reduce holdings. Zhang Hai and his joint actors planned to reduce their holdings by no more than 3% in total.

Trading data showed that on August 13, Guizhou Sanli opened 1.7% lower at 12.15 yuan per share. The stock price fluctuated downward during the day, once falling by more than 4%, and finally closed down 3.16% at 11.97 yuan per share. The total transaction amount for the day was 122 million yuan, the turnover rate was 2.49%, and the total market value was 4.905 billion yuan.

Looking at the long term, Oriental Wealth shows that based on post-adjusted statistics, Guizhou Sanli's stock price has fallen 34.89% since the beginning of this year, and the company's latest closing price has fallen by more than 60% compared with its historical high in 2020.

On July 31, Guizhou Sanli issued an announcement stating that Zhang Hai and his joint actor 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.

Based on Guizhou Sanli’s latest closing price of 11.97 yuan per share, if Zhang Hai and Wang Huiying reduce their holdings to the maximum, they will cash out about 147 million yuan.

Chen Qiaoyi, an expert at Kant Think Tank and a lawyer at Shanghai Guangming Law Firm, said that the reduction of holdings by the actual controller usually triggers market concerns about the company's prospects, leading to a drop in stock prices. Especially when market sentiment is sensitive or the company's fundamentals are weak, the reduction of holdings may exacerbate stock price fluctuations.

Economist and new finance expert Yu Fenghui said that if the reduction occurs when the stock price is low, it may further undermine investor confidence and cause the stock price to fall further. However, if the reduction plan is reasonable and the actual controller has a good investment plan, then it may also be for the long-term development of the company.

Plan to invest in Yongji shares

Zhang Hai, who frequently proposes cashing plans, also plans to acquire 5.24% of Yongji Shares' equity, thus becoming the fourth largest shareholder of Yongji Shares.

Yongji shares and Guizhou Sanli are both companies in Guizhou Province. Their main business is the design, research and development, production and sales of cigarette labels and other packaging and printing products. Recently, Yongji shares announced that Deng Weijia, one of the actual controllers of the company, intends to transfer his 22 million shares of the company to Zhang Hai through an agreement transfer, accounting for 5.24% of the company's total share capital. Before this equity change, Zhang Hai did not hold any shares in Yongji shares. After the equity change, Zhang Hai will become the fourth largest shareholder of Yongji shares.

Yongji shares' announcement shows that the agreed transfer price is 7.56 yuan per share, and the total transfer price is 166 million yuan, which is lower than the amount Zhang Hai transferred Guizhou Sanli shares.

According to information, Zhang Hai was born in February 1985. From January 2008 to December 2009, he served as the sales manager of Guizhou Sanli in Guizhou Province. From January 2010 to August 2011, he served as the sales director of Guizhou Sanli. From September 2011 to the present, he has served as the chairman of Guizhou Sanli.

In terms of performance, Guizhou Sanli has continued to grow in recent years, with operating income of approximately RMB 939 million, RMB 1.201 billion, and RMB 1.635 billion in 2021-2023, respectively; the corresponding attributable net profits were approximately RMB 152 million, RMB 201 million, and RMB 293 million, respectively. 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%.

Regarding company-related issues, a Beijing Business Daily reporter sent an interview letter to Guizhou Sanli, but as of press time, no response was received from the company.

Beijing Business Daily reporter Ding Ning