My 1999

Seeing Xu Liang come in, the staff passing by quickly bowed and greeted him.

"Mr. Xu."

"Where is your Mr. Qiao?"

"Mr. Qiao is in the office."

After Xu Liang nodded in greeting, he walked to Qiao Yuhui's office and knocked on the door.

"Come in."

Push the door open and go in.

Qiao Yuhui, who was wearing a white lace round-neck women's shirt and her naturally curly hair tied back, was looking at the documents in her hands intently. When she heard the sound of the door opening, she looked up.

There was a hint of joy in her beautiful eyes.

"How did you come?"

"Passing by, come and take a look."

"Forget it, I don't know you yet? Tell me, what's the matter?"

"Help me find some reliable traders."

Qiao Yuhui's expression instantly became serious.

"What do you want to do?"

"The main business of Hongyan Fund is PE and private equity funds. It takes too long for PE to come up with typical cases. But private equity should be able to do it much faster."

The two have known each other for almost a year, and Qiao Yuhui quickly guessed what he meant.

"Do you want to invest in U.S. stocks?"

"That's right."

"how do you want to do it?"

"The opportunities are not very good at the moment, I will tell you when I choose a target.

By the way, please collect information about the top 100 US stocks and give it to me. It doesn’t need to be too detailed, just about right. "Xu Liang said.

Qiao Yuhui nodded, "When do you want a trader?"

"It doesn't have to be too early. Just give it to me in June."

If he wants to use 9.11 to make money, he definitely can’t wait until 9.11 starts before entering the market. Then tell people clearly that you have questions.

Therefore, you can only do it a few months in advance, and you have to find a decent reason.

But how to find this reason, Xu Liang has no clue yet.

So he didn't want to discuss this issue with Qiao Yu at this time, because he couldn't convince the other party at all.

"How's your investigation going with Jianlibao?"

"Based on the data we investigated, it is estimated that Jianlibao's current total assets should be around 3.5 billion yuan, bank liabilities are around 1.8 billion yuan, arrears of supplier loans, advertising expenses and employee wages are around 800 million yuan, and the book value is around 700 million yuan."

"Seven billion?"

Xu Liang frowned, this was much more than he expected.

“Actually, the value of Jianlibao is far more than 700 million, but domestic negotiations, especially at the government level, only look at the book value and do not include goodwill.

In fact, Jianlibao, as the number one brand in China's beverage industry, has a high reputation across the country and has remained standing for more than ten years.

One of the reasons for the decline in revenue in recent years is that it did not keep up with the popular trends in the beverage market, focused on developing new brands, and tended to be conservative in operations.

The other one, I guess was Li Jingwei’s intention. "

"deliberately?"

Qiao Yuhui nodded, "In fact, it is easy to understand. If you want to acquire through MBO, the lower the value of the company, the easier it will be. On the other hand, no one will be stupid to sell a company that is developing rapidly and operating well.

It's a pity that he was too eager for success. In just three years from 1998 to 2001, the annual revenue shrank from 5 billion Chinese dollars to the current 3.1 billion Chinese dollars.

It also spent nearly 800 million Chinese dollars to build the Jianlibao Building, spent 10 million U.S. dollars to promote the company in the U.S. market, and even sought to list Xiangjiang without government consent.

These actions made him look like a defector who had lost all the connections he had accumulated over more than ten years.

Therefore, it is doomed to be impossible for him to acquire Jianlibao through MBO. "

"Isn't this our opportunity?" Xu Liang said with a smile.

"Indeed."

"If we take over, how are you going to turn it around?"

"You are wrong. In fact, Jianlibao has been making profits, but it is not as profitable as before. He has not lost money." Qiao Yuhui said with a smile.

"That's right. It should be called turning the tide."

“Jianlibao’s brand has always been very good. Although its promotion in the United States failed, it was successful and in line with China’s growing patriotism, so in a strict sense it made money.

Therefore, we only need to stabilize the overall development of the enterprise, lay off redundant employees, and reduce unnecessary expenses, so that Jianlibao can stabilize its position.

Second, new packaging and promotion plans.

The design of Jianlibao is still a design from the 1980s, which is too old. Even Coca-Cola does not always stick to one kind of packaging.

In addition, Jianlibao only has 500ml of this product, which is too single.

We should design 250 ml, 800 ml, or even 1 liter; a series of products with different packaging, including plastic packaging and Dura aluminum, to meet people's multiple choices.

As for the promotion plan, you can learn from Coca-Cola, be fashionable and avant-garde, and target the young market. "

Xu Liang nodded slightly after hearing this.

“Not ready to develop new products?”

"First stabilize the Jianlibao brand before talking about other things. You can't bite off more than you can chew."

A satisfied smile appeared on Xu Liang's face.

"Now I finally feel comfortable letting you join the acquisition of Jianlibao."

"What? You didn't trust me before?"

"A little bit. After all, you haven't been in the beverage industry either."

"Although I haven't done it, it doesn't mean I can't learn."

"Haha, I know you are good. Let's go. It's noon. Let's go have dinner. After dinner, come back and read your investigation report."

Pulling Qiao Yuhui out of the office.

After lunch, the two returned to Hongyan.

Call all personnel from the company's PE department to hold an analysis meeting on Jianlibao.

As Hongyan's first PE project, both Xu Liang and Qiao Yuhui attach great importance to it.

There are not many people in the Hongyan PE department. Counting department directors, analysts, and researchers, there are currently seven people.

Department Director Liao Yan, a senior fellow in Jingcheng who was hired by Qiao Yuhui from Jingcheng Securities.

Turn on the central projector. As the head of the PE department, Liao Yan presided over today's analysis meeting.

“According to our investigation, Jianlibao Group is a beverage-based enterprise, with its business including canning, plastics, packaging, printing, clothing, sporting goods and pharmaceuticals.

Since 1995, it has been included in China's top 500 enterprises.

Beverages are its core business and are extremely competitive in three aspects.

First, Jianlibao Beverage Factory is currently the largest beverage production base in China, and its main production equipment has reached the advanced technology level in the 1990s.

Second, Sanshui Jianlibao Fute Container Co., Ltd. is currently the largest can manufacturer in China.

Third, Jianlibao Plastic Products Co., Ltd. is characterized by the production of PET beverage bottles, and its output ranks second in the country.

Strong production capacity ensures Jianlibao's strong competitiveness.

In addition, the flagship product of Jianlibao Beverage - carbonated beverage, is my country's first electrolyte sports drink and an emerging health drink in recent years, which can supplement the minerals and trace elements needed by the human body.

Prevent and correct acidemia and promote body metabolism.

After seventeen years of development, it is currently the number one carbonated beverage brand in China, with national influence. "

“In terms of product structure, in addition to carbonated drinks, Jianlibao Group also produces drinking water (Tianlang brand), functional drinks (Chaodeneng), fruit-flavored soda (pop fruit pop), tea drinks, fruit drinks and other products.

At present, the sales of Jianlibao fruit and vegetable beverages are not good and production has basically been discontinued. "

Xu Liang interrupted: "Director Liao, besides Jianlibao carbonated drinks, what other brands are still produced by Jianlibao?"

"There are also Tianlang brand drinking water and Chaode energy drinks, and the others have been discontinued."

"How are the sales of the remaining two products?" Xu Liang asked.

"It only has a certain sales volume in Guangdong Province and has not formed a national influence."

"I understand, you can continue." Xu Liang said.

Liao Yan nodded and continued.

“Jianlibao’s current industrial structure is divided into seven parts.

They are, beverage industry, packaging industry, pharmaceutical industry, sporting goods, fast food, beer and real estate.

The industries where Jianlibao really has influence are the beverage industry and packaging industry, while the rest of the industry has a smaller impact.

If we acquire Jianlibao, it is recommended to divest all industries except the beverage and packaging industries in exchange for working capital and strengthen the main business. "

Xu Liang did not expect that Jianlibao, a beverage brand, would have such a complicated business layout.

But it’s normal to think about it. His New Dream and Hongmeng will also operate across industries.

It's just that he's quite sane, unlike Jianlibao, who spans so many unrelated industries.

"The current management structure of Jianlibao is the shareholders' meeting - the board of directors - 13 first-level functional departments including Jianlibao Development Department and Marketing Department - 74 second-level functional departments.

In our opinion, Jianlibao has overlapping functional departments, overstaffing and low efficiency.

If the acquisition goes smoothly, streamlining functional departments can reduce costs and increase efficiency, and increase the company's net profit. "

After seeing that Xu Liang had nothing to say, Liao Yan continued.

“Jianlibao currently has established a relatively complete marketing and production system across the country.

Currently there are six filling plants in Beijing, Shanghai, Zhangzhou, Beihai, Zhenjiang and Chang'an.

A sales team of 500 people has been established, covering Northeast, Northwest, East and South China, and a nationwide sales network. "

“Jianlibao’s core enterprise and main business.

First, Jianlibao Beverage Factory.

It is a domestic joint venture, with Sanshui Government holding 60%, Nan'ao Group holding 20%, and China Guangdong Investment and Bank of China each holding 10%.

Its modern factory building covers an area of ​​more than 200,000 square meters. Its main production equipment is imported from the United States, Sweden and other countries, and it has reached the world's advanced level in filling, bottling and flexible packaging.

After several technological transformations and equipment introduction, it has now formed an annual production capacity of more than 1.2 million tons of carbonated beverages.

Its main products are carbonated beverages - electrolyte sports drinks, Lexen Cola, fruity sodas and Tianlang mineral water. "

“Second, Jianlibao Natural Beverage Company.

Jianlibao Group is a joint venture with Xiangjiang Huiyuan Investment Company.

The factory covers an area of ​​40,000 square meters and has introduced production equipment with the level of the 1990s from the United States, the Netherlands and Germany, including: 500 cans/min 206 type three-piece can drinks, 350 cans/min 200 type, one automatic production line each, annual output 50,000 tons.

The main products are natural mango juice, guava juice, pineapple juice and other fruit juice drinks. "