Offshore Trust Insight | GREEN TEA GROUP (06831.HK): 1H Revenue Up 16.8% YoY, Controlling Shareholders' Approximately 54.29% Stake Expected to Be Unlocked Next Month
- in September 2026, the company announced that its second largest shareholder, Partners Group Gourmet House Limited, had sold all of its 46,096,800 shares through off-market transactions and no longer holds any equity interest in the company.
- the interim results show that GREEN TEA GROUP recorded revenue of RMB 2.675 billion for the first half of 2026, up 16.8% year on year.
On October 16, 2026, GREEN TEA GROUP closed at HKD 4.60, down 0.43% for the day, with turnover of HKD 2.45 million. It is understood that GREEN TEA GROUP listed on the Main Board of the Hong Kong Stock Exchange on May 16, 2025 at an offer price of HKD 7.19 per share, with a global offering of approximately 168 million shares.
In terms of shareholding structure, the company's 2026 interim report shows that, based on the total number of issued shares of 673,454,800 as of June 30, 2026 (including 15,000,000 shares held as treasury shares), Vistra Trust (Hong Kong) Limited in its capacity as trustee, Time Sonic Investments Limited as beneficial owner, East Superstar Limited and Absolute Smart Ventures Limited by virtue of interests of controlled corporations, and Yielding Sky Limited and Contemporary Global Investments Limited as trust beneficiaries, each separately disclosed an interest in the same 365,600,000 shares; the six are also deemed under the Securities and Futures Ordinance to be interested in 15,000,000 treasury shares of the company by virtue of controlling one-third or more of the voting power at general meetings, with their aggregate disclosed interest amounting to 380,600,000 shares, representing approximately 56.51%.
According to the listing document, the company's founder, chairman of the board and chief executive officer Wang Qinsong, and co-founder and non-executive director Lu Changmei, are husband and wife; as settlors, with their respective wholly-owned companies Yielding Sky and Contemporary Global Investments as beneficiaries, they established the discretionary trust "Green Tea Family Trust", with Vistra Trust (Hong Kong) Limited, an independent third-party trust company registered in Hong Kong, as trustee.
The shareholding chain is: Green Tea Family Trust→Vistra Trust (trustee)→East Superstar→Absolute Smart Ventures (wholly owned)→Time Sonic (99.9% interest); Yielding Sky and Contemporary Global Investments separately hold approximately 0.049% and 0.051% of the equity interest in Time Sonic. Accordingly, Wang Qinsong, Lu Changmei, Yielding Sky, Contemporary Global Investments, Time Sonic, Absolute Smart Ventures, East Superstar and Vistra Trust constitute a group of controlling shareholders.
On the news front, the company's announcement dated May 12, 2026 shows that the above controlling shareholders have voluntarily extended their lock-up undertaking by six months for the period from May 12, 2026 to November 12, 2026, covering a total of 365,600,000 shares, representing approximately 54.29% of the total number of issued shares of the company; during the undertaking period, the controlling shareholders will not sell the relevant securities or transfer any interest therein in any manner.
Previously, in September 2026, the company announced that its second largest shareholder, Partners Group Gourmet House Limited, had sold all of its 46,096,800 shares through off-market transactions and no longer holds any equity interest in the company.
On the policy front, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of offshore trusts—establishment, existence and termination—into the individual income tax administration system, establishing three look-through points of "establishment—existence—termination" and applying a uniform 20% tax rate. The announcement specifies that during the existence of a trust, income generated by a resident individual's offshore trust and by overseas entities held or controlled by that trust, whether or not actually distributed, is subject to tax with the resident individual as the taxpayer, who shall file and pay individual income tax on an annual basis.
On the operating front, the interim results show that GREEN TEA GROUP recorded revenue of RMB 2.675 billion for the first half of 2026, up 16.8% year on year; profit for the period attributable to equity shareholders was RMB 291 million, up 24.4% year on year; adjusted net profit was RMB 294 million, up 16.9% year on year. As of the end of June, the group had a total of 733 stores, with 131 new stores opened in the first half; sales of stores included in the same-store statistics amounted to RMB 1.535 billion, down 9.7% year on year.
In its interim report review, Hua Chuang Securities noted that the company's growth still relies mainly on store expansion rather than same-store recovery, and lowered its forecasts for net profit attributable to shareholders for 2026 to 2028 to RMB 608 million, RMB 791 million and RMB 962 million.
