Investing 1.6 billion "rescue" Wensheng assets of the past "juice king" assets to take over Huiyuan will be listed within 3-5 years

"King of Juice" Huiyuan waited for his "savior".

Recently, the Beijing First Intermediate People's Court ruled that the reorganization plan of Beijing Huiyuan Food and Beverage Co., Ltd. (hereinafter referred to as Beijing Huiyuan) was approved. Shanghai Wensheng Asset Management Co., Ltd. (hereinafter referred to as Wensheng Assets) plans to invest 1.6 billion funds as reorganized investors and become the controlling shareholder of Beijing Huiyuan.

This reorganization has enabled the "Huiyuan fruit juice" trademark brand to fully retain, but this is just the beginning. It is still unknown whether the future reorganization road is smooth and whether the "Huiyuan fruit juice" can return to the "King of Juice".

A person close to Beijing Huiyuan told the reporter of "Daily Economic News" that the management of Beijing Huiyuan has not changed. And whether Wen Sheng Assets will further involve the operation of Beijing Huiyuan in the future, it states: "Now it is unknown.

Reading plan Dust is settled

After nearly a year, the reorganization plan of Beijing Huiyuan finally settled.

On June 24, 2022, the Beijing First Intermediate People's Court issued (2021) Beijing 01 Civil Ruling of No. 129 No. 129 and ruled to approve the reorganization plan of Beijing Huiyuan. Wensheng Assets plans to invest 1.6 billion funds as reorganized investors and become the controlling shareholder.

Regarding the above reorganization plan, Beijing Huiyuan mentioned in an article pushed by the public account: "Most creditors have firmly voted to the company. Explanation. "A person close to Beijing Huiyuan said in a telephone interview with the reporter of" Daily Economic News "that Agricultural Bank of China accounted for a large share of share. Essence

Image source: Screenshot of the National Enterprise Bankruptcy Reorganization Case Information Network/Huiyuan Public Account

Beijing Huiyuan is one of the core assets of China Huiyuan Juice Group Co., Ltd. (hereinafter referred to as Huiyuan Group). Wen Sheng Assets also mentioned on the official website that "(Beijing) Huiyuan as the core enterprise of the" Huiyuan System "and" (Beijing) Huiyuan will hold the "Huiyuan fruit juice" core trademark brand and production assets ".

The past of Beijing Huiyuan can be traced back to 1994. In October that year, Zhu Xinli led a team of more than 30 people to Shunyi, Beijing, founded Beijing Huiyuan Food and Beverage Co., Ltd., and officially started the domestic beverage market. It can be said that this company is the starting point of Zhu Xinli's leading Guiyuan fruit juice to impact the national market.

The reorganization of Beijing Huiyuan has continued to advance for a year, and has finally completed a milestone step.

On June 29, Zhou Bing, general manager of the Limited Company of Sichuan Huancheng Enterprise Clearance Office, said in an interview with the reporter of "Daily Economic News" that the company's reorganization plan was approved by the people's court. Nodes, which means that the reorganization plan has legal effect. At the same time, the reorganization procedures at the same time were suspended, and the company entered the execution process of the reorganization plan.

However, the approval of the reorganization plan is not the end. In the future reorganization process, enterprises may face other issues.

Zhou Bing reminded that there may be two situations in the subsequent execution process. The first is due to various reasons. Either uncertain factors that cannot be implemented by reorganization plans. Once these two situations occur, the stakeholders, creditors, employees, managers, etc. can apply to the people's court for the bankruptcy liquidation procedure.

What is the solution to the 8 billion debt problem?

The huge debt hanging is the most concerned issue in the reorganization of Huiyuan.

Regarding the origin of Huiyuan's debt, Wen Sheng Assets wrote on the official website that in 2009, the Ministry of Commerce terminated Coca -Cola Company's transactions by the Coca -Cola Company for $ 2.4 billion. The "Huiyuan System" has launched a debt hazard for subsequent operations for subsequent operations. Beijing Huiyuan, as the core enterprise of the "Huiyuan System", assumed more financing functions during the operation, provided huge guarantees for related parties' financing. Undertaking downward pressure on the international and domestic economy, and the impact of multiple rounds of epidemic, related parties' debt defaults, liquidity risks in Beijing Huiyuan, and debt risks broke out.

In the article released by Wensheng Asset's official website, Beijing Huiyuan currently has a total liabilities of about 8 billion yuan, and the settlement rate of ordinary debt rights in the state of bankruptcy and liquidation is only 6.1%under optimism. Significant damage.

Based on this, the plan given by Wensheng Assets is that according to the type of creditor's rights, creditors will obtain compensation in different ways: employee claims and tax claims are settled in all at one time; Calculation; small amount of ordinary creditor's rights below 1 million yuan is settled in cash, and ordinary creditor's rights of more than 1 million yuan are settled in debt -to -equity swaps. Through the above settlement method, the settlement rate of Huiyuan's claims will be increased from 6.1%under the simulation clearing to full settlement.

Wen Sheng Assets, as a reorganized investor, invested 1.6 billion funds, some of which were used to pay Huiyuan's bankruptcy costs and repay small credit claims, and more than 90%of funds were used to upgrade and strengthen the production and operation of Huiyuan.

Picture source: Wensheng Assets Official Website

Regarding the debt repayment plan given in this reorganization plan, Zhou Bing said that there are a lot of debt reserves in the debt repayment plan for extended claims, and large debts are hoped that in the future operation process Compensation was compensated to the creditors until the identified debt amount was fully settled. Zhou Bing believes that there is no problem in the reorganization plan, but it takes time to test whether it can be fulfilled or fully done. "How is the future recovery; whether there are still some investment in the follow -up; whether it can be operated and obtained by the reorganization plan to complete the creditor's rights that the creditor failed to get the debtors, these cannot be rashly judged."

Desperate to go public and seize the first?

"Huiyuan fruit juice" has been trapped in debt quagmires for more than ten years, and the juice market is changing, and competition is becoming increasingly fierce.

The former "juice king" gradually lost the first throne in the storm. In the last annual report of Huiyuan Group's delisting, it was mentioned in the 2016 annual report that the market research data of Nielsen Company showed that according to the sales measurement, the "Huiyuan fruit juice" 2016 100 % fruit juice and medium concentration fruit and vegetable juice in the Chinese market share in the Chinese market. They were 53.4%and 38.3%, respectively, and maintained market share for ten consecutive years.

According to the data released by the my country Business Industry Research Institute in January 2022, the top three companies in the juice beverage industry in China are Coca -Cola (China), Weiquan Food, Huiyuan Juice, respectively. , 11.0%. Huiyuan fruit juice has fallen to third.

At the industry level, Zhu Yue introduced that data of CIC Burning Consultation shows that among the categories of soft drinks, the sales of fruit juice are second only to bottled water and packaging tea. The overall retail sales have declined in the past five years. The average annual compound growth rate from 2021 was about -3%.

From the perspective of the market segment of fruit juice, the average annual compound growth rate of 100%pure fruit juice category from 2017 to 2021 is about 5%, which is the fastest growing category in the juice subdivision category. On the contrary, the juice beverage category with a fruit juice content of less than 25%has shown a significant decline in recent years.

"Huiyuan fruit juice" focuses on 100%juice, which is the fastest growing category in the juice subdivision category. It is difficult to break the leading position of these companies in the short term.

Huiyuan fruit juice picture source: Visual China

In this context, with the advancement of the reorganization plan, can "Huiyuan fruit juice" return to the first throne?

Chinese food industry analyst Zhu Danpeng believes that the Beijing Huiyuan reorganization plan is a strong heart for the entire "Huiyuan fruit juice". After two years of tossing, the upstream and downstream of the entire "Huiyuan fruit juice", including teams and customers. For " "Huiyuan fruit juice" has declined. With the passage of this plan, it plays a vital role in boosting the market, boosting channels, boosting teams, and boosting customers' confidence.

Han Liang, a food and beverage analyst, also believes that "Huiyuan Juice" is currently the most powerful in terms of layout of fruit juice industry chain such as planting, production and sales. In addition, product quality and brand awareness are the advantages of "Huiyuan fruit juice". In terms of disadvantages, the team has lost a lot in recent years, and it takes time to reorganize; dealers and sales channels also need to be further optimized and reorganized.

Zhu Yue, a CIC Burning Consultation Partner, said that from a favorable perspective, "Huiyuan fruit juice" has the industry's rare entire industry chain layout and the sales network throughout the country; The problem of a single matrix, except for its main box of 100%fruit juice, has not produced new products for many years, and lacks products that cater to young people. In addition, due to the influence of bankruptcy and reorganization in the past few years, the loss of channel dealers has been seriously lost, and it takes time and capital investment to reinstate the channel layout.

A series of storms caused by debt, from 9 am on January 18, 2021, the listing position of Huiyuan Group was canceled, and the "juice king" farewell to the capital market with the largest IPO record of the Hong Kong Stock Exchange. The founder Zhu Xinli resigned as the chairman of the board of directors, executive directors, authorization representatives, strategy and development committee chairman as early as 2020.

In this reorganization plan, Wen Sheng Assets also mentioned that it will design the best securitization plan for Huiyuan, and strive to achieve A shares listing within three to five years.

Is this listing plan? Analysts seem to be willing to give optimism expectations. Zhu Danpeng believes that the brand effects and scale effects of "Huiyuan fruit juice" are all, and the market share is relatively high. In the future, with the involvement of capital, after the reorganization plan is successfully implemented, the opportunity to list A shares in the future is very great. Han Liang also said, "I am more optimistic, 'Huiyuan fruit juice' has this strength, and new capital enters, there should be hope to realize it."

(Cover picture source: Daily Economic News Tan Yuhan)

Daily Economic News

- END -