Change the manager, reduce the price, and prosecute! In 10 days, BESTORE dropped three depth charges

Author|Yang Lei Editor|Wei Xiao

BESTORE has just experienced a change of leadership and price reduction, and it has dropped another depth bomb to the market.

On December 6, Blue Media Exchange learned from BESTORE that Ningbo Guangyuan Juyi Investment Co., Ltd. (hereinafter referred to as "Guangyuan Juyi"), a wholly-owned subsidiary of the company, formally filed a lawsuit with the people's court on November 27 because the invested company Yichun Zhao Yiming Food Technology Co., Ltd. (hereinafter referred to as "Zhao Yiming") deliberately concealed the company's major matters and damaged the right to know of minority shareholders during the cooperation period between the two parties. At present, the court has accepted the case.

The major event refers to the fact that Zhao Yiming and Snacks are very busy merging on November 10.

According to Tianyancha, Zhao Yiming Snacks was established in 2019. In February 2023, Zhao Yiming completed a round of financing of 150 million yuan, led by Black Ant Capital and followed by BESTORE. The valuation is around 1.5 billion. After the financing was completed, Zhao Yiming Snacks accelerated its expansion.

On October 17 this year, BESTORE announced that Guangyuan Juyi cleared 3% of Zhao Yiming's equity and transferred it at a total price of about 105 million yuan.

Just 22 days after BESTORE transferred its equity, the third snack seller "Zhao Yiming" and the snack boss "Snack is busy" completed the merger.

BESTORE believes that in such a short period of time, two companies of such a large size have completed all the processes required for the merger, such as due diligence, negotiation, contract drafting, and investor approval, which is obviously not in line with the normal investment process. ”

Based on this, BESTORE sued Zhao Yiming in court with a complaint.

As of press time, "Zhao Yiming" has not replied on this matter. "Snacks are very busy" said a relevant person: "We don't reply to the outside world about this matter."

Combing through the timeline, there are many doubts

According to public information, Blue Media Hui sorted out the timeline of the breakup and merger of the three companies:

On April 11, 2023, "Guangyuan Juyi" invested 45 million yuan, accounting for 3% of the shares, and became a shareholder of "Zhao Yiming";

On September 28, 2023, Yichun Kouniao Management Partnership (Limited Partnership), one of the shareholding platforms used to hold "snacks are busy", such as Zhao Ding and Wang Ping'an, executives of "Zhao Yiming", completed registration in Yuanzhou District, Yichun City, and the executive partner of the enterprise appointed a representative to Zhao Ding, the founder of "Zhao Yiming";

On October 16, 2023, "Guangyuan Juyi" transferred 3% of the equity of "Zhao Yiming" held by it at a price of 105 million yuan and cleared "Zhao Yiming";

On October 19, 2023, "Guangyuan Juyi" received all equity transfer payments;

On November 10, 2023, "Zhao Yiming" and "Snacks are busy" issued a merger statement. According to the national enterprise information credit publicity system, the two sides have completed the industrial and commercial change registration on the day of the announcement. "Snacks are busy" became a shareholder of "Zhao Yiming", accounting for 87.76% of the shares.

According to the timeline, BESTORE believes that "it is impossible for two leading enterprises in the snack industry, involving nearly 7,000 stores, valuing about 9 billion yuan, and mass-selling snacks to complete all the processes required for the merger, such as due diligence, negotiation, contract drafting, and investor approval, in just '22 days'." ”

BESTORE pointed out that during the shareholding period of "Guangyuan Juyi", "Zhao Yiming" never consulted the shareholder "Guangyuan Juyi" on the merger with "Snacks is very busy". BESTORE also emphasized that judging from clues such as the time of establishment of the shareholding platform, the initiation and decision-making of the merger between the two parties occurred before "Guangyuan Juyi" sold the shares of "Zhao Yiming".

"In business operations, mergers between companies may involve a lot of work, including but not limited to due diligence, negotiation, contract drafting, investor approval, etc., which usually takes months or even years. In general, the merger is completed in 22 days, which is rare in practice. Lawyer Wang Weiwei, a partner of Zhongwen Law Firm, analyzed to Blue Media Exchange: "Whether the two parties completed the merger procedure within 22 days also requires further evidence from both parties in the litigation process to support." ”

When explaining the starting point of BESTORE's transfer of "Zhao Yiming's" equity, BESTORE said that it was Zhao Yiming and relevant parties who emphasized the company's plan to list independently from beginning to end, and hoped that Guangyuan Juyi would take the initiative to transfer its equity.

As for the loss, BESTORE believes that the deliberate concealment and guidance of "Zhao Yiming" directly led to the transfer of the equity held by "Guangyuan Juyi" based on the wrong or false transaction background and pricing basis, which seriously damaged the legitimate rights of "Guangyuan Juyi".

A person close to BESTORE said: "The Company Law clearly stipulates that BESTORE, as a shareholder of Zhao Yiming, has the right to know about Zhao Yiming's important resolutions, and has the legal rights to know, make decisions, inspect and preemptively purchase in such a major asset restructuring." If Zhao Yiming had informed BESTORE of its busy merger plan with Snacks, BESTORE would most likely exercise its right of first refusal instead of liquidating the warehouse. ”

BESTORE said that before suing "Zhao Yiming", "Guangyuan Juyi" sent a formal letter to "Zhao Yiming" on November 21, 2023, requesting relevant documents related to financial and major decision-making during the shareholding period from April 11, 2023 to October 16, 2023. However, the "Zhao Yiming" company has not replied to "Guangyuan Juyi" and provided relevant documents so far.

良品铺子出手,

Turning "passive" to "active"

In fact, in the eyes of the outside world, "snacks are busy" is the number one rival of BESTORE.

Up to now, the number of snack stores has exceeded 4,000, and BESTORE has become a competitor with the route of "rural areas surrounding cities". Zhao Yiming's current number of stores was 2,500. After the merger of the two brands, the number of integrated stores will be 6,500, which is much higher than the 3,344 stores in BESTORE's offline channels.

Therefore, this merger information is crucial to whether BESTORE sells Zhao Yiming's equity. If the lawsuit is established, Zhao Yiming's behavior not only infringes on the minority shareholders' right to know, but also does not conform to business ethics. Zhang Yonghui, a lawyer from Zhejiang Iron Coupon Law Firm, analyzed to Blue Media.

But the reality is that Zhao Yiming has already merged with Snack Bus. Then, BESTORE "deliberately concealed" Zhao Yiming, and the prosecution is "something that must be done", and it is a measure to reverse the "passive situation" to the "active situation".

As early as when Zhao Yiming and Snacks were busy completing the merger, industry insiders analyzed that Zhao Yiming and Snacks were busy merging to prepare for listing. From the perspective of the shareholding structure after the merger, Zhao Yiming holds 87.76% of the shares, while Zhao Ding, the founder of Zhao Yiming, holds a total of 32% of the shares of Snack Busy through Yichun Bird's Nest Advertising Information Culture Communication Co., Ltd. and Yichun Mouthful Bird Management Partnership (Limited Partnership), becoming the second largest shareholder of Snack Busy.

The complaint of BESTORE undoubtedly openly questioned and denied the integrity, contract spirit and even legal awareness of Zhao Ding, the No. 2 key person who was very busy with snacks.

It is worth mentioning that on November 10, the China Securities Regulatory Commission (CSRC) has just issued the latest draft explanation on the A-share IPO listing guidance regulations, which clearly stated: "In order to promote the actual controllers and directors, supervisors and senior personnel of the company to establish integrity, self-discipline and legal awareness, and improve the quality of listed companies from the source, the reputation of the actual controllers, directors, supervisors and senior managers of the company to be listed will become the focus of IPO review."

In other words, under the influence of Zhao Yiming's reputation crisis, the road to listing that snacks are very busy may be difficult.

In addition, Snacks is very busy and Zhao Yiming's stores are "franchise model", and under the lawsuit, potential franchisees may also rethink the brand.

Since the beginning of this year, the "low price" battle has ignited a booster for brands in the mass snack track. But in fact, mass-selling snacks only bring consumers a "low price" mentality, not a real "low price".

This argument has also been corroborated by industry insiders and consumers: "The business logic of mass selling snacks is to subsidize some standard products in the store, "beat" the price, implant the "low price" mentality to users, and then obtain the final profit by selling white label products. ”

"The price comparison channels for consumers of white-label products are relatively vague. And for food safety, consumers are also more worried. "On third-party social platforms, many consumers said that if the weighing price of a product that is very busy with snacks is converted into a unit price, it is not cheap compared with e-commerce platforms, and the cost performance is average.

In fact, in the current market environment, consumers value not only cheapness, but also quality. Consumption tends to be rational, and consumers are more concerned about the "quality-price ratio".

Previously, BESTORE walked out of the move of "price reduction without quality reduction", which was also to turn passive into active, and take the initiative to take "cheap under the premise of quality" as the sub, and mass sell snacks.

Consumers and the capital market vote together, which also proves that under the equilibrium of "quality-price ratio", the return of snacks to the era of parity is the best solution.

Lanmeih/Today's Topic

What do you think of BESTORE's lawsuit against Zhao Yiming this time?

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