On the evening of November 11, Yonghui Superstores Co.,Ltd. (601933) announced a shareholder reduction plan.
The company’s major shareholder holding over 5% of shares, Chairman Zhang Xuansong, and his affiliated party, "Shanghai Xishirun Investment Management Co., Ltd. – Xishirun Herun No. 6 Private Securities Investment Fund," plan to sell up to 90.75 million shares due to personal funding needs. The reduction will be executed via centralized bidding within three months after 15 trading days from the announcement date, with pricing determined by market conditions.
Currently, Xishirun Herun No. 6 holds approximately 170 million shares in Yonghui, making it the fifth-largest shareholder. If the full reduction plan is completed, 53% of its holdings will be sold.
On the first trading day after the announcement (November 12), Yonghui’s stock opened lower and closed at 4.61 yuan. At this price, the shareholder stands to gain roughly 418 million yuan from the sale.
Zhang Xuansong, one of Yonghui’s founding brothers, has diverged from his brother Zhang Xuanning on business strategies—preferring steady offline retail expansion over digital transformation in new retail. The two dissolved their concerted action relationship in 2018.
Zhang Xuanning’s last personal share reduction occurred in March 2023, when he sold 90.48 million shares at an average price of 3.32 yuan, totaling over 300 million yuan.
Yonghui’s "Learn from Fat Donglai" transformation has drawn market attention. As of September 30, the company operated 450 stores nationwide, with 222 already revamped—nearly halfway through the overhaul.
While Yonghui has highlighted improved performance post-revamp, shareholders and executives appear skeptical about future stock trends, having disclosed multiple reduction plans this year.
On November 7, Vice President Luo Wenxia sold 108,700 shares via centralized bidding at 4.59 yuan per share, totaling 498,900 yuan. Earlier, in July, Beijing Jingdong Century Trade Co., Ltd. reduced its 114 million shares, ceasing to be a 5%+ shareholder.
Operationally, Yonghui closed underperforming stores this year, compounding short-term pressures from the revamp. Revenue and profits both declined.
In the first three quarters, revenue fell 22.21% year-on-year to 42.434 billion yuan, while net losses surged eightfold to 710 million yuan from 78 million yuan a year earlier.
The key question remains: When will the "Fat Donglai-inspired" revamp deliver tangible results?
Some brokerages project Yonghui may gradually emerge from reform challenges by 2026–2027, with losses narrowing after completing all store revamps next year. Profits could materialize by 2027.
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