不想排队等上市了？四川吉香居要转卖给海外“资本大鳄”…

Core Viewpoint - The acquisition of 92% of Jixiangju Food Co., Ltd. by FountainVest Capital marks a significant shift in ownership, as the company, which has been striving for an IPO for over five years, opts for a complete change in control rather than going public [2][5][20] Company Overview - Jixiangju was established on December 28, 2000, in Meishan, Sichuan Province, focusing on the research, production, and sales of pickled vegetables and compound seasonings [3][4] - Prior to the acquisition, the founder Ding Wenjun held 31.24% of the shares and was the actual controller of the company [3][4] Acquisition Details - FountainVest Capital, through its indirectly controlled entity, signed a share purchase agreement to acquire a total of 92% of Jixiangju's shares, with the specific amount undisclosed [2][4] - This acquisition comes shortly after a previous major shareholder change in July 2023, when Sequoia Capital and Tencent acquired shares from South Korea's CJ Foods [5] Market Context - As of early 2026, nearly 700 companies are waiting to go public, highlighting the competitive and challenging nature of the IPO market [14] - Despite being a leading player in the pickled vegetable market, Jixiangju has faced difficulties in its IPO journey, submitting 19 rounds of guidance reports without success [10][13][20] Founder’s Journey - Ding Wenjun's entrepreneurial journey began at the age of 17, evolving from a vegetable vendor to the founder of a leading pickled vegetable brand, with aspirations to create a century-old brand achieving 10 billion in sales [6][7][10] - His approach included hiring professional managers early on, which contributed to the company's growth but also led to a dilution of his control over time [10][12] Challenges Faced - Jixiangju's IPO attempts have been hindered by frequent changes in shareholders and management, as well as unresolved financial and operational issues [13][20] - The competitive landscape has also shifted, with rivals like Fuling Mustard gaining market share, further complicating Jixiangju's position [13] Future Prospects - The acquisition by FountainVest Capital may provide Jixiangju with an opportunity for revitalization, as the new ownership could bring modern governance and strategic resources to the company [20] - The transition in control is seen as a potential turning point for Jixiangju, which has maintained its status as a top seller in the pickled vegetable market despite internal challenges [10][20]