This is a reorganization case led by Weifang City Investment Group under the State-owned Assets Supervision and Administration Commission of Weifang City. Although not successful, it shows that the pace of local state-owned assets entering the liquor industry is accelerating.
According to the data, Guiyang Industrial Development Holding Group (hereinafter referred to as "Guiyang Production Control Group"), which is controlled by Guiyang State-owned Assets Supervision and Administration Commission, established its subsidiary Guizhou Sauce Wine Group at the end of 2020 with a registered capital of 5 billion yuan. This is another liquor investment group led by the government after the state-owned enterprises renhuai city Maotai-flavor Liquor Industry Development Investment Co., Ltd. (hereinafter referred to as "Renhuai Maotai-flavor Liquor Production Investment Company"), Sichuan Development Liquor Industry Investment Co., Ltd. (hereinafter referred to as "Sichuan Development Liquor Industry") and Sichuan Liquor Group Co., Ltd. (hereinafter referred to as "Sichuan Liquor Group").
Not only that. Since 20 19, listed liquor enterprises include Kweichow Moutai, Wuliangye, LU ZHOU LAO JIAO CO.,LTD, Gu Jing Winery and Laobaigan. Often transfuse blood for local finance through the free transfer of state-owned shares. "The motivation for state-owned enterprises to acquire wineries lies in cultivating tax sources and stimulating upstream and downstream industrial chains." Xiao, an expert in liquor industry, said.
State-owned assets have entered the liquor industry on a large scale.
In order to acquire Jingzhi Liquor, Weifang Chengtou Group, the two major shareholders of ST Yaxing, signed the Voting Rights Entrustment Agreement with Yaxing Group, and Yaxing Group entrusted Weifang Chengtou Group with its voting rights of 26,932,700 shares of Yaxing Chemical common stock (accounting for 8.53% of the total share capital). As a result, the controlling shareholder of ST Yaxing was changed to Weifang City Investment, and the actual controller was changed to Weifang SASAC. ST Yaxing said in the announcement that this change is to promote the transformation of the company's main business.
Obviously, Jingzhi Liquor, which has its own background as a state-owned shareholder, has become the key target for Weifang state-owned enterprises to promote the first liquor listed enterprise in Shandong. "It could have achieved a win-win situation for all three parties, that is, ST Yaxing left the shell, Jingzhi wine industry went public, and local governments retained tax sources and registered enterprises." Xiao Zhuqing said earlier that he could only regret the failure of restructuring. "The 20% consumption tax paid by liquor is paid at the place of origin, and the sales link pays 15% value-added tax. As a liquor sold nationwide, it is equivalent to legally grabbing tax sources in different places. "
According to the investigation, Guizhou Jiangjiu Group was incorporated on February 26th, 2020. The company is indirectly held by the State-owned Assets Supervision and Administration Commission of Guiyang City with 65,438+000% of the shares, with a registered capital of 5 billion yuan, and its registered address is Nanming District, Guiyang City. Wu Yongkang, deputy secretary and general manager of Guiyang Production Control Group, is the legal person and chairman of the company.
"The model of Guizhou Jiangjiu Group is definitely to learn from Sichuan Liquor Group, but the main structure and business ideas are different. It may be that in the early stage, it was to do real estate and liquor storage transactions around Guiyang and cut into the liquor industry through wine travel. " Zhang Haoran, who is engaged in the sauce and wine industry in Guizhou, said that Guizhou sauce and wine group should not integrate sauce and wine enterprises at will. After all, there are few state-owned liquor enterprises in Maotai Town.
This achievement can't be compared with Maotai Group, but its future vision is to build another Kweichow Moutai in Maotai Town.
As for the liquor sales of Chuanjiu Group, the total income of the group in 20 19 years was 201900,000 yuan, of which the liquor sales income was 2.79 billion yuan. In 2020, the sales of wine industry will exceed 4 billion yuan.
"It is a trend that the whole state-owned group aims at the liquor industry for integration, including Sujiu Group and Jin Jiu Group. Local governments firmly grasp liquor enterprises as large profits and taxes, especially establishing a joint fleet with state-owned capital will become the main model. " Zhang Haoran said that in addition, the decision-making of state-owned investment in infrastructure and other projects is very complicated, but the return on value-added investment in liquor industry is relatively high.
Local Finance Supplements Blood for Liquor Enterprises
202 1 1 15, Gu Jing winery (000596. SZ) It is announced that Bozhou State-owned Capital Operation Co., Ltd., the indirect controlling shareholder of the company, intends to transfer 6% of the state-owned shares of Gu Jing Group to Anhui Provincial Department of Finance for free, and entrust Anhui State-owned Capital Operation Holding Group Co., Ltd. as the undertaker to manage the transferred state-owned shares.
This is not the first listed liquor company to transfer its equity to a local financial department or a state-owned group. Previously, Kweichow Moutai had twice transferred 8% of the total share capital to the provincial state-owned capital operation company, and achieved more than 65 billion yuan through reduction.
In addition, Laobaigan Liquor and LU ZHOU LAO JIAO CO.,LTD followed Maotai's example, and their actual controllers Hengshui Finance Bureau and Luzhou State-owned Assets Supervision and Administration Commission respectively transferred part of the state-owned shares held by the controlling shareholders of liquor listed companies to Hebei Provincial Department of Finance and Sichuan Provincial Department of Finance.
"The location of China liquor is often in some relatively backward areas. The dominant liquor enterprises play an important role in local finance and taxation. At the same time, as an important local tax source, liquor enterprises play an important leverage role in the local financial system. It is the embodiment of corporate social responsibility and a way to exchange for the government's continued support. " Liquor analyst Cai said.
But in Zhu's view, the risks have already appeared. "Large liquor companies are basically state-owned. It is not difficult to see that under the continuous promotion of policy and capital, China Liquor has entered the stage of high valuation and high stock price. " Zhu said that for the industry, many liquor enterprises have become an important financing platform for local governments, which has further aggravated the bubble of the whole industry and hindered the healthy and orderly development of the whole industry.
Brand integration problem
According to the introduction of Chuanjiu Group, at present, the group has integrated more than 260 small and medium-sized wine enterprises inside and outside Sichuan Province, and not only acquired Xu Fu and Er E in the "Six Silver Flowers" of Chuanjiu, but also selected brands such as Furukawa, Sanxi, Yuchan, Xu Fu and Xiantan under the group as "Ten Little Golden Flowers", forming a 16 brand matrix. In addition, the Group has also set up 40 flagship stores in the wine warehouse, representing and selling more than 65,438+00,000 kinds of liquor, red wine and foreign wine products at home and abroad, and has become a distributor of well-known wine enterprises such as Maotai and Wuliangye. "In the future, we will strive to reach 400 and explore the' Sichuan Liquor Model' for the development of liquor enterprises." The group said this to the outside world.
"Sichuan wine once showed a hundred flowers blooming, but with the intensification of competition, some small and medium-sized brands have begun to decline. How to improve your core competitiveness? How to improve the anti-risk ability of small wine enterprises? " Zhu said that the country took the lead in integrating resources. This model is very suitable for the benign development of the industry, the needs of state-owned assets and the survival and development of small wine enterprises.
In Zhu's view, the dividend of liquor nationalization has disappeared, and now local liquor enterprises are more concerned about protecting the base areas. Therefore, the entry of state-owned assets plays a barrier role for small and medium-sized regional brands, and at the same time, relying on policy dividends, its moat can be dug deeper and wider. "However, the focus of state-owned assets integration should be small and medium-sized wine enterprises in the region. It is not suitable for cross-regional integration at present. If leading famous wine enterprises take the lead in integration and local governments endorse it, it should be a better way out. "
Not only state-owned enterprises, but also other capitals have entered the liquor industry in recent years. Wahaha, Lenovo Group and Weiwei Co., Ltd. all failed in the integration of liquor industry. In addition, Global Brewing Group currently owns several brands of liquor, yellow wine and red wine, such as Chuanjiu, Guo Cui, 19 15, Heng Chang Shaofang, Jishan Jianshui and Kasasha, and plans to invest more than 7 billion yuan. Even so, at present, only one Heng Chang Shaofang brand with annual sales exceeding 500 million yuan has been hatched in the global wine industry.