2 Former juice King ,16 Sold 100 million

source ： Dongsi shitiao capital （ID：DsstCapital） author ： Happy

From Hong Kong Stock Exchange delisting to restructuring , Huiyuan spent a year and a half .

If you follow the plan , A generation of juice king may open a copy of Nirvana and rebirth , The most critical one is the recently approved Wensheng assets 16 Billion yuan holding Huiyuan .

According to the latest announcement issued by the national enterprise bankruptcy and reorganization case information network ,2022 year 6 month 24 Japan , The first intermediate people's Court of Beijing Municipality made a civil ruling , The ruling approved the reorganization plan of Beijing Huiyuan food and Beverage Co., Ltd .

Wensheng asset has drawn up a very beautiful business plan for Huiyuan . The value of this proposal is 16 One hundred million yuan , And then 2009 Coca Cola wants to 24 Compared with holding Huiyuan with us $billion , Quite different . In the plan of Wensheng assets , this 16 Only part of the billion yuan is used to pay Huiyuan bankruptcy expenses and repay small claims ,90% The above funds will be used to upgrade and strengthen the production and operation of Huiyuan .

Wensheng assets wants to use a lever to pry the whole Huiyuan's reconstruction .

01 Huiyuan will be in 3-5 During the year IPO？

According to the official announcement , Huiyuan's current total liabilities are about 80 One hundred million yuan , Under the state of bankruptcy liquidation, the repayment rate of ordinary creditor's rights is only... Under the optimistic situation 6.1%, The realization of debt repayment with existing assets will greatly damage the rights and interests of creditors .

According to the plan of Wensheng assets , As a restructuring investor , The core of the proposed reorganization plan is to pass “ Stable stock 、 lower the cost 、 Promote incremental 、 Strong governance ”, achieve “ Reduce the debtor's burden , Relieve pressure for creditors ” The goal of optimization . In this mode , Depending on the type of claim , Creditors will be paid in different ways ： Employee claims and tax claims shall be fully paid off in cash at one time ; The creditor's rights secured by property shall be paid in full in the form of retention ;100 A small amount of ordinary creditor's rights less than 10000 yuan shall be paid off in a lump sum in cash , exceed 100 The ordinary creditor's rights of 10000 yuan shall be paid off in full in the form of debt to equity swap . Wensheng assets believes that , Through the above payment methods , Huiyuan's debt repayment rate is expected to rise from the 6.1%, Upgrade to full settlement . meanwhile , Wensheng assets will also design the best securitization scheme for Huiyuan , Strive to achieve A Shares of the listed , It is expected to bring considerable returns to the convertible creditors and investors .

As the beginning of the article says , It looks very beautiful .

It can be seen on the official website of Wensheng assets , Huiyuan as a generation of fruit juice King , The reason why it fell , The fuse was the Coca Cola acquisition . In his opinion , Huiyuan for this acquisition , Invested a huge amount of money to build the industrial chain , As a result, the company has hidden dangers of debt .“ Huiyuan ” As “ Huiyuan system ” Core enterprise , It has undertaken more financing functions in the process of operation , Provided a huge amount of guarantee for the financing of related parties . Bear the downward pressure of international and domestic economy , And superimpose the impact of multiple rounds of epidemics , Related party debt default , Huiyuan has liquidity risk , Debt risk broke out in an all-round way .

Huiyuan's historical highlight moment is remarkable . On the capital market ,2007 The company was listed in Hong Kong in , raise 24 Million Hong Kong dollars , It became the largest in the Hong Kong stock exchange IPO project , The market value once exceeded 300 One hundred million yuan . In terms of market share , Huiyuan has always occupied a leading position , It even lasted for many years .

If it is impossible to give up Huiyuan , Then we have to see what Huiyuan has besides debt .

First of all , It has immeasurable industrial resources . This can be summed up in figures ： Huiyuan has 140 Multiple physical stores ,1000 More than ten thousand mu of high-quality fruit, vegetable, tea, grain and other planting bases ,200 A number of world advanced fruit processing 、 Filling and other production lines .

second , The market share is still in the top three . Can walk to delisting , Problems within Huiyuan cannot be ignored , But I think big brother's strength is still there . Huiyuan in 2016 Before, it had been the first in market share for ten consecutive years , After delisting , According to the China Business Industry Research Institute 2022 year 1 Monthly data , In the fruit juice industry , Huiyuan fell from first to third , But fortunately, it is still in the top three , At present, it is 11% Market share of .

Fruit juice is not really a high ceiling track . According to the data released by China Beverage Association ,2020 In, the market scale of fruit juice was only 1272 One hundred million yuan , Just over a hundred billion ; According to the prediction of China Commercial Industry Research Institute ,2022 The annual fruit juice market scale is 1375.8 One hundred million yuan , Only for the whole soft drink market 1/5, The speed of the track is not high .

And if you compare JD to 2021 Bottled beverage sales data for , Carbonated drinks 、 Tea drinks and sodas account for the top three market shares , The proportion of fruit juice is even 1% Not even .

However , That's why , In a small and infamous track , Huiyuan is such an old master , As a company deeply engaged in the field of non-performing assets , This time Huiyuan can be restructured at a lower price , I don't think this is a good investment .

02 Blackstone is the investor behind it

It is clever to say so. , Wensheng assets has just completed the third round of financing .

According to the official website of Wensheng , Blackstone and Guotong Investment Co., Ltd 、 GF Securities Co., Ltd 2021 year 10 In June, he made equity investment in the third round of financing of Wensheng assets , And in 2022 year 6 Complete the investment in January . at present , The shareholders of Wensheng assets mainly include Oriental assets 、 China international capital corporation 、 CDH investment 、 HARVEST INVESTMENT 、 Blackstone 、 Guangdong mintou 、 Hangzhou industrial and commercial trust, etc .

Wensheng assets was established in 2006 year , Engaged in the disposal of non-performing assets , Zhejiang Wenhua Holding Co., Ltd. and Zhuhai Qiaobo Investment Consulting Co., Ltd （ foreign ） Jointly invest to establish ,2015 The joint stock system reform was completed in , By 2021 end of the year , Accumulated asset management scale of the company （ Principal and interest of creditor's rights ）1232 RMB 100 million .

Many people in the industry believe that when the economic cycle is in a downward period , It means that the window period of non-performing asset investment has also opened . as everyone knows , Blackstone is an old player who invests in non-performing assets , Blackstone is very good at leveraged buyouts through private equity investment .

This time, Blackstone also participated in the investment of Wensheng assets C Round of funding , It does not rule out Blackstone's ambition for China's non-performing assets .

according to the understanding of , Wensheng asset has been in 2016 Around, I once wanted to seek the listing of the new third board . From the financial statements at that time , Wenhua holdings is the controlling shareholder of Wensheng assets , Founder zhouzhijie directly holds Wenhua holdings 99% Capital contribution , Wenhua holdings directly holds Wensheng assets 74.80% shares , Zhouzhijie controls Wensheng assets through Wenhua holdings . Besides , Wensheng assets are in 2015 year 、2016 The annual operating revenues are respectively 9836.32 Ten thousand yuan 、9225.34 Ten thousand yuan ; Net profit is 9424.91 Ten thousand yuan 、1.6 One hundred million yuan .

An insider commented on Wensheng assets as ,“ Very good at .” This evaluation summarizes the comprehensive strength of Wensheng assets . The source also revealed that , Wensheng assets are very popular in the field of special opportunities . And I checked the list of partners , Warburg Pincus investment 2021 year 7 In June, it established Wensheng special opportunity asset management company , The proposed total investment of the platform is 6 Billion dollars , The expected asset management scale is 5 Reach within the year 50 Billion dollars . The initial assets of the joint venture include the assets located in Shanghai 、 Several seed projects in Zhejiang and Hainan .

besides ,2020 year 6 month , Wensheng assets is also related to jiawo from the United States （CarVal） Established Shanghai jiawo Wensheng equity investment partnership （ Limited partnership ）, And applied for QFLP.

From Hong Kong Stock Exchange delisting to restructuring , Huiyuan spent a year and a half . Now Wensheng assets has taken a stake in Huiyuan , plan 3-5 There is one Huiyuan in a year A stocks IPO, This story is worth looking forward to .