VVFB "new handsome" to take office "soy milk king" to gain the prospect of national assets

Source: Securities Daily network reporter Zhao Xueyi

On November 16, VVFB (600300), the "soymilk King", announced that the new board of directors of ViVI Shares was elected, Lin Bin, the legal representative of Xinsheng Group, was elected chairman of VVFB, and Zhao Huiqing was appointed general manager. Buoyed by this news, on November 17, Wei Wei shares rose against the trend, once approaching the daily limit, and finally closed up 4.70% to 4.23 yuan.

Public information shows that on August 2, 2019, in order to implement the decision-making spirit of Xuzhou Municipal Party Committee and municipal government, Xinsheng Group, with strong financial strength, purchased 17% of VV shares held by VV Group at a price of 955 million yuan and became the largest shareholder of VVFB. On October 8 last year, Sunsheng Group nominated two directors to VVFB's board。

VVFB spokesman Caita said in an interview that after Xinsheng Group entered the company, the two sides complemented each other to achieve a good convergence effect. On the one hand, VVFB has developed a plan to return to its main business and established a development strategy of "eco-agriculture, big grain, big food". While gradually shedding non-related businesses, VVFB has consolidated its market share in soy milk powder, actively developed new products and new businesses in the field of vegetable protein drinks (liquid soy milk), and vigorously developed grain acquisition, storage, processing, trading and health food production. Form a "one body and two wings" business layout.

On the other hand, Xinsheng Group's entry into VVFB is also conducive to accelerating its own market-oriented transformation and development, expanding the scale of assets, accumulating experience in governance of listed companies, amplizing the utility of state-owned capital, enhancing capital operation capabilities, and expanding and strengthening the industrial platform。

On August 4 this year, VVFB transferred 71% of the shares of Zhijiang Wine to Jiangsu Variety Holdings Co., LTD., for a transfer price of about 462 million yuan. The divestment of Zhijiang Wine also highlights VVFB's determination to focus on its main business. Benefiting from this, the company's net profit in the first three quarters of 2020 was 316 million yuan, an increase of 240.67%. The net profit withholding reached 38.8453 million yuan, an increase of 39.3%.

On November 16, Lin Bin, chairman of Xinsheng Group, officially became chairman of VVFB. From October 8 last year, two directors of Xinsheng Group entered VVFB's board of directors, to November 16 this year, Lin Bin became the chairman of the board. In this more than one year, as the largest shareholder, Xinsheng Group has carried out a more comprehensive and detailed understanding of VVFB, and the new team members have fully integrated with the original management team. It has laid a good foundation for the next development of the enterprise.

It is understood that in the first half of this year, the VVFB last board of directors submitted a five-year development plan to the Xuzhou Municipal Committee and government, and proposed the goal of "industrial double ten billion to drive one hundred billion industrial clusters". Specifically, the food industry has exceeded 10 billion, the food and beverage industry has exceeded 10 billion, and through the government's leading and Wei-wei's driving, a hundred-billion-level grain, oil and food industry cluster has been created in Xuzhou. At the same time, the request to raise the enterprise development plan to the municipal development strategy of Xuzhou has been fully affirmed by the superior leadership。

"The new Board of Directors will closely focus on the five-year development plan, continue to focus on food and the main food industry, gather the strength of all parties, and grasp the work and implement." We will make good use of the core competitiveness formed by Xinsheng Group's intensive cultivation over the past decade to empower VVFB's long-term development." Lin Bin introduced that in terms of science and technology, Xinsheng Group will rely on the scientific research and development strength of Xuzhou Academy of Agricultural Sciences, make full use of its regional advantages in wheat and rice research and development and national sweet potato research achievements, and achieve scientific and technological capabilities in VVFB soybean milk powder, plant protein beverage and other new products research and development and food processing industry chain development; In terms of capital, as a 3A credit rating unit, Xinsheng Group has strong financing ability, which can realize capital empowerment for VVFB to grow bigger and stronger; In terms of resources, Xinsheng Group will accelerate the integration of state-owned grain storage resources in Xuzhou urban and county, further strengthen the advantages of Xuzhou regional grain industry, and achieve resource empowerment for the development of VVFB large grain industry; In terms of management, on the basis of continuing the flexible advantages of the mechanism and system of private enterprises, we will give full play to the standardized management advantages of state-owned enterprises of Xinsheng Group, truly realize the dual advantages of management + efficiency, and achieve management empowerment for the healthy and stable development of VVFB.

VVFB spokesman Caita said that in the future, Xinsheng Group and VVFB will further deepen industrial and capital cooperation, truly complement each other's advantages, continuously increase the market sales volume of Weiwei products, continuously expand the influence of Weiwei brand, and strive to complete the tasks and objectives of the five-year strategic plan, and truly achieve mutual benefit and win-win situation. Strive to make Xinsheng shares in VVFB a typical model of deep integration of state-owned private enterprises。

（Editor Bai Baoyu）

Securities Daily online 2020-11-18