Core Viewpoint - The acquisition of a 51% stake in Jiu Bian Li by the fund Qing Cheng Chuang Dong Fang Hua Ke marks a significant shift in control for the liquor distribution company, which has been struggling financially and faced management issues [2][16]. Group 1: Company Overview - Jiu Bian Li operates 400 stores and emphasizes a quick delivery service, promising customers to receive their drinks within 20 minutes [2][16]. - The new owner, Qing Cheng Chuang Dong Fang Hua Ke, has a target scale of 1.3 billion yuan and consists of six partners, with Tianyin Communication being the largest shareholder at 32.3% [5][18]. Group 2: Financial Performance - Tianyin Communication, the parent company, reported a slight revenue decline to 65.57 billion yuan for the first nine months of the year, with a net loss of 57.18 million yuan [5][20]. - Jiu Bian Li's revenue for the first half of the year was 598 million yuan, reflecting a year-on-year decline of over 37%, with losses reaching 61.55 million yuan [14][28]. Group 3: Market Position and Strategy - The combined store count of Jiu Bian Li and its affiliated brand Jiu Kuai Dao exceeds 900, while the only listed competitor, Hua Zhi Jiu Hang, has over 2,000 stores [12][26]. - Jiu Bian Li is recognized for its integrated online and offline operational model, extensive sales network, and supply chain management, which are seen as key advantages by investors [12][26].

Group 1 - The core point of the article is that Huake Fund successfully acquired a 51% controlling stake in Jiu Bian Li for a total price of 68.4 million yuan, marking a significant change in ownership amid the company's operational turmoil [1][2] - The acquisition was conducted through a judicial auction, with the total starting price of 67.12 million yuan, which is only 70% of the assessed total price of 95.9 million yuan [2] - The previous controlling shareholder, Henan Qiaohua, will see its stake drop from 51% to 1.98% post-acquisition, with Huake Fund becoming the new controlling shareholder [2] Group 2 - Jiu Bian Li has faced significant operational challenges, reporting a revenue decline of 3.89% to 1.679 billion yuan in 2024, and a net loss of 109 million yuan [3] - In the first half of 2025, the company's revenue plummeted by 37.1% to 598 million yuan, with a net loss of 61.55 million yuan and a debt ratio rising to 74% [3] - Despite these challenges, Jiu Bian Li's core assets are considered valuable, as it pioneered the "alcohol front warehouse model" in China and has established a network of over 300 stores across multiple provinces [3] Group 3 - Huake Fund, the acquirer, is closely tied to Tianyin Holdings, which has a significant stake in the fund and plays a crucial role in investment decisions [4] - Tianyin Holdings has previously entered the alcohol sector, acquiring a 60% stake in Jiu Kuai Dao, which complements Jiu Bian Li's business model [4] - The company aims to leverage its extensive distribution network to expand into the high-potential fast-moving consumer goods sector, particularly in alcohol sales [6]

Group 1 - The total transaction price for the auction of 38.31 million shares of Jiu Bian Li Holdings was 68.3996 million yuan, with the shares sold in three batches at prices of 39.2292 million yuan, 23.9351 million yuan, and 5.2353 million yuan respectively [1] - The winning bidder for the shares was the Qiongcheng Chuang Dongfang Huake Equity Investment Partnership, which has six partners, including Tianyin Communication Co., Ltd. as the largest shareholder with a 32.3077% stake [1][3] Group 2 - Jiu Bian Li was established in 2010 and operates an integrated service model combining an online platform, call center, and physical stores, offering 20-minute delivery for alcoholic beverages through various sales channels [2] - In the first half of 2025, Jiu Bian Li reported an operating income of 598 million yuan, reflecting a year-on-year decline of 37.10%, and a net profit attributable to shareholders of the listed company of -61.55 million yuan, a significant drop of 641.51% [2]

Core Viewpoint - The acquisition of approximately 51% of the shares of Henan Jiubianli Commercial Co., Ltd. by Chuangdongfang Huake Equity Investment Partnership is expected to enhance operational capabilities and create synergies in the liquor distribution sector, particularly through the integration of resources and management practices [1][2][3] Group 1: Company Overview - Henan Jiubianli Commercial Co., Ltd. (Jiubianli) has seen fluctuating revenues and net profits from 2022 to 2024, with revenues of 9.4 billion yuan, 17.45 billion yuan, and 16.79 billion yuan, and net profits of -202.87 million yuan, 29.73 million yuan, and -109 million yuan respectively [2] - In the first half of the current year, Jiubianli reported revenues of 5.98 billion yuan and a net loss of 61.55 million yuan [2] Group 2: Industry Insights - The liquor distribution sector is characterized by low profit margins and high operational complexity, with companies facing challenges in pricing autonomy and negotiation power [2] - The industry is undergoing a critical integration phase, with trends towards consolidation among liquor distribution companies to enhance negotiation capabilities and market competitiveness [3] - The introduction of new management and resources from the recent acquisition is anticipated to create a synergistic effect, potentially leading to improved operational efficiency for Jiubianli [3]

Core Viewpoint - The ownership of Henan Jiubianli, a leading liquor retail chain in Henan, has officially changed hands through a judicial auction, with the majority stake acquired by Chuangdong Huake Equity Investment Partnership [2][3] Group 1: Auction Details - On December 8-9, 2023, Alibaba's judicial auction platform sold approximately 51% of Henan Jiubianli's shares held by Henan Qiaohua for about 68.4 million yuan, slightly above the starting price [2] - The shares were acquired by Chuangdong Huake, which is primarily owned by Tianyin Communication, a subsidiary of Tianyin Holdings [5][12] - The auction was not highly competitive, with only one of the three share lots receiving multiple bids, resulting in a total premium of 31.7% for that lot [9] Group 2: Company Background and Financials - Henan Jiubianli was established in 2010 and has grown to over 300 stores and more than 6 million members by 2024, with its best performance recorded in 2023, generating revenue of 1.745 billion yuan [10][11] - The company's valuation has significantly decreased, currently estimated at less than 200 million yuan, down from 1 billion yuan when shares were first acquired in 2021 [7][8] Group 3: New Owner's Strategy - Tianyin Holdings, the parent company of Chuangdong Huake, is transitioning from mobile distribution to sectors like lottery, mobile internet retail, and liquor, aiming to enhance profitability [13] - Tianyin Holdings has previously invested in Jiuxian Group and launched a new retail platform "Jiukuai Dao" in collaboration with Jiuxian Group, indicating a strategic move into the liquor market [14] - If Henan Jiubianli and Jiukuai Dao collaborate, the combined number of liquor retail outlets could exceed 800, although the industry faces significant challenges [15][16]

Core Insights - The ownership of Henan Qiaohua Commercial Management Co., which held a 51% stake in Jiu Bian Li, has officially changed hands through a public auction on Alibaba's judicial auction platform [1][2] - The new owner, Chuang Dongfang Huake Equity Investment Partnership, acquired the stake for approximately 68.4 million yuan, which is about 70% of the assessed value [1][3] Group 1: Company Background - Jiu Bian Li, once a leading liquor retail chain in Henan, has over 300 stores and more than 6 million members across various cities including Beijing, Xi'an, and Guangzhou [7] - The company achieved its best performance in 2023 with a revenue of 1.745 billion yuan [7] Group 2: Ownership Change and Financial Impact - The stake was sold due to the financial crisis affecting the "Huaqiao system," leading to investigations and asset freezes involving its actual controller, Yu Zengyun [3][4] - The current valuation of Jiu Bian Li is under 200 million yuan, significantly lower than its valuation of 1 billion yuan when the stake was initially acquired in 2021 [4] Group 3: New Owner's Profile - The primary shareholder of Chuang Dongfang Huake is Tianyin Communication Co., a wholly-owned subsidiary of Tianyin Holdings, which has a revenue of 84 billion yuan in 2024 [8] - Tianyin Holdings has been facing declining profitability, with a net profit drop of nearly 63% in 2024, prompting a shift towards liquor and other business ventures [9] Group 4: Industry Context - The liquor retail industry is currently under significant pressure, with major players like Huazhi Liquor Chain reporting substantial losses [10] - If Jiu Bian Li collaborates with Tianyin's existing liquor platform, Jiu Kuai Dao, the combined store count could exceed 800, although the industry remains challenging [10][11]

Core Viewpoint - The ownership of Henan Qiaohua Commercial Management Co., which holds a 51% stake in the liquor chain "Jiu Bian Li," has officially changed hands through a judicial auction, with the new owner being Chuang Dongfang Huake Equity Investment Partnership [1][2]. Group 1: Auction Details - The auction took place on December 8-9, where the stake was sold for approximately 68.4 million yuan, slightly above the starting price [1]. - The auction was not highly competitive, with only one bidder, Chuang Dongfang Huake, successfully acquiring the shares at the base price for two of the three lots [7]. - The overall valuation of Jiu Bian Li is now estimated to be less than 200 million yuan, significantly lower than its previous valuation of around 1 billion yuan in 2021 [6]. Group 2: New Owner Background - Chuang Dongfang Huake's largest shareholder is Tianyin Communication Co., which is a wholly-owned subsidiary of Tianyin Holdings [4]. - Tianyin Holdings, listed since 1997, primarily operates in mobile phone distribution and reported revenues of 84 billion yuan in 2024, with a significant decline in net profit [12][14]. - The company is diversifying into the liquor industry, having previously invested in Jiu Xian Group and launched a new retail platform called "Jiu Kuai Dao" [12][14]. Group 3: Industry Context - Jiu Bian Li, established in 2010, has expanded to over 300 stores and 6 million members across various cities, with its best performance in 2023, generating 1.745 billion yuan in revenue [9]. - The liquor retail industry is currently facing significant challenges, with major players like Huazhi Liquor Chain reporting substantial losses [15]. - The potential collaboration between Jiu Bian Li and Jiu Kuai Dao could increase Tianyin's liquor store count to over 800, but the overall market remains under pressure [15].

Core Viewpoint - The ownership of Henan Qiaohua Commercial Management Co., which held a 51% stake in Jiubenli, has officially changed hands through a judicial auction, with the new owner being Chuangdong Huake Equity Investment Partnership [1][4]. Group 1: Auction Details - The auction took place on December 8-9, where the stake was sold for approximately 68.4 million yuan, slightly above the starting price, which was about 67.12 million yuan [1][6]. - The total estimated value of the stake was around 95.9 million yuan, indicating a significant depreciation in Jiubenli's valuation, which is now below 200 million yuan [6][12]. - The auction was not highly competitive, with only one bidder, Chuangdong Huake, for two of the three lots, while the smallest lot saw some competition with a 31.7% premium [6][7]. Group 2: Company Background - Jiubenli, established in 2010, has grown to over 300 stores and 6 million members across various cities, with its best performance in 2023, achieving a revenue of 1.745 billion yuan [8][12]. - The new owner, Chuangdong Huake, is primarily owned by Tianyin Communication, which is a subsidiary of Tianyin Holdings, a major player in mobile distribution [4][10]. - Tianyin Holdings has been facing declining profits, with a revenue drop of 11% and a net profit decline of nearly 63% in 2024, prompting a shift towards the liquor industry to enhance profitability [12][13]. Group 3: Market Context - The liquor retail industry is currently under significant pressure, with major players like Huazhi Liquor Chain reporting substantial losses [13]. - If Jiubenli and the new retail platform "Jiukuai Dao" (backed by Tianyin) collaborate, their combined store count could exceed 800, although this is still below the leading competitor's 2,000+ stores [13].

Core Insights - The auction for approximately 51% equity of Jiu Bian Li, held by Henan Qiaohua Commercial Management Co., Ltd., has concluded, with the winning bid of 67.12 million yuan by Gongqingcheng Chuang Dongfang Huake Equity Investment Partnership [1][2] Group 1 - Gongqingcheng Chuang Dongfang Huake was established in December 2022 and is funded by Tianyin Holdings' wholly-owned subsidiary Tianyin Communication Co., Ltd., Shenzhen Chuang Dongfang Capital Management Co., Ltd., and other limited partners [1][2] - The fund has made external investments in Jiu Xian Network Technology Co., Ltd. (holding 4.66%) and Tianjin Jiu Kuai Dao New Retail Co., Ltd. (holding 60%) [1][2] - Jiu Kuai Dao is a chain liquor brand under Jiu Xian, which has established a presence in over 20 provinces and more than 200 cities across the country, with the number of stores exceeding 500 [1][2]

中经记者 蒋政 北京报道 阿里司法拍卖平台显示，酒便利控股股东河南侨华商业管理有限公司持有的酒便利约51%股权拍卖已经 结束。共青城创东方华科股权投资合伙企业（有限合伙）（以下简称"创东方华科"）以6712万元的价格 成功竞得。 《中国经营报》记者注意到，竞拍企业几乎以底价获得上述股权。 资料显示，上述51%股权共分三部分上架，分别为22385517股、13658188股与2268414股，分别对应酒 便利的29.81%、18.19%和3.02%股权。 创东方华科在12月9日同时对三部分股权进行竞拍。其中，29.81%、18.19%的股权部分均以底价成交。 3.02%股权部分经过9轮竞拍，以涨幅超30%的价格成交。 财报数据显示，在今年上半年，酒便利营收5.98亿元，归母净利润为-6155万元，毛利率从17.64%降至 9.32%。 同为酒类流通企业的名品世家董事长陈明辉告诉记者，上述资产非常优质，酒便利离终端用户很近，以 这样的价格拍到非常合算。现在对于白酒渠道商来说处于价值低谷，整个产业价值链重构的机会还是很 大的。 记者了解到，创东方华科是由天音控股全资子公司天音通信有限公司、深圳市创东方资本管理有限公 ...