来源：大V商业（ID：V-VIEWS）
Author: Fang Liqiang
With an annual revenue of 8.9 billion yuan, Proya defeated Shanghai Jahwa to become the "new first brother" of domestic beauty.
In recent years, Proya's performance has improved by leaps and bounds, which has also led to a soaring share price, when it was listed in 2017, Proya's share price was only 10 yuan per share, and now it has soared to more than 100 yuan per share, which has increased 10 times in 6 years, and even reached 138 yuan per share at the peak.
But it is Proya, which is so profitable, that the management has continued to reduce its holdings in the past few years.
On April 19, with the disclosure of the first quarter's results, Proya once again issued an announcement on the shareholding reduction plan of directors, supervisors and senior executives, and deputy general managers Wang Li and Jin Yanhua will continue to reduce their holdings.
It is worth noting that Wang Li and Jin Yanhua planned to reduce their holdings in 2023, but the final plan was not implemented.
Throughout 2023, Proya has a shareholding reduction plan, but public opinion has been boiling, and all the shareholding reduction plans of Dong and Senior Supervisors have not been implemented.
In particular, Proya's share price has fallen in the past year, and the reduction of holdings has been interrupted for a while.
Now, Proya's performance is outstanding, and Senior Supervisor Dong once again disclosed the shareholding reduction plan, is the tide of Proya's Senior Supervisor Dong Reducing Shareholding coming again?
1
Dong Gaojian collectively reduced his holdings
Proya's shareholding reduction has attracted market attention, from the chairman to the general manager and deputy general manager, the entire management is reducing its holdings.
For Proya's management, we can divide it into two categories, one is the Hou family, such as Hou Juncheng and Fang Yuyou, etc., in addition to the two are founders, the two are also related, Fang Yuyou is the younger brother of Hou Juncheng's wife Fang Aiqin.
Hou Juncheng and Fang Yuyou hold a large number of Proya shares and are the main helmsmen of Proya.
The other type is the deputy general managers of "workers", such as Wang Li and Jin Yanhua mentioned in this announcement, who are all deputy general managers and are responsible for the functions or specific business of the enterprise.
Most of the shares in the hands of Jin Yanhua, Wang Li and others were obtained by incentive plans, and there were not many shares.
According to Proya's official website and financial report information, Wang Li is Proya's CFO, deputy general manager, and secretary of the board of directors, Wang Li joined Proya after 2018 and received Proya's 2018 restricted stock incentive that year.
Jin Yanhua is the deputy general manager of Proya, and has served as the general manager of Proya's supply chain center, and his stock source is also stock incentives, including Jin Yanhua in the 2018 equity incentive plan disclosed by Proya.
The reduction of holdings in this announcement is Wang Li and Jin Yanhua. According to the announcement information, Wang Li plans to reduce her holdings by no more than 78,872 shares, accounting for 25% of her shares, and Jin Yanhua plans to reduce her holdings by no more than 75,940 shares, accounting for 25% of her shares.
According to the current stock price of Proya at 105 yuan per share, Wang Li and Jin Yanhua will cash out 7 million to 8 million yuan when they reduce their holdings.
It is worth noting that as an equity incentive plan, Wang Li and Jin Yanhua previously promised:
During my tenure as a director/senior management of the Company, the annual transfer of shares shall not exceed 25% of the total number of shares of the Company held directly or indirectly by me.
This means that if the number of shares is reduced according to the plan, then the two are almost "reduced".
Proya's shareholding reduction began in March 2019, when Cao Liangguo, then director and deputy general manager, planned to reduce his holdings by 1.81 million shares, accounting for 25% of his shares.
According to Cao Liangguo's holding commitment at the beginning of the listing, he will not transfer his shares for 12 months from the date of listing, and Cao Liangguo has just passed the lock-up period a few months after the reduction of his holdings.
During Cao Liangguo's reduction, Proya's share price was rising rapidly, and finally Cao Liangguo's price was 68.60-90.32 yuan, with a total of 142 million yuan in cash.
Cao Liangguo took the lead in reducing his holdings, which may be related to his gradual "retreat". In April 2022, it was rumored that Cao Liangguo had withdrawn from the company's daily operation and management, and Proya responded that Cao Liangguo was working as usual.
Earlier, in September 2021, investors asked if he was still in office because he did not see Cao Liangguo's work arrangement, and Proya responded that Cao Liangguo would no longer serve as vice president due to health reasons, and would continue to be responsible for e-commerce, R&D and lead the team to train the company's young management.
In another announcement of Proya's board of directors, it was shown that Cao Liangguo stepped down as a director in September 2021.
It is worth noting that Hou Yameng, deputy general manager of Proya, mentioned in his resume that he was appointed as the deputy general manager and director of the company in September 2021, and before that, he worked in Proya's e-commerce department.
According to the time and position, Hou Yameng and Cao Liangguo are exactly equivalent to being transferred.
At present, Cao Liangguo still holds 1.52 million shares and was still withdrawing last year, but his shareholding ratio is only 0.39%, which does not meet the requirements of 1% and Dong Gaojian, and is no longer disclosed separately.
After Cao Liangguo reduced his holdings, Dong Gaojian began to reduce his holdings.
At the end of 2019, Cao Liangguo, Jin Yanhua, Wang Li, and Zhang Yefeng planned to reduce their holdings by 1.37 million shares, 24,370 shares, 14,725 shares, and 11,942 shares respectively.
2
Hou Juncheng is a family
Of course, the most violent and lasting reduction belongs to Hou Juncheng and Fang Yuyou.
The highlight of Proya's reduction has to be Fang Yuyou.
In November 2020, Proya announced that co-founder and director Fang Yuyou planned to reduce his holdings of 8.04 million shares within 6 months from December 1, accounting for 16% of Fang Yuyou's shares and 4% of the company's total shares.
As of June 2021, Fang Yuyou's final reduction result was a total of 6.65 million shares, with a price range of 153.90-182.50 yuan, and a total cash of 1.1 billion yuan, and the shareholding ratio decreased from 24.3% to 21% after the reduction.
One month after the end of this reduction, Fang Yuyou started to reduce his holdings again.
In July 2021, Proya announced that Fang Yuyou plans to reduce his holdings of 8.6 million shares, accounting for 20.4% of his shares and 4.27% of the company's total shares.
The final result of this batch of reductions is a total of 5.86 million shares, with a price range of 159.60-233.60 and a total cash amount of 1.1 billion yuan.
In August 2022, Fang Yuyou once again planned to reduce his holdings by 9.85 million shares, accounting for 19.36% of his shares and 3.5% of the company's total share capital.
Fang Yuyou announced his decision to suspend the reduction after the close of trading on February 13, 2023, so Fang Yuyou reduced his holdings by a total of 8.3 million shares and cashed out 1.34 billion yuan.
Oriental Wealth data shows that from September 2022 to the end of the year alone, Fang Yuyou has reduced his holdings 19 times (the reduction plan is carried out in batches), and when he announced the suspension of the reduction in 2023, he has reduced his holdings by 7 times.
As one of the founders of the company, Fang Yuyou's crazy reduction of holdings caused a bad association in the market, whether there was a change in management, and whether Fang Yuyou had the intention of leaving and quitting.
But in reality, this concern is excessive.
During Fang Yuyou's crazy reduction of holdings, the company's chairman, founder Hou Juncheng and senior executives simultaneously carried out crazy reductions.
In January 2021, two months after Fang Yuyou announced the shareholding reduction plan, Hou Juncheng and Fang Aiqin announced the shareholding reduction plan, Hou Juncheng planned to reduce his holdings by no more than 3.02 million shares, and Fang Aiqin reduced his holdings by no more than 69,990 shares.
In addition, Cao Liangguo, Wang Li, Jin Yanhua, and Zhang Yefeng planned to reduce their holdings at the same time.
It can be said that during this period, Proya's directors and senior supervisors are all reducing their holdings, which is not lively. The final result was that Hou Juncheng reduced his holdings by 869,000 shares, Fang Aiqin cleared his position, Cao Liangguo reduced his holdings by 355,000 shares, and Jin Yanhua, Wang Li, and Zhang Yefeng did not reduce their holdings.
Immediately afterwards, Hou Juncheng and senior executives carried out the second shareholding reduction plan, and finally Hou Juncheng reduced his holdings by 2.01 million shares, Wang Li reduced his holdings by 10,000 shares, and Jin Yanhua reduced his holdings by 18,000 shares.
There is no problem with the reduction itself, but the problem is the way of the senior supervisor of Proya to reduce his holdings.
Whether it is Hou Juncheng or Fang Yuyou, or Proya's executives, based on their own capital needs or "listing money", they are all within the understandable scope of the capital market, especially Fang Yuyou, even if he is crazy about reducing his holdings, but at present, the pen and pen are in line with the norms.
There are different opinions in the market that the proportion of executives' holdings is almost always the top, and Fang Yuyou has cashed out more than 3 billion yuan for more than two years, and each time it is the last reduction and the next one continues. And Cao Liangguo gradually "retired" after reducing his holdings several times.
Judging from the reduction of holdings, the appearance is unsightly.
Of course, there is another meaning for Dong Gaojian to continue to reduce his holdings. According to the 2022 and 2023 financial reports, due to the good performance of the company in the past two years, Hou Juncheng, Fang Yuyou, Jin Yanhua, and Wang Li have all increased their capital reserve to share capital, and Wang Li and Jin Yanhua have also obtained new shares due to their compliance with stock incentives.
Therefore, Proya's executives are frantically reducing their holdings, while the number of shares is increasing significantly, and they can't reduce their holdings at all.
It is worth noting that due to market attention, Proya's executives will not reduce their holdings in 2023, but their salaries will increase.
In addition, the market is paying more attention to the composition of Proya's board of directors and management. In addition to the fact that the education level is not high, the family composition is also too high. Fang Yuyou is the younger brother of Hou Juncheng's wife Fang Aiqin, and Hou Yameng is the child of Hou Juncheng and Fang Aiqin, known as the little Hou Zong.
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