According to the Financial Association on December 17 (Reporter Li Yongjun, Huang Lu), after a long 17 years of waiting, Tan Yuexin, who is determined to not give up on Huanghe, has finally started to take full control of Lanzhou Huanghe (000929.SZ).

How to lead this listed company, which has experienced a declining trend in revenue for many years and saw its revenue drop to only 0.178 billion yuan in the first three quarters of this year, out of the swamp while facing the crisis of being 'capped', will be a new challenge for Tan Yuexin and the new management team.

A brewing experience of 17 years.

On the evening of December 16, Lanzhou Huanghe announced the results of the Board of Directors' supplementary elections and executive appointments. Tan Yuexin was appointed as the Chairman, Guo Lili, also from the Xinyuan Group, was appointed as the President, Song Min as the Vice President and Board Secretary, and Tan Min as the Chief Financial Officer. The company's original actual controller, Yang Shijiang, and his former subordinates have all exited and will no longer hold positions in Lanzhou Huanghe.

In March 2008, Tan Yuexin, under the leadership of Xinyuan Group from Hunan, first became a creditor of Huanghe Group, the major shareholder of New Sheng Investment, the controlling shareholder of Lanzhou Huanghe, through acquiring special debts. Subsequently, by using shares to offset debts, Xinyuan Group became a shareholder owning 49% of New Sheng Investment and 45.95% of New Sheng Industry and Trade, agreeing to restructure the listed company Lanzhou Huanghe. In 2015, due to the needs of the restructuring of Lanzhou Huanghe, all parties agreed that Xinyuan Group would transfer these two equities to its controlling shareholder, Hunan Yucheng Investment Co., Ltd.

The Xinyuan Group, which acquired large tracts of land in the early 2000s for the renovation of Furong South Road, a major road in Changsha, was known locally as the 'Land King of South City'. Tan Yuexin’s initial involvement in the restructuring of Lanzhou Huanghe was clearly driven by a dream of being publicly listed.

Born in 1964, Tan Yuexin certainly did not anticipate that being the 'King of Beer in Northwest China' would not be easy, and that this restructuring process would take more than 16 years of his time.

In 2015 and 2018, Yucheng Company conducted two major asset restructurings with Lanzhou Huanghe, both of which failed. As of 2024, with stricter delisting new regulations and the introduction of the "Six Mergers and Acquisitions" policy, this long-delayed restructuring situation is迎来转机.

On one hand, Lanzhou Huanghe, which has experienced several years of declining revenue and negative net income after excluding non-recurring gains and losses since 2015, is facing increasing pressure. In the first three quarters of 2024, Lanzhou Huanghe achieved revenue of 0.178 billion yuan and incurred a net loss of 38.68 million yuan.

According to new delisting regulations, if a Main Board company in the Shenzhen market has an audited total profit, net income, or net income after excluding non-recurring gains and losses that is negative and revenue below 0.3 billion yuan in the most recent accounting year, the Exchange will implement a delisting risk warning for its stocks, namely "*ST". Obviously, Lanzhou Huanghe has no way out and must seek new opportunities.

On the other hand, the Xinyuan Group, which owns multiple business sectors such as Eco-friendly Concept, healthcare, property, and commerce, sees more possibilities following the emergence of the "New National Nine Policies", especially after the new policies introduced on September 24.

Shared interests led Yang Shijiang and Tan Yuxin to choose to shake hands this November and announce a "three-step" plan. After Tan Yuxin's side contributed another 0.29 billion yuan, Yang Shijiang opted to withdraw, allowing Tan Yuxin to finally take charge.

What lies ahead in the future?

For many investors in Lanzhou Huanghe, Tan Yuxin and Xinyuan Group are not unfamiliar terms. However, how to swiftly lead Lanzhou Huanghe, which is facing the crisis of being "starred and hatted", out of its predicament is a must-answer question for the new controlling party.

In Hunan's base, Tan Yuxin has multiple industries including Eco-friendly Concept, property, and investment. In Zhejiang, various large-scale healthcare industries such as Taihu Health City have also been laid out.

An analyst in finance who has observed the restructuring of Lanzhou Huanghe for many years notes that after Tan Yuxin took full control of the listed company as desired, the new team has less than half a month left this year. Given that less than 0.18 billion yuan in revenue was achieved in the first three quarters, it is clearly unlikely to meet the tough target of "annual revenue of 0.3 billion".

Therefore, it is very likely that Lanzhou Huanghe will face "Special Treat" in the future. However, with Tan Yuxin's team taking over, the new actual controller may empower the listed company and possibly reverse its lackluster performance.

The analyst stated that it is only natural for Tan Yuxin, after nearly 17 years of hard work, to cherish the hard-won control of Lanzhou Huanghe. Therefore, after the change in ownership, while "Special Treat" may be inevitable, concerns about the delisting alarm should be minimal, and the possibility of subsequent asset injection still exists.