65438+February 1 day, Jiaduobao Group announced on the official account of WeChat that Jiaduobao had sent a message to COFCO Packaging (0906. HK)。 165438+1On the afternoon of October 30th, Jiaduobao renewed its strategic cooperation agreement with COFCO Packaging at COFCO Fulinmen Headquarters.
It can be seen from the pictures on the spot that not only the recipient COFCO Packaging is beaming, but also the signing representatives of Jiaduobao, including Wang Jinchang, Chairman of Jiaduobao Group, and Li Chunlin, President, are all smiling. It really confirms the old saying that "there are no eternal enemies, only eternal interests".
It is hard to imagine such a situation. Two years ago, the two sides were at daggers drawn.
to pay off a debt
20 17 10, jiaduobao, who had a hard time with Wang Laoji, embraced the thighs of central enterprises and decided to carry out in-depth cooperation with COFCO Packaging. The latter increased the capital of Qingyuan Jiaduobao Herb (namely herbal tea core asset concentrated solution factory) by 2 billion yuan, becoming the second largest shareholder holding 30.58%.
Just when everyone thought that Jiaduobao would make a comeback, on July 6, 2008, 2065438, COFCO Packaging suddenly announced that Wang Laoji Company under Jiaduobao failed to provide the trademark as agreed, and COFCO Packaging filed an arbitration application with Hong Kong International Arbitration Center against Hong Kong Wang Laoji Company. At this point, the two sides "turned their faces" and the contradiction officially broke out.
According to COFCO Packaging, as early as the second quarter of 20 18, COFCO Packaging stopped supplying cans to Jiaduobao. Based on this calculation, the honeymoon period of both parties is less than half a year. What's more, before the arrival of the summer herbal tea sales season, this move imposed by COFCO on Jiaduobao is undoubtedly a fatal blow.
It was not until Wang Jinchang, a veteran of COFCO, joined in that the deadlock was broken. On June 65438+1 October1last year, Wang Jinchang, former executive director and chairman of the board of directors of COFCO Packaging, parachuted into Jiaduobao and became the chairman of the group. Subsequently, the top management of Jiaduobao changed a lot, and Jin Jichuan and Xu Wei were appointed as the chief financial officer and chief operating officer respectively.
After more than a year's game, the award issued by Hong Kong International Arbitration Center on June 3, 20 19 confirmed that the application of Wang Laoji Company, a subsidiary of Jiaduobao, to terminate the capital increase agreement was invalid, and it was necessary to complete the relevant procedures for injecting the Jiaduobao trademark into Qingyuan Jiaduobao in accordance with the capital increase agreement, and at the same time, it was necessary to immediately compensate COFCO Packaging for 230 million yuan and pay interest of 7.73 million yuan.
Subsequently, the two sides "reconciled", and Jiaduobao expressed its willingness to pay 250 million yuan in sincerity, but things turned around again.
On April 28th this year, Jiaduobao Group signed an equity repurchase agreement with COFCO Packaging. Jiaduobao Group repurchased 30.58% shares held by COFCO Packaging in Qingyuan Jiaduobao Herbal Technology Co., Ltd. for 65.438+74.3 billion yuan, which means that it completely withdrew from cooperation at the equity level.
According to the agreement, Jiaduobao (Tianjin) needs to buy back 30.58% equity of Qingyuan Jiaduobao Baicaowei held by COFCO Packaging Investment, with a total amount of 65.438+50.5 million yuan, calculated according to the deposit of 250 million yuan, the first phase of 500 million yuan and the second phase of 755 million yuan. The second installment shall be paid to COFCO Packaging before July 3, 20201. In addition, Qingyuan Jiaduobao Herb promised to pay dividends of about 238 million yuan in seven installments, which should be paid before 202 1, 65438+2, 3 1.
Li Chunlin, president of Jiaduobao, said at that time that the share repurchase was completed on the basis of friendly negotiation and full communication between the two parties, and it was a "win-win plan", which not only further consolidated and enhanced the strategic cooperation between the two parties, but also enhanced the supply guarantee of upstream tanks for Jiaduobao, improved the scale benefit and realized the strategic goal of successful listing of Jiaduobao at an early date.
However, for Gadobo, whose capital chain has been tense, where the money for repurchasing shares comes from is a big problem.
It was not until 12 and 1 that Jiaduobao said that the company "has paid all the target equity under the repurchase agreement, with a total consideration of about150.46 million yuan, and the promised dividends of the first and second phases of 50 million yuan have been paid to COFCO Packaging."
In addition, COFCO Packaging also issued an announcement on the evening of October 30th, 65438/kloc-0, confirming that "on the date of this announcement, the Group has received the total consideration RMB1504631126 for repurchasing the target equity under the repurchase agreement, as well as the promised dividends of RMB 50000000 in the first and second phases.
Is it expected to go public?
An insider close to the top of Jiaduobao told 2 1 Century Business Herald that the funds used by Jiaduobao to repurchase shares mainly came from dealers.
According to its disclosure, Jiaduobao raised funds from dealers in a targeted manner, with a starting threshold of 20 million yuan. "Some big businessmen in the channel are very enthusiastic. After all, they have also made money with Jiaduobao for so many years and have a foundation of mutual trust. Two dealers I know, Luoyang and Wuhan, invested 20 million yuan. " He said.
As for what rights and interests these "paid" dealers will have in the future, whether they will get the goods at a lower discount or participate in the company's future listing plan, the above-mentioned people did not further explain.
However, the reporter of 2 1 Century Business Herald found that in the latest report, Jiaduobao still did not give up its listing plan in Hong Kong.
"Jiaduobao is planning an overall listing and building Jiaduobao herbal tea into an internationally renowned brand." The company said that in 20 18, the management of Jiaduobao implemented reforms, formulated new strategies, actively expanded market space and sought new profit growth points. In 20 19, the group achieved substantial profits. Under the serious influence of this year's epidemic, its operating performance still exceeded expectations.
The above-mentioned insiders told reporters that the biggest sales season of Jiaduobao every year is the gift promotion of the Spring Festival. Judging from the current order situation, the promotion of this year's Spring Festival will definitely exceed last year. "Last year, Jiaduobao made a good profit, but this year was affected by the epidemic, which may be the first year of data." He said.
According to the screenshot of WeChat chat he showed reporters, for this repurchase, Li Chunlin, president of Jiaduobao, said, "Jiaduobao successfully repurchased 30.58% equity of Jiaduobao concentrated juice held by COFCO Packaging and re-signed a new strategic cooperation agreement, which cleared the biggest obstacle for listing."
It is worth mentioning that in addition to paying off the arrears, Jiaduobao also signed a five-year strategic cooperation agreement with COFCO Packaging.
According to the agreement, Jiaduobao promises to regard COFCO Packaging as the required packaging products and the first choice and main supplier of the Group, and the share of COFCO packaging is not less than 70%-80% of the total procurement of packaging products of the Group; When Jiaduobao uses new cans, two-piece cans, PET or other beverage packaging products, it is preferentially supplied by COFCO under the same conditions.
COFCO Packaging also promised to give priority to ensuring the packaging needs of Jiaduobao Group, actively follow up the production layout with reference to the strategic development plan of Jiaduobao Group, and provide efficient all-round packaging services in a timely manner; Establish a communication mechanism with Jiaduobao Group in advanced manufacturing, product innovation, technology research and development, etc., to ensure the leading position of Jiaduobao Group's product packaging technology.
It is not difficult to find that, as far as the contents promised by both parties are concerned, Jiaduobao directly clarified the total annual purchase amount, which is more realistic than COFCO's "priority guarantee" and also highlights the status of negotiation between the two parties.
Affected by the payment news, as of 4: 00 pm on February 65438, 1 day, the share price of COFCO Packaging was HK$ 3.62 per share, up by 3.43%, with a total market value of HK$ 403 1 billion.
After the war between the two heroes, there are different opinions in the industry about how big the domestic herbal tea market is now. The only certainty is that this year, under the influence of the epidemic, the herbal tea market is under further pressure. According to Baiyun Mountain (600332) semi-annual report. SH), the parent company of Wang Laoji, the income from the big health business with Wang Laoji herbal tea as the main source of income in the first half of the year was 4505438+0 billion yuan, a year-on-year decrease of 23. 1 1%.
At present, Jiaduobao distributes goods in southwest and north China, but in Wang Laoji's base camp, South China has almost disappeared.
Zhu, a food industry analyst in China, believes that if Jiaduobao wants to go public in Hong Kong without the endorsement of COFCO, it will have to face problems left over from the past, in addition to capital and scale. "The former chairman of Jiaduobao, the major shareholder of the company, absconded in those years. If this goes to Hong Kong stocks, will it have any impact? This is unknown. "