dongpeng beverage: huge dividends and rising debts

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junzheng investment, the second largest shareholder of dongpeng beverage, has reduced its holdings twice in a row, cashing out 2.825 billion yuan. this action is another "exit" behavior of junzheng investment, and it also makes the market begin to pay attention to the future direction of dongpeng beverage. in july this year, junzheng investment will reduce its holdings by about 12 million shares, which is just a microcosm of the 2.825 billion yuan it has cashed out before. the senior management team of dongpeng beverage also collectively reduced its holdings, which further exacerbated the market's concerns about the future development prospects of dongpeng beverage.

but the truth is not that simple. the equity structure of dongpeng beverage is in sharp contrast to its image in the outside world. the company has a distinct family business color. the largest shareholder is undoubtedly the boss lin muqin, who holds 49.74% of the shares. his brother and uncle, lin mugang and lin daiqin, who hold 5.22% of the shares respectively, have become the "core force" of dongpeng beverage. in addition, lin muqin's son has also become the company's controlling shareholder through limited partner lin yupeng.

in short, 60% of the company's shares are in the hands of the lin family. since its listing in may 2021, dongpeng beverage has distributed a total of 4 billion in dividends, of which the lin family directly took away 2.4 billion in cash. lin muqin personally received nearly 2 billion.

however, dongpeng beverage's image as a "rich man" is not just about "dividends" on the surface. they are also constantly borrowing money, and the company's short-term borrowings continue to rise, especially in the first half of 2024, when dongpeng beverage's short-term borrowings were 5.69 billion, an increase of 89.96%. behind this is dongpeng beverage's business strategy and development direction.

this "rich man" image and the behavior of continuous debt-raising seem to form a contradiction, which makes people wonder what the future of dongpeng beverage will be?