China Fund News reporter Nan Shen

Another big event happened in the good shop that just announced a big price reduction.

On December 6, the reporter learned from people close to the company that Guangyuan Juyi, a wholly-owned subsidiary of Liangpin Shop, formally filed a lawsuit with the people’s court on November 27 because Zhao Yiming Food, the invested enterprise, deliberately concealed major events and damaged the minority shareholders’ right to know during the cooperation period between the two parties. At present, the court has accepted the case.

Previously, in the announcement of Liangpin Store on October 17th, Guangyuan Juyi transferred its 3% equity of Yichun Zhao Yiming Food at a total price of about 105 million yuan, which is expected to generate an investment income of about 60 million. At that time, it was only about half a year before Guangyuan Juyi became a shareholder in Zhao Yiming Food. The company seems to get a good return on investment, but the net profit of Zhao Yiming Food in the first half of this year is twice that of last year. In the face of such an ultra-high-speed growth target, the valuation of the good shop is only about 23 times.

It is worth noting that Liangpin Store did not disclose key information such as the specific litigation request and the amount involved. The reporter sent a written interview to the office of the board of directors of the company for this purpose. The company said that it "restored the truth and safeguarded the legitimate rights and interests of minority shareholders". At the same time, the reporter also contacted Zhao Yiming Company, but the company has not responded to the press release.

The investment was withdrawn after only half a year.

According to the announcement of Liangpin Store on October 17th, Guangyuan Juyi, a wholly-owned subsidiary of the company, plans to transfer its 3% equity interest in Zhao Yiming Food to Yihai Partnership and Heiyi Partnership under the name of Black Ant Capital at a total price of about 105 million yuan, which is expected to generate an investment income of about 60 million yuan. After the transaction is completed, Guangyuan Juyi no longer holds the equity of "Zhao Yiming".

"Zhao Yiming" is a chain enterprise of discount snacks, which started in Jiangxi and rose rapidly in recent two years. In April 2023, Guangyuan Juyi invested 45 million yuan to acquire a 3% stake in Zhao Yiming. At that time, Liangpin Store said that discount snacks catered to consumers’ new pursuit of snack richness, price and experience, and Liangpin Store rapidly expanded its business by investing in various modes such as "Zhao Yiming".

But what I didn’t expect was that the good shop that laid out the new track sold the equity in just half a year. From the perspective of return on investment, the return on investment of good shops in "Zhao Yiming" has more than doubled in half a year, which is not rich. But in the face of Zhao Yiming, which is growing at a very high speed and probably still in the early stage of its life cycle, is it a wise move to sell at this time?

According to the announcement information, in 2022, Zhao Yiming’s revenue was 1.215 billion yuan and its net profit was 38.44 million yuan; In the first half of 2023, Zhao Yiming’s revenue was 2.786 billion yuan, and its net profit was 76.31 million yuan. Its operating income and net profit in the first half of this year were twice that of last year. In addition, according to Zhao Yiming company official website, the number of snack shops in Zhao Yiming has increased from about 700 at the end of last year to 2,500 at present, which has more than tripled in less than a year.

Why did the good shop suddenly sell the ultra-high-speed growth of "Zhao Yiming" equity? The company’s statement in the announcement is that "this transaction is based on the company’s own business development needs, in order to improve the efficiency of asset operation, and the company will continue to expand the distribution of discount snacks business and seize the opportunity of discount snacks market".

Major restructuring as soon as I quit

Unexpectedly, only 22 days after the transfer of shares in Guangyuan Juyi, that is, on November 10, 2023, "Zhao Yiming" and another industry head snack collection store "Snacks are Busy" issued a "merger" statement, and the rivals in the two industries actually got married.

According to the national enterprise information credit publicity system, both parties have completed the industrial and commercial change registration on the day of announcement.

At this point, Snacks Busy became the shareholder of Zhao Yiming, accounting for 87.76% of the shares. The three affiliated companies of Zhao Yiming’s founder and senior executives, Wing Hi Partnership and Heiyi Partnership also became shareholders of Snacks Busy Company, accounting for more than 35% of the total shares of Snacks Busy Company. Zhao Ding and Wang Pingan, founders of Zhao Yiming Company, also served as directors of Snacks Busy Company on the same day.

It is worth noting that Wang Pingan and Zhao Ding, one of the holding platforms used by Zhao Yiming executives to hold "snacks are very busy", Yichun Bird Management Partnership (Limited Partnership) only completed the registration in Yuanzhou District, Yichun City on September 28th this year, and the representative appointed by the executive partner of this enterprise is Zhao Ding.

For the sudden merger of the head competitors of the two industries overnight, Guangyuan Juyi believes that the two companies involved nearly 7,000 stores, the combined sales in 2022 exceeded 7 billion, and the current valuation was about 9 billion. It is impossible to complete all the processes required for the merger in just "22 days", such as due diligence, negotiation, contract drafting, investor approval, etc. And judging from the clues such as the establishment time of the shareholding platform, the start and decision of the merger took place in Guangyuan Juyi Transfer.

Guangyuan Juyi said that the merger of "Zhao Yiming" and its biggest competitor in the industry was a major change in the company’s business policy and investment plan. According to the provisions of the Company Law, the articles of association and the Shareholders’ Agreement, Guangyuan Juyi, as one of the shareholders, enjoys legal rights such as knowing, making decisions, checking and giving priority to purchase. "Guangyuan Juyi’s legal rights and interests as a minority shareholder have not received due respect."

Malicious deception? Prosecution of good products

People close to the good shop said that during the shareholding period of Guangyuan Juyi, "Zhao Yiming" never consulted the shareholder Fang Guangyuan Juyi on the merger with "Snacks Busy", and "Zhao Yiming" and related parties emphasized from beginning to end that the company planned to go public independently, hoping that Guangyuan Juyi would voluntarily transfer its equity. "The deliberate concealment and guidance of’ Zhao Yiming’ directly led Guangyuan Juyi to transfer its equity based on the wrong or untrue trading background and pricing basis, which seriously damaged the legal rights of" Guangyuan Juyi ".

Guangyuan Juyi sent an official letter to Zhao Yiming Company on November 21, 2023, requesting relevant documents on financial and major decision-making during the shareholding period from April 11, 2023 to October 16, 2023. However, "Zhao Yiming" Company has not yet replied to Guangyuan Juyi and provided relevant documents.

Guangyuan Juyi believes that the above-mentioned behavior of Zhao Yiming Company not only violates the relevant provisions on shareholders’ right to know in the Company Law, but also violates the information rights and inspection rights of investors in the Equity Agreement and the company’s special commitment to investors, which seriously damages the legitimate rights and interests of Guangyuan Juyi during the shareholding period. Accordingly, Guangyuan Juyi initiated litigation to protect rights in accordance with the Company Law, the Civil Procedure Law and relevant judicial interpretations. At present, the court has accepted the case.

The reporter of China Fund News noticed that the key details such as the lawsuit request and the amount involved were not disclosed in the good shop. The reporter then sent a written interview to the company and asked, "What is the appeal of the company’s prosecution because the equity and transfer money have been delivered? Even if you win the case, can you get your equity back? " .

The good shop responded that it "restores the truth and safeguards the legitimate rights and interests of minority shareholders". The reporter also tried to interview Zhao Yiming Company, but no reply was received as of press time.

Last week, Yang Yinfen, the new coach of Liangpin Store, just took office, threw a "deep-water bomb" into the industry, and implemented the largest price reduction of the company in 17 years. The average price of more than 300 products sold in the store was reduced by 22%, with the highest drop of 45%. Or stimulated by the news, the good shop once closed two consecutive daily limit, and the increase in three days reached 22%. However, on December 6, the company’s share price was adjusted back by more than 6%, and the latest market value is about 9 billion.

Editor: Xiao Mo

Audit: Xu Wen

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Original title: "The good shop is angry: sue! 》

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　　Xinhua News Agency, Beijing, October 21st: Ten Facts about People’s Livelihood Revealed in the Report of the 19th National Congress

　　Xinhua News Agency "Xinhua Viewpoint" reporter

　　The report of the 19th National Congress of the Communist Party of China clearly pointed out that when Socialism with Chinese characteristics entered a new era, the main contradiction in our society had been transformed into the contradiction between the people’s growing need for a better life and the unbalanced development.

　　How to fill the shortcomings of people’s livelihood in view of the "imbalance" and "insufficiency" of development, so that the fruits of reform and development can benefit all people more fairly? The new measures for people’s livelihood revealed in the report of the 19th National Congress of the Communist Party of China have attracted the attention of delegates and people.

　　Expand middle-income groups

　　The report of the 19th National Congress proposed to expand middle-income groups. In recent years, people’s money bags have swelled faster than GDP growth, and the scale of middle-income groups has continued to expand. "Expanding China" is the key to forming an "olive-shaped" distribution structure, which is related to building a well-off society in an all-round way.

　　Su Hainan, vice president of china association for labour studies, said that it is necessary to ensure sustained and steady economic growth and consolidate the economic foundation of "expanding China". We should rely on the adjustment and optimization of economic structure, industrial structure, industrial structure and professional post structure, take the improvement and upgrading of human resources quality structure as an important way, and take the improvement of relevant income and property distribution system as a direct means to drive more and more low-income groups into middle-income groups.

　　Promote multi-channel employment of migrant workers

　　Employment is the biggest livelihood. The report of the 19th National Congress proposed to promote multi-channel employment and entrepreneurship of migrant workers.

　　In recent years, the situation of rural labor transfer and employment has grown steadily, and the total number of migrant workers in China has increased from 263 million at the end of 2012 to 282 million at the end of 2016. The new generation of migrant workers accounted for nearly 50%.

　　Deputy Ju Xiaolin, an engineer of China Railway Electrification Bureau Group, said that the concern about the employment of migrant workers reflects the direction of promoting common prosperity. At present, the focus of migrant workers’ employment is not only to "find a job", but also how to take root in the city and enjoy better education and medical conditions. Even some educated and skilled migrant workers have embarked on the road of entrepreneurship.

　　Realize the national overall planning of endowment insurance as soon as possible.

　　The data shows that by the end of 2015, the number of elderly people over 60 years old in China has reached 222 million, accounting for 16.1% of the total population. The "silver hair tide" has a great impact on the balance of payments of pension funds. The report of the 19th National Congress of the Communist Party of China proposed to realize the national overall planning of endowment insurance as soon as possible.

　　Chu Fuling, director of the Social Security Research Center of the Central University of Finance and Economics, said that after the implementation of national overall planning, surplus and deficiency can be adjusted and risks can be dispersed nationwide. National overall planning of basic old-age insurance is a systematic project, and it is necessary to realize the unity of fund overall planning, standardized system, sound management and technical specifications.

　　Completely abolish the use of medicine to support doctors.

　　The report of the 19th National Congress of the Communist Party of China proposed to completely abolish the use of medicine to support doctors and improve the drug supply guarantee system.

　　At present, the drug addition policy that has been implemented for more than 60 years has been cancelled, and the proportion of residents’ personal health expenditure in total health expenditure has dropped to less than 30%.

　　Deputy Xie Aie, a doctor who has been practicing medicine in Honghu Fishing Ground in Hubei Province for more than 20 years, said that now, more than 600 fishermen in her fishing ground have all participated in the new rural cooperative medical system, and with the popularization of basic drugs, the income of grassroots doctors no longer depends on selling drugs. In the past, it was difficult and expensive to see a doctor at the grassroots level.

　　At the same time, many medical experts said that after the cancellation of drug addition, some hospitals may benefit from reagents and consumables. There are still many hurdles to be taken to cancel the policy of supporting doctors with medicine and truly implement it.

　　Make the vast majority of urban and rural new laborers receive high school education.

　　The report of the 19th National Congress of the Communist Party of China put forward that the vast majority of new urban and rural laborers should receive high school education and more higher education.

　　At present, the average years of education of the newly-added labor force in China have exceeded 13.3 years, which is equivalent to the level of freshmen. However, the development level of the whole country is uneven, especially in the poverty-stricken areas in the central and western regions, where the popularization of high school education is low due to the shortage of educational resources.

　　Chu Zhaohui, a researcher at the Chinese Academy of Educational Sciences, and other experts believe that the report of the 19th National Congress of the Communist Party of China pays attention to the education of new labor force in urban and rural areas, which reflects the determination of the CPC Central Committee to further promote educational equity. Building a learning society and improving the quality of the people need to fill the shortcomings and grasp the key points, which also shows that we should continue to deepen the comprehensive reform in the field of education so that more people can enjoy better education.

　　Ensure that the poor people and regions will be lifted out of poverty in 2020.

　　According to the report of the 19th National Congress of the Communist Party of China, we should focus on tackling the task of poverty alleviation in deep poverty areas, ensure that by 2020, the rural poor will be lifted out of poverty under China’s current standards, and all poverty-stricken counties will be stripped of their hats, so as to solve the overall regional poverty and truly get rid of poverty.

　　There are still three years to build a well-off society in an all-round way, and the task of getting rid of poverty in deep poverty areas is still very arduous.

　　Deputy Cai Songtao, secretary of Lankao County Party Committee, said that poverty in a region is not only restricted by natural conditions and social factors, but also related to the lack of endogenous motivation for local development. Poverty alleviation can’t stop at indicators, but be satisfied with "taking off the hat". It is even more necessary to prevent "fake poverty alleviation" and "digital poverty alleviation" and stimulate the cadres and the masses to get rid of poverty and become rich and rush to a better life.

　　Focus on solving outstanding environmental problems such as air, water and soil.

　　The report of the 19th National Congress of the Communist Party of China put forward that efforts should be made to solve outstanding environmental problems, including "continuously implementing air pollution prevention and control actions to win the blue sky defense war", "accelerating water pollution prevention and control" and "strengthening soil pollution control and remediation".

　　Since 2013, China has implemented three major action plans to prevent and control air, water and soil pollution. According to statistics, in 2016, the average concentration of fine particulate matter (PM2.5) in Beijing-Tianjin-Hebei, Yangtze River Delta and Pearl River Delta regions decreased by more than 30% compared with 2013. The proportion of Class I-III water bodies in the surface water national control section increased to 67.8%. At the same time, in some places, the effect of improving air quality in autumn and winter is not obvious, and it is difficult to achieve the water quality goal.

　　"Solving environmental problems requires perseverance." Deputy Li Yunting, director of the Atmospheric Office of Beijing Environmental Monitoring Center, said that the report of the 19th National Congress put forward measures such as "improving pollution discharge standards", "strengthening the responsibility of polluters" and "severe punishment", which made the people deeply feel the determination and hope to win the tough battle of environmental governance.

　　Accelerate the establishment of a housing system with multi-agent supply, multi-channel guarantee and simultaneous rent and purchase.

　　According to the report of the 19th National Congress of the Communist Party of China, we should adhere to the position that houses are used for living, not for speculation, and speed up the establishment of a housing system with multi-subject supply, multi-channel guarantee and simultaneous rent and purchase, so that all people can live and live.

　　At present, real estate regulation and control is based on urban policies. First-tier cities and hot-spot second-tier cities take measures from both demand and supply to control the excessive rise of housing prices. Third-and fourth-tier cities have achieved remarkable results in destocking. Piloting housing leasing in many places.

　　Liu Hongyu, director of Tsinghua University Real Estate Research Institute, believes that "multi-agent supply, multi-channel guarantee and simultaneous rent and purchase" gives a complete description of the housing system from three aspects: the supply system, the security system and the rental market, which makes the goal of "letting all people live and live" more clear and clear.

　　Implement food safety strategy

　　The safety on the tip of the tongue is directly related to the livelihood of more than 1.3 billion people. The report of the 19th National Congress of the Communist Party of China proposed to implement the food safety strategy so that people can eat with confidence.

　　The results of sampling inspection in recent two years show that the food safety situation in China is generally stable, and the qualified rate of sample sampling inspection has risen steadily. At the same time, food safety risks still exist in some areas, and problems such as excessive residues of agricultural and veterinary drugs and illegal addition and abuse of food additives cannot be ignored.

　　Deputy Ru Zhengang, a professor at Henan Institute of Science and Technology who has been paying attention to food safety, said that at present, the demands of the masses have shifted from eating well to eating with confidence. To ensure food safety, on the one hand, we must strictly control, formulate the strictest standards, strengthen the strictest supervision, start the strictest accountability, and establish a scientific and perfect food safety governance system; On the other hand, it is necessary to strengthen the source control of agricultural production and reduce pollution as much as possible.

　　Improve the care service system for left-behind children, women and the elderly.

　　The "three left-behind" groups in rural areas have always been the focus of social attention. The report of the 19th National Congress proposed to improve the care service system for left-behind children, women and the elderly in rural areas.

　　Deputy Li Liancheng, secretary of the Party branch of Xixinzhuang Village, Qingzu Town, Puyang County, Henan Province, said that in recent years, the flow of rural labor force to cities has accelerated, and the number of left-behind children, women and the elderly in rural areas has increased significantly, and their ability to get rich, start businesses and even protect themselves is relatively weak. There should be no shortage of people on the road to a well-off society. We should care for special groups such as left-behind children, women and the elderly, and increase investment to ensure that their basic livelihood is taken care of and public services are guaranteed, so as to achieve "education for the young" and "support for the weak". (Reporter Qin Dui, Li Jinfeng, Wu Mengda, Song Xiaodong, Liu Shuo)