Group 1 - The 51% stake in Jiu Bian Li held by Henan Qiaohua Commercial Management Co., Ltd. has been auctioned off [1] - The winning bidder is the Qiongqing City Chuang Dongfang Huake Equity Investment Partnership (Limited Partnership), a professional investment institution [4] - The auction of the 51% stake was conducted in three batches, with a total starting price of 67.12 million yuan and a total market valuation of 95.90 million yuan [5] Group 2 - The auction included three batches of shares, with the first batch of 226.84 million shares sold for 5.2353 million yuan after 9 rounds of bidding, reflecting a premium of 31.7% [5] - The second batch of 22.3855 million shares was sold for 39.2292 million yuan, while the third batch of 13.6582 million shares was sold for 23.9351 million yuan [5]

Core Viewpoint - The ownership of Henan Jiubianli, a leading liquor retail chain in Henan, has officially changed hands through a judicial auction, with the majority stake acquired by Chuangdong Huake Equity Investment Partnership [2][3] Group 1: Auction Details - On December 8-9, 2023, Alibaba's judicial auction platform sold approximately 51% of Henan Jiubianli's shares held by Henan Qiaohua for about 68.4 million yuan, slightly above the starting price [2] - The shares were acquired by Chuangdong Huake, which is primarily owned by Tianyin Communication, a subsidiary of Tianyin Holdings [5][12] - The auction was not highly competitive, with only one of the three share lots receiving multiple bids, resulting in a total premium of 31.7% for that lot [9] Group 2: Company Background and Financials - Henan Jiubianli was established in 2010 and has grown to over 300 stores and more than 6 million members by 2024, with its best performance recorded in 2023, generating revenue of 1.745 billion yuan [10][11] - The company's valuation has significantly decreased, currently estimated at less than 200 million yuan, down from 1 billion yuan when shares were first acquired in 2021 [7][8] Group 3: New Owner's Strategy - Tianyin Holdings, the parent company of Chuangdong Huake, is transitioning from mobile distribution to sectors like lottery, mobile internet retail, and liquor, aiming to enhance profitability [13] - Tianyin Holdings has previously invested in Jiuxian Group and launched a new retail platform "Jiukuai Dao" in collaboration with Jiuxian Group, indicating a strategic move into the liquor market [14] - If Henan Jiubianli and Jiukuai Dao collaborate, the combined number of liquor retail outlets could exceed 800, although the industry faces significant challenges [15][16]

Core Insights - The ownership of Henan Qiaohua Commercial Management Co., which held a 51% stake in Jiu Bian Li, has officially changed hands through a public auction on Alibaba's judicial auction platform [1][2] - The new owner, Chuang Dongfang Huake Equity Investment Partnership, acquired the stake for approximately 68.4 million yuan, which is about 70% of the assessed value [1][3] Group 1: Company Background - Jiu Bian Li, once a leading liquor retail chain in Henan, has over 300 stores and more than 6 million members across various cities including Beijing, Xi'an, and Guangzhou [7] - The company achieved its best performance in 2023 with a revenue of 1.745 billion yuan [7] Group 2: Ownership Change and Financial Impact - The stake was sold due to the financial crisis affecting the "Huaqiao system," leading to investigations and asset freezes involving its actual controller, Yu Zengyun [3][4] - The current valuation of Jiu Bian Li is under 200 million yuan, significantly lower than its valuation of 1 billion yuan when the stake was initially acquired in 2021 [4] Group 3: New Owner's Profile - The primary shareholder of Chuang Dongfang Huake is Tianyin Communication Co., a wholly-owned subsidiary of Tianyin Holdings, which has a revenue of 84 billion yuan in 2024 [8] - Tianyin Holdings has been facing declining profitability, with a net profit drop of nearly 63% in 2024, prompting a shift towards liquor and other business ventures [9] Group 4: Industry Context - The liquor retail industry is currently under significant pressure, with major players like Huazhi Liquor Chain reporting substantial losses [10] - If Jiu Bian Li collaborates with Tianyin's existing liquor platform, Jiu Kuai Dao, the combined store count could exceed 800, although the industry remains challenging [10][11]

Core Viewpoint - The ownership of Henan Qiaohua Commercial Management Co., which holds a 51% stake in the liquor chain "Jiu Bian Li," has officially changed hands through a judicial auction, with the new owner being Chuang Dongfang Huake Equity Investment Partnership [1][2]. Group 1: Auction Details - The auction took place on December 8-9, where the stake was sold for approximately 68.4 million yuan, slightly above the starting price [1]. - The auction was not highly competitive, with only one bidder, Chuang Dongfang Huake, successfully acquiring the shares at the base price for two of the three lots [7]. - The overall valuation of Jiu Bian Li is now estimated to be less than 200 million yuan, significantly lower than its previous valuation of around 1 billion yuan in 2021 [6]. Group 2: New Owner Background - Chuang Dongfang Huake's largest shareholder is Tianyin Communication Co., which is a wholly-owned subsidiary of Tianyin Holdings [4]. - Tianyin Holdings, listed since 1997, primarily operates in mobile phone distribution and reported revenues of 84 billion yuan in 2024, with a significant decline in net profit [12][14]. - The company is diversifying into the liquor industry, having previously invested in Jiu Xian Group and launched a new retail platform called "Jiu Kuai Dao" [12][14]. Group 3: Industry Context - Jiu Bian Li, established in 2010, has expanded to over 300 stores and 6 million members across various cities, with its best performance in 2023, generating 1.745 billion yuan in revenue [9]. - The liquor retail industry is currently facing significant challenges, with major players like Huazhi Liquor Chain reporting substantial losses [15]. - The potential collaboration between Jiu Bian Li and Jiu Kuai Dao could increase Tianyin's liquor store count to over 800, but the overall market remains under pressure [15].

Core Viewpoint - The ownership of Henan Qiaohua Commercial Management Co., which held a 51% stake in Jiubenli, has officially changed hands through a judicial auction, with the new owner being Chuangdong Huake Equity Investment Partnership [1][4]. Group 1: Auction Details - The auction took place on December 8-9, where the stake was sold for approximately 68.4 million yuan, slightly above the starting price, which was about 67.12 million yuan [1][6]. - The total estimated value of the stake was around 95.9 million yuan, indicating a significant depreciation in Jiubenli's valuation, which is now below 200 million yuan [6][12]. - The auction was not highly competitive, with only one bidder, Chuangdong Huake, for two of the three lots, while the smallest lot saw some competition with a 31.7% premium [6][7]. Group 2: Company Background - Jiubenli, established in 2010, has grown to over 300 stores and 6 million members across various cities, with its best performance in 2023, achieving a revenue of 1.745 billion yuan [8][12]. - The new owner, Chuangdong Huake, is primarily owned by Tianyin Communication, which is a subsidiary of Tianyin Holdings, a major player in mobile distribution [4][10]. - Tianyin Holdings has been facing declining profits, with a revenue drop of 11% and a net profit decline of nearly 63% in 2024, prompting a shift towards the liquor industry to enhance profitability [12][13]. Group 3: Market Context - The liquor retail industry is currently under significant pressure, with major players like Huazhi Liquor Chain reporting substantial losses [13]. - If Jiubenli and the new retail platform "Jiukuai Dao" (backed by Tianyin) collaborate, their combined store count could exceed 800, although this is still below the leading competitor's 2,000+ stores [13].

Core Insights - The auction for approximately 51% equity of Jiu Bian Li, held by Henan Qiaohua Commercial Management Co., Ltd., has concluded, with the winning bid of 67.12 million yuan by Gongqingcheng Chuang Dongfang Huake Equity Investment Partnership [1][2] Group 1 - Gongqingcheng Chuang Dongfang Huake was established in December 2022 and is funded by Tianyin Holdings' wholly-owned subsidiary Tianyin Communication Co., Ltd., Shenzhen Chuang Dongfang Capital Management Co., Ltd., and other limited partners [1][2] - The fund has made external investments in Jiu Xian Network Technology Co., Ltd. (holding 4.66%) and Tianjin Jiu Kuai Dao New Retail Co., Ltd. (holding 60%) [1][2] - Jiu Kuai Dao is a chain liquor brand under Jiu Xian, which has established a presence in over 20 provinces and more than 200 cities across the country, with the number of stores exceeding 500 [1][2]

Core Viewpoint - The ownership of Jiu Bian Li has changed hands, with Henan Qiaohua Commercial Management Co., Ltd. selling its 51% stake to Chongqing Chuangdong Huake Equity Investment Partnership for approximately 68.4 million yuan [2] Group 1: Ownership and Auction Details - The 51% stake in Jiu Bian Li was auctioned in three parts, with a total starting price of 67.12 million yuan, which is about 70% of the market valuation of 95.9 million yuan [2] - The auction saw competitive bidding for one of the shares, which sold for 5.23 million yuan after a 31.7% premium, while the other two shares sold at the original price [2] Group 2: New Ownership and Investment Background - Chongqing Chuangdong Huake is a professional equity investment firm backed by Tianyin Holdings and other investors, with a focus on sectors like AI, biotechnology, and consumer goods [3] - The new owner, Xiao Shuilong, has previously invested in the liquor sector through Chuangdong Huake, indicating a strategic interest in the industry [3] Group 3: Strategic Integration and Market Potential - Jiu Bian Li's value lies in its network of over 300 stores and 6 million members, which are seen as essential infrastructure rather than mere shell resources [4] - There is speculation that Jiu Bian Li may integrate with "Jiu Kuai Dao," a new retail platform co-founded by Chuangdong Huake, to enhance operational efficiency [4][5] Group 4: Market Trends and Challenges - The instant retail model is gaining traction in the liquor industry, with significant sales growth observed during major shopping events, indicating a shift in consumer purchasing behavior [5] - However, Jiu Bian Li faces challenges in rebuilding trust and addressing outstanding debts from its previous management before it can fully capitalize on its new ownership [5][6]