Is Weiwei going to regroup?

After the acquisition of Zhijiang Liquor, Weiwei shares (600300. SH) by going up one flight of stairs on the liquor map of China.

On June 5th, 20 12, at 9: 00 am, leaders from Jinzhou Cuihu Hotel, Xingyi City, Guizhou Province, Southwest Guizhou Province and Xingyi City attended the signing ceremony of Investment Agreement for Equity Restructuring Project of Guizhou Alcohol Distillery.

An hour later, the signing ceremony ended with warm applause. At this time, Weiwei shares may be able to breathe a sigh of relief, because Weiwei shares have been in the forefront of "inside information disclosure and acquirer holding" since it disclosed the acquisition of 565,438+0% equity in Guizhou Alcohol Distillery on the evening of March 8.

But in fact, Weiwei's purchase of Guizhou Alcohol Distillery left the world with more doubts than that.

"Why doesn't Guizhou Liquor Distillery openly collect the transferee and let domestic powerful enterprises participate extensively?" A person who has been immersed in Guizhou's capital market for many years pointed the finger at the "procedural violation" of Guizhou's alcohol distillery project-"the transfer of state-owned assets should have gone through the property rights exchange, but from the perspective of Guizhou's alcohol distillery project, the relevant parties did not follow this procedure, so it is difficult to talk about fairness and transparency."

In this regard, Mr. Chen, the second secretary of Xingyi Municipal Government, said that in the process of restructuring Guizhou Alcohol Distillery, Xingyi Municipal Government consulted a team of lawyers, and there must be relevant basis.

There is no "clap, clap, hang"

Our reporter once called the State-owned Assets Supervision and Administration Commission of Guizhou Province (SASAC) about "Weiwei's acquisition of Guizhou Alcohol Factory is suspected of illegal procedures". On June 4th, the staff of SASAAC in Guizhou said that Guizhou Alcohol Distillery is a state-owned enterprise under the jurisdiction of Xingyi Municipal Government in Southwest Guizhou, and the relevant materials for the restructuring of Guizhou Alcohol Distillery have not been reported to SAAC in Guizhou, so it is not clear about its situation.

Little known is that Guizhou Sunshine Property Rights Exchange once participated in the restructuring of Guizhou Alcohol Distillery.

The completion of investment invitation for major projects and key projects in the first half of October11May in Southwest Guizhou shows that in the restructuring project of Guizhou Alcohol Distillery, Xingyi Municipal Government hired personnel from Guizhou Sunshine Property Rights Exchange and Southwest Guizhou Xinda Law Firm to participate in and guide the restructuring work, and formed a preliminary restructuring plan for Guizhou Alcohol Distillery.

Although Guizhou Jiugui Liquor attracted a number of powerful enterprises such as COFCO Food Management Co., Ltd. and HNA Group to negotiate, it did not put the project of Guizhou Jiugui Liquor on the property rights exchange for "bidding, auctioning and hanging".

In fact, as a big liquor province, some wineries in Guizhou Province have also increased their strategic investors, but our reporter noticed that there are many examples of wineries in Guizhou Province following the "bidding, auctioning and hanging" procedure when transferring their shares.

During the interview with our reporter, the staff of Guizhou Sunshine Property Rights Exchange kept silent on the grounds that it was inconvenient to be interviewed after asking for instructions from the leaders.

Clever avoidance

Why not go through the "bidding, auction and hanging" procedure through the property rights exchange? Weiwei shares and Xingyi municipal government may have defense reasons.

According to the data, Guizhou Liquor Distillery first divested liquor assets to Xingyi Sunshine Asset Management Company under Xingyi Municipal Government. Subsequently, Xingyi Sunshine Asset Management Company invested 65.438+0.33 billion yuan in liquor assets with 627,400 square meters of land, Weiwei shares and Beijing Hongshi Taifu Investment Center invested 357 million yuan and 26.5438+0 billion yuan in cash respectively, and the three parties jointly funded the establishment of Guizhou Fenjiu Company. After that, Guizhou Fenjiu Company will purchase other liquor assets from Xingyi Sunshine Asset Management Company in cash. It can be seen that Guizhou Alcoholic Distillery has been completely merged into Guizhou Alcoholic Distillery Company, and the controlling share of Weiwei shares is 565,438+0%.

People in the capital circles of Guizhou Province pointed out that the transfer of state-owned assets was cleverly bypassed through this restructuring model, but it is not difficult for discerning people to see that its joint venture is equity transfer, which is equivalent to "Weiwei shares acquired 5 1% equity of Guizhou Alcohol Distillery at the cost of 357 million yuan in cash".

Our reporter once called Zhou Hongbin, lawyer of Cinda Law Firm, and Zhang Guodong, lawyer of China Capital Operation Legal Advisory Center. The former said that Xinda Law Firm is no longer responsible for the legal work of restructuring Guizhou Alcohol Distillery, while the latter said that it is only responsible for the legal work of employee placement. Neither of them made a positive response to the question of "not bidding, patting and hanging because of suspected procedural violations".

The dream of listing Guizhou alcohol was shattered.

On June 5th, our reporter went to Guizhou Alcohol Distillery and saw that although the greening environment of the factory was very good, there were few staff and the office building was rather shabby. Many offices are dusty and abandoned, and the whole factory presents a gloomy picture.

Some employees of Guizhou Alcoholic Distillery agree with the factory director Dou Ming's statement that "the success of restructuring will affect the survival of Guizhou Alcoholic Distillery" and "the enterprise will only collapse slowly without reform and innovation".

Weiwei shares can finally stand out because Xingyi municipal government believes that Weiwei shares have many years of experience in food and beverage and successful experience in liquor production, sales and operation, which is more suitable for participating in the restructuring and restructuring cooperation of Guizhou alcohol distillery.

According to people in Guizhou capital circle, compared with the unlisted HNA Group, Weiwei's holding of 565,438+0% equity in Guizhou Alcohol Factory is the result of "directly disillusioning the dream of listing Guizhou Alcohol Factory".

It is reported that Xingyi Municipal Government has been expecting Guizhou Alcohol to regain its glory and become bigger and stronger through the capital market. On April 30th, 2065438+0/KLOC-0, Li Jie, deputy secretary of Xingyi Municipal Party Committee and mayor, bluntly told the staff of Guizhou Alcohol Distillery that it was conditional for Guizhou Alcohol Distillery to introduce strategic partners. The municipal party committee and municipal government hope that through strategic cooperation, the sales of Guizhou alcohol enterprises will reach10 billion yuan within five years, and the brand of Guizhou alcohol will be listed within two to three years.

However, people in Guizhou capital circle believe that because Weiwei is a listed company, it is impossible for Guizhou Liquor Distillery to land in the A-share market after holding the controlling stake in Guizhou Liquor Distillery, because "there has never been a precedent for a listed company to split its subsidiary and successfully list in the A-share market".