Yonghui Supermarket is a dark horse in China's retail industry in recent years. Some insiders believe that it is very likely to become "China's Wal-Mart."

In 2010, Yonghui Supermarket landed on the A-share market and was known as the “No. 1 fresh food stock”.

The company has received investment from JD.com and Tencent, and its current market value exceeds 70 billion yuan.

When company chairman Zhang Xuansong talks about his entrepreneurial journey, he always thanks one person, and that is his brother Zhang Xuanning.

As early as the 1990s, Zhang Xuansong and his brother Zhang Xuanning were together when they were engaged in beer wholesale sales. Later, they became the special distributors of the No. 1 brewery in Fuzhou, and then founded Yonghui Supermarket together. The two brothers wrote a glorious family entrepreneurial history.

When the company was growing bigger and bigger, the two brothers had different opinions on the positioning and development path of its "high-end supermarket + fresh food catering + O2O super species (Yonghui Yunchuang)".

According to China News Service, in April this year, Zhang Xuansong said at the shareholder exchange meeting: "I have differences with CEO Zhang Xuanning regarding super species. He is optimistic about catering. I think the focus should be on 'delivery to home'." December 13

On the evening of the same day, an announcement from Yonghui Supermarket made this difference public: Zhang Xuansong and Zhang Xuanning have major differences in the company's development direction, development strategy, organizational structure, governance mechanism, etc., and they have different views on Yonghui Yunchuang's positioning and development direction.

There are also different opinions on the path.

After careful consideration, in order to avoid further aggravation of differences, the two have signed the "Agreement on the Dissolution of Concerted Actions."

Since then, the eight-year-long relationship between the two brothers acting in concert has been terminated.

The "separation" was due to differences over the company's strategy. Recently, the Zhang brothers terminated their concerted action relationship and "separated" in another way.

In terms of the shareholder composition of Yonghui Supermarket, the company's third quarter report of 2018 disclosed that Zhang Xuansong and Zhang Xuanning, as persons acting in concert, collectively hold 22.17% of Yonghui Supermarket and are the largest shareholders.

Now that the Zhang brothers have terminated their relationship as persons acting in concert, the shareholdings of the top six shareholders of Yonghui Supermarket are: Dairy Milk Co., Ltd. holds 19.99% of the shares and is the largest shareholder; Zhang Xuansong holds 14.70% of the shares; Zhang Xuanning holds 7.77% of the shares;

Jiangsu Jingdong Bangneng holds 6.43% of the shares; Jiangsu Yuanzhou holds 5.00% of the shares; Linzhi Tencent Technology holds 5.00% of the shares.

Yonghui Supermarket stated that due to the dispersed shareholdings of each shareholder, after the two parties terminated their concerted actions, the above-mentioned shareholders made decisions based on their voting rights and were independent of each other and did not interfere with each other.

Judging from the company's equity structure, board of directors and senior management composition, the company currently has no controlling shareholder or actual controller.

With the termination of the concerted action agreement, the Zhang brothers' differences regarding the company's development strategy also became public.

According to China News Service, in April this year, Zhang Xuansong said at the shareholders' communication meeting: "With regard to super species, CEO Zhang Xuanning and I have differences. He is optimistic about catering. I think the focus should be on 'delivery to home'." However, at least, at least

At that time, Yonghui Supermarket denied the "separation" theory.

Yonghui Supermarket said that differences between the Zhang brothers have long existed regarding the company's strategy.

"The above differences have been expressed on many occasions such as the company's shareholder exchange meetings, and other important shareholder representatives and members of the senior management team are also aware of it." In the past, subject to the concerted action agreement, the Zhang brothers could only "***

Advance and retreat together."

Now, the two sides can at least put their differences on the board table for other board members to make decisions.

"The formal termination of the concerted action relationship between the two parties will help eliminate the problems faced by all parties in the company and avoid any impact on the company's daily operations." Yonghui Supermarket said that after the concerted action relationship was terminated, it had no impact on the company's production and operations.

Yonghui Supermarket disclosed that after the parties acting in concert agreement was terminated, Zhang Xuansong and Zhang Xuanning issued "Commitment Letters" to the company respectively, promising "not to reduce their holdings of Yonghui Supermarket stocks within 12 months from the date of signing of the commitment."

Yonghui Supermarket plans to set up a rotating chairman position. While the Zhang brothers "separate", Yonghui Supermarket's board of directors structure will also be changed.

On December 4, Yonghui Supermarket announced that it planned to amend its articles of association and implement a rotating chairman system.

The future Yonghui Supermarket board of directors will consist of nine directors, including one rotating chairman, one vice chairman, one executive director and three independent directors.

The rotating chairman will fully preside over the company's work. The term of office shall not exceed one year and may be re-elected.

The legal representative of the company is the executive director.

Judging from the above system, the board of directors of Yonghui Supermarket may have a "turn of fortune" situation.

In addition, on December 4, the board of directors of Yonghui Supermarket also nominated candidates for the new term of directors. Zhang Xuansong and Zhang Xuanning were still selected, in addition to Benjamin William Keswick, Ian Mcleod, Liao

Jianwen, Li Guo and three independent director candidates Xu Ping, Fang Qing and Liu Xiaopeng.

In addition to Zhang Xuansong and Zhang Xuanning, Li Guo is the executive vice president of Yonghui Supermarket and the president of Yunchao.