Offshore Trust Insight | GUMING (01364.HK) First-Half Revenue Up 31.9% YoY, Family Trusts of Four Founders in Aggregate Report About 74.76% Interest

On October 20, 2026, GUMING closed at HKD 21.72, up 1.50% for the day, with turnover of about HKD 92.1262 million. Guming listed on the Main Board of HKEX on February 12, 2025 at an offer price of HKD 9.94 per share, with a global offering of 182.4 million shares and net proceeds of about HKD 1.721 billion.

According to disclosures in the listing document and the interim report, founder, chairman of the board and chief executive officer Wang Yun'an, together with president Qi Xia, executive directors Ruan Xiudi and Pan Pingping, has each established a discretionary trust as settlor, with their respective family members as beneficiaries and Trident Trust Company (HK) Limited, a company incorporated in Hong Kong, as trustee for all four trusts. The four founders and holding companies including Modern Leaves Limited, Ancient Leaves Limited, Nascent Leaves Limited, Chivalrous Lancers Limited, Cousin Tea Limited and Spring Equinox Drinks Limited have entered into an acting-in-concert arrangement to coordinate the exercise of voting rights and to consult each other on material corporate matters.

The company's 2026 interim report shows that the parties to the acting-in-concert arrangement hold a total of 1,777,841,210 shares, representing approximately 74.76% of the total number of issued shares, including 34,431,943 underlying shares held through unlisted physically settled derivative instruments.

The shareholding chain is as follows: the Wang Yun'an trust leads to Nascent Leaves Limited (wholly owned by the trust), which holds 99.0% of Modern Leaves Limited, while Ancient Leaves Limited, wholly owned by Wang Yun'an, holds the remaining 1.0% of Modern Leaves, and Modern Leaves directly holds 964,212,748 shares in the company. Qi Xia, Ruan Xiudi and Pan Pingping have adopted identical structures, holding shares in the company through Chivalrous Knights Limited to Chivalrous Lancers Limited, Nephew Tea Limited to Cousin Tea Limited, and Summer Solstice Drinks Limited to Spring Equinox Drinks Limited respectively.

On the news front, the company repurchased a total of 34,000,400 shares at HKD 20.38 per share on June 24, 2026, for a total consideration of about HKD 693 million.

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 an offshore trust, from establishment through existence to termination, into the individual income tax administration system, establishing three look-through points, namely establishment, existence and termination, with a uniform tax rate of 20%. The announcement specifies that, during the existence of an offshore trust, income generated by an offshore trust of a resident individual and by overseas entities held or controlled by that trust shall be subject to individual income tax declared and paid annually by that resident individual, regardless of whether the income is actually distributed.

On the operating front, interim results show that Guming recorded revenue of RMB 7.47 billion in the first half of 2026, up 31.9% year on year; gross profit of RMB 2.493 billion, up 39.6% year on year; and adjusted profit of RMB 1.568 billion, up 44.4% year on year. As of the end of June, the total number of stores stood at 14,351, up 28.4% year on year, with 1,318 stores opened and 521 stores closed during the first half. Total store GMV was RMB 19.747 billion, up 40.1% year on year, and average daily GMV per store was RMB 7,800.

In a research report, China Post Securities forecast that Guming's revenue will reach RMB 16.2 billion, RMB 19.1 billion and RMB 22.2 billion for 2026 to 2028, with net profit attributable to shareholders of RMB 3.18 billion, RMB 3.96 billion and RMB 4.75 billion.