Beingmate's Restructuring Sees Dawn: Jinhua State-Owned Assets May Take Control | Quick Read Announcement

Cailian Press, March 19 — (Reporter Wang Yanlin) As the restructuring investor for the controlling shareholder is confirmed, infant formula manufacturer Bei Bei Mei (002570.SZ) may change ownership, shifting from founder Xie Hong to Jinhua State-owned Assets Supervision and Administration Commission.

Last night, Bei Bei Mei announced that its controlling shareholder, Zhejiang Xiao Bei Da Mei Holdings Co., Ltd. (hereinafter “Xiao Bei Da Mei Holdings”), has signed a “Restructuring Investment Agreement” with Jinhua Zhenhe Enterprise Management Partnership (Limited Partnership) (hereinafter “Jinhua Zhenhe”). If Xiao Bei Da Mei Holdings successfully completes the restructuring, the actual controller of Bei Bei Mei will change to Jinhua State-owned Assets Supervision and Administration Commission.

Tracing the process of this restructuring, on July 16, 2025, Xiao Bei Da Mei Holdings filed a pre-restructuring application and relevant evidence with the Jinhua Intermediate People’s Court of Zhejiang Province, citing liquidity shortages, inability to repay maturing debts, and a clear lack of repayment capacity, but still possessing restructuring value.

In February this year, Xiao Bei Da Mei Holdings announced a public recruitment and selection of restructuring investors. As of the March 4 deadline, only Jinhua Zhenhe had registered. According to the recruitment announcement, “if only one potential investor registers and submits a legal and valid restructuring plan, they will automatically become the restructuring investor,” and Jinhua Zhenhe was ultimately confirmed as Xiao Bei Da Mei Holdings’ restructuring investor.

According to the agreement, Jinhua Zhenhe will invest by paying 856 million yuan in restructuring funds to acquire all of Xiao Bei Da Mei Holdings’ equity. To ensure the success of the restructuring, a smooth transfer of control, and Bei Bei Mei’s sustainable development, Jinhua Zhenhe also agreed to provide an additional 30 million yuan to help the actual controller and related parties resolve related guarantee debts.

As a shareholder of Bei Bei Mei, Xiao Bei Da Mei Holdings owns 12.28% of Bei Bei Mei’s shares, of which 131 million shares are pledged or frozen, accounting for 98.85% of Xiao Bei Da Mei Holdings’ holdings.

Bei Bei Mei was founded by Xie Hong in Hangzhou in 1992, listed in 2011, and soon embarked on a period of business expansion, once becoming a leader in the domestic infant formula industry. However, the good times did not last long. Due to strategic missteps, the company’s performance declined starting in 2014. After years of adjustments, it has yet to recover. Recently, under the impact of weakening infant and child consumer demand, the debt crisis of its controlling shareholder has begun to erupt.