Beingmate Controlling Shareholder Restructuring Achieves Important Breakthrough, Jinhua State-Owned Assets Commission Entry on the Agenda

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(Source: Bubble Finance)

On the evening of March 18, BeiBeiMei (rights protection) (002570.SZ) announced that its controlling shareholder, Zhejiang Xiaobei Damei Holdings Co., Ltd. (hereinafter “Xiaobei Damei Holdings”), signed the “Restructuring Investment Agreement” with Jinhua Zhenhe Enterprise Management Partnership (Limited Partnership) (hereinafter “Jinhua Zhenhe”) and officially submitted a restructuring application to Jinhua Intermediate Court. This marks the substantive implementation phase of the controlling shareholder’s restructuring work. The selected restructuring investor is a state-owned entity controlled by the Jinhua State-owned Assets Supervision and Administration Commission. If the restructuring is successfully completed, BeiBeiMei’s actual controller will change to the Jinhua SASAC, bringing strategic support from state assets for the company’s development.

From the progress perspective, this restructuring process is compliant and efficient, with key milestones smoothly achieved. Historically, Xiaobei Damei Holdings applied for pre-restructuring with Jinhua Intermediate Court due to liquidity issues in July 2025, which was accepted; in January 2026, its pre-restructuring plan was unanimously approved by creditors’ meetings and investor groups, laying a solid foundation for investor recruitment; in February 2026, after launching a public recruitment of restructuring investors, Jinhua Zhenhe became the only legitimate and effective intended investor by the registration deadline. The two parties signed the investment agreement on March 17, and submitted the restructuring application the next day. The entire process strictly followed regulations, with high certainty of implementation.

The announcement shows that the core investor in this restructuring, Jinhua Zhenhe, is a pure state-owned entity established on February 13, 2026, jointly funded by Zhejiang Jinhui Sunshine Asset Services Co., Ltd. and Jinhua Mingheng Enterprise Management Partnership (Limited Partnership). Its actual controller is the Jinhua SASAC, with no relation or concerted action with BeiBeiMei, its directors, supervisors, senior management, or controlling shareholder. This investment is an independent strategic layout by the state.

According to the core terms of the “Restructuring Investment Agreement,” Jinhua Zhenhe will acquire all shares of Xiaobei Damei Holdings by paying 856 million yuan in restructuring funds. To ensure stable operations, an additional 30 million yuan will be provided to help resolve related guarantee debts. An advance payment of 80 million yuan has already been made as a deposit, which will later be credited toward the restructuring investment. This demonstrates strong financial capability and sincere commitment. The agreement also stipulates that Jinhua Zhenhe must pay the full investment amount within 45 days of court approval of the restructuring plan, and after the restructuring is completed, it cannot transfer its BeiBeiMei shares within 36 months. This clause will effectively ensure the long-term stability of the company’s equity structure and provide ongoing support for business development.

Regarding post-restructuring operational plans, Jinhua Zhenhe has clarified that it will introduce advanced management and operational concepts, build a modern corporate management system, and promote steady growth while maintaining stable operations of Xiaobei Damei Holdings and BeiBeiMei. It will also continue supporting employee stock ownership plans, optimize the company’s asset, debt structure, and operational capacity, and safeguard core asset value. The resources, credit backing, and management advantages of state assets will inject new momentum into BeiBeiMei’s long-term development.

The announcement also discloses that BeiBeiMei has a complete independent business system and autonomous operational capacity. Its operations, personnel, assets, organizational structure, and finances are fully independent from the controlling shareholder. There are no situations where the controlling shareholder non-operationally occupies company funds or provides guarantees illegally. The controlling shareholder’s restructuring will not significantly impact the company’s daily operations, which are currently normal.

Industry analysts point out that the confirmation of a state-owned investor in the controlling shareholder’s restructuring is a multiple-benefit event for BeiBeiMei. On one hand, it will fully resolve the controlling shareholder’s debt issues and eliminate long-standing market uncertainties, creating a stable and healthy operating environment. On the other hand, the strategic involvement of state assets will bring resource synergy, credit enhancement, and governance optimization, helping the company further strengthen its fundamentals and improve core competitiveness. BeiBeiMei stated it will continue to monitor the progress of the restructuring, urge relevant parties to fulfill disclosure obligations promptly, and ensure management maintains normal operations to guarantee steady company development.

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