"What to drink for health and beauty, Tianwu Honey Grapefruit Tea", even if you rarely pay attention to TV advertisements or even stop watching TV, you must be familiar with the advertising slogan Tianwu Honey Grapefruit Tea.
Source: ipo observation｜This article comes from Beijing Business Daily, Sina Finance, Yema Finance, Jiemian, China Fund News
Seven years ago, Tianwo International (1219.HK) became popular among many with its honey grapefruit tea endorsed by Li Xiaolu It stood out among the beverages and became popular in the streets and alleys. It even caused many beverage faucets to imitate it. Now, we are waiting for the liquidation situation.
01 Tianwo International has updated its liquidation petition with new information.
has been suspended from trading for 16 months. Tianwo International has submitted a resumption proposal to Hong Kong Stock Exchange .
html On January 2, Tianwo International announced that the company had submitted a resumption proposal to the Stock Exchange, but the company has not yet met all resumption conditions, so the resumption proposal still needs to be approved by the Stock Exchange. At the same time, Tianwo International also disclosed that it is having in-depth discussions with two potential investors on restructuring matters.Subsequently, the company issued a clarification announcement stating that it was consulting the Stock Exchange for guidance on its resumption plan, and the submitted resumption proposal did not require prior approval from the Stock Exchange before implementation.
According to the announcement, the Supreme Court has further postponed the hearing of the petition to January 23, 2020. The petition was rescheduled for hearing at 10 a.m. on January 22, 2020, and the company planned to apply for an adjournment of the hearing.
02 Withdrew from offline commercial and supermarket channels, offline sales were bleak.
When Tianwo International applied for resumption of trading, the company was in various difficulties. Recently, Tianwo International quietly withdrew from commercial and supermarket channels. This made Tianwo International, which was about to undergo a resumption hearing, The outlook was once again clouded.
According to media reports, its products honey grapefruit tea, pistachio , pork shop and fruity ready-to-drink tea have been removed from the shelves of major supermarkets and convenience stores in Beijing. In addition to snack products such as Tenwow Pistachios and Pork Shop, the star product Tenwow Honey Pomelo Tea, which once had an annual sales of hundreds of millions of yuan per product, is also hard to find.
Regarding the phenomenon of Tenwow International removing products from commercial and supermarket channels in Beijing, supermarket staff told reporters: "Six months ago, Tenwow International had very few new products on the shelves. Later, Tenwow Honey Pomelo Tea and other products were no longer on the shelves. goods". As for the reason why Tenwow International removed related products from the shelves, supermarket staff said they were not aware of it.
In addition to withdrawing from offline supermarket channels, the online sales of Tianwo International products have also shrunk. A reporter from the Beijing Business Daily searched the Tenwow flagship store on Taobao and found that the product specification of Tenwow honey grapefruit tea with a product specification of 250ml and 16 boxes is priced at 24.9 yuan per box, with monthly sales of only 326 boxes. It is worth noting that the Beijing area shows that this product has been sold out. The customer service staff of Tianwo flagship store told reporters that "honey grapefruit tea is only shipped to Jiangsu, Zhejiang, and Shanghai areas. It is easy to be damaged if the distance is long."
According to the official website of Tianwow International, Tianwow International has ten production parks in Shanghai, Fujian, Wuhan, Chengdu, Inner Mongolia, and Tianjin. Taking the Wuhan park as an example, Wuhan Tianwow Tea House Factory was officially put into operation in May 2011. The factory occupies an area of Covering an area of 18,000 square meters, there are currently three beverage production lines with an annual output of up to 18 million pieces.
In response to the problem that honey grapefruit tea is only shipped to Jiangsu, Zhejiang and Shanghai despite having ten production parks, a reporter from Beijing Business Daily contacted Tianwo International for an interview, but as of the time of publication, no reply had been received.
In addition, during the visit and investigation, supermarket staff told reporters, "A long time ago, the sales of Tianwo International Honey Grapefruit Tea were not very good. After it was removed from the shelves, few consumers asked about this product. Especially Now Wahaha, Suntory and other brands have also launched a series of grapefruit tea products, which have quickly replaced consumers’ choice of Tenwo Honey Pomelo Tea.”
03 Chairman was taken away for investigation
On May 4, 2018, Tianwo International, which was listed on Hong Kong Stock Exchange , announced a temporary suspension and would release the composition of the company’s then chairman of the board, executive director, chief executive officer and controlling shareholder Lin Jianhua. The announcement of insider trading in the company caused an uproar from the outside world.
6 days later, on the evening of May 10, Tianwo International officially announced that Lin Jianhua was assisting relevant departments in the investigation. Lin Jianhua had been absent from work since May 2, and the company was unable to contact or contact him directly.
According to Tenwow International’s announcement, the investigation involved Nanpu Food (Group) Co., Ltd., which has close business dealings with Tenwow. Nanpu Food is also a food, beverage and imported alcohol group founded by Lin Jianhua in 1992.
At the time of the incident, Lin Jianhua, as the controlling shareholder and chairman of Tenwow International, owned 1.425 billion shares of the company, accounting for approximately 64.62% of the company's total issued share capital. Lin Jianhua's 25-year-old son Lin Qi was quickly appointed as the new chairman of the board of directors to preside over the work.
04 The stock price fell by 86%, and the executives resigned en masse
On August 17, 2018, Tenwow International issued a pre-loss announcement, revealing that the company’s unusual transaction amounts in 2017 reached 2.135 billion yuan, and it is expected that its 2018 loss will be due to the above transactions. The performance in the first half of the year suffered a huge loss. The
announcement disclosed that in addition to borrowing 450 million yuan from banks, since January 1, 2016, many of its subsidiaries have paid a total of 1.685 billion yuan in advance payments. In addition to paying 639 million yuan to Shanghai Tianpu Food, The remaining over 1 billion yuan was paid to Weiyi International Trading, but Tianwo International and its subsidiaries did not receive any goods.
Just one week before the pre-loss announcement was issued, Tianwo International had suspended trading, and there is still no prospect of resumption of trading. From listing to suspension, Tenwow International’s share price has fallen by 86.46%.
Since then, the company's top executives have frequently resigned, including the remuneration committee, chief financial officer, operating director, and chief executive officer. The company's chief financial officer (CFO), who had only been in office for less than three months, quickly resigned.
05 Facing bankruptcy and liquidation
Young Lynch does not seem to have the ability to reverse the stalled Tianwo International.
On November 12, 2018, Tianwo International announced that a creditor had submitted a liquidation petition to the Cayman Islands Grand Court to liquidate the company. The winding-up petition seeking the appointment of joint formal liquidators of the company has been scheduled for hearing on December 12, one month later.
Meanwhile, Tianwo International is also seeking to appoint a low-level intervention joint provisional liquidator for the company to restructure as an alternative to compulsory liquidation. The hearing on the application for joint provisional liquidators will be held in the Grand Court of the Cayman Islands on November 16.
Industry insiders believe that the search for a liquidator indicates that the company will undergo bankruptcy liquidation. In the above announcement, the creditors are looking for a "formal liquidator", while Tianwo International is looking for a "joint provisional liquidator". This shows that the creditors want to liquidate, but the debtors want to gain some time to maneuver.
Since then, Tianwo International has been petitioning to adjourn the hearing to buy time for debt restructuring. Earlier, Tianwo International disclosed that it was having in-depth discussions with two potential investors on restructuring matters.
Chinese food industry analyst Zhu Danpeng said: "The situation of Tianwo International is becoming increasingly pessimistic, and the future prospects are also very unclear. As a listed company, Tianwo International has not established a complete professional manager mechanism and internal management system. The supervision system has led to major financial problems in the company, and after the founder's problems, the company's operations have been paralyzed. In the short term, it will be difficult for Tianwo International to welcome a 'takeover'."
06
Fan Bingbing, Lee Min Ho , Zhou Dongyu endorsements. Sales of 5 billion a year, and now a huge loss of more than 4.2 billion
Before being taken away, Lin Jianhua, the chairman of Tenwow International, often said that he was the one who sold Nestlé's first can of instant coffee in China.
This is true. Previously, Lin Jianhua had always been a legend in the food industry. When he was young, he went to Shanghai to do business alone and founded Tianwo International.
According to public information, Tianwo International was founded in 1999 and is headquartered in Songjiang, Shanghai. In recent years, it has become an "Internet celebrity" in the food and beverage industry because of its honey grapefruit tea.
In terms of spokespersons, Tianwo International can be called a "movie queen harvester". In the early days, Li Xiaolu, the "youngest Golden Horse Best Actress", became popular all over the country with an advertising slogan. In 2013, she quickly replaced her with "Best Actress" Fan Bingbing, who has both commercial value and controversy.
At its peak, Tianwo spared no expense to sign Lee Min Ho, the "long-legged oppa" who became popular in China and South Korea. Stars such as Jacky Cheung, Li Yuchun, Huang Xiaoming, Wu Xiubo, Zhou Dongyu and other celebrities endorsed Tianwo's charcoal-roasted milk tea at different times. , iced black tea, C Man E, Jingongquan, honey grapefruit tea and other types of drinks.
According to data, in 2013, Tianwo International was successfully launched with the star product of honey grapefruit tea. In 2015, Tianwo Group’s sales reached 5 billion yuan, of which honey grapefruit tea accounted for the majority.
However, today's international performance continues to decline. As of mid-2019, its revenue was only 473 million yuan and its loss was 60.21 million yuan. In 2018, the company suffered a huge loss of approximately RMB 4.174 billion for the whole year. In the delayed 2019 semi-annual report, the company still suffered a net loss of approximately RMB 60.94 million in the first half of the year, and the total loss exceeded RMB 4.2 billion.
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