Jiangsu businessman Liu Jian invested in the establishment of Guizhou Moutai Town Shengjiao Wine Co., Ltd. (hereinafter referred to as Shengjiao Liquor Industry) 10 years ago in Moutai Town, in order to create a new sauce wine brand, along the sauce wine industry chain everywhere, from the upstream factory all the way to the liquor trading platform; although the left rushed right, the Holy Cellar Wine Industry failed to stand out in Moutai Town.
In the past year, the holy cellar wine industry has suddenly embarked on a rapid road to fame, and has spread the news of marriage with two listed companies, which has made zhongxing mushroom industry (002772. SZ) rarely implements six consecutive plates.
Moreover, onlookers found that even if the transaction between the Holy Cellar Wine Industry and the Zhongxing Mushroom Industry failed, the reputation and influence of the Holy Cellar Wine Industry had reached a new level, and no one could take it away.
The rapid rise of the Holy Cellar wine industry has raised many questions for onlookers.
Why did the Shengjiao Wine Industry, which is going to be listed in Hong Kong, change its flag and throw itself into the arms of A-shares?
Why does The Holy Cellar Wines choose non-industry companies that have nothing to do with alcohol?
If you want to find a gold owner, why do you repeatedly choose A-share listed companies with small plates?
Ambitious and poorly paid
A description on the official website of Shengjiao Wine revealed its vision: the company belongs to China Xinfeitian Liquor Group Co., Ltd. and will be listed on the main board of Hong Kong with the group company as a whole.
As evidence, the reporter found that at the "China-Chongqing Wine Exchange Center 'Supply Chain Platform' Promotion Conference and the 2020 Listing Briefing of Shengjiao Shares" held in September 2018, there was a paragraph saying: In order to accelerate the development of Shengjiao Wine, China Xinfeitian Liquor Group plans to be listed on the main board of Hong Kong in 2020. China New Feitian Liquor Group Co., Ltd. is a company registered in Hong Kong on November 16, 2017.
Liu Jian, chairman of China New Feitian Liquor Group, is also the chairman of Guizhou Moutai Town Shengjiao Wine Co., Ltd.
The first financial reporter inquired about Aiqicha and found that Liu Jian has more than 10 related companies as executives, shareholders and legal representatives, including production enterprises such as Shengjiao Wine Industry, including Renhuai Haohui Collection and Storage Co., Ltd. and Zhongyu International Liquor Trading Center Co., Ltd., etc., which run through the upstream and downstream links such as production, storage and trading of the liquor industry chain, such a layout shows that the helmsman is ambitious and the plan is not small.
In the Shanghai experience store of Shengjiao Wine Industry, there are two large inscriptions on the display cabinet: Let Moutai sauce wine enter ordinary people's homes, so that the people can afford to drink healthy and good wine.
The Sacred Cellar wine industry is ambitious, which also means that a lot of investment is required.
Previously, the industry had estimated that the cost of infrastructure + production and storage of 10,000 tons of sauce wine in the Moutai production area reached 3 billion yuan.
After Liu Jian acquired Shengjiao Wine, he made four capital increases, the largest one was on December 29, 2018, the added value of the registered capital was 144 million yuan, and the paid-up capital was increased from 6 million yuan to 144 million yuan, of which Liu Jian subscribed the registered capital in kind (liquor assets) of 137.305 million yuan.
On December 21, 2018, Shanghai Qianyi Asset Appraisal Co., Ltd. issued the "Appraisal Report on the In-Kind Contribution Project of Liquor Assets Entrusted by Mr. Liu Jian" (Hu Qianyi Appraisal (2018) No. Z570), confirming that the appraisal value of the liquor assets of shareholder Liu Jianwei was 194.6518 million yuan.
Building a winery is only the first step in the long march, and to build a brand, it requires all kinds of marketing, needs to build channels, and spends money on projects one after another.
The layout of the whole industry chain means accelerating the burning of money.
Income is not strong.
According to the enterprise investigation data, from 2013 to 2016, the total operating income of shengjiao wine industry was 0.43 million yuan, 194,300 yuan, 220,000 yuan and 44,100 yuan, and it began to choose not to be publicized in 2017.
According to the latest operating data of Shengjiao Wine Industry released by Garden City Gold and Zhongxing Mushroom Industry, in 2018, 2019 and 2020, the revenue of Shengjiao Wine Industry was 810,900 yuan, 28.3312 million yuan and 57.3964 million yuan, respectively. In the first quarter of 2021, the revenue of Shengjiao Wine Industry was 15.75 million yuan.
It can be seen that the revenue of the Holy Cellar Wine Industry in 2019 increased by more than 30 times compared with 2018, and such a growth rate is jaw-dropping.
Even with the sharp increase in performance, the net cash flow from operating activities of Shengjiao Wine in the first quarter of 2020 and 2021 was only 4.2113 million yuan and 166,800 yuan.
According to the listing requirements of the Main Board of the Stock Exchange in Hong Kong, there is a clear minimum threshold for the profitability and income scale of enterprises, and judging from the published revenue of Shengjiao Wine, it is difficult to achieve listing.
It is no secret that the Holy Cellar Wine Industry lacks money, and last year, when The Garden City Gold disclosed the acquisition plan, it was announced that with the expansion of the sales scale, the target company (Holy Cellar Wine, reporter's note) base wine storage, capacity expansion, new product research and development and marketing network expansion and other business areas need to invest a lot of money, and the current source of funds of the target company is mainly bank loans and its own funds, the amount of financing is limited, and the financing channels are relatively single.
Finding a rich man to marry is a realistic choice for the Holy Cellar wine industry.
Only love strangers
Feitian Moutai wine and stocks are soaring, sauce wine is heating up, more and more non-industry capital began to pay attention to sauce wine companies, the market continues to spread the news that sauce wine companies have been acquired, a sauce wine production license is even fried to nearly 20 million.
First Finance previously reported that although the Shengjiao wine industry did not stand out, the production capacity scale in Moutai Town is still a medium and large winery, and in the early 2021 unofficial ranking of sauce wine companies, it ranked 79th among the wine companies in Moutai Town.
The holy cellar wine industry wants to marry, not without choice, but the choice of the holy cellar wine industry is also surprising. The Garden City Gold exposed last year, mainly engaged in gold custody business and trade, and the main business of the Holy Cellar Wine Industry can not be beaten, too many unclear and unclear problems, and finally ended without a problem.
The Zhongxing mushroom industry, which wants to acquire the Holy Cellar Wine Industry, is mainly engaged in enoki mushrooms, although it can be used as a liquor appetizer, but the research and development, production and sales are incompatible with each other, and it is difficult to produce synergy.
Moreover, the object of the two hand-holding hands of the Holy Cellar Wine Industry is the A-share small-cap subsidiary. At the close of the market on June 28, even if the record six consecutive boards were achieved, the market value of Zhongxing Mushroom Industry was only 5.7 billion yuan; and the garden city gold that wanted to acquire shengjiao wine industry last year has now become "*ST Garden City", with a market value of only more than 1 billion yuan.
There are thousands of listed companies in A-shares, and there are many rich people in Zhongxing Mushroom Industry and *ST Garden City.
The temptation for the Wine Industry to marry a listed company outside the industry and a small and medium-sized listed company is intriguing.
Liquor analyst Cai Xuefei told the first financial reporter that behind the continuous sale of Shengjiao shares, or everyone is eager to cash out. Now the wine enterprises in Moutai Town are entering the window period of high cash-out, especially at present, the land in Moutai Town is very scarce, the capital is very active, many local wine companies in Moutai Town have a large amount of infrastructure investment in the early stage, and the annual cost of grain brewing is also a heavy economic burden, and the high level of realization or more realistic.
Some analysts are not optimistic about the prospects of Zhongxing Mushroom industry acquiring a sauce liquor company of such a scale.
Although the current domestic sauce wine fever is constantly heating up, from the perspective of enterprise scale and brand awareness, the Holy Cellar Wine Industry is not a "head" in the industry.
Sauce wine expert Quan Tu previously said at the industry forum that the development model of sauce wine will be close to the aroma type, and eventually the market will move towards centralization and branding. At present, the sauce wine industry brand has formed a "1 + 2 + 8 + N" lineup system, three years later part of the competitive market is about to appear, brand concentration has emerged, the future of this thousand sauce wine companies will be reduced to a hundred, a hundred mainstream sauce wine companies may be ten, the brand is the biggest competitive element in the second half of the sauce wine. Companies that do not have the ability to do branding will be eliminated within the next eight to ten years.
Shen Meng, executive director of Chanson Capital, also told the first financial reporter that the current pattern of the liquor industry in China is basically solidified, and it is very difficult for small and medium-sized listed companies outside the industry to do a good job in liquor business through cross-border, and the target company lacks room for growth.
In Shen Meng's view, perhaps the Shengjiao liquor industry is so popular or there are other possibilities, if it is to rub the enduring heat of liquor, there may be opportunities to speculate in the secondary market stock price; in addition, it is not excluded that in addition to speculating on the stock price, there are also some possibilities of interest transactions through acquisitions.
No matter what the outside world thinks, Zhongxing Mushroom Industry is quite self-aware, making it clear that if this transaction is successful, it will only play the role of the financial owner, and it claims in the announcement: According to the plan, after the completion of the acquisition, Zhongxing Mushroom Industry will no longer send mature liquor industry talents (including production technicians and sales personnel, etc.), only the relevant management personnel will be sent, and the entire production and operation will continue to use the original production team and sales team of Shengjiao Wine. In terms of business integration, Zhongxing Mushroom Industry will strengthen the integration of business system, organizational structure and management process on the one hand, and operate in full accordance with the requirements of listed companies; on the other hand, it will increase the financial support for Shengjiao Wine industry to ensure that its government-approved expansion projects are implemented and put into operation as soon as possible. (End)