Yu Yujin photography).
This newspaper (chinatimesnet.CN) reporters Zhou Mengting and Huang Xingli report from Beijing.
The snacks are very busy, and the advantages of merging with Zhao Yiming's snacks are highlighted. On December 18, the "China Times" reporter learned from the snack is very busy that the snack is busy group (snack is busy and Zhao Yiming snack merger company) has won 10An investment of 500 million yuan.
In terms of snack busyness, we believe that this cooperation can not only inject a lot of capital into the snack group, but also bring new development opportunities to the two food manufacturers, Haoxiangyou and Yanjin Shop, improve the ability of the first chain, and achieve business synergy. However, at present, the case of BESTORE suing Zhao Yiming Snacks has not yet been concluded, and the declaration of the concentration of operators for the acquisition of Zhao Yiming Snacks has not yet progressed, which has also become a hidden danger on the future development of Snacks Group.
Marriage of two major snack companies
Just over a month after the merger was announced, the snack group was busy and obtained 10An investment of 500 million yuan.
On December 18th, the reporter of this newspaper learned from the snack is very busy that the day I miss you, Yanjin Shop Holdings, Snacks are busy, and Zhao Yiming Snacks jointly signed a strategic cooperation investment agreement in Changsha, Hunan, announcing that I miss you and Yanjin Shop Holdings invested 700 million and 3 million respectively in the snack group500 million.
In early November, after the strategic merger of Snack Busy and Zhao Yiming Snack Strategy, the newly established "Snack Busy Group" has more than 6,500 stores across the country. For the investment of Miss You and Yanjin Shop, Yan Zhou, Chairman of Snack Busy Group, said: "Miss You and Yanjin Shop Holdings are both leading enterprises in the snack industry, and obtaining their financing this time will help the group enter a new stage of development, and this round of financing will be mainly used for the first chain warehousing construction, commodity upgrading, digital development, market development and brand building of Snack Busy Group." ”
As the other side of the investment, I really think that you and Yanjin Shop are in a hurry to break through in the fierce snack melee. I think you are the first listed company in China's jujube industry, and its products are mainly jujube and related categories, and its performance has continued to be weak in recent years, with a sharp decline in revenue in 2020 and 2021, and a net profit of 1 in 2022The loss of 900 million yuan, in the first three quarters of this year, still did not stop the loss, and the revenue scale reached 109.1 billion yuan, with a loss of 4083620,000 yuan.
And Yanjin Shop is tasting the dividends of emerging channels of snacks. In the first three quarters of this year, the revenue of Yanjin Shop, which had been low-key, increased by nearly 50%, reaching 300.5 billion yuan, the volume is already equivalent to Laiyifen, and in 2021, Yanjin Shop will only reach half of Laiyifen's revenue scale. The important driving force behind the sharp increase in the performance of Yanjin Shop is to weaken the traditional supermarket channel and increase the investment in the mass sales snack channel.
Standing at the level of Miss You and Yanjin Shop, this cooperation is more about seeking a wider range of sales channels. For this cooperation, Shi Jubin, chairman of the board of directors, said: "I miss you and snacks are very busy, Zhao Yiming snacks have business cooperation, this strategic cooperation will further deepen the scope of cooperation, which is conducive to improving the efficiency of the first chain." Zhang Xuewu, chairman of Yanjin Shop Holdings, also said: "This strategic cooperation marks that manufacturers and distributors work together to create efficient channels. I miss you so much, Yanjin Shop, the products are very busy through snacks, and Zhao Yiming delivers them to consumers efficiently, which will help the channel continue to develop rapidly, and will also rapidly increase the market share of the products of the two companies. ”
For the cooperation of the four companies, Lin Yue, chief consultant of Lingyan Management Consulting and an analyst of the catering industry, told the "China Times" reporter that "the most important purpose of the group is to make the chain bigger and stronger, and the chain directly determines the bargaining power of procurement and the quality of the product. Zhu Danpeng, an analyst of China's food industry, believes that the cooperation between the two sides is an instant hit, but now that the funds are available, whether it is used to improve quality will be the core of its sustainable development in the future.
Hidden dangers hang in the balance
For the snack very busy group, it is good news that it has received an investment of more than 1 billion yuan from Miss You and Yanjin Shop, but it has to be mentioned that the previous incident of BESTORE suing Zhao Yiming Snacks has not yet ended, and the snack group has not reached the point of being safe and worry-free.
According to public information, on April 11, 2023, BESTORE invested 45 million yuan in Zhao Yiming Snacks through its wholly-owned subsidiary, Ningbo Guangyuan Juyi Investment*** hereinafter referred to as "Guangyuan Juyi") Investment, accounting for 3% of the equity, and Guangyuan Juyi has since become a shareholder of Zhao Yiming Snacks;On October 16, 2023, Guangyuan Juyi transferred all the shares of Zhao Yiming Snacks to Black Ant Capital. However, 22 days after Guangyuan Juyi transferred its equity, that is, on November 10, 2023, Zhao Yiming Snacks and Snacks were very busy issuing a merger statement.
BESTORE believes that it is impossible for the two leading enterprises in the mass snack industry, which involve nearly 7,000 stores, have consolidated sales of more than 7 billion yuan in 2022, and have a current valuation of about 9 billion yuan, to complete all the processes required for the merger, such as due diligence, negotiation, contract drafting, and investor approval, in just "22 days". Therefore, BESTORE formally filed a lawsuit with the people's court on November 27 on the grounds that during the cooperation period between the two parties, Zhao Yiming Snacks deliberately concealed the company's major matters and harmed the minority shareholders' right to know.
For this snack is very busy the group won 10With an investment of 500 million yuan, on December 19, BESTORE told this reporter, "The investment amount this time exceeds 10."500 million yuan, and it has only been 38 days since the snack is very busy and Zhao Yiming officially merged. Whether it was the merger with Zhao Yiming Snacks in 22 days, or the fact that I miss you this time, Yanjin Shop completed 10 within 38 days500 million investment. Judging from the normal flow of related matters, it seems incredible. ”
Regarding the progress of the current BESTORE suing Zhao Yiming snacks, on December 19, our reporter learned from Zhao Yiming's snacks that the two sides are still discussing the incident.
However, BESTORE told this reporter, "Our company still adheres to the previous proposition, and believes that the start and decision of the merger between the snacks and Zhao Yiming snacks occurred before Guangyuan Juyi sold Zhao Yiming's snack shares."Guangyuan Juyi believes that the completion of the merger of Zhao Yiming snacks and its largest competitor in the industry is a major change in the company's business policy and investment plan, and according to the provisions of the "Company Law", the articles of association and the "Shareholders' Agreement", Guangyuan Juyi, as one of the shareholders, enjoys the legal rights of information, decision-making, inspection, and preemptive purchase. BESTORE will insist on litigation to protect its rights. ”
Regarding this matter, Zhao Zhanzhan, a lawyer at Beijing JAVY Law Firm, told this reporter, "The specific matters concealed by Zhao Yiming snacks and whether they are true are very important, and the new investor will also evaluate the matter of BESTORE suing, if it feels that the matter will have an impact on its development, it may make relevant provisions in the investment-related agreement, requiring the founding shareholder to promise that once he is responsible, he is required to make up for the investor's losses, etc., but the specific must be subject to the investment agreement." ”
It should be noted that I would like you to emphasize in the supplementary announcement on foreign investment issued on December 19 that the transaction documents of this investment have agreed on the declaration of the concentration of undertakings of the acquisition of Zhao Yiming snacks by Snacks, and if the acquisition of Zhao Yiming snacks by snacks is revoked or invalid due to the failure of the concentration declaration or other factors and the major equity stripping behavior occurs, the market fair value of the proposed divestment equity is not included in the pre-investment valuation, and the company's investment is ** Adjustments will also be made accordingly.
At the same time, it was previously reported that the merger case of Zhao Yiming's snacks and snacks was very busy did not report to the relevant departments for centralized operation, and was suspected of illegal monopoly. Regarding this matter, I think you also mentioned in the announcement that Snacks is very busy and has hired a professional team of lawyers to carry out the relevant work of the declaration of concentration of undertakings in accordance with relevant regulationsAt present, the documents and materials related to the declaration of concentration of undertakings are being actively prepared, and active communication has been carried out with the anti-monopoly law enforcement authorities, and it is expected that the materials will be formally submitted to the anti-monopoly law enforcement authorities in the near future.
Editor-in-charge: Huang Xingli Editor-in-chief: Han Feng.