Mao five lu market value broke 3 trillion! Baijiu industry crazy gold sucking, why foreign capital dare not enter?

In the last decade or so, with the sharp contraction of global financial assets, domestic enterprises are foreign shorting plunge is commonplace. From Nanfu, Lekai fell in the arms of foreign capital, to Huiyuan was acquired by Coca-Cola, from Huishan Dairy, Ruixing was shorted by Muddy Waters, to talk to a number of short-selling organizations under siege, foreign capital has been eyeing various domestic industries, hoping to take advantage of the opportunity to make a fortune.

It is worth noting that the momentum of development is rapid, the development potential of the liquor industry, so many years, but rarely into the eyes of foreign investors. The development momentum of this point, the industry leader "Mao five Lu" have the right to speak. Today's Maotai market value has exceeded 2 trillion, Wuliangye market value reached more than 800 billion, Luzhou Laojiao market value of more than 200 billion.

And from the business model point of view, liquor is also enough to call the domestic industry among the best. The gross profit margin of Moutai, the king of stocks, is more than 90%, and the gross profit margins of Wuliangye and Luzhou Laojiao are also more than 70%. Although recently Sherwood Liquor was declared a ST stock, but up to now, the a-share listed liquor enterprises were ST total **** only two, which is other industries do not even dare to think about.

Of course the birth of the liquor industry for so many years has not been smooth sailing. From 2003 to 2012, the liquor industry is the rapid development of the golden decade of the big cycle. 2013 to 2015 in three years, because the policy shortcomings experienced a significant down cycle. And from 2016 began a gradual recovery, to 2018 in these three years, and then to the high-end liquor steady growth of the upward cycle. Nevertheless, in recent years, there are few cases of foreign investment in liquor enterprises in the country, what is going on?

In fact, in the rapid development of the liquor industry in the first ten years, foreign capital has also entered the field of liquor in China, in 2005, one of the world's top 500 Thai wine king tcc capital of 55 million yuan, the overall acquisition of the Yulinquan Liquor. 2006 the end of the world's largest wine group Diageo let ShuiJingFang the first shareholder, Sichuan QuanXing Group 43% of the equity. 2007 May, the French Louis Vuitton brand, the first to be awarded the title of "the best liquor company in the world". In May 2007, the French Louis Vuitton Group's Moonlight Hennessy Wine Company reached an agreement with Jiannanchun to hold the latter's Wenjun Winery at a price of nearly $100 million.

However, this does not mean that foreign investment in Chinese liquor mergers and acquisitions is heating up. Because these years in industries other than liquor, foreign mergers and acquisitions faster and more high-profile. What's more, the reason why ShuiJingFang can be acquired by foreign investors is actually inseparable from the painstaking planning of Yang Zhaoji, the chairman of Quanxing Group. In order to pave the way for ShuiJingFang's internationalization, Yang ZhaoJi bounced around setting up companies and holding shares in companies involved, including QuanJin Liquor, Chengdu JingRuiTong Group, Bright Food Group, Shanghai Sugar & Wine Group and others.

Through a series of capital operations Diageo has succeeded in taking over Shui Jing Fang. However, because of the Quanxing trademark in the transfer did not follow the market standards for trademarks, the price of tens of millions of dollars on the transfer, so this acquisition is characterized as a cheap sale. It is worth noting that both ShuiJingFang or WenJun, to the hands of foreign investors, are not as expected, in-depth cooperation to further improve the company's overall competitiveness, but rather a year is not as good as a year.

Sichuan ShuiJingFang Co., Ltd. has changed four general managers in nine years. This recently took office less than a year and a half of the general manager Gui Yongbiao or failed to restore the poor performance, can only resign and go, and was carefully packaged as a high-end luxury brand of Wenjun wine, so that Wenjun wine completely faded out of the liquor market, and finally anti-Jiannanchun buyback. These several failures, so that foreign investors in Chinese liquor. The market fell a big heel, but also let the foreign capital on the Chinese liquor industry more and more confused.

Since then, although in 2015 the state revised the foreign investment industry guidance catalog, clear foreign capital into the famous liquor equity ratio restrictions were canceled, still failed to stir the enthusiasm of foreign capital into the Chinese liquor industry. In fact, foreign capital did not get clear, like "Mao five Lu" such well-known liquor enterprises, most of them are state-owned enterprises background, foreign capital want to enter the field is basically impossible.

And in turn, life is superior, lucrative liquor companies will not allow foreign capital to come in to get a piece of the pie. This is the road to internationalization with the domestic liquor quite a few, the domestic liquor industry, including Maotai, Luzhou Laojiao, etc., is quite enthusiastic about this matter, only because in the domestic liquor market, technical standards, brand concepts, drinking habits and other foreign markets, there are large differences. So overseas sales have not been going up.

In short, in the face of high profits and steady growth of the liquor industry, foreign investors do not want to eat this fat meat, only one is not clear Chinese liquor culture can not understand, profits really fierce. Secondly, I want to eat the enterprise can not eat, can eat the strength of the enterprise are not enough. In the case of the previous lesson, now foreign capital can only quietly wait and see or low-key slow capital. After all, although the foreign wine has the ability to make liquor into a luxury product, but the cumulative culture of liquor for so many years is not to smash the money can handle. And for domestic liquor companies, in cooperation with foreign capital, should also be prudent and behavior, can not for the sake of the immediate loss of control of small profits.