Beiyinmei's major shareholder reorganization accelerates, and Zhejiang Jinhua State-owned assets are expected to take over.

Beibei Baby, the "number one share of milk powder," may change ownership. On the evening of March 18, Beibei Baby announced that its controlling shareholder, Zhejiang Little Beibei Big Beauty Holdings Co., Ltd., had signed a "restructuring investment agreement" with Jinhua Zhenhe Enterprise Management Partnership Enterprise and submitted a restructuring application to the Jinhua Intermediate People's Court on March 18, 2026. If approved, the actual controller of Beibei Baby will change from founder Xie Hong to the Jinhua State-owned Assets Supervision and Administration Commission. Previously, Little Beibei Big Beauty Holdings had submitted a pre-restructuring application to the Jinhua Intermediate People's Court in July 2025, citing liquidity tightness, inability to repay maturing debts, and lack of repayment ability but still having restructuring value. On January 30, 2026, its pre-restructuring plan had been approved by the creditor's meeting. As of the announcement date, Little Beibei Big Beauty Holdings held 130 million shares of Beibei Baby, accounting for approximately 12.3% of the total share capital, with 98.9% of the shares being pledged or frozen. On February 5 of this year, Little Beibei Big Beauty Holdings issued a public announcement for the recruitment and selection of restructuring investors. By March 4, only Jinhua Zhenhe had registered, with the latter's actual controller being the Jinhua State-owned Assets Supervision and Administration Commission. The announcement indicated that Jinhua Zhenhe would pay approximately 860 million yuan for restructuring investment and provide an additional 30 million yuan to help resolve related debts.