"The most bullish Moutai shareholder" suffered an investment waterloo

Why did this 75-year-old distillery in Anhui come to this predicament after being acquired by an investor?

Text: "Chinese Entrepreneur" reporter Zhang Wenjing

Edited by Mina

Header photo by Zhang Wenjing

Lin Jinfeng suffered the biggest Waterloo of his investment career - his bad relationship with an old wine company he acquired, and the ending was revealed this winter: a lose-lose situation.

There are many legends about Lin Jinfeng in China's investment circles, such as "the most bullish Moutai shareholder", an investor who wrote the myth of 25 years of undefeated investment, and a "Chinese Buffett" who talks and laughs with Buffett...... However, in the blast furnace town of Wuyang County, more than 70 kilometers southeast of Bozhou City, Anhui Province, these legends about Lin Jinfeng were scoffed at.

In 2009, Yingxin Investment Group, controlled by Lin Jinfeng, wholly acquired Shuanglun Liquor (formerly known as "Blast Furnace Distillery"), bringing brands such as Blast Furnace, Shuanglun, Blast Furnace Home, Yingke Song and China Huijiu under its command, and in 2014, Lin Jinfeng transformed it into Huijiu Group.

Today, the former "King of Hui Wine" blast furnace wine can't even pay his salary. On December 26, 2023, employees of Huijiu Group blocked the factory gate to pull banners and ask for wages, and related news spread on the Internet.

In mid-January 2024, more than 20 days have passed since the wage arrears turmoil, and the blast furnace town has been shrouded in gray weather for days, and it is bitterly cold. The door of Huijiu Group is closed, and there is no one outside the door——

A number of employees of Huijiu Group told China Entrepreneur that after the salary turmoil, the company paid employees two and a half months' salary in cash, but still owed part of the salary. In addition, from January 1, 2024, the company has been on holiday for all employees, and employees can receive a salary of 1,780 yuan per month, and only two people are still on duty in the security department.

They are still anxiously awaiting the unknown fate of the 75-year-old distillery......

Some locals and blast furnace home wine employees pointed the finger at Lin Jinfeng. An insider who has witnessed the glory of blast furnace wine told "Chinese Entrepreneur" that Lin Jinfeng was born in capital and lacks the strength and perseverance to do business.

"Chinese Entrepreneur" recently contacted Lin Jinfeng. He claimed that the unpaid wages were a business problem, the management was mediocre, and the bank had withdrawn loans. In addition, he revealed that Huijiu Group may be reorganized and is currently in contact with negotiations, but "the announcement of the restructuring will not come out so soon."

In 2009, Lin Jinfeng relied on an announcement to auction Shuanglun Liquor Industry with 309 million yuan. This decision was made almost instantaneously. Recalling the transaction at that time, he admits that it was the successful investment in the past that made him flutter, and the current result is the price of the original sloppy. "Investing in a distillery is a foolish decision," he said. ”

In fact, the gap between Lin Jinfeng, an investor who flew from Shenzhen to the small city of northern Anhui, and the blast furnace distillery, which has been passed down for generations, has never been bridged for so many years.

The investor wanted to transform a traditional wine company

After the collective salary negotiation turmoil of Huijiu Group employees, Lin Jinfeng's circle of friends and video platform are still updated normally, he insists on sharing the "Tao Te Ching" every day, and interprets "quiet and inaction" in the sound of the piano.

After taking ownership of the blast furnace distillery, Lin Jinfeng was eager to change the corporate culture. He wants to inject the management model and corporate culture of Huawei, Alibaba and other technology and Internet companies into this old distillery with a history of sixty or seventy years.

Lin Jinfeng Source: Screenshot of Lin Jinfeng's Weibo

An employee of Huijiu told China Entrepreneur that Mr. Lin emulated Huawei's wolf culture, which requires employees to work 24 hours a day, and the "casual and relaxed dress" culture of Internet companies, where he entered the venue in shorts and slippers at an internal meeting.

There are many banners in the distillery, on which are written all kinds of slogans and slogans, such as "It is better to read 10,000 books, it is better to travel 10,000 miles", "If the antelope wants not to be eaten by lions, it must run desperately", "Customers first, employees second, shareholders third" and so on, most of these slogans come from large companies such as Huawei and Alibaba. Wuyang County, where the blast furnace distillery is located, is Lao Tzu's hometown, so Lin Jinfeng also wrote the famous words of the Tao Te Ching on the wall of the distillery building.

Corporate culture and values are also part of employee appraisal and used as one of the performance scoring criteria. Employees are deducted some of their performance pay each month, but they don't know how the points are scored.

This caused disgust among some employees - they thought that Lin Jinfeng was not pragmatic and "shouted loudly with slogans", but there was no supporting incentive mechanism to implement the culture, but they often deducted performance and wages. The above-mentioned employee said that when Lin Jinfeng was live on Douyin, he asked all employees to enter the live broadcast room to "cheer", otherwise they would also be deducted money.

"Cultural construction is a good thing, motivating employees to be motivated, learn and improve themselves. The above-mentioned employees believe that Lin Jinfeng only imitates Huawei's culture, but does not imitate Huawei's investment in employee compensation and benefits, as well as the importance and respect for employees at the internal level, so that these cultures have essentially become an "empty slogan" and "something that imprisons employees' behavior and thoughts".

Lin Jinfeng has also repeatedly expressed his dissatisfaction with the culture of blast furnace distilleries in public. He once said that the passion of the people in Blast Furnace Town is not as good as that of Shenzhen, especially in a 70-year-old wine company like the Blast Furnace Distillery, there are many situations or cultures that he cannot understand - many things that cannot happen in Shenzhen happen in the Blast Furnace Distillery.

"In the end, we realized that if you want to change, it's not very possible to rely on one person, especially the culture of our winery...... Anyway, it's the kind of state-owned enterprise culture that is very rigid, and the way of thinking is very rigid. Lin Jinfeng in the camera shook his head and smiled bitterly when he said this.

In addition to cultural and conceptual conflicts, Lin Jinfeng has enforced the policy of downsizing and layoffs in the distillery for many years, and most of the layoffs are old employees, which also intensifies the contradictions between him and the old employees of the distillery.

The above-mentioned employee told "China Entrepreneur" that in the past ten years, the company's human resources director has changed at least 5 times, and the reasons are mostly related to downsizing and layoffs. In June 2018, shortly after Lin Jinfeng took office as president and CEO of Huijiu Group, Huijiu Group caused a strike due to "attrition".

What makes some old employees feel even more unfair is that for many years, the remuneration package of employees in the blast furnace distillery is far lower than that of other distilleries. However, the salaries of the company's airborne or external managers are generally higher, and the important thing is that these external managers have mediocre performance in the work of the wine company for many years, and they have not put forward good suggestions and substantive results for the development and innovation of the enterprise. ”

Regarding the issue of downsizing and layoffs, Lin Jinfeng responded, "Why not reduce the surplus personnel? It can be compared with the per capita sales and per capita production capacity of other wineries." ”

"After the restructuring in 2009, the original management team of Shuanglun Liquor basically rehired all the employees who had bought out their seniority, which caused a great burden on the cost of the winery. To this day, the company is redundant. Lin Jinfeng told "Chinese Entrepreneur".

Previously, a number of Huijiu Group insiders revealed to China Entrepreneur that "the company's relationship with the local government is very bad. In 2015, Huaxia Liquor News reported that the local government's "excessive concern" and "unnecessary support" made Lin Jinfeng's Yingxin quite dissatisfied. In this regard, the above-mentioned insider said, "That's not management, it's not interference, it's help and support, but Lin doesn't buy it, he thinks it's not good for the development of the enterprise." ”

"Yingxin is not dissatisfied, and the government is not overly concerned, and has always been very supportive of the distillery. Lin Jinfeng responded. However, the three unstamped documents provided by Shuanglun Liquor show that Shuanglun Liquor is still "coordinating and solving" with local authorities for the "historical problems" of the 2009 restructuring.

"There are a lot of issues left over from history unresolved. After the restructuring of Shuanglun Liquor, it contributed 1.8 billion yuan in tax revenue and 1.2 billion yuan in salary, but the government connected that the wine to be used was from other places. Lin Jinfeng said.

In 2017, 6 years after the high-profile announcement of personally managing the distillery, Lin Jinfeng posted "What is the experience of being a chairman" in his personal public account, frankly saying that "it is very difficult to be a chairman" and "it is very tiring to be an industrial company". Previously, he shouted "no more professional managers", and in the article, he said, "I will find a successor to replace me as chairman." ”

The decline of the blast furnace distillery, who is to blame

In his speech years later, Lin admitted that the acquisition of a blast furnace distillery was not a successful investment. However, he believes that he is not wrong about the industry, but he does not take into account the human factor. What is intriguing is that some old employees of the blast furnace family and local market people also said when talking about the predicament of the blast furnace family, "It's all man-made disaster." ”

In the past ten years, the performance of the blast furnace family has only improved in a few years. According to the "Huaxia Liquor News", the sales of Shuanglun Liquor in 2010 were about 700 million yuan, and the sales in 2011 recovered to about 1 billion yuan. After 2012, liquor entered a period of deep adjustment, and the performance of blast furnace homes was sluggish again.

Photo: Zhang Wenjing

By 2021, the annual sales of blast furnace homes will be 403.9 million yuan, the target achievement rate will only be 73.1%, and the actual profit will be -47.51 million yuan. In the next two years, the industry predicts that the performance of blast furnace homes will be even worse. An insider told "China Entrepreneur" that the annual sales of blast furnace homes are only two or three hundred million yuan.

If it is a "man-made disaster", whose fault is it?

Some market participants and insiders believe that although Lin Jinfeng started by investing in liquor, he is not good at the operation and management of this traditional industry, and he lacks a long-term mentality.

Lin Jinfeng thinks that he is a business person - he sees the wrong person and has repeatedly failed in the choice of professional managers. "No matter how good a company is, no matter how good a brand, in the hands of a person who can't do it, he will still fall and go down. He once said, "The most 'regretful' thing is that I should have managed the blast furnace distillery myself when I bought it in 2009, instead of being the shopkeeper." ”

After Lin Jinfeng joined the blast furnace family in 2009, the blast furnace family changed three CEOs in the next seven years. Initially, Lin Jinfeng continued to use Ma Jinhua. Since the fall of Liu Junqing in 2004, Ma Jinhua has been at the helm of the blast furnace distillery as chairman and president.

In June 2010, Ma Jinhua resigned as president and was replaced by Cheng Jian, who was also an old man in the winery, who was highly regarded in the 90s of the last century. In August 2011, Lin Jinfeng was appointed as the chairman of the blast furnace distillery. In August 2015, President Cheng Jian also resigned and left the blast furnace home.

Liu Qing, an employee who has worked in the blast furnace family for many years, told "Chinese Entrepreneur" that Ma Jinhua and Cheng Jian manage the company, continuing the strategy and concept of their predecessors, and eating the old book of the brand. Later, the power in the hands of Ma and Cheng was constantly compressed and marginalized, and the two were forced to resign.

Lin Jinfeng was dissatisfied with the "lack of motivation for change among the old people in the enterprise", and invited the new CEO Lu Guoli from the outside, but two years later, Lu was also dismissed.

Liu Qing commented that Lu Guoli was "a capable person", and the blast furnace family under Lu Guoli made him "see the shadow of the past glory of the blast furnace family and the hope of regaining its glory." ”

Before coming to the blast furnace home, Lu Guoli had more than 20 years of experience in the liquor industry, and successively became associated with the three famous liquors of Wuliangye, Luzhou Laojiao and Langjiu Chuannei, and had operated brands such as Guojiao 1573 and Honghualang. More than a year after leaving the blast furnace home, Lu Guoli died of illness.

At that time, Lu Guoli launched a series of new products for cellar age, and mobilized all employees of the company to push, and the morale was unprecedentedly high. Liu Qing said. Some dealers also reported that at that time, the blast furnace family changed the previous state of procrastination and low enthusiasm for work, and the attention to dealers was also greatly improved. According to public data, in 2016, the performance of blast furnace home changed the decline and achieved revenue of 818 million yuan, a year-on-year increase of 67%.

Liu Qing revealed that when Lu Guoli came to the blast furnace home, he brought a sales team of more than 200 people from Langjiu Group. "Later, when I asked Lu Guoli to leave, I said that the blast furnace family would collapse more and more. Why? Some new markets were brought down by the team brought by Lu Guoli, and as soon as he left, it was equivalent to taking a salary from the bottom of the kettle, and the market that had just improved was directly paralyzed. ”

The reason given by Lin Jinfeng for the dismissal of Lu Guoli was: the management failed to fulfill the performance commitment and annual business target, and the marketing failed to work; secondly, the excessive pursuit of short-term interests and the development of more new products led to the exhaustion of dealers and the poor market sales situation...... Contrary to long-term business philosophy.

In 2017, Lin Jinfeng decided to personally serve as the president and CEO of Huijiu Group, and publicly stated that "I will not look for any professional managers anymore". In order to show his determination, he moved his hukou from Shenzhen to Blast Furnace Town.

But the "one-pot" style of management has not stopped. In January 2023, Huijiu Group announced the abolition of the position of general manager and the appointment of Wu Jun, Liu Dongfang, and Zhang Hengxiang as vice presidents of the group, respectively in charge of production, finance and marketing. In addition, the new sauce fragrance, harmony vintage wine, blast furnace home, blast furnace, and double wheel business divisions have all been abolished.

In the eyes of a blast furnace distillery insider, Lin Jinfeng's words were too light: "The organizational structure adjustment plan that was just formulated in the morning changed again the next day or even in the afternoon." Sales policies also change frequently. ”

"Lin Jinfeng doesn't trust anyone. This is the impression of an insider of Huijiu Group on Lin Jinfeng. Lin Jinfeng said that there are too many moths in the company. The blast furnace distillery produces its own high-quality sake, but it is discarded and sold at a low price, and the raw sake is purchased in large quantities from outside at a high price. This is an abnormal move that many people in the blast furnace distillery do not understand, and Lin Jinfeng also expressed his puzzlement, he believes that this is exactly what the "moth" did.

In any case, in the eyes of insiders and the industry, the frequent changes in management have led to a series of results such as internal management chaos, as well as brain drain, and insufficient systematization and stability of products, markets and channels.

"The contradictions between various interest factions within the company are frequent, and various departments occupy the mountain, exclude each other, and the internal sand is scattered. Liu Qing revealed to "Chinese Entrepreneur" that there are still improper employment, and various important departments are constantly replaced.

With each change of management, the product strategy is adjusted. According to statistics, since 2011, the blast furnace family has successively launched the main products such as "Harmonious Vintage Wine", "Blast Furnace Cellar Aged Wine Series", "Gold Series", "Baopu 9", "Centennial Sauce Fragrance" and "Celadon 10 Years".

A street advertisement with a centenarian sauce fragrance. Source: Weibo screenshot

Some industry insiders said that enterprises have been cultivating new products, resource investment is scattered, it is difficult to cultivate competitive large single products, and dealers are also trapped in the vicious circle of new product cultivation and digestion of inventory. And due to the long-term excessive focus on low-end products, the upgrading of blast furnace products has not kept up with the pace of consumption upgrading, and has been left behind in high-end competition.

Finally, in the Anhui market, the blast furnace family has been tossing and stumbling for more than ten years in the management purge.

Cracks that are difficult to bridge

Lin Jinfeng is passionate about expression, whether in the form of text, video, or speech. In his early years, he wrote blogs, and now he writes "Letter to Shareholders" on official accounts, Douyin, video accounts and other platforms, writes investment insights and suggestions, and shares his investment ideas on various occasions. He also published a book, "Far from the Wind: Lin Jinfeng's Investment Logic" published in 2015, which sorted out his 25-year undefeated investment myth and investment philosophy.

Lin Jinfeng frequently mentions Buffett. He posted, "It seems that many people are concerned about whether I know Buffett very well. It's quite familiar, after all, the language is not smooth. ”

But after eating Buffett's free lunch, he sat next to Buffett and introduced to Buffett how he turned from an investor obsessed with technical analysis to value investing, and also introduced his investment in Kweichow Moutai and Shuanglun Liquor that he bought wholly owned, and also presented Buffett with Blast Furnace Family Harmony Vintage Wine. To this day, he still has a sentence in his self-introduction on social platforms, "I have eaten and drunk with Warren Buffett".

He called Warren Buffett a "beacon" on his investment path, and after reading Buffett's book and shareholders' letters in his early years, he was empowered, and since then he has practiced the concepts of long-term investment, value investment, and concentrated investment. He attributed all subsequent successful investments to this.

Before the acquisition of the blast furnace home, Lin Jinfeng was already quite famous in China's investment circles - the investment in Yangtze River Power brought Lin Jinhui the first pot of gold in the real sense, and the investment in the stock of China Merchants Bank has achieved a return of 20 times in three years. Xifeng Liquor, Landsea Real Estate, and China UnionPay, which are invested in the line of fire, also made him fame and fortune.

Among them, the most glorious "war history" is Kweichow Moutai. In 2003, Lin Jinfeng obtained more than 1 million corporate shares of Moutai through auction for 12 million yuan. Later, Moutai's share price soared, and when he withdrew in 2015, Lin Jinfeng received 1.143 billion yuan, with a return on investment of more than 95 times.

Perhaps it is precisely because of the success of the investment that some of the behaviors and ideas of investors are also deeply engraved on Lin Jinfeng's body and brought into the blast furnace wine.

An insider close to the blast furnace family told China Entrepreneur that shortly after he took over the blast furnace family in 2009, Lin Jinfeng implemented a national stock ownership plan among middle and high-level people, selling it to employees at a price of about 50 or 60 yuan a share. As a result, after the employee became a shareholder, he only received a dividend once in the first year, and never enjoyed this "treatment" again. Some employees are now retired, and the funds invested at the beginning have not been returned, and now it seems that they have been lost.

He also said that Lin Jinfeng has been transferring funds from the accounts of the blast furnace distillery to the outside world over the years. As early as before the Spring Festival in 2010, after a dealer made a payment to the blast furnace home, he heard the news that Lin Jinfeng was going to transfer the funds out, and quickly returned the goods for a refund. In addition, some old distributors of the blast furnace distillery, under Lin Jinfeng's "publicity", handed over the money to Lin Jinfeng's company for investment, and now "none of them make money, all of them have been lost." ”

However, Lin Jinfeng denied the above statement. He said that as a shareholder of the blast furnace distillery, Yingxin, like other shareholders, has not received dividends; the blast furnace distillery has not transferred a penny out, and Yingxin has also advanced 200 million yuan to the distillery; and no dealer has ever handed over funds to Lin Jinfeng or Yingxin for investment, "Yingxin does not accept the asset management of distributors, and the scale is too small." ”

In the eyes of insiders, in the management of management, Lin also showed short-sightedness and eagerness to make money, an example is: after he took office, when he launched a new blast furnace Jiabaopu 9, the market just saw a little improvement, and began to raise prices.

Lin Jinfeng once publicly shouted: to build a 162-year-old enterprise. Why 162? However, many people believe that Lin Jinfeng cannot hold the blast furnace family for a long time, and his purpose is to seek listing as soon as possible, or sell it at a good price.

After the restructuring in 2009, Shuanglun Liquor shouted out the goal of listing: to strive to enter the top ten liquor companies in China within five years, and at the same time become a listed company. In 2015, Huijiu Group was established, and once again gave a capital development path: it will be listed in 2018 and achieve sales of 10 billion yuan in 2025. But until now, the listing has only stayed on the slogan.

At that time, some industry insiders pointed out that the blast furnace family shouted to "go public", but there was no practical action for future planning, lack of specific planning and design, and there were no actual landing measures such as communication means, customer strategies and network layout.

One of Lin Jinfeng's most eye-catching moves in the blast furnace distillery is the H9 project, which was launched around 2013 - to build the blast furnace distillery area and its surroundings into a 200,000-square-meter Huijiu ecosystem with 1,000 ginkgo trees and 2,000 osmanthus trees, and build the most beautiful distillery in China.

He prefers ginkgo, and the word "Yingxin" in the Yingxin Investment Group established in 2003 is also homophonic with "ginkgo". He also brought the ginkgo biloba to the blast furnace distillery.

Source: Aiqicha

An insider said that this was a good thing to improve the factory environment, but Lin Jinfeng came up with a "clever trick" to raise funds: ask dealers and middle and high-level employees of the company to pay for ginkgo trees, and put a list on each ginkgo tree, indicating the name of the subscriber. "Ginkgo trees in the market cost two or three hundred yuan each, and the ginkgo trees sold to the group are at least 800 yuan each, and the price of larger trees is even tens of thousands of yuan. This has also sparked dissatisfaction and questions from employees, the person said.

Some people believe that in the critical period of industry adjustment, blast furnace owners need more real efforts in brand, product, market, and management, and investment in distillery transformation does not seem to spend money on the blade. Some employees are also worried, "Is Boss Lin going to transform the winery into a more beautiful one, sell it at a good price, and leave?" In response to the question, Lin Jinfeng's response at that time was, "I don't care about listing."

But rumors in the market that the blast furnace distillery will be sold for sale have not stopped.

As early as 2014, Shuanglun Liquor had an "acquisition scandal" with Yanghe shares. According to reports, the two sides had in-depth contacts, but due to the large differences in the purchase price and the heavy historical burden of the company, no agreement was reached.

The above-mentioned insider told "Chinese Entrepreneur" that the news he heard in the past two years was that the blast furnace distillery was almost acquired by Gujing Gongjiu, and it had been negotiated and ready to sign a contract in the early stage, and Lin Jinfeng suddenly asked for 1.4 billion yuan. The other party brushed his sleeves away. In response, Lin Jinfeng responded: No.

How failed "marriages" end

Fang Yong, a former employee of Huijiu Group, told China Entrepreneur that Huijiu Group's financial problems have appeared in August 2023, not only in arrears of wages, but also in arrears of payments to packaging material suppliers. In addition, since the second half of 2022, Huijiu Group has been unable to lend funds from banks and financial institutions. At present, "six or seven billion bank loans are owed. ”

"At present, the bank owes less than 400 million yuan, and there is also a tax arrears, mainly due to operational problems. In response, Lin Jinfeng responded.

At its peak, there were six or seven thousand people in the blast furnace distillery, but today there are more than 780 people left, and only two of the nine breweries remain. "In the past, the ancestors of the winery used to say that we should not let the winery be ruined in the hands of our generation. I didn't expect it to fall into our hands now. Fang Yong laughed at himself helplessly. He had seen the most glorious time of blast furnace wine, when the blast furnace distillery was the pillar of the financial department of Wuyang County, contributing 80% of the financial revenue of Wuyang County. In the 90s of the last century, the cars from other places to pull wine into the blast furnace town were lined up more than 10 miles away.

The Blast Furnace Distillery was established in September 1949. In the sixties and seventies of the last century, the blast furnace distillery sent more than 300 liquor experts to the surrounding areas to support the construction of the factory, and the development of Anhui liquor has a deep blast furnace imprint. In 1993, Liu Junqing became the director of the blast furnace distillery, and the little-known blast furnace distillery rose rapidly, rushing to the top five positions of liquor in the country, creating a "two-wheel miracle". By 1998, the sales of the blast furnace distillery reached 1.3 billion yuan.

After that, Shuanglun Liquor entered a period of adjustment. In 2001, blast furnace wine was launched, and it became an instant hit, and sales rebounded year by year. In 2004, the sales volume of blast furnace liquor exceeded 500 million yuan, occupying the first place in the sales list of Anhui liquor for many years.

In 2004, Liu Junqing fell in the anti-corruption storm, and the Shuanglun wine industry fell into turmoil. A number of employees of the blast furnace distillery told China Entrepreneur that in the following years, Shuanglun Liquor maintained annual sales revenue of 500 to 600 million yuan despite the pause.

In the restructuring in 2009, the fate of Lin Jinfeng and the blast furnace distillery began to intersect.

The decision to take a picture of the equity of the blast furnace wine, Lin Jinfeng made it very quickly, almost without thinking. When talking about the deal a few years later, Tian Ming, chairman of Landsea Real Estate, said that he should have tied Lin Jinfeng with a rope at that time.

"Away from the Wind: Lin Jinfeng's Investment Logic" tells this experience.

In July 2009, Anhui Bengbu Property Rights Trading Center listed the equity auction information of "Shuanglun Liquor", with a listing price of 209 million yuan. When Lin Jinfeng read the auction announcement from the newspaper, he decided "I must take it". At that time, he said that he didn't even know where the Shuanglun Distillery was or what it looked like.

At that time, the favorite buyer of Shuanglun Liquor and Wuyang was not Lin Jinfeng, but CITIC Capital. CITIC Capital comes from a prominent background and has experience in the restructuring of state-owned enterprises, but after ten months of due diligence, CITIC Capital has no response.

The restructuring schedule could not wait, so the equity auction announcement was directly hung out. Even so, the conditions in the announcement were almost tailor-made for CITIC Capital. Approaching the expiration of the announcement listing period, the desired buyer has been delayed for a long time. Once the auction fails, and the subsequent investment is introduced, the negotiations will be in a weaker position. How to make the auction end decently has become the most urgent matter.

The vortex yang side began to take the initiative. By the expiration date of the listing period, only two companies signed up for bidding, one was VV Shares, a listed company, and the other was Yingxin Group, which was controlled by Lin Jinfeng. VV shares also held shares in Shuanggou Liquor, which constituted intra-industry competition, and withdrew in the subsequent bidding process. Lin Jinfeng thus became the sole buyer.

In the end, Lin Jinfeng didn't even do his due diligence, and with just a piece of announcement, he raised a sign of 309 million yuan to auction off Shuanglun Liquor.

Lin Jinfeng once explained his "long-term investment" concept in his speech: "When you want to invest in a company, a project, or a stock, you must invest with the idea of long-term and marriage. It's not that you have to hold it for a long time after you vote, but you have made up your mind to marry it before you vote. ”

Now, the deal about the blast furnace distillery is a failed "marriage" for both parties.

At the request of the interviewee, Fang Yong and Liu Qing are pseudonyms

Resources:

"Far from the Wind: Lin Jinfeng's Investment Logic", Machinery Industry Press, Li Aiming, Fang Huilei

"Lost Blast Furnace Home", Huaxia Wine News, Yin Guichao

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