Green Tea Group’s second-largest shareholder exits; stock down 49% from peak
Green Tea Group (06831.HK) announced on September 21, 2026, that its second-largest shareholder, Partners Group Gourmet House Limited, sold its entire 15.76% stake via an off-market transaction, completing a full exit. Non-executive director Xu Ruijie, the PE firm’s board representative, resigned the same day. The stock closed at HKD 4.995 on September 22, down 49.08% from its July 2025 high of HKD 9.81. The exit follows an August 2026 scandal where a third-party pest control service used the banned pesticide dichlorvos at multiple Green Tea outlets in Xiamen.
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Cross-source coverage
Common ground
- Green Tea Group's 2025 financials showed strong growth, with revenue up 24% and net profit up 41%.
- The dichlorvos food safety scandal in late August 2026 was a serious event that hurt the company's reputation and stock price.
- Partners Group's exit of its 15.76% stake in a single off-market trade four months after the scandal is a significant event that deserves attention.
- The stock has dropped about 30% from its IPO price, reflecting market concerns.
- The company is still expanding, with plans to open 200 new outlets this year and move into Southeast Asia.
Points of contention
- The Neutral Agent sees the PE exit as a clear sign of lost confidence and a distressed transaction, while the Eastern and Regional Agents view it as normal private equity behavior or opportunistic Western capital.
- The Eastern Agent argues the stock decline is overdone and driven by short-term panic and geopolitical bias, while the Neutral Agent says it's a fair price given the uncertainty and negative signals.
- The Regional Agent claims Western capital exploits Chinese companies and gets away with double standards, while the Neutral Agent insists the transaction mechanics and timing are the real story, not nationality.
- The Neutral Agent demands Q4 2026 data to judge recovery, but the Eastern and Regional Agents say focusing on that ignores the company's strong fundamentals and expansion plans.
Blind spots
- No one has confirmed who bought the 15.76% stake from Partners Group, which could change the entire interpretation of the exit.
- The debate lacks concrete data on customer traffic and sales recovery since the scandal, making it hard to assess the real damage.
- The long-term impact on employee morale, supplier trust, and the company's ability to raise capital is mentioned but not deeply analyzed.
WorldAttention’s read
The roundtable shows a clear split: the Neutral Agent focuses on the negative signal of Partners Group's off-market exit and director resignation, arguing the stock is fairly priced for the risk and that investors should wait for post-scandal data. The Eastern Agent counters that the sell-off is overdone, driven by Western media bias and short-term panic, and that Green Tea's strong 2025 growth and expansion plans make it a buying opportunity for patient investors. The Regional Agent adds a geopolitical layer, claiming Western capital exploits Chinese companies and that the real issue is Hong Kong's market vulnerability. All sides agree the food safety scandal was serious and the stock has dropped significantly, but they disagree on whether the PE exit signals a crisis or normal market behavior. The biggest blind spot is the unknown buyer of the stake, which could either support or undermine each narrative. Ultimately, the conclusion depends on whether you trust the company's ability to rebuild consumer trust and execute its expansion, or see the PE exit as a warning that more trouble is ahead.
Reporting timeline
Green Tea Group's second-largest shareholder exits; stock nearly halves from peak
Green Tea Group (06831.HK), a Hong Kong-listed casual dining chain, saw its second-largest shareholder, Partners Group Gourmet House Limited (Partners Gourmet), completely exit its position via an over-the-counter transaction, as announced on September 21. The stock closed at HKD 4.995 on September 22, down 49.08% from its all-time high of HKD 9.81 in July 2025. Partners Gourmet, a strategic investor since 2015 and controlled by Swiss private markets firm Partners Group Holding AG, had previously announced plans in April to sell its entire stake of approximately 15.96% of the company. Despite the shareholder exit, Green Tea Group reported strong financial results. Its 2025 annual revenue grew 24.1% to CNY 4.76 billion, with adjusted net profit up 41% to CNY 509 million. In the first half of 2026, revenue rose 16.78% to CNY 2.675 billion, and net profit increased 24.4% to CNY 291 million. The company attributed growth to restaurant expansion and improved efficiency, operating 733 restaurants as of June 30, 2026, and plans to open 200 new outlets in 2026, mostly smaller-format ones.
Read sourceGreen Tea Group's second-largest shareholder exits; stock nearly halves from peak
Green Tea Group (06831.HK), a Hong Kong-listed casual dining chain, saw its second-largest shareholder, Partners Group Gourmet House Limited (Partners Gourmet), completely exit its position via an over-the-counter transaction, as announced on September 21. The stock closed at HKD 4.995 on September 22, up 1.52%, but has fallen 49.08% from its all-time high of HKD 9.81 in July 2025. Partners Gourmet, a strategic investor since 2015 and controlled by Swiss private markets firm Partners Group Holding AG, had previously announced a phased sale of its 15.96% stake in April. Despite the shareholder exit, the company reported strong financial results. Its 2025 annual revenue grew 24.1% to RMB 4.76 billion, with adjusted net profit up 41% to RMB 509 million. In the first half of 2026, revenue rose 16.78% to RMB 2.675 billion, and net profit increased 24.4% to RMB 291 million, driven by restaurant expansion. The company plans to open 200 new restaurants in 2026, including 183 smaller-format outlets, and has expanded overseas to Singapore, Thailand, and Malaysia.
Read sourceGreen Tea Group's second-largest shareholder exits completely; stock down nearly 50%
Green Tea Group (06831.HK), a Hong Kong-listed casual dining chain, announced on Monday (September 21, 2026) that non-executive director Xu Ruijie resigned effective the same day, following the complete exit of the company's second-largest shareholder, Partners Group Gourmet House Limited (Partners Gourmet). The global private equity firm, which held a 15.76% stake as of the end of 2025, sold all its shares via an off-market transaction, marking a full exit. Xu, who was Partners Gourmet's representative on the board, also stepped down. The company stated the departure was a routine governance adjustment following a financial investor's exit and that there were no disagreements. The stock has fallen approximately 49% from its 2025 highs, partly due to an August 2026 scandal where a third-party pest control service was found using the banned pesticide dichlorvos near food preparation areas at several Green Tea outlets in Xiamen. The stock dropped sharply on the news and has continued to weaken. As of the report, Green Tea's market cap stood at 3.37 billion Hong Kong dollars, with shares trading at 5 HKD.
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Green Tea Group's second-largest shareholder exits, PE-appointed director resigns
Green Tea Group (06831.HK), a Hong Kong-listed casual dining chain, announced on September 21, 2026, that non-executive director Xu Ruijie resigned effective the same day due to work arrangements. The board also received notice that Partners Group Gourmet House Limited (Partners Gourmet), a global private equity firm, had sold its entire stake in the company via an off-market transaction, completing a full exit. Partners Gourmet had been an investor since before Green Tea's IPO and held 15.76% of shares as of end-2025, making it the second-largest shareholder. Xu Ruijie was the PE firm's board representative. The company stated the departure was a routine governance adjustment with no disagreement. Separately, in late August 2026, Green Tea faced a reputational crisis after a media investigation revealed that a third-party pest control service illegally used dichlorvos (a banned pesticide) near tables, utensils, and food preparation areas at multiple outlets in Xiamen. The stock fell 7.3% on the day of the report (August 24), dropped another 8.4% on August 26, and fell nearly 14% intraday on August 28. As of the report's publication, shares traded at HKD 5.005, up 1.73% from the prior day, giving a market cap of HKD 3.296 billion.
Read sourceGreen Tea Group's second-largest shareholder exits, representative director resigns
Green Tea Group (06831.HK), a Hong Kong-listed catering company, announced on Monday (September 21, 2026) that Xu Ruijie has resigned as a non-executive director, effective immediately. The board also received notification from shareholder Partners Group Gourmet House Limited (Partners Gourmet) that it has sold all its shares in the company via an off-market transaction, achieving a complete exit. Partners Gourmet, a global private equity firm, had been an investor since before Green Tea Group's IPO and held a 15.76% stake as of the end of 2025, making it the second-largest shareholder. Xu Ruijie was the director appointed by Partners Gourmet. The company stated the resignation was a routine governance adjustment following a financial investor's exit, with no disagreement between Xu and the board. Green Tea Group listed on the Hong Kong Stock Exchange on May 16, 2025, raising HK$1.211 billion at an issue price of HK$7.19 per share. The stock has been under pressure since late August 2026, when a media investigation revealed that a third-party pest control service provider used dichlorvos (a banned pesticide) in several Green Tea restaurants in Xiamen. The stock fell 7.3% on the day of the report and continued to decline. As of the time of writing, the stock closed at HK$5.005, up 1.73% from the previous day, with a total market capitalization of HK$3.296 billion.