performance ranked Anhui Golden Seed Winery Co.Ltd(600199) at the end of 19 Baijiu listed companies are causing capital carnival.
On February 21, Anhui Golden Seed Winery Co.Ltd(600199) closed with the daily limit again, which is also the fourth consecutive daily limit of the stock since February 16. Six days ago, Anhui Golden Seed Winery Co.Ltd(600199) one of the “four heroes of Huijiu” disclosed that China Resources war investment, a subsidiary of China Resources Group, planned to acquire 49% equity of its controlling shareholder golden seed group. After the equity transfer is completed, the proportion of equity held by Fuyang investment and Development Group Co., Ltd. (hereinafter referred to as “Fuyang investment and development”) will be reduced from 100% to 51%, and the actual controller of Anhui Golden Seed Winery Co.Ltd(600199) will still be Fuyang SASAC.
Although this transaction has not yet landed, the secondary market has responded quickly to the entry intention of China Resources. Prior to the announcement, on the afternoon of February 16, Anhui Golden Seed Winery Co.Ltd(600199) took the lead in “taking off from the ground” and directly closed the board. After three trading days, the market value soared to 13.794 billion yuan. In contrast, its market value closed on February 15 at only 9.5 billion yuan.
It is worth mentioning that, contrary to the popular market in the capital market, from the performance level, Anhui Golden Seed Winery Co.Ltd(600199) can be called “poor students”. In the first three quarters of 2021, with a total revenue of 807 million yuan, it ranked second from bottom among A-share listed liquor enterprises, only better than Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) . At the end of January, the company issued a notice of earnings loss in 2021, saying that due to the adjustment of Baijiu product structure and the relatively low sales of sub high end products, the company expects net profit loss of nearly 200 million yuan in 2021.
So, can China resources become the “White Knight” of Anhui Golden Seed Winery Co.Ltd(600199) ?
share price soared
In the view of the market, Anhui Golden Seed Winery Co.Ltd(600199) share price gained four connected boards, which is directly related to the introduction of China Resources enterprises, an important strategic shareholder of golden seed group.
As one of the four famous liquor in Anhui, Anhui Golden Seed Winery Co.Ltd(600199) was founded in July 1949, and landed at the Shanghai Stock Exchange at the issuing price of 5.7 yuan in August 1998, becoming China’s eighth Baijiu listed company. According to the data, up to now, the total shareholding ratio of the top ten shareholders of Anhui Golden Seed Winery Co.Ltd(600199) is 48.97%, of which golden seed group accounts for 27.1%, which is the largest shareholder. Xinhua fund, the second largest shareholder, holds 5.11%.
On February 16, Anhui Golden Seed Winery Co.Ltd(600199) announced that in order to promote the deepening reform and high-quality development of state-owned enterprises, Fuyang investment and development plans to transfer 49% of the equity of golden seed group to China Resources Investment by means of non-public agreement transfer. The two sides have signed an equity transfer agreement on February 16. This means that if the transaction is completed, China Resources Group will indirectly become the second largest shareholder of Anhui Golden Seed Winery Co.Ltd(600199) .
According to the official website, the predecessor of China Resources is Lianhe bank, which was established in Hong Kong in 1938. It was reorganized in 1983 and under the direct supervision of the state owned assets supervision and Administration Commission of the State Council in 2003. At present, its business covers six fields: large consumption, comprehensive energy, urban construction and operation, great health, industrial finance, science and technology and emerging industries. There are nearly 2000 entity enterprises, and 8 of its affiliated enterprises are listed in Hong Kong. In 2021, the company realized an operating revenue of 769.2 billion yuan and a net profit of 60.1 billion yuan.
Or boosted by the above news, the share price of Anhui Golden Seed Winery Co.Ltd(600199) has soared from less than 15 yuan to 20.97 yuan in just four trading days from February 16 to February 21, with a cumulative increase of nearly 50%. If the timeline is lengthened, it is not difficult to find that before the above announcement, the share price of Jinzhongzi liquor was basically maintained at about 16 yuan at the beginning of the year, and fell to the lowest point of 12.38 yuan in early February.
In February 21st, according to a senior investor who had in-depth research on the Baijiu sector, he told reporters that behind the Anhui Golden Seed Winery Co.Ltd(600199) stock price soaring, there was a clear sign of capital push. “In the past 5 trading days, the main capital of Anhui Golden Seed Winery Co.Ltd(600199) continued to flow into the market, adding more than 1 billion 300 million yuan.”
According to the data, on February 17, Anhui Golden Seed Winery Co.Ltd(600199) was listed on the dragon and tiger list because of “securities whose increase deviated from the value by 20% in three consecutive trading days”. According to the data of the dragon and tiger list, the top five buying seats bought a total of 183 million yuan in the transaction on that day, of which those who ranked second, third, fourth and fifth were real hot money. Among the top five seats sold on the same day, top hot money figures such as UBS Securities Co., Ltd. Shanghai Huayuan Shiqiao Road Securities Business Department also appeared.
It is worth mentioning that on February 18, Anhui Golden Seed Winery Co.Ltd(600199) received the supervision letter from the Shanghai Stock Exchange, with the reason of “clarifying the supervision requirements on matters related to information disclosure”. On the same day, Anhui Golden Seed Winery Co.Ltd(600199) issued an announcement on abnormal fluctuations in stock trading, saying that the company’s operating performance in recent three years and net profit after deducting non recurring profits and losses were losses. Recently, investors are reminded that the rise of the stock index is higher than that of the Shanghai stock investment index.
there is a precedent
In fact, from the time line, since 2018, the Baijiu industry has been pressing the accelerator of industrial integration, and has become a new battleground for the expansion of capital business boundaries outside the industry. The capital stars of the “Fuxing system”, “sea silver Department” and “Huarun Department” are constantly moving, and hot money is pouring in.
The reporter of the international finance news noted that Anhui Golden Seed Winery Co.Ltd(600199) is not an example of the soaring share price due to the entry of capital. In May 2020, Fosun International’s Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) announced to spend 1.836 billion yuan to take over the actual control of Jinhui Liquor Co.Ltd(603919) from yate Group. With the blessing of the “Fosun system”, although the scale of revenue ranked low, the share price of Jinhui Liquor Co.Ltd(603919) rose by a great deal. It soared 1.6 times in a month and climbed the dragon and tiger list many times.
The same experience is Shede Spirits Co.Ltd(600702) . At the end of December 2020, after 27 rounds of quotation, Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) won 70% equity of shede group at the price of 4.53 billion yuan, thus becoming the largest shareholder of Shede Spirits Co.Ltd(600702) . On the first day of 2021, Shede Spirits Co.Ltd(600702) officially entered the “Fosun era”.
According to the data, after being held by Fosun, Shede Spirits Co.Ltd(600702) ‘s market value ceiling rose sharply, and its share price rose to about 265 yuan from less than 90 yuan at the beginning of 2021, with the largest cumulative increase of about 380% during the period. And with the Shede Spirits Co.Ltd(600702) share price, there are performance. According to the 2021 performance express, in 2021, the company achieved a revenue of 4.969 billion yuan, a year-on-year increase of 83.80%, and a net profit attributable to the parent company of 1.246 billion yuan, a year-on-year increase of 114.35%.
In mid February, Guo Guangchang, chairman of Fosun international, once said publicly, “I very much hope to be willing to integrate with Fosun’s ecology, develop a good culture of Fosun’s brand, and represent China to the world.”
“2021 is an extraordinary year for shede. It is also a year for turning danger into opportunity and making Fosun bright. Shede Spirits Co.Ltd(600702) fully integrate into Fosun ecosystem, and the multiplier effect initially appears.
”According to public information, at the 2022 annual meeting, Pu Jizhou, vice chairman and President of Shede Spirits Co.Ltd(600702) also pointed out that we should maintain the concentration and patience of the old wine strategy and continue to promote the “1 + 2 + 7” development strategy. “In terms of strategic positioning, Shede Spirits Co.Ltd(600702) should adhere to the endogenous growth and extension development layout strategy, and the strategic theme still focuses on” old wine strategy, dual brand strategy Youth strategy and internationalization strategy.
So, after China Resources joined the board, can Anhui Golden Seed Winery Co.Ltd(600199) which is currently at a loss copy this development path?
“The layout of the Baijiu track should be the key to Huarun’s new growth in performance. At present, Anhui Golden Seed Winery Co.Ltd(600199) intervention costs relatively low, and Huarun can also take the initiative,” Baijiu industry expert Cai Xuefei told the international finance daily. “Huarun department itself has a huge demand for Baijiu consumption, and for the Anhui Golden Seed Winery Co.Ltd(600199) that is implementing high-end and regional expansion, it can enhance brand endorsement, boost market confidence and solve short board such as capital and resources, helping enterprises to participate in new market competition.”
However, in an interview with reporters, Jin Yufeng, executive partner of large consumption of Zhongyuan fund, said frankly that China resources can empower Anhui Golden Seed Winery Co.Ltd(600199) brand and channel, but its role is debatable, “Baijiu and Baijiu have certain differences in the channels, and Huarun’s chain business channels are not the main battlefield for liquor. Second, Huarun has invested in Fen Liquor before, and has not yet achieved any investment in Jingzhi liquor. The brand, capital and channel advantages of Huarun can still provide much more for baijiu. Landscape and cross-border coordination. In addition, if we only look at the investment, Fosun’s investment ability and income have been proved by countless cases and projects. “
