调查丨国中水务“收编”汇源果汁迟迟未果：支付9.3亿元后仍有障碍待移除

Group 1 - The core issue of the asset restructuring of Huiyuan Juice, a national beverage brand, remains unresolved nearly three years after the announcement, with ongoing negotiations and no formal agreement signed yet [2][4] - The delay in the transaction is attributed to two main reasons: the freezing of shares held by Shanghai Yongrui due to a pre-litigation preservation request, and differing interpretations of the definition of paid-in capital among the parties involved [2][4][5] - As of March 21, 2023, the parties have not reached a consensus on the core issues, indicating complex and intertwined interests among the stakeholders [2][5] Group 2 - National Water Resources is planning to acquire shares from Shanghai Yongrui to gain control over Zhuji Wenshenghui, which would indirectly make it the controlling shareholder of Beijing Huiyuan [4][5] - The investment plan involves a total of 1.6 billion yuan, with Zhuji Wenshenghui expected to hold 60% and Tianjin Wenshenghui 10% of Beijing Huiyuan after the restructuring [7][8] - Disagreements have arisen regarding the definition of paid-in capital, with Beijing Huiyuan claiming that only 4.21 billion yuan of the 7.5 billion yuan invested by Zhuji Wenshenghui and Tianjin Wenshenghui qualifies as paid-in capital [9][10] Group 3 - The ongoing litigation initiated by Guangdong Minying Investment Co., Ltd. against the holding entity of Beijing Huiyuan has caught both National Water Resources and Wensheng Asset Management off guard, complicating the transaction [5][6] - Wensheng Asset Management argues that the lawsuit is unfounded, as the shareholding structure was established with the knowledge of all parties involved [6][10] - The financial difficulties faced by Wensheng Asset Management, including a court-ordered enforcement due to a loan dispute, further complicate the situation [11][14] Group 4 - The valuation of Beijing Huiyuan has seen significant changes, with its estimated value rising from 22.86 billion yuan to approximately 45 billion yuan within a span of six months [18][20] - National Water Resources has invested a total of 9.3 billion yuan to acquire shares in Zhuji Wenshenghui, indicating a substantial financial commitment to the project [21][22] - Wensheng Asset Management has leveraged its position to secure a significant profit margin from the transactions, with an estimated gain of around 4.3 billion yuan from dealings with National Water Resources [22][23] Group 5 - Wensheng Asset Management is recognized as a leading private asset management company in China, with extensive experience in distressed asset investment and management [25][27] - The company has established partnerships with various financial institutions and has a significant asset management scale, amounting to 127.3 billion yuan by the end of 2022 [25][27] - Historical collaborations between National Water Resources and Wensheng Asset Management indicate a pattern of cooperation, particularly in identifying and pursuing investment opportunities [27][28]