Red Star Erguotou wants A-share listing! Niulanshan: you are late, master

category:Finance
 Red Star Erguotou wants A-share listing! Niulanshan: you are late, master


Three time honored brands pack up on a shares

Beijing time honored brand collective listing matter, to start with an announcement.

On the evening of November 24, Beijing DAHAO Technology Co., Ltd. (hereinafter referred to as DAHAO technology) announced that it was planning to purchase 100% equity of Beijing Yiqing Asset Management Co., Ltd. (hereinafter referred to as Yiqing asset management company) held by the controlling shareholder Beijing Yiqing Holding Co., Ltd. (hereinafter referred to as Yiqing asset management company) by issuing shares, and invest in Beijing Jingtai The asset management center (hereinafter referred to as Jingtai investment) purchased 45% of its shares in Beijing Hongxing Co., Ltd. (hereinafter referred to as Hongxing shares) by issuing shares.

At present, the main business of Yiqing asset management company is to perform retirement management services and manage the equity of non main business enterprises. First light holdings plans to integrate the assets related to the main business such as alcohol, food and beverage, and inject them into the asset management company of the first light industry, and divest the existing functions of the first light asset management company.

After the relevant assets are injected into Yiqing asset management company, Yiqing asset management company will focus on liquor, food and beverage and other related businesses. The main products include Red Star brand liquor series, Arctic Ocean brand series beverage products, Yili brand series food products.

In addition, Yiqing holding directly and indirectly holds 55% of Red Star shares, and Jingtai investment holds 45% of Red Star shares. This also means that once the transaction is completed, DAHAO technology will not only take over the Arctic Ocean and Yili, but also directly and indirectly hold 100% of the shares of red star. At the same time, Red Star + Arctic Ocean + Yili will also collectively complete the backdoor listing.

Why do we choose technology companies as backdoor?

According to Tianyan data, the controlling shareholder of Yiqing is Beijing state owned capital operation and management center, and the actual controller is Beijing SASAC. The actual controller of Jingtai investment is also Beijing SASAC.

From the financial report, due to the impact of macro environment, DAHAO technologys performance has declined in recent years. In the first three quarters of 2020, DAHAO technology realized a business income of about 560 million yuan, a year-on-year decrease of 24.36%; the net profit attributable to shareholders of listed companies was about 118 million yuan, a year-on-year decrease of 43.46%.

Since this year, the stock price of DAHAO technology has also been flat. As of November 23, DAHAO technology closed at 8.69 yuan / share, down more than 6% this year. At present, DAHAO technology is suspended.

In contrast, the liquor plate of Niulanshan, the old rival of Hongxing Erguotou, performed well. Under the drinking market, as of November 30, the liquor concept index rose 81.43% this year, and Shunxin agriculture, which belongs to Niulanshan, rose 20.88% this year.

The picture shows Niulanshan sold in the supermarket. China News Network reporter Xie Yiguan

Huatai Securities said in its 2021 strategy report that liquor is one of the most promising sub sectors in 2021.

In the face of the valuation potential of liquor industry, DAHAO technology gained the favor of capital by adding transformed consumer stocks such as Red Star stock, etc., and Red Star shares also took the opportunity to go public, which was a win-win choice.

In fact, this is not the first time that red star has tried to go public. In 2011, Yiqing Holding Co., Ltd. and Jingtai Industry Co., Ltd. jointly invested and established Beijing Capital liquor industry Co., Ltd., in which Yiqing holdings injected red star shares.

Compared with Shunxin agriculture, which has been listed in 1998, the capital pace of Hongxing shares is indeed slower. But to trace back, Niulanshan should call Red Star Shifu.

Beijing Hongxing Co., Ltd. was founded in May 1949, formerly known as the experimental factory of North China liquor monopoly company. As the first state-owned brewery in Beijing, Hongxing fully inherited the traditional brewing techniques of Erguotou liquor and produced the first batch of Hongxing brand Erguotou liquor.

In 1951, the Red Star trademark became one of the first registered trademarks in New China. In 1965, Hongxing supported and managed 19 distilleries in Beijing and taught Erguotou skills, including Niulanshan.

However, Niulanshan, which took the capital express early, has surpassed Shifu in terms of market share and fame.

According to media reports, by the end of 2019, the sales of Niulanshan from Beijing market accounted for about 23.63%, while the proportion of sales from foreign markets had increased to 76.63%. In the first three quarters of 2020, the operating income of Shunxin agriculture reached 12.419 billion yuan, a year-on-year increase of 12.27%. Among them, liquor business income is about 8 billion yuan.

Now singing a cup of Erguotou, choking tears. Most peoples first reaction may be Niulan mountain rather than red star.

Now Red Star shares are listed on the way eight characters have been left. If we enter the capital market in the future, can we catch up with the pace of Niulanshan?

If red star can be endowed with capital, it will accelerate the development of its brand, specialization and scale. But on the whole, it is still far away from Erguotou, Niulanshan. Food industry analyst Zhu danpeng told zhongxin.com.

Around 2008, the gap between Niulanshan and Hongxing Erguotou was not big, but after 12 years of development, relying on the empowerment of the capital market and the nationwide operation, Niulanshan has reached a fairly high level. In addition, in recent years, the rapid growth of Qingxiang liquor market has also made Niulanshan Erguotou enjoy a dividend. Zhu danpeng said.

The other two Beijing time honored brands Yili and Beibingyang, which are packaged and listed together, have existed for a longer time than Hongxing Erguotou.

Photo: people taste Arctic soda. Photo by Futian

Many Beijing Childrens childhood is not only orange soda smell, but also fruit bread taste. Yili bread, founded in 1906, is also a famous and time-honored enterprise. It started in Shanghai and then moved to Beijing. At the end of 2001, it was transformed into a Sino foreign joint venture company.

Listing doesnt mean success, its more cruel in the back

For example, Dezhou grilled chicken, which has a history of more than 300 years and has been dominating trains for many years, officially accepted the listing guidance in June. According to the vision of chairman Cui Guihais plan, Dezhou grilled chicken company will grow into a market value enterprise with annual sales of 5 billion yuan in the next ten years.

Lancang ancient tea, Zhang Xiaoquan, wufangzhai and other time-honored brands also heard the news of queuing up to submit A-share listing applications.

But under the Spotlight of capital, time honored brands should also bear the gaze of examination.

In May this year, 162 year old Tianjin Goubuli announced its withdrawal from the new third board. This was once praised by Cixi as: wild animals in the mountains, wild geese in the clouds, cattle and sheep on the land, fresh on the sea floor, not as fragrant as dogs and dogs, and longevity of food, but now it is evaluated by netizens as tasteless and expensive.

Quanjude, a 156 year old restaurant in Beijing, is struggling with the declining performance year after year. In the first three quarters of 2020, the total revenue of Quanjude was about 516 million yuan, with a year-on-year decrease of 56.71%; the net profit loss attributable to shareholders of listed companies was about 202 million yuan, with a year-on-year decrease of 484.4%. Three quarters almost lost the net profit of the first three years.

Photo: Beijing New Year Promotion Festival 2018 held in Fangshan, Beijing.

According to the report released by Ali Research Institute, only 10% of the time-honored brands in the industry are booming, and most of them are in a state of poor operation or continuous loss.

Many time-honored brands have achieved corresponding development after capital empowerment, but the overall development is still unsatisfactory. It is not difficult to find that the biggest problem of time-honored brands is that the system and mechanism have seriously restricted the companys product innovation, upgrading and iteration. Zhu danpeng pointed out.

Before the announcement of this major asset restructuring, DAHAO technologys stock price rose in advance. Subsequently, DAHAO technology said that after preliminary self-examination, it was not found that the company, the companys controlling shareholders, insiders of the other side of the transaction and their immediate family members used the inside information to trade the companys shares.

Can red star, Yili and Arctic Ocean be listed successfully? After going on the market, is it to make great progress or to turn around? Nothing is known. (end)

Source: Chen Hequn, editor in charge of China News Network_ NB12679