创东方华科拿下51%控股权，酒便利将易主

Core Viewpoint - After facing a series of challenges including the disappearance of its actual controller, Yu Zengyun, difficulties in refinancing, and pressure on performance, Jiubianli has found a glimmer of hope with the acquisition of approximately 51% of its shares by Chuangdongfang Huake for 68.4 million yuan, potentially allowing the company to shed its historical burdens and stabilize operations [1][2]. Group 1 - Chuangdongfang Huake acquired 38,312,119 shares of Jiubianli, representing 51% of the total share capital, through a judicial auction due to the pledge guarantee provided by Henan Qiaohua Commercial Management Co., Ltd. [2][3] - The auction price of approximately 68.4 million yuan was about 70% of the market valuation, with the shares sold in three batches, where the most competitive portion saw a price increase of over 31% [2][3]. - Following the successful auction and completion of share transfer procedures, Henan Qiaohua's stake in Jiubianli will reduce to 1.98% [3]. Group 2 - Jiubianli has expressed expectations for improved financial conditions with the new controlling shareholder, as the company has been experiencing tight cash flow and operational challenges [4][5]. - The company reported a revenue of 1.679 billion yuan for 2024, a year-on-year decrease of 3.77%, and a net loss of 109 million yuan, marking a significant decline of 468.03% compared to the previous year [4]. - The disappearance of Yu Zengyun and the associated criminal investigation have exacerbated Jiubianli's financial difficulties, leading to challenges in refinancing and cash flow management [5]. Group 3 - Chuangdongfang Huake, established in 2022 with a registered capital of 1.3 billion yuan, is backed by several companies, including Tianyin Communication Co., Ltd. and Beijing Kuandongfang Technology Group [6][8]. - The fund has prior investments in the liquor industry, including stakes in Jiu Xian Network Technology Co., Ltd. and Tianjin Jiu Kuai Dao New Retail Co., Ltd., indicating its experience in liquor channel operations [6][8]. - Industry analysts believe that the true value of Jiubianli lies in its infrastructure, including stores, membership, and instant delivery networks, which could be synergized with Chuangdongfang Huake's existing operations to reduce costs and improve efficiency [8].