Wen 丨 Wine & Food Hui team
On February 16, Anhui Golden Seed Liquor Co., Ltd. announced that it had received a notice from its controlling shareholder, Anhui Golden Seed Group Co., Ltd., that in order to promote the needs of deepening reform and high-quality development of state-owned enterprises, Fuyang Investment and Development Group Co., Ltd. (hereinafter referred to as "Fuyang Investment"), the sole shareholder of the company's controlling shareholder, Golden Seed Group, intends to transfer 49% of the equity held by Golden Seed Group to China Resources Strategic Investment Co., Ltd. (hereinafter referred to as "China Resources Strategic Investment Co., Ltd.", a wholly-owned subsidiary of China Resources (Group) Co., Ltd. (hereinafter referred to as "Fuyang Investment"). "China Resources Battle Pitch"). On February 16, 2022, Fuyang Investment and China Resources Zhantou signed the Equity Transfer Agreement on Anhui Golden Seed Group Co., Ltd.
The announcement said that after the transaction, the controlling shareholder introduced important strategic shareholders, and the two sides carried out long-term joint venture cooperation. This transaction will not lead to a change in the controlling shareholder and actual controller of the company, the controlling shareholder of the company is still Golden Seed Group, and the actual controller is still the State-owned Assets Supervision and Administration Commission of Fuyang City. The equity transfer is a strategic reorganization between the subsidiaries of the central enterprises and the local state-owned enterprises, and it is proposed to adopt the non-public agreement transfer method, which still needs to be approved by the relevant departments and takes effect.
China Resources Group is China's longest-standing and one of the largest central enterprise groups in China, and the series of investment activities of China Resources Capital in recent years have also been praised for its unique industrial vision and market-oriented operation level. For China Resources to hold hands with Golden Seed, the capital market with a keen sense of smell responded in advance, and Golden Seed Wine quickly sealed the board in the afternoon, at 17.75 yuan, with a turnover of 606 million yuan. After-hours data showed that the net inflow of main funds into Golden Seed Wine was 235 million yuan.
In fact, CR's involvement in liquor began as early as 2018, on February 28 of that year, China Resources participated in the "first shot of Shanxi state-owned enterprise mixed reform" of Shanxi Fenjiu reform, and obtained 11.45% of the equity of Shanxi Fenjiu for 5.16 billion yuan, becoming the second largest shareholder of Shanxi Fenjiu, and this investment also brought tens of billions of investment income to China Resources. In the years since its investment in Shanxi Fenjiu, China Resources has not stopped expanding its liquor business, including participating in the equity bidding of Tuopai Shede and contacting well-known liquor brands across the country. In August last year, China Resources successfully took Shandong Jingzhi into its arms, and this time it invested in golden seed wine, and the China Resources liquor sector was next city.
Wang Chuancai, chief expert of Chuancai Strategic Think Tank, said that since the strategic integration of Jingzhi Liquor, China Resources has taken another shot, showing the strategic intention of the central enterprise China Resources in liquor. China Resources into the golden seed, Huijiu will usher in a new change, Huijiu pattern will appear major changes: first, the central enterprise resources will fundamentally change the competitive resources, Huijiu will have to face a rich resources of central enterprises; secondly, the golden seed is at a critical structural moment, if there is a central enterprise blessing, will greatly improve the structural speed; third, China Resources liquor goal is to build a liquor super platform, golden seed is only one of the layout of the link, in the future, China Resources will also set off a merger and acquisition climax in China's liquor industry. The golden seed will become the most important strategic grasp for China Resources to enter the Hui liquor market.
Li Zhenjiang, senior partner of Hejun Consulting and general manager of the liquor business unit, said that he is very optimistic about this marriage, whether it is based on the genes of Golden Seed, the original nature of state-owned enterprises, or based on its listed company platform, the entry of China Resources will definitely make Earth-shaking changes in Golden Seed:
First of all, following the acquisition of Jingzhi, China Resources invested in Golden Seed, which is a very important son in the merger and acquisition of wine companies, and a strategic intention of China Resources in the liquor sector has been very clear. In the future, large investment companies with state-owned enterprise background and central enterprise background will become a very important brand operation structure of China's liquor industry.
Secondly, Golden Seed has undergone structural changes in recent years under the leadership of Chairman Jia Guangming. In this process, there are enterprises with rich capital operations such as China Resources settled in, on the one hand, providing a very sufficient amount of funds for Golden Seed, on the other hand, providing a relatively better management mechanism. This will help near-seed to change from AMU to high-speed rail in future development.
Finally, in the whole Anhui liquor system, the foundation and resources of the golden seed are very good, and Anhui is a province with fierce competition for liquor, and the golden seed of strategic rejuvenation needs to intervene through this strategic investment, through a series of reform methods, so that the original system becomes more flexible and more advanced. The rich resources of China Resources will also become a breakthrough and booster for Golden Seed's provincial layout and even nationwide expansion.
Si Shengjun, co-founder of Shijiajiu Marketing Planning, said that the current Huijiu market has formed a pattern in the 100-300 yuan / bottle price of Gujing, Yingchao, and Kouzi, and after China Resources enters the golden seed, it is most likely to take the lead in breaking through the 500 yuan sub-high-end core price segment.
It is understood that China Resources also negotiated some provincial liquor representative enterprises with indicative value in Henan and Jiangsu around the "provincial liquor leader". As we all know, China Resources Beer is purely "capital-driven", strategically integrating the mainstream beer enterprises in the country through capital, and eventually becoming the largest beer group in Chinese mainland. In the future, CR Liquor does not rule out that it is also driven by capital, and the initial liquor empire is formed through the power of capital. 2022 and even the entire 14th Five-Year Plan may be a key stage for China Resources to "race around" in the field of liquor, and it is believed that the deep involvement of China Resources may bring a huge butterfly effect to the liquor industry, and liquor will also move towards a more intensive era driven by the capital of central enterprises.
Source: Wine & Food Exchange