After the announcement of stock trading risk warning, on April 22, the momentum of Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) consecutive trading limit was broken, closing down 0.16%, while it had harvested three trading limits in the previous four trading days. The direct reason why the market is so excited is that the bankruptcy reorganization of Jinggong group, the controlling shareholder of Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) group, has made significant progress. The market speculates that Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) may usher in a new master with outstanding strength and perform an earth shaking new story.
who will become a knight in white
On April 22, Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) issued a stock trading risk warning announcement, saying that Jinggong group, the controlling shareholder holding 32.97% shares, entered the judicial reorganization procedure, which may lead to the change of the actual control of the company. However, the bankruptcy reorganization procedure has not been completed and is still in the stage of judicial reorganization. There are still major uncertainties about the success of its bankruptcy reorganization.
It is mentioned in the announcement that the manager of Jinggong group has determined five core assets to be restructured, involving Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) , which is “Jinggong group holds 149 million shares of Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) with a shareholding ratio of 29.99%”.
Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) said that the company recently noticed that the relevant media released articles related to the reorganization of the company’s controlling shareholders and the recruitment of investors. After further verification by the company, Jinggong group and the manager, the contents mentioned in the article that some investors may become the acquirers participating in Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) controlling shares are seriously divorced from the actual situation, have no legitimate basis and are purely subjective speculation.
Previously, it was rumored that many enterprises signed up for Jinggong group to restructure investors, including China Resources, COFCO and so on.
Although the market rumors are strongly denied, it is an indisputable fact that the threshold of investors who intend to restructure is raised.
According to the announcement on the progress of judicial reorganization of controlling shareholders issued on Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) april 16, the financial indicators of intended investors shall meet the requirements that the total audited assets of the previous year shall not be less than 10 billion yuan or the audited net assets of the previous year shall not be less than 5 billion yuan. In addition, the intended investor should be located in Keqiao District, Shaoxing City, and should support and promote the holding subsidiaries of Jinggong group Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) , Zhejiang Jinggong Science & Technology Co.Ltd(002006) to become bigger and stronger, and be able to introduce high-quality projects that meet the industrial policy requirements of the local government.
It is worth noting that the threshold has been significantly raised compared with the condition that “the total audited assets in the latest year shall not be less than RMB 1 billion or the net assets shall not be less than RMB 500 million” proposed for the intended restructuring investors in 2021.
Baijiu yellow wine is a small product, and it also faces competition from category such as Maotai flavor liquor. If we can usher in a strong reformer, we will be very beneficial to Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) by promoting the market of yellow wine from the aspects of endorsement, resource empowerment and capital commitment. General manager of intellectual curiosity, Cai Xuefei, an analyst of Baijiu.
can you copy the road of Shede Spirits Co.Ltd(600702)
Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) and Zhejiang Guyuelongshan Shaoxing Wine Co.Ltd(600059) , Shanghai Jinfeng Wine Company Limited(600616) are known as the “top three of yellow rice wine”. However, different from the state-owned assets background of the latter two, Jinggong group, the controlling shareholder of Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) is a private enterprise that has been selected into the “top 500 Chinese enterprises” for many years. In recent years, affected by the radical diversified expansion strategy, Jinggong group was heavily in debt and applied for bankruptcy and reorganization in September 2019.
Although you are the head enterprise of yellow rice wine, due to the regional and “low-end” nature of yellow rice wine itself, the operation and development of Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) has always been difficult to reach a new level. According to the annual report of 2021, Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) achieved a revenue of 1.25 billion yuan, a year-on-year increase of 12.81%, and a net profit of 284 million yuan, a year-on-year decrease of 1.81%.
It is reported that the pain point of Shaoxing rice wine market lies in the fierce competition in the mature market of Jiangsu, Zhejiang and Shanghai, and the price can not go up; Market awareness outside Jiangsu, Zhejiang and Shanghai is not high, and few people drink.
In the view of insiders, the development potential of rice wine enterprises represented by Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) should not be underestimated. Yellow rice wine is the oldest fermented wine in China. It has a long history, profound cultural heritage and strong health attributes. With the rise of national tide consumption and the healthy trend of alcohol consumption, famous rice wine enterprises may usher in major development opportunities.
With the advancement of the bankruptcy reorganization of the controlling shareholder, the discussion about Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) or becoming the next Shede Spirits Co.Ltd(600702) is rising.
Cai Xuefei believes that although Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) and Shede Spirits Co.Ltd(600702) have certain similarities, for example, they are local famous wines, their own operation is normal, and there are problems with actual controllers, they can not be compared. Because in terms of brand value, product structure, scale profit and the prospect of category development, there are great differences between the two. Before Fosun became the owner, Tianyang holdings, the former real controller, had made a lot of investment in Fosun, and the high-end adjustment of product structure was also advancing rapidly. On the contrary, Kuaijishan Shaoxing Rice Wine Co.Ltd(601579) , due to the lack of resources, the high-end adjustment of product structure has not been completed, and even the shaping of the main strategy and core of finished brand has not been completed.
