Huiyuan reorganization ushered in a turning point.
According to the civil ruling of Beijing No.1 Intermediate People's Court, the reorganization plan of Beijing Huiyuan was officially approved, and Wensheng Assets became the new controlling shareholder of Huiyuan. After the reorganization, Beijing Huiyuan will hold the core trademark brand and production assets of "Huiyuan Juice", which means that the Huiyuan reorganization that lasted for one and a half years finally has a clear direction.
Wensheng Assets is a special opportunity investment management company, covering non-performing assets investment and services, non-performing enterprise restructuring, non-performing real estate restructuring and default bond investment. By the end of 20021,the accumulated asset management scale (principal and interest of creditor's rights) was 654.38+023.2 billion yuan.
Huiyuan brand was founded in 1990s, and was once known as the "king of juice" in China. In February 2007, Huiyuan went public in Hong Kong, setting a record for the largest IPO of the year on the Hong Kong Stock Exchange. However, after 20 1 1 year, Huiyuan faced a slowdown in performance growth, and its net profit shrank until it lost money, and it was burdened with huge debts. Finally, it was declared bankrupt and reorganized by Beijing No.1 Intermediate People's Court on February 29th, 2020.
The turning point of Huiyuan Juice is related to the acquisition of Coca-Cola Company in 2008. At that time, Coca-Cola wanted to spend $2.4 billion to acquire Huiyuan wholly, and Huiyuan also adjusted its business focus and added a complete industrial chain layout. But in the end, the transaction was stopped by the regulatory authorities in 2009.
According to the official information disclosed by Wensheng Assets, although the transaction was suspended, Huiyuan was the whole industrial chain layout invested in the above transaction, which laid a debt hidden danger for the subsequent operation. Beijing Huiyuan, as the core enterprise of Huiyuan system, has undertaken many financing functions in the course of operation, which has provided great guarantee for related party financing. Under the downward pressure of international and domestic economy and the influence of several rounds of epidemic, the debt of related parties defaulted, and Huiyuan experienced liquidity risk and debt risk broke out in an all-round way.
The special audit report on the bankruptcy reorganization of Huiyuan Company shows that as of July 20021,16, the total assets of the parent company of Beijing Huiyuan Company were 109 billion yuan, the total liabilities were124.7 billion yuan, and the asset-liability ratio was1/kloc-4/.
How to turn over remains to be seen.
According to the plan published by Wensheng Assets official website, after investing 654.38+0.6 billion yuan, Wensheng Assets is not in a hurry to repay its debts with funds. Only part of the funds are used to pay Huiyuan's bankruptcy expenses and repay small claims, and more than 90% of the funds are used to upgrade and strengthen Huiyuan's production and operation.
Wensheng Assets claims that Huiyuan currently has a total debt of about 8 billion yuan. In terms of debt disposal, employees' creditor's rights and tax creditor's rights are paid off in full in cash. Creditor's rights secured by property shall be paid off by leaving debts; Small ordinary creditor's rights below RMB 6,543,800+0,000 Yuan shall be paid off in cash at one time, and ordinary creditor's rights above RMB 6,543,800+0,000 Yuan shall be paid off in full by debt-to-equity swap.
Through the above-mentioned settlement method, Wensheng Assets claims that the settlement interest rate of Huiyuan's creditor's rights is expected to increase from 6. 1% under simulated liquidation to full settlement; And will design a securitization plan for Huiyuan, and strive to achieve A-share listing within three to five years.
And this scheme has also been recognized by most creditors.
In addition, Wensheng Assets also introduced a A-share listed company-Guo Zhong Water as a potential partner.
According to the announcement on June 30, China Water acknowledged its intention to participate in Huiyuan's restructuring, indicating that it had signed Project Cooperation Agreement and Confidentiality Agreement with Wensheng Assets on Huiyuan's beverage restructuring plan, and paid Wensheng Assets a performance bond of 300 million yuan on April 22, 2022.
But the actual controller of junior high school water affairs is Jiang Zhaobai, who is also the chairman of Pengxin Group. Pengxin Group's business includes large-scale agricultural sectors, including grain, beef cattle, pigs, dairy industry and other businesses, and has three other listed companies: Pengxin Resources (600490. SH), Du Peng Agriculture and Animal Husbandry (002505. SZ) and Runzhong International (00202. HK)。
In the annual report of 20021,Guo Zhong Water said that it hoped to expand its business beyond the traditional water business and develop into emerging agricultural fields such as emerging agriculture, scientific and technological agricultural planting or breeding, green brand health food, emerging agricultural infrastructure and environmental protection.
After the news came out, China Water's share price rose for three consecutive trading days.
Guo Zhong Water also reminds investors that the above agreement is only intentional investment by both parties, and there is no guarantee that they will eventually participate in this project. Moreover, if Guo Zhong Water finally decides to participate in the restructuring of Huiyuan, it is also the transferee of the equity of the funded shareholding platform established by Wensheng Assets, which is used to invest and hold the shares of Huiyuan Beverage after the restructuring, and does not control the shareholding platform or directly hold the shares of Huiyuan Beverage. In addition, the restructuring plan must also face risks such as macroeconomic fluctuations, industry competition and market price changes during its implementation. If Wensheng Assets can't solve the above problems, there is a risk that Huiyuan beverage restructuring will not meet expectations.
In Shen Meng's view, the problem faced by Huiyuan is not only the debt problem. After twists and turns in recent years, Huiyuan is facing many problems, such as brand aging, product disconnection and so on. There is great pressure to promote the recovery of sustainable profitability and turn losses into profits.
Zhu also said that although Huiyuan still has a certain brand influence in the juice market, it is only the first step to deal with debt. At present, the domestic fruit juice and even the whole beverage industry are fiercely competitive and the innovation speed is very fast. How Huiyuan rectifies and how to realize the innovation and upgrading of brands and products needs further observation.