The internationally renowned investment bank Goldman Sachs has also made a lot of arrangements in the A-share market in recent years. Of course, most of them are venture capital investments, that is, investments before successful IPOs of companies. Among them, subsidiaries wholly owned by Goldman Sachs Group Beijing Kuanjie Imperial Capital Investment Center (Limited Partnership) (referred to as "Kuanjie Imperial Capital") and Goldman Sachs Shandong Retail Investment S.à r.l. (hereinafter referred to as "GS Shandong"), two major investment entities under the management of private equity funds, are located in They respectively held 27.5 million shares of A-share listed company Liqun Shares, accounting for 3.2% of the total share capital of Liqun Shares. They were all acquired before the IPO.

However, after the market closed on January 23, Liqun issued the "Announcement on Plans to Reduce Shareholdings of Shareholders Holding More than 5% of the Shares," announcing that two private equity funds of Goldman Sachs Group, which hold a total of 6.4% of the shares, Large investment entities Kuanjie Bohua and GS Shandong plan to reduce their holdings by no more than 4.47% within six months after 15 trading days from the date of announcement of this holding reduction plan. Based on the current stock price of Liqun shares, the current market value of 4.47% of the shares is 254 million yuan.

Liqun Co., Ltd. is a company headquartered in Qingdao, Shandong Province, mainly engaged in retail chain operations of department stores, supermarkets and electrical appliances. The company only launched its IPO on the main board of the A-share Shanghai Stock Exchange on April 12, 2017. , its performance since its listing has achieved sustained growth in both operating income and net profit. In the first three quarters of last year, operating income was 8.296 billion yuan, a year-on-year increase of 6.88%, and net profit was 297 million yuan, a year-on-year increase of 8.38%.

It is worth noting that in 2018, Liqun Holdings took over some of the assets of Lotte Shopping, which was controversial and stagnant in my country due to the THAAD incident, and acquired Lotte Shopping (Hong Kong) for 1.665 billion yuan. Holdings Co., Ltd. holds 12 companies to acquire operating commercial assets such as Lotte Shopping's 15 properties engaged in commercial retail, warehousing and real estate business in my country and 72 stores in East China to achieve a major expansion of the company's business scope. However, Market reviews for the move were mixed.

In fact, in recent years, Goldman Sachs has also been quite powerful in cutting leeks in A-shares. In 2016-2017, Goldman Sachs disclosed its holding reduction plan twice through its subsidiary GSCP Bouquet Holdings SRL, realizing liquidation and liquidation of holdings. The IPO original shares of the A-share listed company Kouzijiao he held made a net profit of more than 4.4 billion yuan. This holding reduction plan for Liqun shares is probably just the first step for Goldman Sachs. It is likely that a second reduction plan will be released next to realize the liquidation and exit. After all, the reasons for the reduction of Liqun shares are clearly stated in the announcement. It is the “exit decision of financial investors”.