(Source: Panoramic Vision)
Economic Observer Network In the evening of 15 October 2018, as the leading company of Su wine, Jinshiyuan (603369) announced that the company and Shandong Jingzhi Liquor Co., Ltd. (hereinafter referred to as "Jingzhi Liquor Industry") the major shareholder "An Qiuzhongren Xingjiu Business Partnership Co., Ltd. (hereinafter" People & # 39; s Wine ") signed the" Strategic Cooperation Agreement "for the acquisition of its shares in Jingzhi Wine Industry In the future, this world (603369) Jingzhi Wine Industry will acquire 34% – 49% of the shares.
Since Jingzhi Wine Industry and Jinshiyuan are the leading enterprises of Lu wine and Su wine respectively, it became & # 39; marriage & # 39; interpreted by the industry as the attempt and exploration of the two regional leaders to break the national first-line giants.
Regional leading marriage
According to the & # 39; Strategic Cooperation Agreement & # 39; which the two parties had closed on the same day, everyone agreed to and actively supported the company with the acquisition of 34% -49% of the shares of Jingzhi Liquor.
At the same time, the agreement stipulates that the merger will be paid in cash and that the payment method will be divided into two types: one is the current acquisition, the current payment and the payment is 6.9 yuan per share. Secondly, the current acquisition, payment after three years, this method still has to be commissioned by the intermediary and on the basis of the audit results to plan the performance target for the next three years, three years later on the basis of the performance of the third year achieved by 15 times the PE calculation of the share transfer price (for The contingent liabilities appear after the audit, which is borne by the shareholders of this payment method). At the acquisition, if it concerns the necessity to acquire the shares of Jingzhi Liquor held by Zhongren Xingjiu, only the second payment method is allowed for everyone.
On 15 October 2018, the 16th meeting of the 3rd Board of Governors of the current World Health Organization had discussed and approved the Proposal for the acquisition of partial shares in Shandong Jingzhi Wine.
Jinshiyuan is the leading company of Su-wine, with three famous brands of national border, Jinshiyuan and Gaogou, and the national tourist spot at AAAA level – this world-class tourist spot, listed on the A-share headboard in 2014 , the main economic indicators in the first half of 2018 It is ranked 8th out of 19 publicly traded beverage companies with sales of 2.362 billion yuan and a net profit of 856 million yuan. Jingzhi wine industry began in 1948 and has four brands Jingzjiaz, Jingyangchun, Jingzhi Baigan and Yangchun-nourishing wines and the national tourist spot at AAAA level – the wine city.
An executive of the Jingzhi wine industry explained to the Economic Observer Online that the shareholding is based on the optimization of the shareholder structure in which the management rights of the company have not fundamentally changed. The majority shareholder of Jingzhi still has the right to manage the company. In the future Shiyuan Investment will amount to 34% -49% of equity this year, on the one hand it will be transferred to minority shareholders, and on the other hand it will partly be transferred from the equity of the largest shareholders of Jingzhi Wine. The executive power stated that the cooperation did not concern state-owned shares, and that the state-owned shares would play a more active role in the sustainable development of the company.
As leader of Lu-wine and Su-wine, the equity cooperation between Jingzhi Wine and Jinshiyuan is largely due to the common problem that both companies face – how the regional leaders are in the grip of the country's first-line giants. Break through.
Since 2012, after the industry has corrected five consecutive years of squeeze-like growth, the current Chinese beverage industry has entered a period of rapid differentiation. In 2017, the five largest companies above the national beverage scale represented 50% of the turnover and the profit more than 70%. In the coming 3-5 years, the trend of brand concentration will become increasingly clear and competition from beverage companies will form a new turning point.
If the two leading regional wine companies can not increase rapidly at this point in time, they will probably be eaten by the first-line giants in the new round of industrial consolidation. This point is even more urgent for the Jingzhi wine industry.
As everyone knows, Shandong is an important brewery province and an important province for alcohol consumption, but because of the weak overall strength of Lu wine, Shandong has become a hunting ground for the wine industry. In the current Shandong market Yanghe has broken 3 billion yuan and the sales volume of products from the Dream Blue series has increased considerably. The age of Luzhou Laojiao and the special songs have been deeply cultivated for years and a big breakthrough has been realized. % growth … A source in the Shandong industry said that the Shandong market in recent years has suffered from the continued sinking of many national famous wines and at the same time is facing the "internal consumption" competition of companies in different region & # 39; s.
To revive Lu-wine and to keep the market at home, Liu Quanping, the chairman of Jingzhi Liquor Industry in 2018, proposed "Baijing Jingzhi & # 39; and create the first city of ecological wine production in North China in the & # 39; 13th Five Year Plan & # 39 ;.
"Revitalizing Lu wine, becoming bigger and stronger is not a lie, it requires the support of ideas, marketing, products, brands, funds and other aspects." The above-mentioned executives of Jingzhi have said that the joint venture with this world is a large shareholder. And the results of a well-thought-out company.
According to the agreement signed by the two parties, Jinshiyuan promised to support Jingzhi Liquor in brand, marketing, management, talents and capital after the completion of this major acquisition of assets, and jointly strengthen and expand Jingzhi Wine.
In the eyes of the wine industry of Jingzhi, this world looks like the status of the same regional leader, compared with the primary wines, "small and beautiful" – more than 80% of the product structure belongs to medium and high-quality products, of which 100 yuan – 300 yuan the total More than 1/4 of the sales volume, more than 300% of the products with more than 300 yuan, companies listed in A shares, financing convenience, sufficient capital chain. This is exactly what Jingzhi Wine Industry and other Lu wines do not have and do not need to learn.
Jingzhi Wine Industry said that while the cooperation brings money to Jingzhi, the management philosophy of the listed company, talents, channel exchange and other beneficial means will be injected into Jingzhi Wine Industry, which has a creative and groundbreaking significance in the history of mixed industry reform. . The combination of regional leading strengths, super-scale scale, odor compensation, plate resonance and experience sharing will provide a reference sample for the vertical integration of industrial capital.
In recent years, this world has used medium and high-end spirits as a weapon to contribute to national expansion and to propose the strategy of "2 + 5 + N". In addition to the two image markets of Beijing and Shanghai, the Shandong market is the focus of "5". In the out-of-provincial regional market, the share of Jingzhi Wine Industry is undoubtedly a shortcut on the national road.
According to the current world, the "marriage" between Jinshiyuan and Jingzhi Liquor has created a precedent for the integration of Chinese beverage companies in the provinces. The two parties implement strategic integration and additional benefits, which undoubtedly provide a broader scope for mutual learning and mutual learning in business management, mutual promotion and mutual benefit in marketing, mutual benefit and mutual benefit in business assets, thus ensuring high quality development on both sides. of infinity. possibility.