Whenever a senior executive of a listed company announces his divorce, the market will always look at it with concern. Because their marriage is not only about two people's housework, but also about social responsibility and market stability.
On the evening of February 28, Reliable Shares announced that the actual controllers Jin Liwei and Bao Jia had gone through the procedures for dissolving the marriage relationship after friendly negotiation and made relevant arrangements for the share division and other matters.
According to the February 29 ** price 838 yuan shares, after the divorce, Jin Liwei and Bao Jia held the corresponding market value of the listed company** was 70.5 billion yuan, 68.2 billion yuan to achieve "equal distribution of property".
In terms of the control of the company, the announcement shows that after the change in equity, the actual controller of reliable shares will be changed from Jin Liwei and Bao Jia to Jin Liwei, and the controlling shareholder of the company will remain unchanged.
The 1.3 billion "sky-high" divorce case was settled
According to public information, Hangzhou Reliable Care Products Co., Ltd. was established in 2001 and is a leading enterprise in the field of incontinence care in China. On June 17, 2021, it was officially listed on the Growth Enterprise Market of the Shenzhen Stock Exchange.
Jin Liwei and Bao Jia are an entrepreneurial couple. Jin Liwei was born in 1970 and opened an auto repair shop in Lin'an, Zhejiang Province in his early years. In 2001, he and his sister Jin Liqin jointly invested in the establishment of Hangzhou Overseas Chinese Paper Industry, which was later renamed Hangzhou Reliable Care Products Co., Ltd., and Jin Liwei has been serving as the chairman and general manager of the company.
Bao Jia was born in 1981 and began to work in Reliable Co., Ltd. in 2004 after graduating from Zhejiang University with a bachelor's degree, and successively served as the manager of the foreign trade department of Reliable Nursing, the director of international sales, the director of human resources administration, the special assistant to the chairman and the deputy general manager.
In 2021, when Reliable shares were listed, Bao Jia was the company's deputy general manager. In September 2022, Jin Liwei gave up the position of general manager to Bao Jia, who still holds the strategic development direction of Reliable Shares as chairman. In January 2024, in the general election, Jin Liwei was reappointed as the general manager of Reliable Co., Ltd., and Bao Jia only served as a director after stepping down. This is also considered to be the foreshadowing of the divorce case between the two.
Before the divorce, Jin Liwei directly held 5926% equity, and 1. indirectly held by Hangzhou Weiainuo08%；Bao Jia does not directly hold shares in listed companies, but indirectly holds shares through 3 partnerships including Wei Ainuo52%。
According to the agreement between the parties, Jin Liwei will directly hold 2913% of the company's equity was divided and transferred to Bao Jia, and Bao Jia voluntarily and irrevocably gave up the voting rights corresponding to 4% of the equity. The share of the property of the three partnerships held by both parties, namely VIINUO, VIINUO II and VIINUO III, shall be divided equally between the two parties, and each shall occupy half of the property. The executive partner of VIAI No. 2 and VIAI No. 3 will be changed to Jin Liwei. After the change, the executive partner of the three partnerships is Jin Liwei.
Reliable shares, where is the road
With the acceleration of the aging of Chinese society, the impact on the incontinence product market is becoming more and more obvious, coupled with the improvement of the national economic level, the enhancement of health awareness, and the change of residents' consumption concept of such products, etc., have promoted the development of incontinence products.
Reliable Co., Ltd. is mainly engaged in the design, research and development, production and sales of disposable hygiene products, including incontinence products, baby care products and pet hygiene products. The company adopts the two-wheel drive development model of "independent brand + ODM business", and in recent years, it has gradually shifted its development focus to first-class incontinence products, and gradually transformed and upgraded from a manufacturing enterprise to a brand-oriented enterprise.
In the field of independent brands, the company is deeply engaged in the field of incontinence products, including diapers, pull-up pants, diapers, nursing pads, maternity towels, menstrual pants, absorbent towels, peace pants and other products, with "reliable", "absorption treasure", "an", "self-zhi" and other brands, with rich product categories, covering high, medium and low market positioning.
In the field of ODM business, the company is committed to boutique manufacturing and high-end manufacturing, and has established a deep and close cooperation model with many well-known baby care products brands at home and abroad to provide comprehensive solutions for brand owners.
According to the "Annual Report on the Household Paper and Hygiene Products Industry" released by the Tissue Paper Committee, as of the end of 2022, the "reliable" brand has ranked first in the comprehensive ranking among domestic ** incontinence product manufacturers and brands (mainly sorted by sales indicators). At the same time, the "reliable" brand has been the champion of single product category sales on the e-commerce platform for many years, and has a great influence in the market.
As of June 30, 2023, the company has a total of 264 valid patents, including 55 invention patents, outstanding R&D capabilities, and has been rated as a national intellectual property demonstration enterprise, one of the top 100 innovative enterprises in Zhejiang Province, and the second batch of specialized and new "little giant" enterprises of the Ministry of Industry and Information Technology.
According to the 2023 performance forecast of Reliable Shares, the company achieved a net profit of about 17 million yuan to 25 million yuan for the whole year, with a loss of 4312 yuan in the same period last year870,000 yuan; The net profit after deduction was 15 million yuan to 22.5 million yuan, compared with a loss of 4977 yuan in the same period last year380,000 yuan.
It is worth noting that the product attributes of ** sanitary products make consumers demand both quality and cost-effective, brand stickiness and high repurchase rate, so that the brand has a first-mover advantage, and the moat deepens with the expansion of the scale effect of the head brand. China's incontinence products industry started late, the competition pattern is relatively scattered, and the total proportion of the top five brands in market share is only 27%.
In recent years, a large number of cost-effective products have led companies to enter the market to compete for market share. Looking abroad, brands such as Deban, Tianning, and Lehuyi have frantically poured in; In Jiao, there are local brands such as Anerkang, Zhou Daren, Kangfurui, Bao Daren, Vinda, and Qianzhiya to catch up with each other.
After the turmoil of the founder's divorce case, it remains to be seen whether the performance of reliable shares can continue to be "reliable".
There are "Lao Yan Flying Separately", and there are "Qin Se and Ming".
In recent years, it is not uncommon for A-share "sky-high divorces" to occur.
On January 11 this year, Changchun High-tech announced that the company received a notice from Jin Lei, a shareholder holding more than 5% of the company's shares, and learned that Jin Lei and Wang Simian had gone through the procedures for dissolving their marriage by agreement and made arrangements for the division of shares. According to the agreement between the two parties, Jin Lei intends to hold 30,014,129 shares of the company, accounting for about 7 of the company's total shares42%, divided into Wang Simian's name. According to the share price of Changchun High-tech ** on January 11, it was 133At 41 yuan, the above 30.01 million shares are about 4 billion yuan.
If calculated based on the stock price at the time of the announcement or the announcement of the divorce, among the current sky-high divorces, the top breakup fees are Kangtai Biotechnology (23.5 billion yuan; May 2020), Tongcheng New Materials (14 billion yuan; May 2023), 360 (9 billion yuan; April 2023), Kunlun Wanwei (7.5 billion yuan; September 2016).
When love comes to an end, property division becomes an inevitable part, and for those couples who are executives of listed companies, the breakup fee is often not only a simple property division, but also involves the company's stock price, shareholders' rights and interests and market stability.
In July 2023, the China Securities Regulatory Commission issued a statement, clearly requiring major shareholders (i.e., controlling shareholders, shareholders holding more than 5% of the shares), directors, supervisors and senior executives of listed companies as a "key minority" and not evading the ** restrictions in any way such as divorce, dissolution and liquidation, and division. Many institutional investors also include the marital status of the controllers and major shareholders of listed companies in their considerations.
In the A-share husband and wife business, there is not only the tragedy of "Lao Yan Flying Apart", but also the legend of "Qin Se and Ming", they help each other and jointly create a capital map.
According to incomplete statistics, among the current A-share listed companies, there are nearly 300 "husband and wife" models, some of which are husband and wife who start a business together to win the world, some of which are husband and wife and their families holding shares at the same helm, and some are "second generation" couples taking over the family industry.
From a regional point of view, Zhejiang Province has the most "husband and wife files", with nearly 70, followed by Guangdong Province with nearly 50. These two provinces also happen to be the regions with the most vigorous development of the private economy since the reform and opening up. From the perspective of industry, the number of listed companies in the fields of basic chemicals, machinery and equipment, power equipment, light industry manufacturing, and automobile assembly is the largest.
From the perspective of market capitalization, as of the end of 2023, the top ten "husband and wife files" with the highest market value are Oriental Fortune, Lu Lili and his wife, Xie Bingkun and Deng Qiaorong of Kuncai Technology, Sun Huaiqing and Wang Xiaopu of Marubeni Co., Ltd., Shao Jing and Chen Shibin of Quartz Co., Ltd., Jiang Wei and You Jie of Haohai Shengke, Zhuang Kuilong and Qu Fengqi of Xinfengming, Ye Jiyue and Zhang Guiyu of Sanwei Co., Ltd., Shen Hanbiao and Wang Miaoyu of Good Wife, Feng Yuxia and Zhou Zhiwen of Zhaoyan New Medicine.