"Sale" to Wuhan state capital terminated; Bestore's "one share, two sales" predicament remains unresolved

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Regarded by outsiders as the "white knight" of Bestore, Wuhan Guozhi ultimately failed to successfully take control of the troubled snack giant.

On the evening of October 16, Bestore announced that, as not all the effectiveness conditions stipulated in the agreement had been met, the transfer of control from its controlling shareholder Ningbo Hanyi Venture Investment Partnership and its concerted actor Liangpin Investment to Wuhan Guozhi had been terminated.

This also means that after 90 days of brewing, this deal, which could have changed Bestore's fate, has ended fruitlessly.

The controlling shareholder of Bestore remains Ningbo Hanyi, and the actual controllers remain Yang Hongchun, Yang Yinfeng, Zhang Guoqiang, and Pan Jihong.

The direct reason for the termination of this transaction is the equity transfer dispute between Ningbo Hanyi and Guangzhou Light Industry and Trade Group Co., Ltd.

In May of this year, Ningbo Hanyi had signed an "Agreement" with Guangzhou Light Industry, agreeing that Guangzhou Light Industry would have the right to acquire part of Bestore's shares after due diligence.

However, Ningbo Hanyi did not subsequently sign a formal equity transaction agreement with Guangzhou Light Industry, but instead reached cooperation with Wuhan Yangtze River International Trade Group Co., Ltd.

This action aroused Guangzhou Light Industry's dissatisfaction. On July 14, it filed a lawsuit and applied for asset preservation, resulting in the freezing of 19.89% of Bestore shares held by Ningbo Hanyi.

Guangzhou Light Industry has been firm in the equity transfer dispute case against Ningbo Hanyi.

A month later, Guangzhou Light Industry changed its litigation demands, requesting not only that Ningbo Hanyi continue to fulfill the equity transfer agreement, but also that it pay ongoing penalty interest calculated at 0.05% of the total transaction price per day, and bear the loss and attorney fees incurred by this litigation preservation.

As of July 31, the penalty interest and other fees demanded by Guangzhou Light Industry amounted to 1.023 billion yuan.

This lawsuit directly impacted the transaction process between Ningbo Hanyi and Yangtze River International Trade. Although all parties extended the agreement deadline by 30 days to October 15, the dispute remains unresolved.

The recent performance of Bestore may be a key reason for the controlling shareholder seeking to transfer control.

In 2024, Bestore recorded its first annual loss since listing, with a net loss of 46.1 million yuan.

In the first half of 2025, Bestore swung from profit to loss year-on-year, with a loss of 93.55 million yuan.

Facing performance difficulties, Bestore has attempted a variety of self-rescue measures, including frequent management changes, substantial price cuts, and category expansion, but none have proven effective.

Hit by consumption downgrade and the impact of mass-market snack brands, this once highly acclaimed "No.1 premium snack stock" has seen its market value shrink by more than 80% from its peak, and is now only worth 5 billion yuan.

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