Casual Chinese restaurant operator Green Tea Group has seen its second-largest shareholder fully liquidate its stake. On September 23, responding to the planned complete exit by the second-largest shareholder, Green Tea Group (6831.HK) stated that the shareholder had accompanied the company for nearly a decade, and with the fund reaching its exit window, the overall investment delivered respectable returns. Following this transaction, the second-largest shareholder has sold all its shares, removing the overhang that the market had been worried about and opening room for upside. The company emphasized that its fundamentals remain robust, with nearly 17% revenue and profit growth in the first half of the year, alongside 131 new store openings.
On September 21, Green Tea Group announced that Xu Ruijie resigned as a non-executive director due to work arrangements. The shareholder Partners Group Gourmet House Limited, referred to as Partners Gourmet, notified the company that it had sold all its shares in Green Tea Group through off-market transactions. After this disposal, Partners Gourmet no longer holds any shares in Green Tea Group.
Back in April this year, less than a year after listing, Green Tea Group had already announced that its second-largest shareholder intended to exit completely. That announcement revealed that major shareholder Partners Gourmet had arranged three share sale plans. The total number of shares involved in the placement and sale amounted to 106 million shares, equivalent to approximately 15.96% of the total issued shares, excluding treasury shares, at the announcement date. The earlier announcement also stated that the disposal of shares by the second-largest shareholder would not have a significant impact on Green Tea Group's business operations and financial condition.
Green Tea Group listed on the Hong Kong Stock Exchange in May 2025. According to the prospectus, Partners Gourmet is a strategic investor in Green Tea Group, controlled by Partners Group Holding AG, a global private markets investment management firm listed on the SIX Swiss Exchange. As of December 31, 2024, Partners Group managed approximately USD 152 billion in assets, with investments spanning private equity, private debt, private real estate, and private infrastructure. Beyond its strategic investment in Green Tea Group, Partners Group has also invested in a one-stop baby product solutions chain retailer in China, a service provider that designs, manufactures, and installs retail display fixtures, and a cross-border logistics service provider.
The prospectus further shows that Green Tea Group first connected with Partners Group in 2015 through the professional network of its private equity investment team. After evaluating China's catering industry in 2015 and holding multiple meetings with Green Tea Group's directors over two years, Partners Gourmet decided to invest in the company.
At the end of March this year, Green Tea Group published its first annual report after listing. For the full year of 2025, the company generated revenue of RMB 4.76 billion, up 24.1% year-on-year. Adjusted net profit reached RMB 509 million, up 41%, with an adjusted net profit margin of 10.7%, an improvement of 1.3 percentage points from the previous year. Net profit for the year hit RMB 486 million, up 38.9% year-on-year.
According to the interim report for this year, the company posted revenue of RMB 2.675 billion in the first half, up 16.8% year-on-year, and net profit of RMB 291 million, up 24.4%. As of the end of the first half, Green Tea restaurant locations totaled 733, with 131 new restaurants opened during the period. As of press time on September 23, Green Tea Group shares were down more than 1%, with the stock down over 18% so far this year and over 22% since listing.
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