Telling Holding(SZ:000829) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-09 09:39Core 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].