On the evening of January 7, St shede (600702. SH) announced that Shehong Municipal People’s government would no longer exercise the voting and management rights corresponding to the 70% equity of Tuopai shede group held by Tianyang holdings.
‘s new actual controller is Fosun Group. In December 31, 2020, the Yu Garden group (600655.SH) of Fosun Group took 70% stake in Tuopai group, with 4 billion 530 million yuan, and Guo Guangchang became the real controller of ST. < / P > < p > after the auction, the reserve price of Fosun was 4.8 billion yuan, which was known by the public. It was not only because of the price, but also because of the support of the government.
a well known trademark in China’s Yu Garden, the economic observer, said the Yu Garden shares won 70% stake in the group with 4 billion 530 million yuan, mainly based on three considerations: first, strategic fit, Tuopai group is one of the “famous Chinese liquor companies” and Sichuan liquor “six Golden Flowers”, with “Tuopai” and “willing” two well-known trademarks in China, which are in line with Yu Garden shares and rooted in China. Family consumption industry group strategy of Chinese cultural renaissance. Second, cultural identity, Yu Garden shares recognized “Tuopai willing” brand accumulation and cultural details. Third, business collaboration, Baijiu, as an important industry to interpret contemporary Chinese culture, has become a new consumption focus track for strategic layout of Yu Garden shares. < / P > < p > in August 2015, Tianyang holdings won 70% equity of shede group at the price of RMB 3.822 billion. After Tianyang holding holding shares in shede group, it initially controlled shede liquor industry together with Shehong municipal government. However, with the rapid development of shede, at the board level of shede liquor industry, Tianyang holding began to gradually control shede liquor industry. < / P > < p > in 2020, due to the outstanding debts of Tianyang group, its 70% equity of shede group will be auctioned. During this period, Shehong municipal government has done a lot of work to stabilize shede situation, such as maintaining the normal operation of the company. < / P > < p > not only that, on November 26, 2020, St shede announced that in view of Tianyang holdings and its affiliated companies’ arrears to Tuopai shede group and shede liquor industry, Shehong municipal government withdrew the operation and management right of Tuopai shede group, and on December 4, 2020, Shehong municipal people’s government became the actual controller of St shede. At 10 a.m. on December 31, 2020, the controlling interest of Tuopai shede group was auctioned in Pengxi County sub center of Suining public resources trading service center, and the auction company offered a reserve price of 3.99 billion yuan. This auction can participate in the auction if it meets the announcement conditions. The announcement does not impose too many restrictions on bidders. More than 20 institutions have consulted about the auction. < / P > < p > among them, the industrial investment that participated in the auction was the first-class state-owned enterprise of Suining City, with total assets of 57.3 billion yuan, which was regarded as the representative of the government, but it was not the equity that industrial investment finally won. Jin Yufeng, an expert in
Baijiu and an executive partner of Zhongyuan fund’s big consumer industry, told reporters that Sichuan’s winery liquor industry was taken as an example, and it was photographed by the local investment platform first, and then looking for foreign capital to take over. However, Suining Xingye Investment, the representative of Suining City, did not take the equity of shede group, which indicates that there may be differences between the county and the city in terms of shede’s control right. Shede group is originally a county-level enterprise and a local pillar enterprise. If it is taken over by a municipal platform company, the management right will actually be transferred to the city. In other words, it does not rule out the conditions given by Fosun Group It is recognized by Shehong government. After the
auction, according to the announcement made by ST, the freezing of 70% of the shares of Sichuan Tuopai Group Limited, held by Tianyang Holding Group Co. Ltd., was lifted, and 70% of the shares of Tuopai Group Co., Ltd. were owned by Yu Garden in Shanghai. Fosun high tech holds 141156338 shares of A shares of Yu Garden shares, accounting for 3.63% of the total share capital of the company, and indirectly shares 64.96% of the 17 other complex Galaxy shareholders by land investment management, Zhejiang Fosun and Fosun investment. The total holding of Yu Garden shares is 68.59%, which is the controlling shareholder of the company.
stands behind Yu Garden shares and becomes Guo Guangchang’s real controller of ST. Five years ago, when the 70% equity of Tuopai shede group was sold to the public for the first time, Fosun Group intended to participate in it, but missed it. Finally, five years later, it won the control of shede at the highest price. < / P > < p > after the entry of new actual controllers, the Shehong government is gradually letting go. According to the announcement on the evening of January 7, 2021, before the acquisition, Shehong municipal government held 100% of the voting rights of Tuopai shede group and indirectly held 29.95% of the voting rights of listed companies. After this equity change, Shehong Municipal People’s government holds 30% equity of Tuopai shede group, the controlling shareholder of the company, and no longer exercises the voting and management rights corresponding to the 70% equity of Tuopai shede group held by Tianyang holdings.
Yu Garden shares in the auction day, that is, in December 30, 2020 held a meeting of the board of directors, the meeting examined and adopted the “participation in the Sichuan Tuopai Group Limited 70% equity auction”, Licensing companies management or its authorized persons to participate in the auction at a price not exceeding 4 billion 800 million yuan.
Fosun 4 billion 800 million yuan bottom price in the auction after the announcement of the outflow, the auction went through 27 rounds of auction, and ultimately won the control of Yu Garden shares, the final price is 4 billion 530 million yuan, the Yu Garden shares from the bottom price of 4 billion 800 million yuan is still a distance. < / P > < p > if the price exceeds 4.8 billion yuan, will the price of the double star system be increased? According to the auction results, other bidders could not accept the price of 4.53 billion yuan. The share price of Yu Garden shares grew rapidly after
took the stake. In January 8th, after the opening of the Yu Garden shares, the share price closed up from about 8.5 yuan / share in December 31, 2020 to 14.3 yuan / share in January 8th, and the total market value of the shares in January 8th was 55 billion 600 million yuan, and the market value of the shares was increased by about twenty billion yuan.
Baijiu people said that liquor prices are generally higher, the price of 4 billion 530 million yuan to take up 70% of the shares compared to the share price has been discounted, the price is not expensive, and Yu Garden shares have gained twenty billion of the market value.
Yu Garden shares said that this change in interest is an important measure for improving the industrial layout of Yu Garden shares, which is in line with the “two industries” of “industrial operation + industrial investment” in Yu Garden stock, and continues to build three in one strategy of “family happy consumption industry + City Industrial landmark + online and offline member platform”, and gets service through investment acquisition under the theme of happy and fashionable consumption. The quality resources of the new generation of consumers in China will further enrich and enrich the strategic brand and product resources in the happy fashion territory.
Yu Garden shares reported that operating income in the first three quarters of 2020 was 29 billion 100 million yuan, up 4.92% over the same period last year, and net profit attributable to shareholders of listed companies was 1 billion 590 million yuan, up 31.1% over the same period last year. < / P > < p > how does Fosun promote the development of shede in the next step? Yu Garden shares said that the participation in the competition will bring better synergy in terms of quality base liquor reserve, channel resource cooperation and brand matrix construction. < / P > < p > it can be seen from the announcement of St shede that Fosun system will still maintain the independence of shede, including the independence of personnel, finance, organization, assets and business.
, Yu Garden shares guarantee that the assets of the liquor making industry are all under the control of the liquor making industry and are owned and operated independently by the liquor making industry. Other enterprises controlled by Yu Garden shares and Yu Garden shares do not illegally occupy the funds and assets of the liquor industry in any way, and guarantee that the assets of the liquor making industry will not be owned by the other enterprises that are controlled by the shares. Guarantee for debt violation. Previously, Tianyang holdings illegally occupied the listed company’s funds and failed to return them on time, which caused the disturbance of willing to change the control right.
Yu Garden shares acquired after the sacrifice, also let Yu Garden Baijiu plate generated competition in the same industry. In May 2020, Fosun Group invested 1 billion 836 million yuan in Yu Garden’s shares to become the largest shareholder of gold emblem liquor, and the latter is the leading Baijiu company in Gansu. 4 months later, Yu Garden shares increased by 715 million yuan to 8% of the gold emblem liquor offer offer, and eventually increased the shareholding ratio to 38%.
Yu Garden shares control company, the gold emblem and the wine industry belong to the “manufacturing industry – liquor, beverage and refined tea manufacturing”, the main business is the production and sale of Baijiu, the Gold Emblem Wine and the wine industry engaged in similar business and sales area there is a certain cross, so there is a certain industry competition.
ST’s announcement indicated that the products were developed Baijiu liquor based on their location, because of the different location of the wine and the gold emblem, and their key coverage areas are different. Among them, Jinhui liquor business is mainly in Gansu (sales account for more than 90%), and its marketing network radiates Shaanxi, Ningxia, Xinjiang and other northwest markets; shede liquor business is mainly concentrated in Sichuan, Shandong, Henan, Hebei and other provinces, as well as northeast and East China (the total sales of the above regions account for more than 70%). In addition, due to the social environment and personal preferences of the drinkers, they tend to form loyalty to certain brands, which leads to a low degree of competition between the two companies in the advantageous areas of their products, and will not have a significant adverse impact on Jinhui liquor and shede liquor industry.
Baijiu expert Cai Xuefei said that for the sake of the new capital, the entry of new capital is conducive to solving the problems left over from the previous history, and smoothing the relationship between government and business, which is of great significance for the future high-end and nationalization. It has basically completed the high-end product structure under the strategy of the early ocean, and has a relatively sound nationwide sales network, and also owns Sichuan. The concept of production area will have a lot of development space in the future with the continuous upgrading of consumption structure. < / P > < p > Jin Yufeng said that if he wants to further develop, he must make up for the lack of high-end layout. Despite the fact that the high-end brands have been swallowed up, the sales share is still small, while the Yu Garden stock has accumulated a large number of high net worth people. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website publishes information 24 hours a day. It is an important window for China to carry out international communication and information exchange.