1.89 billion yuan! The reason why Lu Zhengyao was enforced, some people guessed

i dark horse

2024-04-08 15:59Posted on the official account of Beijing Entrepreneur's iDark Horse

Recently, Tianyan check showed that Lu Zhengyao, Li Huan and others added a new information on the person subject to execution, with an enforcement target of more than 1.89 billion yuan, and the enforcement court is the Beijing Fourth Intermediate People's Court.

It is understood that Lu Zhengyao was the founder of Shenzhou Youche and Luckin Coffee, and after leaving Luckin Coffee for "financial fraud", he founded Cudi Coffee again.

On October 22, 2023, the first anniversary of Cudi Coffee's opening, Cudi announced that the number of stores reached 6,061 and set a goal of opening 20,000 stores by 2025.

01

The reason for being enforced this time

Someone guessed it

As for the specific reasons for this enforcement, the official has not yet been officially announced, which has also made the outside world begin to discuss.

Yesterday, some industry insiders made the following analysis:

1. Judging from the time when the case was filed, the case was only filed on April 3.

According to the relevant procedures and regulations, there should be no judge in this case for the time being, and all information is only known to the parties or their lawyers. Therefore, it is normal for the outside world to not know the specific reason at present.

2. Judging from the case number, this is an enforcement case.

The word "execution" in "(2024) Jing 04 Zhi No. 287" means that the person subject to enforcement, Lu Zhengyao, has previously had an effective judgment, but he may not have fulfilled it himself. Therefore, the plaintiff may apply to the court to enforce the judgment that has previously taken effect based on the second-instance judgment of the previous case. However, there is no information about this effective judgment at present.

3. From the perspective of the enforcement court, the enforcement court is the Beijing Fourth Intermediate People's Court.

Generally speaking, such cases are enforced in the basic courts, so why is it enforced by the intermediate people's courts this time?

It is very likely that Lu Zhengyao's spouse Guo Lichun is a Canadian citizen, and cases involving foreigners are generally enforced by the Intermediate People's Court.

Judging from the information in the judgment that has been made public, Shanghai SPDB AXA Asset Management Co., Ltd. had a contract dispute case with Lu Zhengyao and Guo Lichun, and the enforcement court was the Beijing Fourth Intermediate People's Court.

The judgment has the following sentence: Guo Lichun, as Lu Zhengyao's spouse, agreed to bear the joint debts under the Risk Control Agreement and the Supplemental Agreement to the Risk Control Agreement with Lu Zhengyao.

This means that Guo Lichun agreed to share this debt with Lu Zhengyao. And among the 1.89 billion yuan that Lu Zhengyao was executed this time, it is likely that Guo Lichun will also bear the part.

4. Many people are curious, who is Li Huan, who was forced to pay 1.896 billion together with Lu Zhengyao this time? There is not much relevant information about Li Huan on the Internet.

During his tenure as the legal representative of UCAR, Lu Zhengyao held a 27.80% stake and concurrently served as the chairman of Beijing Borgward Automobile Co., Ltd.

After the bankruptcy of Borgward, Beiqi Foton and Lu Zhengyao went to court. Beiqi Foton applied to the Beijing Arbitration Commission for property preservation, and the name of Li Huan was included in the list of respondents requesting sealing, seizure or freezing. (The picture below shows the ruling of the case)

02

Lu Zhengyao was enforced

Cudi Coffee implicated?

Lu Zhengyao was originally "one of the former members of the Luckin Financial Fraud Team", and his previous entrepreneurial projects such as Fun Noodles and Tongue Hero both failed, and he no longer has much market convincing. Cudi Coffee can be described as his battle for fame.

Some netizens believe that Lu Zhengyao's enforcement this time may pose a severe challenge to the external financing and operation of Cudi Coffee, and have a negative impact on the brand image and market reputation of Cudi Coffee, thereby shaking the foundation of consumers' trust in the brand.

Yesterday, Cudi Coffee said, "There is no impact, everything is normal at the moment." ”

But is that really the case?

On February 26, 2024, Cudi Coffee announced the launch of the "Good Coffee 9.9 Unlimited" promotion for three months as the number of stores worldwide reaches 7,000.

This move has embroiled Luckin Coffee next door into a price war. In terms of product, pricing and channel strategy, Cudi imitated the same style of play as Luckin and launched a "hand-to-hand fight" with Luckin.

But in the eyes of the outside world, Cudi's cash flow situation has always been a mystery when it is difficult for most stores to make profits.

At present, Cudi's cash flow sources are mainly the franchise fees of stores and the differential income of the supply chain. However, since July last year, the number of new stores has fallen sharply, and as of December last year, it has fallen to more than 100 new stores.

Some netizens believe that this means that Cudi Coffee will rely on the franchise fees brought by more than 100 new stores to reversely subsidize the existing more than 7,000 stores. Even with strong capital to back it up, it's a not-so-healthy cash flow state.

What's more troublesome is that some franchisees of Cudi Coffee have revealed that the current daily cup volume has dropped to more than 100 cups, and even many stores are not more than 100.

A Cudi Coffee franchisee told the media that the cost of raw materials for Cudi Coffee is relatively high, and the gross profit of a single cup of coffee is roughly 45%-50%, minus other costs such as rent and labor, which gives the associate little profit margin. An associate said, "In the early stage, the company said that it would be able to return the cost in 9 months, but now it is idle to look at it." ”

Now, the inability to sell cups in stores will not only continue to consume the patience of franchisees, but also make Cudi Coffee's supply chain revenue data more ugly.

Now, in the context of Cudi Coffee's need for external financing, the news that Lu Zhengyao was forced to pay 1.896 billion yuan may bring a more severe test to Cudi Coffee's refinancing.

It seems that since the day Lu Zhengyao appeared in the public eye, it has been full of various controversies.

Some people say that he is a "giant fraud", and Lu's routine has been tried and tested repeatedly in the capital market, and the leeks harvested have been wave after wave.

Some people also say that he is a business giant, with a very keen sense of smell and sober cognition, and can always seize the opportunity and open up new horizons in his field.

What are your new observations and views on the current situation of Lu Zhengyao and Cudi Coffee?

[The author of this article is i Dark Horse, i Dark Horse original.] If you need to reprint, please contact the WeChat public account (ID: iheima) for authorization. ］

View original image 64K

• 

• 

• 

• 

• 

• 

•