Core Viewpoint - Beijing Huiyuan is facing significant challenges in its restructuring process due to disputes with its major shareholder, Zhuji Wenshenghui, which raises uncertainties about its future prospects [2][4]. Disputes and Allegations - On August 14, Beijing Huiyuan accused its controlling shareholder, Zhuji Wenshenghui, of procedural violations during a temporary shareholders' meeting held on August 11, claiming that the meeting was conducted unilaterally and that their representative was silenced [2][3]. - Beijing Huiyuan has publicly stated that Zhuji Wenshenghui has not fulfilled its commitment to inject 1.6 billion yuan, having only contributed 7.5 billion yuan, which constitutes 22.8% of the registered capital [6][3]. - The company also raised concerns regarding a capital reserve plan proposed by Zhuji Wenshenghui, arguing that it could deprive creditors of their rights and force them into accepting equity compensation [6][9]. Legal Actions - Beijing Huiyuan has initiated legal proceedings against Zhuji Wenshenghui and Wensheng Asset Management, which have been accepted by the court [9]. - Legal experts suggest that if the allegations are proven true, Zhuji Wenshenghui may face legal consequences for failing to meet its capital contribution obligations [10][11]. Restructuring Background - In 2022, Beijing Huiyuan underwent a restructuring process, with Wensheng Asset committing to inject 1.6 billion yuan in exchange for a 70% stake, with Zhuji Wenshenghui holding 60% [13][14]. - The restructuring aimed to revitalize the brand and included plans for market expansion and potential A-share listing within three to five years [13]. Business Performance - Following the restructuring, Beijing Huiyuan reported revenues of 11.59 billion yuan in the second half of 2022, with losses of 840 million yuan, and projected revenues of 27.45 billion yuan and 24.75 billion yuan for 2023 and 2024, respectively [16]. - The company has made strategic adjustments, including appointing a new executive and focusing on core juice products, while also targeting the lower-tier market for expansion [16][18]. Management Changes - In July 2024, the CEO was dismissed for serious violations of financial management regulations, coinciding with a planned acquisition by a major shareholder [17]. - The management transition has raised questions about the company's strategic direction and operational stability [17][18].
深陷内斗,汇源何去何从
经济观察报·2025-08-20 10:22