汇源重整案陷“双生”困局，地方AMC跨界“翻车”

Core Viewpoint - The ongoing dispute between Huiyuan Juice and its restructuring investor, Shanghai Wensheng Asset Management, has escalated into a battle over brand ownership, company control, and a 1.6 billion yuan investment, leading to confusion in the market regarding the authenticity of Huiyuan products [2][4]. Group 1: Company Background - Huiyuan Juice, with nearly 30 years of history, was once a staple on Chinese dining tables, known for its orange and peach juices [3]. - Shanghai Wensheng Asset Management, a private asset management company, is recognized for handling distressed assets and was initially seen as a "white knight" for Huiyuan [4]. Group 2: Restructuring and Investment Issues - The partnership began three years ago, with Shanghai Wensheng committing to invest 1.6 billion yuan to rescue Huiyuan, which had entered restructuring due to severe financial distress [4]. - The restructuring agreement allowed Shanghai Wensheng to gain control over Huiyuan through its subsidiary, while Huiyuan retained ownership of the brand [5]. - Disputes arose when Shanghai Wensheng failed to fulfill its investment commitments, leading to accusations of "funding defaults" and operational mismanagement [5][6]. Group 3: Legal and Operational Conflicts - On January 8, 2025, Huiyuan Group accused Shanghai Wensheng of fundamental breaches of the restructuring agreement, claiming that 850 million yuan of the promised investment was not paid [6]. - In response, the official Huiyuan Juice account claimed that Huiyuan Group was merely a contract manufacturer and that its trademark authorization had been terminated, labeling the products as infringing [6]. Group 4: Financial Structure and Vulnerabilities - The investment structure involved complex financial maneuvers, including the involvement of listed company Guozhong Water, which contributed approximately 930 million yuan to the restructuring [7]. - The financial model, characterized by high leverage, proved fragile when disputes led to the freezing of key shares, disrupting the funding chain and ultimately affecting the restructuring process [7][8]. Group 5: Industry Implications - The case highlights the challenges faced by local asset management companies (AMCs) in managing operational control while lacking experience in running businesses [10]. - Experts suggest that the failure of Huiyuan's restructuring underscores the need for stricter contractual and financial mechanisms within the AMC industry to prevent similar issues in the future [12].