Huiyuan juice fell: it was filed for bankruptcy reorganization.

Huiyuan juice fell: it was filed for bankruptcy reorganization.

Huiyuan Juice fell: filed for bankruptcy reorganization. On July 19, Tianyancha App showed that Beijing Huiyuan Food & Beverage Co., Ltd. added bankruptcy and reorganization information. Previously, according to Tianyancha App, on July 2, another company controlled by Huiyuan Group, Beijing Huiyuan Beverage and Food Group Co., Ltd., added a piece of information about the person being executed, and the execution target exceeded159 million yuan.

Huiyuan Juice fell: July 1 filed for bankruptcy reorganization. According to the news of Tianyancha App, Beijing Huiyuan Food & Beverage Co., Ltd. added bankruptcy and reorganization information, and the case number was (202 1) Jing 0 1 Po 129. The applicant was Shandong An Deyu International Logistics Co., Ltd. and the handling court was Beijing No.1 Intermediate People's Court.

According to public information, Beijing Huiyuan Food & Beverage Co., Ltd. was established in 1994 and 12, with legal representative Zhu and registered capital of about 320 million yuan. The business scope includes the production of fruit and vegetable juice and beverage series foods; Sell self-produced products, etc. According to the information of shareholders, the company is wholly owned by Hebei Huiyuan Food & Beverage Co., Ltd. It is worth noting that Beijing Huiyuan Food & Beverage Co., Ltd. has dozens of final cases and consumption restriction orders.

In fact, the end of the juice king, who once set the second largest sales volume in the industry and occupied 45% of the domestic juice market, has long been predicted. At that time, when Huiyuan went public in Hong Kong in 2007, it set the largest IPO amount of the year of the Hong Kong Stock Exchange. However, after the failed acquisition by Coca-Cola in 2009, Huiyuan's share price halved, its turnover continued to decline, and its founder was even included in the list of untrustworthy people.

Previously, according to Tianyancha App, on July 2, another company controlled by Huiyuan Group, Beijing Huiyuan Beverage and Food Group Co., Ltd., added a piece of information about the person to be executed, the case number was (202 1) Jing 04 Zhi 3 14, and the execution target exceeded 65.438+0.59 billion yuan. The executive court is Beijing No.4 Intermediate People's Court. Beijing Huiyuan Beverage & Food Group Co., Ltd. was established on 1992. /kloc-in the past 0/2 years, we have developed, produced and sold more than 400 varieties of products in more than ten categories, such as puree, concentrated juice, fruit juice and baby food. Hebei Ling Wei Group Co., Ltd. holds 5 1% equity, and Huiyuan Group Company holds 49% equity.

Huiyuan Juice fell: filed for bankruptcy reorganization. As a "national juice", Huiyuan juice bears the memories of a generation.

However, in addition to the company's delisting, Zhu Xinli, the founder of Huiyuan Juice, also fell from the 20 18 Hurun Report to the current "Lao Lai", which is distressing.

Why did the famous fruit juice king "national brand" fall to this point?

The turning point of the times: the failure of Coca-Cola acquisition.

Huiyuan Juice turned from prosperity to decline, which began with the acquisition of Coca-Cola 12 years ago. To be precise, it was an aborted acquisition.

In the 1990s, like the protagonist in many business legends in China, he resolutely resigned and went to sea, and made every effort to revive a cannery in the county that was on the verge of bankruptcy and became a household name.

In 2008, the acquisition of Coca-Cola was regarded by Zhu Xinli, the founder of Huiyuan Juice, as an excellent opportunity to solve the single problem of Huiyuan products, which could kill two birds with one stone and help Huiyuan Juice step onto the international stage. Coca-Cola is also determined to win, offering a high premium of HK$ 654.38+07.92 billion.

/kloc-Huiyuan juice of 0/6 years seems to be a perfect match with Coca-Cola, a century-old enterprise. Unfortunately, it backfired. Huiyuan's "selling herself" caused public outcry, and the voice of opposition was endless. This transnational marriage eventually died because of suspected monopoly, and it also became a turning point for Huiyuan juice to turn from prosperity to decline.

In the process of acquisition negotiation, Coca-Cola believes that there is a serious overlap between the sales channels of both parties. In order to cooperate with Coca-Cola's acquisition, Huiyuan Juice cut off the sales system established by 16, and abolished supermarket channels, provincial managers and a large number of grassroots sales.

After the acquisition of abortion, Huiyuan Juice had to rush to recruit people, but it was not so easy to start all over again. Huiyuan Juice's sales system was hit hard in the acquisition and failed to recover for many years.

In addition to the "self-broken arm" in the sales channel, with the passage of time, the single problem of Huiyuan juice products has become increasingly prominent. Zhu Xinli started financing loans to expand the production capacity of the factory. This practice not only failed to solve the problem of product upgrading, but also made Huiyuan Juice bear the financial burden of blind expansion.

Next, Huiyuan Juice invested a lot of money in TV advertising marketing, which not only failed to improve its performance, but increased its economic burden.

By 20 17, the debt of Huiyuan Juice has reached11400 million yuan.

"If the transaction is successful in 2008, we are already a billion-dollar company. Of course, these things are called fate, and I don't complain at all. " Even after talking about it for years, Zhu Xinli is still unwilling. This 67-year-old man with gray temples is still rushing for the survival and development of Huiyuan.

Debt crazy investment, Huiyuan juice into the abyss.

As we all know, Huiyuan Juice is keen on the indiscriminate bombing of TV advertisements. Because of this, the marketing expenses of Huiyuan Juice have been high.

Take 2008 and 2009 as examples. The net profit of Huiyuan Juice in the past two years was 89 million yuan and 233 million yuan respectively, but the marketing expenses were as high as 604 million yuan and 846 million yuan respectively.

With the deterioration of the company's performance, the company's operating cash flow has become more and more tense. As a last resort, Huiyuan Juice embarked on the road of debt financing. In 20 13, Huiyuan Juice issued 447 million new shares and 655 million convertible preferred shares; In 20 14, Huiyuan Juice issued convertible bonds again10.50 billion USD. In addition, Huiyuan Juice continues to maintain its cash flow by pledging and selling assets.

But at the same time, Huiyuan Juice has made frequent investment mistakes! For example, it raided Suntory, which was deeply in loss, and acquired its beverage business in China; For example, the grape deep processing project with an investment of 500 million yuan has successively acquired more than a dozen European wineries; For another example, it invested 3 billion yuan to participate in the equity reform of Sinopec sales company, but the latter failed to land in the capital market as scheduled.

Coupled with the above-mentioned 4.275 billion yuan short-term related loans without approval, the capital chain of Huiyuan Juice has further deteriorated.

It must also be mentioned that Huiyuan Juice still spends a lot of money on marketing expenses under the background of serious difficulties in the company's main business.

Imagine, how can such an operation not drain Huiyuan juice?

Corporate Governance Crisis: No One Can Save Huiyuan

Is Huiyuan Juice a good company? At least after 20 10 years, this problem needs to be questioned.

Relevant data show that the amount of government subsidy in 20 10 was10.8 million yuan, accounting for 54% of the net profit of that year; 20 1 1 The annual government subsidy is 20 1 100 million yuan, accounting for 64% of the net profit. In other words, Huiyuan Juice relies heavily on blood transfusion from the local government.

In other words, if government subsidies and the proceeds from the sale of assets are excluded, Huiyuan Juice will be in deep losses!

In addition, in corporate governance, Huiyuan Juice is also a mess.

In addition to the above-mentioned 4.275 billion yuan of illegal related loans, Zhu Xinli's paternalism was exposed, and jokes about Zhu Xinli's son's unwillingness to take over, son-in-law scandal and professional managers changing one after another broke out.

According to related reports, since 20 13, the CEO of Huiyuan Juice Light has changed five people. In June this year, 5438+ 10, even more embarrassing is that 1 executive directors and 2 non-executive directors resigned collectively.

It can be concluded that:

After Huiyuan Juice got into trouble due to the acquisition, the debt investment strategy of its founder, Zhu Xinli, further aggravated the company crisis. Later, due to the defects in corporate governance structure, frequent personnel changes made the possibility of Huiyuan Juice's comeback even more slim.

After all, they are all made by themselves.

Today, the development of Huiyuan Juice is worth thinking about by many entrepreneurs in China-how to make the company move towards modern governance, with an evergreen foundation and a good inheritance when it reaches a certain height.