2 1 Shi Ji Jing Ji Bao Dao·2025-10-15 07:29Core Viewpoint - The acquisition of Jimo Huangjiu by Qingdao Beer faces significant challenges due to the freezing of shares and financial difficulties of its shareholders, which may jeopardize the transaction and the financial stability of the involved parties [1][4][13]. Group 1: Shareholder Financial Issues - Jimo Huangjiu's shares worth approximately 15.75 million RMB have been frozen by the Shenzhen court, with the freezing period lasting until October 9, 2028 [1][3]. - This is the seventh instance of share freezing for Jimo Huangjiu, totaling around 127 million RMB in frozen shares within just over a month [3]. - The major shareholders, Xinhua Jin Group and Shandong Lujin Group, are facing severe financial issues, including a non-operational fund occupation of 406 million RMB by Xinhua Jin Group, which has led to its stock being marked as ST (special treatment) [4][8]. Group 2: Acquisition Challenges - Qingdao Beer proposed to acquire 100% of Jimo Huangjiu for 665 million RMB, which was seen as a high valuation given the market conditions [3][15]. - The acquisition is complicated by the fact that the receivables from Qingdao Beer have not yet been paid, and the agreement's validity period has lapsed [6][14]. - The financial instability of Xinhua Jin Group raises concerns about the completion of the acquisition and the potential for further delays due to ongoing legal and financial disputes [7][12]. Group 3: Market Context and Valuation - Jimo Huangjiu's projected revenue for 2024 is 166 million RMB, with a net profit of 30.47 million RMB, leading to a static price-to-earnings ratio of 21.8 times based on the acquisition price [14][15]. - Comparatively, leading brands in the yellow wine industry have significantly higher price-to-earnings ratios, indicating a competitive market environment [15]. - The acquisition is part of Qingdao Beer's strategy to diversify its product offerings and explore new growth avenues amid declining sales and revenue [17].