| Author of Entrepreneurship Frontline
| Edited by Wu Xiaowei
| Edited by Mr. Dan
| Qianqian
Review | Songwen
Recently, the State Administration for Market Regulation announced on its website that Guizhou Qian Sheng State-owned Assets Management Co., Ltd. acquired Guizhou Xi The equity case of Liquor Investment Holding Group Co., Ltd. was approved, which is another major change after Xijiu’s upgrade.
In the past, whenever major news came out about Xijiu, there was always a strong reaction in the capital market. The stock prices of Guisheng shares and Guiguang Network , which have been rumored to be "backdoors", rose significantly.
The outside world has been anticipating the listing of Xijiu for a long time, but "Interface News·Entrepreneurship Frontier" checked the "Guizhou Province 2024 Reserve List of Listed Enterprises" and found that Xijiu's name did not appear.
At present, the position of "top leader" of Xijiu is still vacant. After "getting rid of Mao", it will face the competition from Moutai. Who will be at the helm of Xijiu in the future?
1, another major change after the upgrade
Public information shows that Qian Sheng State-owned Assets plans to acquire 51% of the equity of Guizhou Xijiu. Before this transaction, Guizhou Provincial State-owned Assets Supervision and Administration Commission held 100% of the equity of Guizhou Xijiu. After the transaction, Guizhou Sheng State-owned Assets will hold 51% of the equity of Guizhou Xijiu, and Guizhou Provincial State-owned Assets Supervision and Administration Commission will hold 49% of the equity of Guizhou Xijiu.
It is worth noting that Qian Sheng State-owned Assets is 99.0033% owned by the Guizhou Provincial State-owned Assets Supervision and Administration Commission, and 0.9967% is held by the Guizhou Provincial Department of Finance. This means that Xijiu has changed from a wholly-owned subsidiary of the Guizhou Provincial State-owned Assets Supervision and Administration Commission to a holding subsidiary of Qian Sheng State-owned Assets.
This equity change is another major change after Xijiu’s upgrade. Previously, on April 29, the Guizhou Provincial Government upgraded Xijiu from a second-level state-owned independent enterprise to a first-level state-owned independent enterprise with the same specifications as Moutai.
(Picture/Xijiu official website)
In fact, before holding the equity of Xijiu, the companies invested by Qian Sheng State-owned Assets included Guizhou Expressway Group Co., Ltd., Guizhou Tourism Investment Group, Southwest Energy and Mining Group, etc., and had never been involved in wine. enterprise.
At present, Qian Sheng State-owned Assets mainly has the "four major sectors" of capital operation, industrial operation, factor trading, and asset management, and is responsible for maintaining and increasing the value of state-owned assets. As of the end of December 2023, Qiansheng’s total state-owned assets were 223.514 billion yuan.
In the view of liquor analyst Cai Xuefei, Qiansheng State-owned Assets Control of Xijiu Shares can be seen as a manifestation of strengthening the nationalized status of Xijiu.
"Reveals that Guizhou Province is actively cultivating new wine performance sectors. With strong state-owned assets endorsement, it has created a foundation for the nationalization and high-endization of Xijiu. It also provides convenience for the future capitalization of Xijiu to a certain extent. Conditions." Cai Xuefei said.
2, repeatedly rumored to be a "backdoor" listing, not on the reserve list
Today's drinking habits are different from those in the past. In the past two years, Xijiu has completed its upgrade to an investment holding group, enterprise-level upgrade and equity changes.
At the beginning of 2022, Xijiu transferred its 5% stake in Moutai Finance Company to China Kweichow Moutai Distillery (Group) Co., Ltd. After the equity change, Xijiu no longer holds equity in Moutai Finance Company.
In July of that year, the official website of Guizhou Xijiu released the results of an on-site investigation conducted by Zhang Deqin, Secretary of the Party Committee and Chairman of Guizhou Xijiu Investment Holding Group Co., Ltd. (hereinafter referred to as "Xijiu Group"), and Wang Diqiang, Deputy Secretary of the Party Committee and General Manager. information.
This news not only revealed that Zhang Deqin returned to Xijiu and once again served as the chairman of Xijiu, but also revealed that Xijiu Company had been upgraded to an investment holding group.
(Picture/Guangming Economic Network)
Subsequently, Moutai announced that it planned to transfer 82% of the equity of Kweichow Moutai Distillery (Group) Xijiu Co., Ltd. to the Guizhou Provincial State-owned Assets Supervision and Administration Commission for free; then, Tianyancha shows that Xijiu Group was officially established on July 15, 2022, with a registered capital of 3.75 billion yuan.
This series of changes continues to trigger market speculation about the listing of Xijiu.
Since the official website of the Second Anti-Monopoly Law Enforcement Department of the State Administration for Market Regulation disclosed the case of Qian Sheng State-owned Assets’ acquisition of Xijiu Group’s equity on May 29 this year, public opinion about the latter’s “backdoor listing” has once again been aroused.
The "shells" speculated by the outside world are two listed companies under Qian Sheng State-owned Assets - Guisheng Shares and Guiguang Network. The stock prices of the two stocks have continued to rise after the above-mentioned acquisition was disclosed. This is in line with the trend after the upgrade of Xijiu Group Very similar.
At the beginning, Guisheng shares achieved a total of 13 daily limits from July 13 to September 8, 2022, with an increase of up to 207.45%. Guiguang Network also achieved 7 daily limits from July 13 to September 14 of the same year, and its stock price almost doubled.
Of course, the two companies have been clarifying and denying the "backdoor" rumors. Since 2022, Guisheng Co., Ltd. and Guiguang Network have issued 9 and 4 announcements respectively, both stating that the rumors about the company’s “wine company backdoor” are not true.
In fact, the reason why Xijiu was rumored to be listed on the "backdoor" list whenever there was a major move was that it did have plans to go public.
In 2012, at the 60th anniversary commemoration of the state-owned Moutai Group Xijiu Company, Moutai proposed to promote the listing of Guizhou Xijiu in Hong Kong H-shares in February 2013.
A year later, when attending an investment promotion event, the relevant person in charge of Xijiu stated that the listing had been stranded because Xijiu had not yet selected a sponsor, and there was no specific listing timetable or amount of funds raised.
In 2014, the Guizhou State-owned Assets Supervision and Administration Commission proposed that on the basis of maintaining Moutai Group’s controlling position in Guizhou Xijiu and introducing COFCO as a strategic investor, it strives to be listed before the end of 2014. However, in January 2019, COFCO and other shareholders withdrew, and Moutai Group regained 100% stake in Xijiu.
In December 2017, a Moutai executive once again stated in an interview with the media that according to Moutai Group’s plan, Guizhou Xijiu will be listed in 2020.
However, due to relevant regulations of the China Securities Regulatory Commission, involving horizontal competition, the same group cannot have two listed companies. At the end of October 2019, Guizhou Xijiu stated that it would terminate the relevant listing plan.
Xijiu, which has been struggling for more than ten years, has not yet been able to go public. Will it realize its old dream after this change in equity? Regarding this, "Interface News·Entrepreneurship Frontier" called Qian Sheng State-owned Assets, and the other party said it was "not clear."
In addition, "Interface News·Entrepreneurship Frontier" checked the "Guizhou Province 2024 Reserve List of Listed Enterprises" published on the Guizhou Provincial Government website and found that there are 6 wine companies among the 157 companies, including Guotai, Xiaomuduxian, etc. listed, but there is no name of Xijiu.
3, 30 billion target, who will be at the helm?
It is worth mentioning that the newly established Xijiu Group recently released its first "Social Responsibility Report". Its operating income in 2023 was 19.864 billion yuan, total profit was 9.006 billion yuan, sales were 22.447 billion yuan, and total assets Reaching 26.835 billion yuan.
According to the "Social Responsibility Report" released by Xijiu Company in 2022, the company has set a goal of achieving operating income of 30 billion yuan by the end of 2025.
In two years, it will be a challenge for Xijiu to increase revenue by tens of billions.
According to today’s wine price WeChat data, on July 5, the approved price of Junpinxi Wine was 790 yuan, the cellar 1988 was 467 yuan, and the ex-factory prices of the two wines were 935 yuan and 568 yuan.
In terms of terminals, a wine dealer told "Interface News·Entrepreneurship Frontier" that Cellar 1988 can be purchased for 420 yuan per bottle, and Junpin can be purchased for about 780 yuan per bottle. On the Tmall platform, some merchants have priced Junpinxijiu at 729 yuan through tens of billions of subsidies and multi-person groups.
Obviously, the price of Xijiu's two major items has been inverted, and the root of the problem is closely related to "Tao Mao".
Xijiu was formerly a liquor workshop named Yin during the Wanli period of the Ming Dynasty. It was established as a state-owned enterprise through acquisition in 1952.
In the early days, Xijiu mainly produced strong-flavor liquor. From 1995 to 1997, the company's production was in a semi-stop state, marketing was not running smoothly, the reputation of the product brand was damaged, the company was heavily in debt, and the debt ratio was as high as 139%. Employees' wages were not paid. Difficulties abound, a large number of workers are waiting for work, production and operations cannot operate normally, and they are on the verge of collapse.
Under the auspices of the Guizhou Provincial Government, Kweichow Moutai merged with Xijiu Factory for a consideration of 35 million in 1998, and Xijiu was renamed "Kweichow Moutai Distillery (Group) Xijiu Co., Ltd."
joined Moutai Group, which became a milestone in the development history of Xijiu and a turning point for Xijiu from predicament to revival.
Since 2003, Xijiu has implemented the strategy of “emphasis on thick sauces at the same time”. On the one hand, focusing on the goal of building the Moutai Group's strong aroma strategic base and the first Guizhou style strong aroma brand, we will enrich and improve the product structure and create a strong aroma product brand represented by "Five Star Xijiu".
On the other hand, in the years from 2003 to 2007, the company successively developed sauce-flavored products such as "Hanjiang", "Jindian Xijiu", "Xijiu Cellar Series", "Golden Xijiu" and "Silver Xijiu".
(Picture/Xijiu Tmall official flagship store)
By 2010, in order to adapt to the market trend of "Mao-flavor craze", Xijiu began to be fully promoted nationwide. The sales of Xijiu exceeded 1 billion yuan, and it has embarked on a rapid journey. path of development.
Looking back on the development of Xijiu, it is inseparable from the strong support of Moutai. However, after being separated from Moutai Group and "flying solo", Guizhou Xijiu was directly or indirectly empowered by Moutai and then "disappeared".
According to an earlier report by Nanduwan Financial News, after Xijiu was "detached", distribution agents received private notices from the company, asking them to "choose one" between Moutai and Xijiu.
In the industry, Between Kweichow Moutai and Kweichow Xijiu, many Moutai agents operating Kweichow Xijiu will weigh the pros and cons, and some agents choose to abandon the operation of Guizhou Xijiu.
Against this background, Guizhou Xijiu needs to re-recruit powerful agents now and in the future to make up for the loss of Guizhou Xijiu agents who also operate Moutai.
Today, Xijiu is on an equal footing with Moutai in terms of status, and will face competition after losing the protection of Moutai. After Zhang Deqin took office as the chairman of Moutai, he said that the competition between Xijiu and Moutai would intensify. "I hope the two companies will improve each other in the competition and will not use resources to help, but will encourage Xijiu to move forward."
Faced with the competition from Moutai Challenges, the position of "top leader" of Xijiu is still vacant, and who will lead Xijiu has attracted much attention from the outside world.
"Interface News·Entrepreneurship Frontier" called Qian Sheng State-owned Assets to ask whether it would appoint a chairman, but the other party said it was unclear.
In the long run, Xijiu, which has been upgraded step by step, will inevitably embark on a different path from Moutai. In the future, the helmsman of Xijiu will face many tests. As the equity change is officially implemented, the candidate for the new helm may soon be announced, and "Interface News·Entrepreneurship Frontier" will pay close attention.
*Note: The title picture in the article comes from the official website of Xijiu.
