Yuyuan Co., Ltd. reduces the holdings of Jinhui wine to solve the competition of the industry competition in Gansu rich people low -selling high buying reception

On the evening of September 2nd, Yuyuan (600655. SH) and Jin Huijiu (603919. SH) successively announced that Yuyuan and wholly -owned subsidiaries Hainan Yuzhu Enterprise Management Co., Ltd. intends to transfer through an agreement and intend to use per share per share. At 29.38 yuan, it sold 13%of the golden emblem wine, and the total transaction price was 1.937 billion yuan. It was transferred to Gansu Atte Investment Group Co., Ltd. and its consistent actors of Longnan Ketet Investment Management Center.

As of the announcement date, Yuyuan Co., Ltd. holds 30%of Jin Huijiu liquor, Hainan Yuzhu holds 8%of the gold emblem wine, and the two hold a total of 38%of the Jinhui wine. If this transaction is completed, Yuyuan shares will no longer be the controlling shareholder of Jinhui Wine, and plans to continue to reduce holdings of more than 5%in the next six months.

This equity transaction will solve the seller Yuyuan shares to solve the issue of competition with its willingness to wine in the wine industry, and also earn more than 900 million yuan. For the buyer Gansu Att, it is also the controlling shareholder before the Jinhui wine, and the low -selling high has a pre -rising loss of 140 million yuan.

↑ Yuyuan Co., Ltd.

The seller solves the competition of the industry and earns 900 million yuan

The acquisition of Jinhui wine is the first step for Yuyuan and its controlling shareholder Fosun Cross -Border Baijiu Circuit.

The liquor company, which was rated as the "Chinese old -fashioned" liquor company, was listed, and the actual controller Li Ming held 55.28%of its equity through Gansu Atte. In May 2020, Yuyuan shares bought 29.99998%of Golden Book of Golden wine from Gansu Atta for 12.07 yuan per share, with a total transaction price of 1.837 billion yuan. In October of that year, Hainan Yuzhu acquired 8%of the equity of Jin Huijiu for 17.62 yuan/share, with a total price of 715 million yuan.

As a result, Yuyuan and Hainan Yuzhu held a total of 38%of the stocks of Jinhui wine, replacing Gansu Atrts as the controlling shareholder of Jinhui Wine, and Guo Guangchang, chairman of Fosun International, became a actual controller. After holding the controlling stake in Jinhui Wine for more than 2 years, the reduction of this reduction of Yuyuan and its subsidiaries was 916 million yuan compared with the profit buying price at that time.

Compared with profitability, this reduction is more important to solve the problem of interbank competition. According to this transaction announcement, the sale of some of the equity of the gold emblem wine is conducive to promoting the solution of the competition of the same industry, and it is conducive to the company's focus on key development strategies and key projects. In August of this year, Huang Zhen, chairman of Yuyuan Co., Ltd., said in the company's semi -annual report that a campaign to the top of Yuyuan this year was that liquor went to sea.

After becoming the controlling shareholder of Jinhui Wine, at the end of 2020, Yuyuan Co., Ltd. obtained 70%of the shares of the Group for 4.53 billion yuan, and indirectly became the controlling shareholder of the wine industry (600702. SH). As a result, in the book of willingness of the wine industry in 2021, Yuyuan Co., Ltd. stated that the Jinhui wine and the wine industry engaged in similar businesses and the sales area has a certain cross. Therefore, there is a certain competition in the same industry. The market or region will formulate a pioneering plan by the golden emblem wine and the willing wine industry to formulate a pioneering plan in accordance with relevant regulations and their respective decision -making procedures to avoid new competition in the same industry, and develop differentiated development in the environment without the competition of substantive interbank.

Industry competition puts pressure on the performance of Jin Huijiu. In 2020, the Yizhu Portwear increased doubled, with revenue of 1.731 billion yuan increased by 5.89%year -on -year; net profit was 331 million yuan, a year -on -year increase of 22.44%. However, in 2021, the net profit of Jin Huijiu declined for the first time in ten years, with revenue of 1.788 billion yuan, an increase of 3.34%year -on -year; net profit was 325 million yuan, a year -on -year decrease of 1.95%. By the first half of this year, the performance of Jinhui wine began to recover. The semi -annual report showed that revenue was 1.226 billion yuan, an increase of 26.13%year -on -year; net profit was 212 million yuan, a year -on -year increase of 13.06%.

Buyers sell low buying and pre -rising loss of 140 million yuan

Relative to the seller Yuyuan's two -year earning 900 million yuan, the transaction is a low -selling buyer at a low sales, and the pre -rising loss loss of 140 million yuan.

The transferred buyer is Gansu Atte Investment Group Co., Ltd. and its consistent actors of Longnan Keteter Investment Management Center. Att Group is the controlling shareholder of Jinhui wine before. In fact, the controller is Li Ming. According to the announcement of Yuyuan Co., Ltd. on September 2, Li Ming holds 98%equity of Atte Group, and Atte Group holds 13.57%equity of Golden Emblem wine.

In addition to the price difference between 916 million yuan two years ago, the purchase price of the buyer Atte Group was 2.18 yuan/share. On September 2nd, the closed price of Jinhui wine was 27.2 yuan/share, which means that compared with the acquisition price of 29.38 yuan/share, Gansu Atte has predened 140 million yuan.

Li Ming holds two A -share listed companies shares, namely Jinhui wine, and Jinhui (603132.SH) listed in February 2020. In the Hurun Rich List in 2021, Li Ming was on the list with a net worth of 5 billion yuan, and he was also the second place in Gansu's rich man.

Red Star Journalist Yu Yao Intern Reporter Cheng Luyang

Editor Deng Yiguang Editor Yang Cheng

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