Regarded by the outside world as the &#34;white knight&#34; of Bestore, Wuhan State-owned Assets ultimately failed to successfully take control of this struggling snack giant.
On the evening of October 16, Bestore announced that the transfer of control from its controlling shareholder Ningbo Hanyi Venture Capital Partnership and its concerted party Bestore Investment to Wuhan State-owned Assets has been terminated due to the failure to meet all the conditions for the effectiveness of the agreement.
This also means that this transaction, which could have changed the fate of Bestore, ended fruitlessly after 90 days of deliberation.
The controlling shareholder of Bestore remains Ningbo Hanyi, and the actual controllers are still Yang Hongchun, Yang Yinfen, Zhang Guoqiang, and Pan Jihong.
The direct reason for the termination of this transaction is the equity transfer dispute between Ningbo Hanyi and Guangzhou Light Industry and Trade Group Co., Ltd.
In May of this year, Ningbo Hanyi had signed an &#34;Agreement&#34; with Guangzhou Light Industry, stipulating that Guangzhou Light Industry had the right to acquire a portion of Bestore's shares after due diligence.
However, Ningbo Hanyi subsequently did not sign a formal equity transaction agreement with Guangzhou Light Industry and instead reached a cooperation with Wuhan Yangtze International Trade Group Co., Ltd.
This action caused dissatisfaction from Guangzhou Light Industry, which filed a lawsuit and applied for property preservation on July 14, resulting in the freezing of Ningbo Hanyi's 19.89% stake in Bestore.
Guangzhou Light Industry has taken a firm stance in the equity transfer dispute with Ningbo Hanyi.
A month later, Guangzhou Light Industry changed its litigation request, demanding that Ningbo Hanyi continue to perform the equity transfer agreement and calculate continuous liquidated damages at 0.05% of the total transaction price per day, as well as bear the losses and attorney fees incurred for the preservation of this case.
As of July 31, the liquidated damages and other fees requested by Guangzhou Light Industry were temporarily estimated at 1.023 billion yuan.
This lawsuit directly affected the transaction process between Ningbo Hanyi and Yangtze International Trade, and although all parties extended the agreement deadline by 30 days to October 15, the dispute remained unresolved.
The performance of Bestore in recent years may be an important reason for the controlling shareholder's attempt to transfer control.
In 2024, Bestore recorded its first annual loss since going public, with a net loss of 46.1 million yuan.
In the first half of 2025, Bestore turned from profit to loss year-on-year, with a loss amounting to 93.55 million yuan.
Faced with performance difficulties, Bestore has attempted various self-rescue measures, including frequent leadership changes, significant price reductions, and category expansions, but none have shown effective results.
Under the impact of consumption downgrade and the competition from bulk snack brands, this once-glorious &#34;first stock of high-end snacks&#34; has seen its market value shrink by over 80% from its peak, now standing at only 5 billion yuan

"Willing to Sell" Wuhan State-owned Assets Terminates Bestore's "One Share, Two Sales" Dilemma Remains Unresolved