Huiyuan juice life and death suspense

Will focus on the juice business.

Text ｜ Chen Xiaojing

Source ｜ Zebra Consumption (ID: BANMAXIAFEI)

Cover Source ｜ Vision China

After a year of delisting, Huiyuan fruit juice finally ushered in a new vitality.

According to the court's ruling, Wensheng Assets became the core business entity of Huiyuan fruit juice Beijing Huiyuan Reorganization investor, and settled huge debt in the form of small debt repayment and large debt debt -to -equity swaps.

According to the plan of Wen Sheng assets, it will provide the exit channel for the implementation of debt -to -equity creditors through listing and other channels.

After experiencing debt crisis, delisting, and reorganization, the Zhu Xinli family, who had been in charge of the company, had left his hands and left the words "Huiyuan fruit juice" and production assets. This is also the core element in the reorganization process.

When Wensheng Assets become a new owner, how can Huiyuan interpret new stories?

Reunite

In the 1990s, with the booming of the Chinese food industry, many fast -moving custody brands rose. For example, Wahaha, Wangwang, Vivi soy milk, etc., they are still active in the market so far. Only the well -known Huiyuan fruit juice has embarked on the road of decline.

At the end of June, after nearly a year of reorganization, the Beijing No. 1 Intermediate People's Court formally ruled that the reorganization plan of Beijing Huiyuan (the core operating entity of Huiyuan fruit juice) was approved. Wen Sheng Assets, which specializes in non -performing asset management, became a reorganized investor.

According to the special audit report of Beijing Huiyuan's bankruptcy reorganization, as of July 16 last year, the total liabilities of Beijing Huiyuan's parent company were 12.467 billion yuan, the asset -liability ratio was 1140.99%, and the amount of non -offset debt was 11.37 billion yuan.

After Wen Sheng's asset intervention, it is planned to invest 1.6 billion yuan to become the controlling shareholder of Beijing Huiyuan. It is expected to increase the claim settlement rate from 6.1%of the simulation liquidation to the full settlement.

That is, the claims and tax claims of employees are repaid by cash by cash; all of the property guarantee claims are settled by retention; a small amount of ordinary debt below 1 million yuan is settled at one time, and the common creditor's rights of more than 1 million yuan shall be based on debt. Request to the stock.

According to the above plan, the "Huiyuan fruit juice" brand and production assets have been kept, which has become an important guarantee for Dongshan to come back in the future. This is also the core element of Wen Sheng's assets. After the court entered the reorganization procedure in Beijing Huiyuan, measures such as continuing to operate and suspending the enforcement of compulsory implementation through permission to obtain a relatively stable production and operation environment for Beijing Huiyuan, and gradually realized revenue and profitability to return to normal.

According to public reports, in 2021, Beijing Huiyuan's sales revenue increased by 49.7%year -on -year. In the first April of this year, online revenue increased by more than 200%year -on -year.

Securitization suspense

Complete industrial chain, abundant production capacity, and the golden signboard of Huiyuan fruit juice still have appeal in the market. This is the basic disk of Huiyuan fruit juice Dongshan.

Wen Sheng Assets disclosed that among the 1.6 billion yuan of funds, it is partially used to pay Beijing Huiyuan small credit claims and other costs, and more than 90 % of the funds will be used in actual production and operation.

Xian Xiaofang, a Beijing Huiyuan executive, also said that in the future, the company will focus on focusing on juice business, exactly the construction of marketing channels, and coincide with the reorganization plan of Wen Sheng assets.

This is the first step in the Beijing Huiyuan Reorganization Plan for Wen Sheng assets. Through the form of debt -to -equity, the creditors will hold 30%of the equity of Beijing Huiyuan after reorganization and need a suitable exit channel.

Wen Sheng Assets designed a securitization plan for this, pushing Beijing Huiyuan to A shares within 3 to 5 years, bringing generous returns to creditors and investors.

This is similar to the reorganization plan of Yurun Group. Earlier this year, the reorganization plan of the Nanjing Intermediate People's Court showed that Yurun Group will promote the listing of Yurun in 2027 to provide a channel for debt -to -equity creditors to withdraw from the securitization platform.

The selection of Yurun's selection is the key to the reorganization plan. According to the existing economic development situation and the development trend of the pork industry, this pair of gambling is still suspense.

Combined with the current reorganization plan, Beijing Huiyuan should be in line with reality. After listing, it will provide capital assistance for the sustainable development of the enterprise, but the ability of Fang Wensheng's assets to operate is still to be observed.

Although there are no shortage of strong shareholders such as CICC, Beijing Trust, and Blackstone Group behind Wen Sheng's assets, there are no successful cases to push the reorganized enterprise to securitization.

In 2017, Wen Sheng's assets sought to be listed on the New Third Board, and eventually there was no news. In March of this year, Wen Sheng's assets and unanimous actors Shanghai became the largest shareholder of La Xiabeel, and La Xiabel was soon delisted and delisted.

Golden signboard

Huiyuan fruit juice did not wait until today to try to return to life.

During the suspension of the trading in 2019, the company and the Tiandi No. 1 "Marriage", which was sprinting towards the IPO a few days ago.

At that time, the company plans to set up a joint venture with the equivalent assets of the trademark and the Tiandi No. 1, and hold 40%. In addition, the company provides the raw materials and foundry business required for juice production to the joint venture and Tiandi No. 1. However, this rebirth plan that was widely optimistic about the outside world ended up with a breakup.

This is the last "blood return" opportunity before the company delisted from Hong Kong stocks. After that, small and medium investors watched the first stock of the red juice and left the capital market sadly.

Huiyuan fruit juice is forced to delist, which seems to be a debt crisis, which is essentially a problem with the company's operation.

In 2009, after Coca -Cola's $ 2.4 billion acquisition of Huiyuan fruit juice was stopped, the company basically lost his ability to make hematopoietic.

From 2009 to 2011, the company maintained a positive face of net profit through various subsidies of about 200 million yuan per year. In the "blood loss" day, the company sells assets. Around 2013, the company sold 12 subsidiaries to receive 2.8 billion yuan; in 2015, another 9 factories were sold.

Despite the repeated open source and throw, the company's debt scale still soared, and the total liabilities of 11.403 billion yuan at the end of 2017 were incidents from the 4.282 billion east windows of the corporate corporate breach of contract.

For a long time, Huiyuan fruit juice is the hegemon of the domestic medium and high concentration fruit juice market. In recent years, the market position has deteriorated. According to public data, in 2016, the company's 100%market share in China accounted for 53.4%, and the market share in 2020 fell to about 15%.

When Huiyuan's juice is lacking, many racers have emerged in the fruit juice segment.

Can Huiyuan fruit juice regain the river and mountain signboards?

Disappearing Zhu Xinli

Before Huiyuan fruit juice retired, Zhu Xinli and Zhu Shengqin's father and daughter withdrew from the management, leaving a bunch of debt failed.

Without the things, Zhu Xinli, who was in the years of Hua Jia, was not very decent.

For a long time, Zhu Xinli has been the soul of Huiyuan fruit juice. Whether it was the initial stage of the enterprise leading the predecessor of Huiyuan's predecessor in Yiyuan County to turn a profit, or for the sake of spending huge sums of money to advertise on CCTV, or becoming a frequent guest of the CCTV Spring Festival Gala, Zhu Xinli decisively and powerful. There is an extraordinary endowment of entrepreneurs. "

When the spring breeze was proud, Zhu Xinli gradually enlarged his ambitions.

In 2001, he and Delong, Tang Wanxin, started a thrilling capital game, almost destroying with the collapse of Delong. It was then retired at the cost of 200 million yuan.

Maybe he never noticed a dangerous signal. After a huge funding of the listing, he leaped forward and expanded, and then hesitated the sales network in the Coca -Cola throwing acquisition case. Corporate tens of billions of debt crisis.

Today, Zhu Xinli is in trouble. Public information shows that from July last year to May this year, Zhu Xinli was executed 8 times, with a total amount of 3.382 billion yuan. It has been restricted to consumption 18 times, and also involves 43 judicial cases.

Become a Lao Lai from the juice king, it is a stain in his personal business history.

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Focus focus on fruit juice business

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