The suspense of minority shareholders of quick-frozen food leader Anjing Food (603345.SH) can be relieved for a while.

On September 10, Anjing Food announced that it had received a notification letter from the controlling shareholder Fujian Guoli Minsheng Science and Technology Development Co., Ltd. (hereinafter referred to as "Guoli Minsheng"). Due to personal reasons, Zhang Gaolu, vice chairman of Anjing Food, agreed within the family and signed an equity transfer agreement with Wang Su and Wang Jijuan.

According to the announcement, Zhang Gaolu transferred his 28.54% stake in Guo Li Minsheng to his mother Wang Su for 71.5 million yuan, and then Wang Su transferred his 28.74% stake (including 0.02%) to his sister Wang Jijuan at a consideration of 7200 million yuan.

At the same time, Hangzhou Jianying and Lu Qiuwen, who respectively hold 29.94% and 25.15% of the shares of national strength and Minsheng respectively, signed the "concerted Action Agreement" to constitute a concerted actor, and together they hold 55.09% of the shares of national strength and Minsheng, which is the new actual controller of the company.

The two are formed into concerted actors or because of their respective shareholding ratio, no matter compared with each other or Wang Jijuan, they do not have an absolute advantage. According to Tianyan check information, Sun Gang and Hanghua, the major shareholders of Guoli and Minsheng, own 15.97% and 5.99% of the shares respectively.

The actual controller of Anjing Food sent a positive signal to the market on the day of the change. According to the announcement, Hang Jianying and Lu Qiuwen jointly promised not to transfer their shares in national strength and people's livelihood and not to transfer their shares in Anjing Food within 18 months from becoming actual controllers. Shares derived from the delivery of shares in Anjing Food and the transfer of capital accumulation fund to increase share capital are also subject to the aforementioned share locking arrangements.

Private equity people in eastern China, who have long followed the food and beverage industry, told ID:TradeWind01 that the change of controller and the lock-in of shares were regarded as the market's optimistic expectations for Anjing Food. "the market has been worried about the impact of the reduction of major shareholders on the market".

Since May last year, the controlling shareholder Guoli Minsheng began to reduce the holdings of Anjing Food one after another. Guoli Minsheng reduced its stake by 1.77% from June 2 to September 27 last year, and by 5% from February 3 to June 15 this year. The two times combined to cash out about 2.958 billion yuan, so far, the proportion of shares held by national strength and people's livelihood has been reduced to 25%.

Before that, the management of Anjing Food had already taken a step forward in reducing its holdings.

Because Anjing Food is managed by a team of professional managers, it is a binding with professional managers. Anjing Food Chairman Liu Mingming, Director and General Manager Zhang Qingmiao, Deputy General Manager Huang Jianlian and Deputy General Manager Huang Qingsong held 12.64%, 5.35%, 2.94% and 2.94% of the shares respectively when Anjing Food went public in 2017.

But Anjing food executives have reduced their holdings frequently since 2018. As of June 30, the shareholdings of chairman Liu Mingming and general manager Zhang Qingmiao had dropped to 4.19% and 2.31%, respectively.

The pressure of major shareholders to reduce their holdings is also reflected in stock prices and market sentiment.

After multiplying the 226 per cent rise in the prepared vegetable tuyere in 2020, Anjing Foods fell 11.19 per cent in 2021 and 4.81 per cent in 2022. By the close of trading on September 8, 2023, Anjing Foods had fallen 18.26% so far this year.

Trade wind (ID:TradeWind01) called Anjing Food Securities personnel to ask whether the follow-up company Dong Jiangao has a reduction plan, which the other party denied.

Fundamentally, in the first half of this year, Anjing Food achieved revenue of 6.894 billion yuan, an increase of 30.7% over the same period last year, and a net profit of 735 million yuan, an increase of 62.14% over the same period last year.

Trade wind (ID:TradeWind01) learned that at Anjing Food's first interim shareholders' meeting today, Anjing Food Management said that in the second half of this year, it was mainly a "counter event for new products", with leading products in all sectors (4.0lock fresh clothes, Maru Zhizun, string barbecue, etc.). Next, there will be intensive dealer meetings to award awards to outstanding dealers and encourage dealer confidence.

The dealer channel is a strong channel for Anjing Food, which contributed 5.738 billion in revenue in the first half of this year, accounting for 78.87%, an increase of 33.9% over the same period last year. During the reporting period, the number of dealers increased by 62 to 1898.