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Core Viewpoint - The recent auction of assets belonging to Hualing Guojiao Industry, previously controlled by Wahaha, has drawn attention due to the ongoing controversy surrounding Wahaha, highlighting the challenges faced by the company in the liquor industry [1][4]. Group 1: Asset Auction Details - On July 19, assets including 10 properties and equipment from Hualing Guojiao Industry were auctioned for a base price of 108 million yuan, with the winning bidder being Kaifeng Economic Development Zone's subsidiary [1]. - The assessed value of the auctioned assets was approximately 132 million yuan, indicating a potential loss for the company [1][3]. Group 2: Company Background and History - Hualing Guojiao Industry was established in November 2013, originally named Lingjiang Guojiao Industry, as part of Wahaha's foray into the liquor sector [3][4]. - Wahaha held an 80% stake in Hualing Guojiao Industry, which launched a sauce-flavored liquor product called "Lingjiang Guojiao" [4]. Group 3: Market Performance and Challenges - The initial sales performance of "Lingjiang Guojiao" was poor, with losses exceeding 6 million yuan in its first year due to a shift in liquor consumption patterns [4][5]. - Despite Wahaha's exit from the liquor market in 2017, the company attempted to re-enter with new products in 2022, but market response was underwhelming [5][7]. Group 4: Future Prospects and Industry Context - Following the transfer of control to Huajiang Trading, Hualing Guojiao Industry planned to invest 120 million yuan to enhance production capacity, aiming for an annual output of 1,500 tons of sauce-flavored liquor [7]. - The company faced significant operational challenges due to legal issues and market conditions, leading to a halt in production and uncertainty regarding future market re-entry [8][11].