Zhongxin Finance, May 30th (Zuo Yukun) The foodies who have successfully eaten the first share of national snacks, the first share of pickled pepper and chicken feet, the first share of fish snacks, and the first share of spicy strips, etc. Can't drink "the first domestic soft drink"?

　　The hot summer is here again, and the "Happy Water for Fat Houses" that everyone can't refuse, has been ruthlessly rejected by the capital market.

what happened?

Image source: Weibo@Xi'an Bingfeng Drink

Bingfeng's listing, one step away

　　Bingfeng, who hit the "first domestic soda", pressed the emergency withdrawal button on the eve of the meeting.

　　May 19 is the day when Xi'an Bingfeng Beverage Co., Ltd. ("Bingfeng Beverage") and other three companies are expected to launch their first meeting.

However, on the 18th, the official website of the China Securities Regulatory Commission issued a document saying that because Xi'an Bingfeng Beverage Co., Ltd. has applied for the withdrawal of the application materials, it has decided to cancel the review of the company's issuance application documents.

　　This also means that since Bingfeng submitted the IPO application materials before May 31, 2021, after waiting in line for more than 11 months, he finally chose to give up.

Since the beginning of this year, only 5 IPOs have been cancelled, and Bingfeng Beverage is the first company to be cancelled on the Shenzhen Main Board.

　　Regarding the reasons for voluntarily withdrawing the listing application, Bingfeng Beverage said that according to the long-term development needs of the company, the financing plan has been adjusted, and the company decided to suspend the listing process.

　　During the 11 months of preparing to go public, Bingfeng has not lived a peaceful life.

In the feedback on the prospectus in December 2021, the China Securities Regulatory Commission had raised up to 54 questions about Bingfeng Beverage, requiring it to additionally disclose detailed information on operating income, sales model, use of funds, investment relations, management personnel relations, etc. Check whether it involves non-compliant related transactions and benefit transmission.

　　On the 14th of the month, Bingfeng Beverage updated its prospectus to make supplementary disclosures on the above issues.

However, this is a full 125 pages more than the previous version, and it was withdrawn by the company before the second feedback.

　　In this regard, some people in the industry believe that the voluntary withdrawal of materials is generally based on the current situation, referring to the guidance of the window, and thinking that it is difficult to obtain approval; it may also be that major changes have occurred inside and outside the enterprise.

"Because the Bingfeng prospectus was just updated in December last year, and it has been less than half a year, the company is more likely to fail."

　　Also one of the "San Qin Packages", Liangpi and Roujiamo have spread all over the country, but Bingfeng Beverage, which is the most standardized and the least difficult to scale, has never been able to "get out of the circle".

What kind of story is behind the prospectus of this middle way?

Data map: Citizens walk under the Bell Tower in Xi'an, Shaanxi Province.

Photo by China News Agency reporter Zhang Yuan

He used to be the boss "to his family", and there are "other masters" behind him

　　According to the prospectus of Bingfeng Beverage, as of now, Xi'an Sugar and Wine Group Co., Ltd. (referred to as "Tangjiu Group") holds 99% of the shares of Bingfeng Beverage, and Xi'an Jiuyue Wine Industry Co., Ltd. holds 1% of the shares of Bingfeng Beverage. Jiuyue Wine Industry is a wholly-owned subsidiary of China Sugar and Wine Group. Therefore, China Sugar and Wine Group holds 100% shares of Bingfeng Beverage through direct and indirect means, and is its controlling shareholder.

　　The China Securities Regulatory Commission also raised inquiries on this matter, requesting Huachuang Securities to check whether the state-owned enterprise restructuring of the Sugar and Wine Group resulted in the loss of state-owned assets.

Bingfeng Beverage denied it in the updated prospectus.

　　Zhang Jun, chairman of Bingfeng Beverage, is also the chairman and general manager of Sugar and Wine Group. He directly holds 10.07% of the shares of Sugar and Wine Group, and indirectly holds 56.12% of the shares of Sugar and Wine Group. The actual controller of the drink.

　　But behind the actual controller Zhang Jun, there is another important person after the equity penetration.

According to Tianyancha, the major shareholder of the Sugar and Wine Group is Shenzhen Yingxin Guofu Industrial Co., Ltd., and 91.34% of the shares are personally controlled by well-known investor Lin Jinfeng.

　　Lin Jinfeng was one of the first investors to buy Moutai stocks. In 2003, he spent 12 million to buy Moutai stocks. The market value of the shares held in the past 12 years has reached more than 1 billion yuan. One Moutai stock has made Lin Jinfeng a lot of money. It is also well-known in the investment community.

　　Of course, in Zhang Jun's own resume, there is also a point that cannot be ignored, that is, until March 2021, he also served as the vice chairman of the "competitor" Xi'an PepsiCo.

In this regard, the China Securities Regulatory Commission asked whether there was a conflict of interest or transfer of interests.

　　Bingfeng Beverage responded in the prospectus that after the restructuring of the state-owned enterprise in 2008, the Sugar and Wine Group directly held 20% of the shares of Xi'an PepsiCo. Zhang Jun was appointed by the group as the vice chairman of Xi'an PepsiCo in 2009. constitute a significant impact.

　　In 2021, China Sugar & Wine Group will transfer all the shares of Xi'an Pepsi-Cola held to Pepsi (China) Investment Co., Ltd. Zhang Jun will no longer serve as the vice chairman of Xi'an Pepsi-Cola, and the competition in the same industry will end.

Data map: Arctic Ocean soda.

Photo by China News Agency reporter Cui Nan

Domestic soda, advancing in the ups and downs

　　The failure of Bingfeng Beverage's listing also aroused many people's feelings about domestic soft drinks.

Beijing's Arctic Ocean, Xi'an's Bingfeng, Wuhan's No. 2 Factory, Qingdao's Laoshan Cola... In recent years, with the rise of the national tide, the old-fashioned domestic soft drinks in various places have made a comeback and become an active force on carbonated beverage shelves. new power.

　　At this time, someone may want to say: the domestic old soda is just getting old, not dead.

How did it become a new force?

　　Having said that, these old brands rooted in the local market have come a long way from the market alleys of their hometowns to the supermarket shelves across the country.

　　In the 1970s and 1980s, Arctic Ocean, Bingfeng, etc. were popular items on the dining table of ordinary people. Foreign soft drinks were unable to spread to the market for a long time.

　　This market pattern turned in the "Flooded Seven Armies" battle that made domestic brands hate it.

In 1994, Arctic Ocean signed a joint venture with Pepsi-Cola, which was originally a strong cooperation, but due to various reasons, all the beverage production lines of Arctic Ocean were stopped, and the same thing happened to other domestic soda brands.

　　Bingfeng also established a joint venture with PepsiCo.

But the key to it was to sign an additional agreement with Pepsi, prohibiting the other party from producing glass bottled drinks in Xi'an.

This makes Pepsi can only sell cans in the catering channel, and the price is more expensive than Bingfeng, and finally had to give up the Xi'an market.

Bingfeng has thus become a rare survivor among local brands.

　　Relying on a strong distribution network and consumer recognition in Xi'an, Bingfeng Beverage maintained its position and won back the market.

According to its prospectus, about 80% of Bingfeng Beverage's revenue comes from Shaanxi.

　　But everything has two sides, and the lack of national coverage has also become the focus of its market doubts.

Bingfeng Beverage also admitted in the prospectus that the company has a certain risk of regional concentration of sales.

If the company cannot effectively develop new markets outside Shaanxi Province, it will have a certain impact on the company's future growth.

　　In the prospectus, Bingfeng Beverage declared itself as "the pioneer of carbonated beverages in my country".

After decades of ups and downs, in an era when Pepsi and Cocoa blocked the way before, and followed by new zero-calorie beverages, can the old soda drinks come back to people's sight again, can they go ahead again?

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