Liangpin store has been successively reduced by shareholders, Hillhouse department cash out more than 600 million, the total market value of nearly 20 billion
As one of the best high-end snacks in China, Liangpin Store has been far ahead in national sales for 6 consecutive years and was listed on the main board of the Shanghai Stock Exchange in 2020.But it is such a promising food company, due to the reduction of holdings, the total market value has been reduced by nearly 20 billion.Some time ago, Hillhouse capital reduce the good store news caused market attention.However, Zhuhai Hillhouse Tianda Equity Investment Management Center (limited partnership), as the third largest shareholder of Liangpin Shop, accounts for 5.19% of the outstanding shares, and is still firmly in the third place even in the case of holding reduction.The largest shareholder of The company is Dayong Co., LTD., which currently holds 121 million shares, accounting for 54.31% of the tradable shares. At present, there is no significant increase or decrease in the situation.As the second largest shareholder, HHLPPZ(HK)Holdings Limited (Hillhouse, Hong Kong) holds 180,0100 shares, accounting for 8.05% of the outstanding shares, and there is no significant increase or decrease at present.In addition, Ningbo Hillhouse Zhiyuan Investment Partnership has also reduced the number of 1.6918 million shares, ranking sixth at present, accounting for about 2.87% of the outstanding shares.And China Merchants Bank Co., LTD. — Xingquan Herun, a hybrid securities investment fund after Hillhouse in Ningbo, was also eager to add 3.8930 million shares, equivalent to an increase of 505.58 percent.This is the current distribution of shares in the good Shop.Ii. Hillhouse reduces its holdings of good products. What investment logic does this contain?There are many factors for investors to reduce holdings. If it is a qualified pitcher, there will generally be exit and liquidation nodes, especially as private fund investors, but also have their own investment skills in it.Let’s take a look at hillhouse’s investment trend in recent years.Hillhouse is not the first target that hillhouse has chosen to sell.According to the investment experience of Hillhouse for several times, they prefer value investment rather than the first goal of obtaining high profits, which is different from the concept of many investment companies.Therefore, it can be seen that Hillhouse likes long-term value investment. Then, let’s take a look at the assets of Good Shop in recent years.In 2020, the capital turnover rate of Liangpin Store began to decline. In 2019, the capital asset ratio was 2.20, while the asset turnover rate in 2020 decreased to 1.97, which means that the growth rate of the company’s operating income is not as fast as the growth rate of total assets.At present, good shop medium-term capital chips accounted for circulation plate 81.07%, but the main control disk degree is still optimistic.Overall, slower market growth and higher operating costs in 2019-2021 also resulted in lower net revenues and lower profits.Weak growth means that at least in recent years, there is no momentum for development. Specifically, weak growth momentum leads to suppression of the company’s recent growth, which is also the biggest factor for many shareholders to choose to reduce their holdings.What’s more interesting is that Hillhouse wasn’t the only investor to sell down its stake in Good Shop. In the summer of 2021, Norway’s foreign central Bank also sold down its stake in good Shop in a near “liquidation” manner.Does all this show that the good shop is dead?Not necessarily, the volatility of the market is hard for us to imagine. As for the current market changes, some professionals speculate that the reduction problem of Good Quality shop may continue. Among the top ten shareholders, at least investors will reduce their holdings, and even the foreign central bank of Norway will carry out liquidation type reduction.The biggest reason for Hillhouse to reduce its holdings is that the high stock price of the good store is very different from the value of the enterprise itself.Hillhouse’s holding reduction is bound to cause the decline of the total market value of Liangpin Stores. Although Hillhouse’s holding reduction plan has not ended, this round of holding reduction plan will continue until April 7, 2022 and then come to an end.In the reduction stage, Hillhouse system sells stocks by means of centralized bidding and agreement transfer.Liangpin Store said that in this reduction plan, Hillhouse department’s reduction is decided by its own investment planning and capital needs, and will not have any impact on the basic governance and operation of Liangpin Store.As early as February 2021, hillhouse’s limited shares were lifted, a full year after the company went public.At this time, the shareholding rate of Hillhouse was as high as 11%. On February 26, the second day of the first anniversary, Hillhouse officially began to reduce its holdings. It will transfer and sell stocks in five months, which is the first round of reduction.As of Jan. 27, 2022, The closing price of Ryoji Is 36.06.Compared with January 29, 2021, the highest price of Liangpin Store is 68.83 yuan/share, down nearly 50%.On January 27, the market value of liangpin Shop came to 14.46 billion yuan, ranking third in the market value of Shanghai and Shenzhen leisure food industry.The top two are Chiapia Food and peach and plum bread, while its former rival, Liangpin Shop, is firmly in fourth place.Liangpin has lost nearly 20 billion yuan in market value since its first year of listing.July 15, 2020 May be the high point of The Company, the stock price hit a peak of 86.98, then continued to decline, 2021 is rarely more than 40.In the final analysis, it is difficult to form sustainable profitability of total sales, and the proportion of R&D investment makes it difficult to form a stable situation in technology, which is also the main reason for major shareholders to reduce their holdings.Conclusion Once upon a time, Liangpin Store was very brilliant under the joint support of Hillhouse and Today Capital. However, since the lifting of the restriction shares, Hillhouse chose to clear the positions and “reduce holdings”, which also caused the rapid decline of Liangpin Store’s share price.However, in terms of the current Chinese market, even the top few market value rankings of Shanghai and Shenzhen leisure food industry also show a negative growth trend, which is also due to the impact of the overall environment.During the epidemic, non-specific industries are in a period of decline.Whenever asked how to look at the future development trend of the good store, more than 80% of the shareholders have chosen to drop.The market value of Liangpin shop evaporates 20 billion yuan, hillhouse department cashed out more than 600 million yuan, how much is the story behind this?