Telling Holding(SZ:000829) Nan Fang Du Shi Bao·2025-12-09 07:35Group 1 - The core point of the article is that the control of Jiubianli has changed hands, with Henan Qiaohua's 51% stake being auctioned and acquired by Chongqing Chuangdongfang Huake Equity Investment Partnership for approximately 68.4 million yuan [1] - The auction process involved three separate bids, with a total starting price of 67.12 million yuan, which is about 70% of the market valuation of 95.9 million yuan [1] - The new controlling entity, Chuangdongfang Huake, is a professional equity investment firm with a focus on sectors such as AI, biotechnology, and consumer technology [2] Group 2 - Following the acquisition, the integration of Jiubianli with Chuangdongfang Huake's existing investments, particularly the "Jiukuai Dao" platform, is anticipated to be a focal point for the industry [3] - Jiubianli's value is attributed to its extensive network of over 300 stores and 6 million members, which are seen as essential infrastructure rather than mere shell resources [3] - The immediate retail sector is gaining traction in the liquor industry, with significant growth observed during major promotional events, indicating a shift in consumer purchasing behavior [4] Group 3 - The previous control of Jiubianli faced challenges due to the investigation of its former actual controller, which has left unresolved debt issues with various stakeholders [4] - Chuangdongfang Huake, backed by multiple state-owned guiding funds and industrial capital, is expected to have the capacity to inject significant capital to stabilize Jiubianli's operations [4] - The ongoing restructuring under new ownership will be closely monitored as Jiubianli seeks to regain trust and operational stability [4]