Beingmate's Controlling Shareholder Restructuring Plan Finalized, Jinhua State-owned Assets Supervision and Administration Commission Expected to Take Control

On March 18, Beiinmei (002570) announced progress in the restructuring of its controlling shareholder, Little Bei Da Mei Holdings. It confirmed Jinhua Zhenhe Enterprise Management Partnership (Limited Partnership) (referred to as “Jinhua Zhenhe”) as the restructuring investor for Little Bei Da Mei Holdings, which is actually controlled by the Jinhua State-owned Assets Supervision and Administration Commission.

The announcement shows that on the same day, Little Bei Da Mei Holdings submitted a “Reorganization Application” to Jinhua Intermediate People’s Court. The day before, the restructuring administrator, Little Bei Da Mei Holdings, and Jinhua Zhenhe signed a “Restructuring Investment Agreement.” It is understood that during the entire pre-restructuring public recruitment of investors, only Jinhua Zhenhe applied.

According to the “Restructuring Investment Agreement,” Jinhua Zhenhe is to pay 856 million yuan in restructuring investment funds. To ensure the success of the restructuring, a smooth transfer of control, and Beiinmei’s sustainable development, Jinhua Zhenhe also agrees to provide an additional 30 million yuan to help the actual controller of the company and its related parties resolve related guarantee debts.

Subsequently, after successful restructuring, the new company will maintain steady growth. It will implement a modern corporate management system, introduce advanced management and operational concepts, maintain stable operations of Little Bei Da Mei Holdings and Beiinmei Co., Ltd., continue to support lawful and compliant employee stock ownership plans, optimize asset and debt structures, and enhance operational capabilities to protect core asset value.

Qichacha information shows that Jinhua Zhenhe, after being penetrated, is actually controlled by the Jinhua State-owned Assets Supervision and Administration Commission. Currently, Zhejiang Jinhui Sunshine Asset Services Co., Ltd. has subscribed to 20.1 million yuan, accounting for 2.28% of the registered capital; Jinhua Mingheng Enterprise Management Partnership (Limited Partnership) has subscribed to 860 million yuan, accounting for 97.72%. This partnership was established on February 13, 2026, later than the public recruitment and selection of restructuring investors by Little Bei Da Mei Holdings, possibly set up specifically to participate in the restructuring.

Little Bei Da Mei Holdings launched pre-restructuring in July last year, and more than half a year has passed. Little Bei Da Mei Holdings believes it faces liquidity tension, cannot repay maturing debts, and clearly lacks repayment ability but still has restructuring value, thus applying for pre-restructuring.

Since the initiation of pre-restructuring, Beiinmei has long stated that “the company has independent and complete business operations and autonomous management capabilities, and is independent from Little Bei Da Mei Holdings in terms of business, personnel, assets, organization, and finance. The company’s production and operation are normal, and related matters will not have a substantial impact on the company’s daily operations.”

In terms of performance, Beiinmei maintained stable operations in 2025. In the first three quarters of 2025, Beiinmei achieved an operating revenue of 2.033 billion yuan, a decrease of 2.59% year-on-year; net profit attributable to the parent was 106 million yuan, an increase of 48.07%. During the reporting period, the company’s cost rate decreased, leading to increased gross profit, and investment income also increased compared to the same period last year.

Looking ahead, after signing the “Restructuring Investment Agreement,” the related “Restructuring Plan” still needs to be submitted for creditor meeting approval and approved by the Jinhua Intermediate Court. If Little Bei Da Mei Holdings’ restructuring is successful, Beiinmei’s actual controller will change to the Jinhua State-owned Assets Supervision and Administration Commission. Beiinmei routinely warns that the success of Little Bei Da Mei Holdings’ restructuring remains uncertain. “The company’s management will continue to focus on operational management to ensure stable operation,” Beiinmei stated.

(Source: Securities Times)