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Qiao Tianming and his employees are involved in many lawsuits due to equity issues; Experts say it is difficult to return to the first tier liquor brands
Recently, Qiao Tianming, Chairman of Jiannanchun, was publicly tried for bribery and private distribution of state-owned assets, leaving a series of sequelae for Jiannanchun as a model of state-owned enterprise restructuring.
The Beijing News reporter noticed that after the reform led by Qiao Tianming, Jian Nanchun not only failed to advance bravely in the industry, but also further escalated the equity dispute between him and his employees, and several employees took Jian Nanchun to court. At the same time, Jiannanchun missed the best development period of the liquor industry, and the gap between Jiannanchun and its competitors is widening. Listing has also become a distant dream of Jiannanchun. Despite the recent launch of new products to stabilize its position in the secondary high-end liquor camp, insiders believe that the Chinese liquor market is now approaching stability, and there is little hope for Jiannanchun to return to the first tier brand.
Sequela 1
Frequent employee lawsuits caused by restructuring
On the morning of September 12, the Sichuan Leshan Intermediate People's Court publicly heard Qiao Tianming, the chairman and general manager of Jiannanchun Group. At the court hearing that day, Sichuan Leshan Taxation Bureau, some staff representatives of Jiannanchun Group Company and others attended the hearing. Qiao Tianming denied the two charges of bribery and private distribution of state-owned assets in his self pleading shortly after the court session. The procuratorial organ of Leshan City, Sichuan Province clearly pointed out that Li Chengyun, the former vice governor of Sichuan Province, was in charge of Deyang, Sichuan Province, and served as the secretary of Deyang Municipal Party Committee during the restructuring of Jiannanchun. The contents of his investigation in the special case team of the Central Commission for Discipline Inspection were also clearly identified. Li Chengyun gave Qiao Tianming convenience and appointed Qiao Tianming as the standing member of the Mianzhu Municipal Party Committee in violation of regulations.
The prosecution of Qiao Tianming is inextricably linked with the state-owned enterprise restructuring of Jian Nanchun more than 10 years ago. In 2003, the state-owned enterprise restructuring of Jiannanchun led by Qiao Tianming began. Jiannanchun realized the withdrawal of state-owned capital through MBO (Management Buy out), and changed it to the shareholding of management, employees and strategic investors. Among them, the trade union of Jiannanchun Group holds 16.47% shares on behalf of all employees. At that time, people in the industry believed that such a large-scale withdrawal of state-owned capital and a standardized and orderly operation process had accumulated valuable experience for the property rights reform of large state-owned enterprises.
On August 10, 2012, Qiao Tianming launched an employee equity trust plan, replacing the Capital Contribution Certificate held by employees with the Trust Certificate. In the view of the employees, this actually determines whether they are shareholders of the company, which immediately triggered a large-scale shutdown event in Jiannanchun.
The reform did not bring new vitality to Jiannanchun, but plunged it into an internal crisis. After 2012, employees successively filed lawsuits against the equity issue of Jiannanchun's restructuring. On April 6, 2016, the third trial of Jiannanchun's equity dispute "compulsory repurchase" case was held in Mianzhu People's Court, and Jiannanchun won. An employee appealed to the Intermediate People's Court of Deyang City, Sichuan Province, and was sentenced to lose the lawsuit. The reporter of the Beijing News noticed that many related lawsuits involving Jian Nanchun had been lost.
In addition, employees exposed Jian Nanchun's internal problems. In January 2015, an employee released the "Notice to All Employees of Jiannanchun" on the social platform, stating that "in 2003, the company tried every means to extort the right to seize employees' shareholder identity, participate in major decision-making rights, the right to know, the right to share proceeds, the right to withdraw and the right to liquidate assets." "When the system was reformed in 2003, the company had a payroll, bonus, welfare and other provisions of 163912575.6 million, which was not paid. After being audited and exposed in 2013, it was confiscated by the government as" no payment target ", causing such huge losses to enterprises and employees."
In 2013, Jiannanchun's employee rights protection representative entrusted Wang Baoshu, director of the Commercial Law Research Center of Tsinghua University, to take the lead in proposing a feasible plan for the restructuring of Jiannanchun shares. At that time, the legal expert group pointed out that after the restructuring, Jiannanchun failed to improve its governance structure and standardize its business management activities, so that the interests of minority shareholders were not fully protected, The legal rights of employees as actual investors cannot be fully exercised, which not only harms the interests of all parties concerned, but also hinders the long-term development of Jiannanchun.
Cai Xuefei, a liquor analyst, said that the restructuring of Jiannanchun must have remained problems from the current point of view. These problems have been delayed and fermented for a long time, seriously interfering with the development of Jiannanchun during the golden decade of the liquor industry, deeply affecting the strategic formulation of enterprises and missing out on development opportunities.
Sequela 2
Going public is a long way off
Among the "six golden flowers" of Sichuan liquor, only Langjiu and Jiannanchun have not yet been listed, but Langjiu has put forward the "2020 listing plan", and Jiannanchun's listing is far away.
It seems that it has become a dream of Jiannanchun's senior management to wander in the stock market. However, Jiannanchun's first backdoor encounter "juggling".
As early as September 19, 2002, Jinlu Group announced that Tibet Everest Motorcycle Company, the largest shareholder of the company, planned to transfer its legal person shares of Jinlu Group to Jiannanchun Group. Prior to this, Jiannanchun Group has become the third largest shareholder of Jinlu Group by accepting 19.15 million shares and 5.24 million shares held by Sichuan Folan Printing Co., Ltd. and Sichuan Deyang Natural Gas Co., Ltd. If Jiannanchun Group succeeds in acquiring the equity of Jinlu Group held by Tibet Everest Motorcycle Co., Ltd., Jiannanchun will own more than 20% of the equity of Jinlu Group, remain the largest shareholder, and the listing will be realized.
However, contrary to expectations, this transaction was ended due to a historical debt of Everest Group. On the last day of 2002, Liu Han, the creditor of Everest and the head of Hanlong, sat down as the largest shareholder of Jinlu Group, and Jian Nanchun's dream of listing was dashed.
On March 20, 2013, Chongqing Kanghua Certified Public Accountants and Chongqing Huakang Assets Appraisal Company issued a detailed audit and appraisal report. The report pointed out that the book net assets attributable to Jiannanchun's shareholders were 7.477 billion yuan. In addition, the net asset appraisal value of Jiannanchun Group is between 18.39 billion yuan and 20.131 billion yuan, including 6.23 billion yuan of intangible assets enjoyed by Mianzhu Municipal Government of Sichuan Province. In October 2008, Qiao Tianming once told the media that Jiannanchun still hoped to seek listing to achieve expansion, but there were some obstacles at that time, for example, some intangible assets still belonged to the local government, which restricted the progress of the enterprise's listing.
Shen Meng, executive director of Xiangsong Capital, said that if the actual controller or senior executives of Jian Nanchun were suspected of committing crimes, the IPO application would be affected. When state-owned enterprises are carrying out market-oriented reform, they are often greatly influenced by local governments, either because of unclear property rights or because of the transaction of power and money. This is a historical legacy of China's state-owned enterprises and the biggest bottleneck hindering their normal development. It is normal for Jian Nanchun to get more opportunities for listing and financing, but he should clear up his own problems first. Don't rush to listing to bring problems to the capital market, which will only complicate the problem.
Sequela 3
It's hard to get back to the top after falling out of the first echelon
In 2000, Qiao Tianming became the chairman of Jiannanchun Group, which started the overall strategic adjustment of Jiannanchun. Jiannanchun also took the opportunity to become the first camp of national liquor brands, and together with Maotai and Wuliangye, it was called "Maowujian". For a long time thereafter, "Mao Wujian" was the representative of China's high-end liquor.
In June this year, at the Third Plenary Session of the 11th Sichuan Provincial Party Committee, the goal of "six golden flowers" was clearly put forward: to build two national top three brands, Wuliangye and Luzhou Laojiao, two national top ten brands, Langjiu and Jiannanchun, and two national top 15 brands, Tuopai Shede and Swellfun. From "five swords of Mao" to "top ten in China", Jiannanchun has fallen to the second front.
From the perspective of revenue, the revenue of Guizhou Moutai in the first half of this year was 33.396 billion yuan, and the net profit was 15.764 billion yuan; Wuliangye's revenue in the first half of the year was 21.421 billion yuan, and its net profit was 7.1 billion yuan; In the first half of the year, Yanghe, the "successor", had a revenue of 14.542 billion yuan and a net profit of 5 billion yuan. A document recently issued by Deyang Municipal Commission of Economy and Information Technology in Sichuan Province mentioned that the main business income target of Jiannanchun in 2022 is to exceed 15 billion yuan. According to the current performance growth of "Mao Wuyang", even if Jiannanchun breaks the 15 billion mark by 2022, the gap with "Mao Wuyang" will be further widened.
Previously, Jiannanchun's Jinjiannan series launched a new product called 24K Jinjiannan, priced at 200-400 yuan, which was considered by the industry as Jiannanchun's intention to boost the secondary high-end market by combing the product structure. In fact, the price of Jiannanchun in the early days was between 300 yuan and 400 yuan, and the price of Moutai and Wuliangye in the same period was between 500 yuan and 700 yuan. Now the guiding price of Feitian Moutai has risen to 1499 yuan, Wuliangye will also break through the 1000 yuan mark, and the rising star Langjiu will also launch Qinghualang, priced at 1000 yuan, while the price of Jiannanchun will remain around 400 yuan.
Cai Xuefei believed that Jiannanchun, the "golden decade" of the liquor industry in 2004-2013, did not adopt a price increase strategy, and the core product, Crystal Sword, was sold at a low price, resulting in insufficient overall brand height. At present, the pattern of Chinese liquor has been formed, and the possibility of Jiannanchun returning to the front line in the short term is very small. The more important thing is to sort out the enterprise relationship, do a good job in the advantageous regional market, complete the sales increase, and carry out follow-up work such as high-end price belt.
The reporter of the Beijing News has contacted the person in charge of Jian Nanchun since September 29 on restructuring and other related issues. As of press release, no reply has been received. The opinion of this article only represents the author himself. If the source of the article is a network reprint, this website is an information publishing platform. If there is infringement, please contact this website to delete it in time.
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