What does Jiaduobao explain by relying on COFCO?

A few days ago, COFCO listed the W Hotel in Beijing for sale, but at the same time spent 2 billion yuan to acquire Jiaduobao.

What chess is COFCO playing behind the increase and decrease?

Sale of hotel assets

101October 3 1 day, the 0/00% equity of COFCO Hotel/kloc-was officially listed for sale at a price of 995 million yuan. According to public information, COFCO Hotel is a subsidiary of Joy City Real Estate, mainly engaged in W Hotel on Chang 'an Avenue in Beijing.

As of September 30th, the operating income of COFCO Hotel was 1. 1 1 billion yuan, and the net profit loss was about 92 million yuan. In this regard, some analysts pointed out that the W hotel on Chang 'an Avenue in Beijing has high cost, high management cost and high debt, and the losses caused by poor management can be imagined. However, judging from the listing price and return on investment, it is not easy to find a receiver.

For COFCO, this is not the first time to sell its hotel assets.

In June this year, COFCO transferred 0/00% equity of Suzhou Gloria Hotel and Nanchang Gloria Hotel at listing prices of 65,438+70 million and 2 100 million respectively.

Also in June, COFCO listed and transferred the land and above-ground buildings of Gloria Resort Qinhuangdao.

Judging from the relevant data released by COFCO, the loss is the main reason for its transfer of Gloria brand hotels.

Judging from the domestic high-end hotel market environment, in recent years, with the decline of market demand and fierce competition, the operating pressure of many high-star hotels has been increasing. In this context, companies including COFCO and Capital Corporation began to speed up the divestiture of their hotel businesses, and hotel assets were frequently listed in the property rights exchange market.

The person in charge of a star-rated hotel said that for the loss-making high-star hotel, it is experiencing a dilemma: if it continues to operate, it may encounter greater losses; If you quit, it is difficult to find a receiver.

Even so, COFCO is still divesting its hotel business, and selling W Hotel may be just one step. For COFCO, selling the W Hotel on Chang 'an Street in Beijing, which suffered serious losses, can reduce the pressure and is more conducive to the rational allocation of capital.

The investment return period of high-end hotels is relatively long, and no matter who takes over, there is no guarantee that the losses will not expand.

Invest in Jiaduobao to make up for the shortcomings of drinks.

While disposing of hotel assets, COFCO is overweight in another battlefield.

101October 3 1 day, COFCO packaging announced that COFCO packaging investment will increase the capital of Qingyuan jiaduobao baicaowei by 2 billion yuan, holding 30.58% of the shares, and all parties will jointly build an integrated operation platform integrating jiaduobao brand, concentrated solution and supply and marketing system.

According to public information, Qingyuan Jiaduobao is mainly engaged in the research, development, production and sales of non-alcoholic beverages such as fruit and vegetable drinks, tea drinks, herbal teas, plant drinks and concentrated solutions. In 20 16, the after-tax net profit of Qingyuan jiaduobao was1460,000 yuan, compared with1300,000 yuan in the same period last year.

For this investment, COFCO Packaging said that the formal shareholding in Jiaduobao can enhance the profitability of the Group, consolidate the Group's leading position in the packaging industry, and use their respective resource advantages with Jiaduobao Group to enhance the market leading position of Jiaduobao herbal tea and promote the healthy and sustainable development of the herbal tea industry.

Is the beverage plate the layout direction?

COFCO has been in FMCG industry for a long time. At present, there are the Great Wall for alcoholic beverages, Mengniu for dairy industry and Fulinmen for oily rice noodles. However, what makes COFCO embarrassed is that the bosses of these three sub-sectors are not COFCO.

For this reason, how to create explosions in the beverage field is a problem that COFCO management thinks about.

At present, although Coca-Cola under COFCO is the leader in carbonated beverage market, its most profitable business is still in the hands of Coca-Cola.

For this reason, it is logical to invest in Jiaduobao.

Some insiders believe that after taking a stake in Jiaduobao, COFCO can rely on "two legs" to walk in the beverage business. Although the sales volume of Jiaduobao is declining, the background is still there. COFCO's shareholding in Jiaduobao in the trough can be said to be a copy.

In addition, at present, the domestic dispute over red pot herbal tea has ended, and the relationship between Wang Laoji and Jiaduobao tends to ease. The entry of COFCO at this time may help to realize the orderly competition between the two herbal tea brands, Wang Laoji and Jiaduobao, and then jointly expand the market and create a world-class brand for China beverages.

It is worth noting that COFCO's shareholding in the herbal tea market at this time is not optimistic. The report on the overall operation of the beverage industry in 20 16 shows that the sales revenue of herbal tea market in 20 16 reached 5610.2 billion yuan, up only 4.2% year-on-year, and this figure was 10% in 20 15 years. Once the herbal tea market bid farewell to high growth, how much dividend can COFCO enjoy?

After the shareholding, COFCO will become the second largest shareholder of Qingyuan Jiaduobao. As for the industry, whether COFCO will continue to increase its capital for Jiaduobao and then seek listing is another story, and the headline bacteria will keep an eye on it.