天音控股操盘拿下酒便利51%控股权

Core Viewpoint - The acquisition of a 51% controlling stake in Henan Jiubianli Commercial Co., Ltd. by Huake Fund for a total price of 68.4 million yuan marks a significant shift in ownership, with Tianyin Holdings indirectly gaining control over Jiubianli, amidst the latter's operational turmoil and financial distress [1][2][3]. Group 1: Acquisition Details - Huake Fund successfully acquired the controlling stake in Jiubianli through a three-part auction, with a total price of 68.4 million yuan, slightly above the starting price of 67.12 million yuan [2]. - The auction saw the 3% stake attract competitive bidding, resulting in a 30% premium, while the remaining stakes were acquired at the base price, leading to a total transaction price that was only 1.9% above the starting price [2]. - Following the acquisition, the original controlling shareholder, Henan Qiaohua, will see its stake plummet from 51% to 1.98%, officially making Huake Fund the new controlling shareholder [2]. Group 2: Financial Performance of Jiubianli - Jiubianli reported a revenue of 1.679 billion yuan in 2024, reflecting a slight decline of 3.89% year-on-year, while net profit turned into a loss of 109 million yuan [3]. - In the first half of 2025, Jiubianli's revenue plummeted by 37.1% to 598 million yuan, with net losses widening to 61.55 million yuan and a debt ratio rising to 74% [3]. - The company is facing severe liquidity issues, with only 14 million yuan in cash remaining on its balance sheet [3]. Group 3: Strategic Rationale for Acquisition - Tianyin Holdings, through Huake Fund, aims to leverage its extensive national distribution network to expand into the high-potential fast-moving consumer goods sector, particularly in alcoholic beverages [5]. - The company views the acquisition as a strategic move to reduce marginal costs for new product sales, capitalizing on the low inventory pressure associated with alcoholic products [5]. - This acquisition is part of Tianyin Holdings' broader strategy to diversify beyond its traditional 3C distribution business, which is currently facing growth challenges [4][5].