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- Eileen76Eileen76
  ·2021-07-20
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  Luckin Coffee's dramatic reversal, Centurium Capital emerges as the winner.
  与陆正耀反目的昔日盟友大钲资本已实际掌控瑞幸咖啡。
  Luckin Coffee's dramatic reversal, Centurium Capital emerges as the winner.
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- Eileen76Eileen76
  ·2021-07-20
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- Eileen76Eileen76
  ·2021-07-20
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It raised nearly $1.6 billion in funding after its IPO and listing, with a peak market capitalization of $12 billion, creating the \"Luckin Coffee Myth\". However, the \"myth\" built up by fraudulent transactions was soon shattered. When Luckin Coffee was delisted, its market capitalization was only $350 million, which led to the collapse of Lu Zhengyao's \"Shenzhou Group\"—including CAR Inc., UCAR Inc., and Borgward Auto.</p><p>But just after being almost forgotten by the capital market, Luckin Coffee has rebounded dramatically in the US pink sheet market over the past year. Starting from a low of $0.95 when it was delisted and entered the pink sheet market in July 2020, Luckin Coffee rose to a high of $15.65 last week, a cumulative increase of 15 times. Since the official release of the 2019 financial report on June 30, the highest increase in half a month has been nearly 70%. As of July 16, Luckin Coffee closed at $12.88, with a market capitalization of $3.722 billion, ten times its delisted market capitalization.</p><p><img src=\"https://static.tigerbbs.com/b4e271afaef9c3d48728fe0003b1a982\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Morgan Stanley Finance noted that Lu Zhengyao and his entourage were purged from Luckin Coffee after the financial fraud scandal broke out. Centurium Capital, a former ally who had turned against Lu Zhengyao, now effectively controls Luckin Coffee and has become a key force and the biggest beneficiary of Luckin Coffee's desperate restructuring.</p><p><b>Reorganization of Luckin Coffee</b></p><p>Luckin Coffee went public on Nasdaq in May 2019. In early 2020, it was shorted by an anonymous report released by Muddy Waters. In April of that year, it was exposed for financial fraud, which triggered a series of subsequent turmoil. On June 30, 2020, Luckin Coffee was delisted and transferred to the US stock pink sheet market.</p><p>In July of that year, China's Ministry of Finance investigated and disclosed that from April 2019 to the end of 2019, Luckin Coffee inflated its transaction volume by 2.246 billion yuan, its revenue by 2.119 billion yuan, and its profit by 908 million yuan by fabricating commodity vouchers. This also means that Luckin Coffee's performance myth is largely fictional.</p><p>Bearing the notoriety of delisting due to financial fraud, Luckin Coffee was universally hated and plunged into trouble. It was not only embroiled in class-action lawsuits by investors and SEC investigations in the United States, but also experienced internal governance disputes between Lu Zhengyao's faction and other shareholders such as Centurium Capital. At the same time, Luckin Coffee's delisting also triggered a default clause, leading to a lawsuit filed by creditors in the Cayman Islands court demanding bankruptcy liquidation of Luckin Coffee. The court appointed a provisional liquidator for \"low-level intervention\".</p><p>The turning point was Lu Zhengyao's exit from Luckin Coffee.</p><p>In July of last year, the Luckin Coffee stake controlled by the Lu Zhengyao family through entities such as Haode was ordered by the British Virgin Islands court to be placed under trusteeship and liquidation by KPMG due to a sharp drop in stock price and default on pledged loans. The family lost all their shares and subsequently lost the board battle. In September 2020, the reorganized board of directors of Luckin Coffee, driven by shareholders such as Centurium Capital, completely bid farewell to the Lu Zhengyao era, and professional managers such as Guo Jinyi took over. Although Lu Zhengyao and his faction caused a stir in early 2021 by reporting Guo Jinyi, it did not have any impact.</p><p>However, Luckin Coffee's mess still needs to be cleaned up. Fortunately, at the end of 2020, Luckin Coffee reached a settlement agreement with the SEC for a $180 million fine, eliminating U.S. regulatory risks. Meanwhile, the provisional liquidator appointed by Luckin Coffee filed its first notice with the Grand Court of the Cayman Islands in December 2020, stating that Luckin Coffee still had more than $700 million in cash on hand, sufficient to repay its debts, and that Luckin Coffee's business was still operating normally. In fact, it achieved overall store profitability for the first time in August of that year, indicating that Luckin Coffee's situation was not bad.</p><p>Next, Luckin Coffee accelerated its debt and capital restructuring this year. In February 2021, Luckin Coffee declared bankruptcy in New York as a procedural step in debt restructuring. In March 2021, Luckin Coffee announced that it had reached a restructuring agreement (RSA) with its major bondholders, which included raising US$250 million and reducing the registered capital of its domestic entity to fulfill the restructuring debt.</p><p>It is worth mentioning that in April 2020, after the financial fraud scandal broke out, Luckin Coffee surged its registered capital from US$1.55 billion to US$2.05 billion. In May of this year, Luckin Coffee completed a $250 million capital reduction for debt restructuring.</p><p>But there is another key question: who will continue to invest in Luckin Coffee after the financial scandal? As it turned out, it was Centurium Capital and Joy Capital, long-time friends and major investors in Luckin Coffee, who ultimately made the move.</p><p><b>Winner Li Hui</b></p><p>Li Hui and Liu Erhai were once staunch supporters of Lu Zhengyao. When they worked at Warburg Pincus and Lenovo Holdings respectively, they jointly invested in Shenzhou-affiliated companies such as Car Rental and UCAR. After founding Centurium Capital and Joy Capital respectively, they jointly invested in Luckin Coffee.</p><p>Li Hui's Centurium Capital is Luckin Coffee's largest institutional investor. Shortly after its founding, Centurium Capital raised its first US dollar fund in 2018 (with a total size of US$2 billion). Its first investment project was Luckin Coffee, with a total investment of nearly US$180 million. When Luckin Coffee went public, Centurium Capital held more than 14% of the shares, making it the third largest shareholder after Lu Zhengyao and Qian Zhiya.</p><p>In January 2020, at the peak of its stock price, Luckin Coffee raised another $900 million through the issuance of new shares and convertible bonds. At the same time, Centurium Capital reduced its holdings at a high price of $42 per ADS, cashing out $230 million, achieving a significant profit. Compared to Joyful Capital, which insisted on \"not selling a single share,\" Li Hui's Centurium Capital perfectly cashed out its investment in Luckin Coffee, demonstrating the high level of a shrewd investor.</p><p>After the Luckin Coffee financial scandal broke out, Li Hui quickly and publicly broke with Lu Zhengyao, engaging in a contest with the latter over board seats and corporate governance rights. After Lu Zhengyao's shares were liquidated, he became the biggest influential figure in Luckin Coffee.</p><p>According to the equity structure disclosed by Luckin Coffee, as of May 31, 2021, Luckin Coffee's total share capital was 1.88 billion Class A shares and 144 million Class B shares. Centurium Capital held all 144 million Class B shares, or 7.15% of Luckin Coffee's equity. Since Class B shares have super voting rights, Centurium Capital holds 43.50% of Luckin Coffee's voting rights. Joy Capital holds 5.30% of the shares and 3.22% of the voting rights.</p><p>However, Centurium Capital further increased its stake in Luckin Coffee through a new round of financing.</p><p>In April 2021, Luckin Coffee announced that it had reached a new round of financing agreement totaling US$250 million with its shareholders, Centurium Capital and Joy Capital. According to the investment agreement, Centurium Capital subscribed for $240 million in senior convertible preferred shares, and Joy Capital subscribed for $10 million at a subscription price of $6.50 per ADS (equivalent to 8 shares). If Luckin Coffee's debt restructuring plan is completed, the two parties can invest an additional US$150 million year-on-year.</p><p>The latest data shows that Luckin Coffee has a total share capital of 289 million shares. Based on this, it is estimated that Centurium Capital's $240 million in convertible preferred shares have recently been fully converted. This also means that Centurium Capital's stake in Luckin Coffee has increased to 17.2%, and its voting rights have increased to 45.2%.</p><p>It is worth mentioning that when Centurium Capital invested $6.50 per ADS to subscribe for convertible preferred shares in April, the share price of Luckin Coffee powder was about $9-10 per ADS. Centurium Capital was essentially buying at a significant discount, and it has doubled in size in just three months, making another huge profit.</p><p>Li Hui's reduction and increase in holdings in Luckin Coffee were meticulously timed.</p><p><b>Does Luckin Coffee still have a</b></p><p>It is worth noting that since the beginning of this year, the coffee chain business has once again attracted the attention of capital. Manner Coffee announced the completion of a new round of financing in June, with a valuation of nearly $3 billion. However, Manner currently only has more than 130 stores, compared to Luckin Coffee, which started as early as 2018, which had 4,500 stores by the end of 2019.</p><p>Luckin Coffee just reissued its 2019 financial report on June 30 this year and stated that it will release its 2020 financial report as soon as possible. According to Luckin Coffee's audited 2019 financial report, revenue in 2018 and 2019 was RMB 840 million and RMB 3.025 billion, respectively, while net losses in the same period were RMB 1.619 billion and RMB 3.16 billion, respectively.</p><p>A report by Luckin Coffee's temporary liquidators at the end of last year revealed that Luckin Coffee achieved overall store profitability for the first time in August 2020, with more than 60% of its stores achieving store profitability in November 2020. In the first three quarters of 2020, Luckin Coffee achieved revenue of 2.69 billion yuan, a year-on-year increase of 34.5%. Some organizations predict that Luckin Coffee's revenue in 2020 will be between 3.8 billion and 4.2 billion yuan, potentially reaching a minimum annual growth rate of 26%.</p><p>According to the latest data disclosed by Luckin Coffee, as of the end of June this year, it had more than 5,200 stores in China, including about 4,000 directly operated stores and more than 1,000 partner stores. Luckin Coffee previously disclosed that its strategic focus has shifted from rapid expansion to targeted expansion, with plans to open 4,800 to 6,900 directly operated stores by 2023.</p><p>After completing its debt and capital restructuring, Luckin Coffee is attempting to re-establish its connections with the capital market. However, whether this chain coffee shop, which has experienced financial scandals, can completely turn things around remains to be seen by the market.</p>","source":"lsy1568072423709","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Luckin Coffee's dramatic reversal, Centurium Capital emerges as the winner.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLuckin Coffee's dramatic reversal, Centurium Capital emerges as the winner.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">大摩财经</strong><span class=\"h-time small\">2021-07-20 11:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A year ago, Luckin Coffee was delisted in a sorry state amid a financial fraud scandal, becoming a disgrace to Chinese concept stocks.</p><p>This chain coffee shop brand, founded by Fujian businessman Lu Zhengyao and his \"Shenzhou Group\" team, took only 17 months from opening its first store to going public, and only 13 months from going public to delisting. It raised nearly $1.6 billion in funding after its IPO and listing, with a peak market capitalization of $12 billion, creating the \"Luckin Coffee Myth\". However, the \"myth\" built up by fraudulent transactions was soon shattered. When Luckin Coffee was delisted, its market capitalization was only $350 million, which led to the collapse of Lu Zhengyao's \"Shenzhou Group\"—including CAR Inc., UCAR Inc., and Borgward Auto.</p><p>But just after being almost forgotten by the capital market, Luckin Coffee has rebounded dramatically in the US pink sheet market over the past year. Starting from a low of $0.95 when it was delisted and entered the pink sheet market in July 2020, Luckin Coffee rose to a high of $15.65 last week, a cumulative increase of 15 times. Since the official release of the 2019 financial report on June 30, the highest increase in half a month has been nearly 70%. As of July 16, Luckin Coffee closed at $12.88, with a market capitalization of $3.722 billion, ten times its delisted market capitalization.</p><p><img src=\"https://static.tigerbbs.com/b4e271afaef9c3d48728fe0003b1a982\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Morgan Stanley Finance noted that Lu Zhengyao and his entourage were purged from Luckin Coffee after the financial fraud scandal broke out. Centurium Capital, a former ally who had turned against Lu Zhengyao, now effectively controls Luckin Coffee and has become a key force and the biggest beneficiary of Luckin Coffee's desperate restructuring.</p><p><b>Reorganization of Luckin Coffee</b></p><p>Luckin Coffee went public on Nasdaq in May 2019. In early 2020, it was shorted by an anonymous report released by Muddy Waters. In April of that year, it was exposed for financial fraud, which triggered a series of subsequent turmoil. On June 30, 2020, Luckin Coffee was delisted and transferred to the US stock pink sheet market.</p><p>In July of that year, China's Ministry of Finance investigated and disclosed that from April 2019 to the end of 2019, Luckin Coffee inflated its transaction volume by 2.246 billion yuan, its revenue by 2.119 billion yuan, and its profit by 908 million yuan by fabricating commodity vouchers. This also means that Luckin Coffee's performance myth is largely fictional.</p><p>Bearing the notoriety of delisting due to financial fraud, Luckin Coffee was universally hated and plunged into trouble. It was not only embroiled in class-action lawsuits by investors and SEC investigations in the United States, but also experienced internal governance disputes between Lu Zhengyao's faction and other shareholders such as Centurium Capital. At the same time, Luckin Coffee's delisting also triggered a default clause, leading to a lawsuit filed by creditors in the Cayman Islands court demanding bankruptcy liquidation of Luckin Coffee. The court appointed a provisional liquidator for \"low-level intervention\".</p><p>The turning point was Lu Zhengyao's exit from Luckin Coffee.</p><p>In July of last year, the Luckin Coffee stake controlled by the Lu Zhengyao family through entities such as Haode was ordered by the British Virgin Islands court to be placed under trusteeship and liquidation by KPMG due to a sharp drop in stock price and default on pledged loans. The family lost all their shares and subsequently lost the board battle. In September 2020, the reorganized board of directors of Luckin Coffee, driven by shareholders such as Centurium Capital, completely bid farewell to the Lu Zhengyao era, and professional managers such as Guo Jinyi took over. Although Lu Zhengyao and his faction caused a stir in early 2021 by reporting Guo Jinyi, it did not have any impact.</p><p>However, Luckin Coffee's mess still needs to be cleaned up. Fortunately, at the end of 2020, Luckin Coffee reached a settlement agreement with the SEC for a $180 million fine, eliminating U.S. regulatory risks. Meanwhile, the provisional liquidator appointed by Luckin Coffee filed its first notice with the Grand Court of the Cayman Islands in December 2020, stating that Luckin Coffee still had more than $700 million in cash on hand, sufficient to repay its debts, and that Luckin Coffee's business was still operating normally. In fact, it achieved overall store profitability for the first time in August of that year, indicating that Luckin Coffee's situation was not bad.</p><p>Next, Luckin Coffee accelerated its debt and capital restructuring this year. In February 2021, Luckin Coffee declared bankruptcy in New York as a procedural step in debt restructuring. In March 2021, Luckin Coffee announced that it had reached a restructuring agreement (RSA) with its major bondholders, which included raising US$250 million and reducing the registered capital of its domestic entity to fulfill the restructuring debt.</p><p>It is worth mentioning that in April 2020, after the financial fraud scandal broke out, Luckin Coffee surged its registered capital from US$1.55 billion to US$2.05 billion. In May of this year, Luckin Coffee completed a $250 million capital reduction for debt restructuring.</p><p>But there is another key question: who will continue to invest in Luckin Coffee after the financial scandal? As it turned out, it was Centurium Capital and Joy Capital, long-time friends and major investors in Luckin Coffee, who ultimately made the move.</p><p><b>Winner Li Hui</b></p><p>Li Hui and Liu Erhai were once staunch supporters of Lu Zhengyao. When they worked at Warburg Pincus and Lenovo Holdings respectively, they jointly invested in Shenzhou-affiliated companies such as Car Rental and UCAR. After founding Centurium Capital and Joy Capital respectively, they jointly invested in Luckin Coffee.</p><p>Li Hui's Centurium Capital is Luckin Coffee's largest institutional investor. Shortly after its founding, Centurium Capital raised its first US dollar fund in 2018 (with a total size of US$2 billion). Its first investment project was Luckin Coffee, with a total investment of nearly US$180 million. When Luckin Coffee went public, Centurium Capital held more than 14% of the shares, making it the third largest shareholder after Lu Zhengyao and Qian Zhiya.</p><p>In January 2020, at the peak of its stock price, Luckin Coffee raised another $900 million through the issuance of new shares and convertible bonds. At the same time, Centurium Capital reduced its holdings at a high price of $42 per ADS, cashing out $230 million, achieving a significant profit. Compared to Joyful Capital, which insisted on \"not selling a single share,\" Li Hui's Centurium Capital perfectly cashed out its investment in Luckin Coffee, demonstrating the high level of a shrewd investor.</p><p>After the Luckin Coffee financial scandal broke out, Li Hui quickly and publicly broke with Lu Zhengyao, engaging in a contest with the latter over board seats and corporate governance rights. After Lu Zhengyao's shares were liquidated, he became the biggest influential figure in Luckin Coffee.</p><p>According to the equity structure disclosed by Luckin Coffee, as of May 31, 2021, Luckin Coffee's total share capital was 1.88 billion Class A shares and 144 million Class B shares. Centurium Capital held all 144 million Class B shares, or 7.15% of Luckin Coffee's equity. Since Class B shares have super voting rights, Centurium Capital holds 43.50% of Luckin Coffee's voting rights. Joy Capital holds 5.30% of the shares and 3.22% of the voting rights.</p><p>However, Centurium Capital further increased its stake in Luckin Coffee through a new round of financing.</p><p>In April 2021, Luckin Coffee announced that it had reached a new round of financing agreement totaling US$250 million with its shareholders, Centurium Capital and Joy Capital. According to the investment agreement, Centurium Capital subscribed for $240 million in senior convertible preferred shares, and Joy Capital subscribed for $10 million at a subscription price of $6.50 per ADS (equivalent to 8 shares). If Luckin Coffee's debt restructuring plan is completed, the two parties can invest an additional US$150 million year-on-year.</p><p>The latest data shows that Luckin Coffee has a total share capital of 289 million shares. Based on this, it is estimated that Centurium Capital's $240 million in convertible preferred shares have recently been fully converted. This also means that Centurium Capital's stake in Luckin Coffee has increased to 17.2%, and its voting rights have increased to 45.2%.</p><p>It is worth mentioning that when Centurium Capital invested $6.50 per ADS to subscribe for convertible preferred shares in April, the share price of Luckin Coffee powder was about $9-10 per ADS. Centurium Capital was essentially buying at a significant discount, and it has doubled in size in just three months, making another huge profit.</p><p>Li Hui's reduction and increase in holdings in Luckin Coffee were meticulously timed.</p><p><b>Does Luckin Coffee still have a</b></p><p>It is worth noting that since the beginning of this year, the coffee chain business has once again attracted the attention of capital. Manner Coffee announced the completion of a new round of financing in June, with a valuation of nearly $3 billion. However, Manner currently only has more than 130 stores, compared to Luckin Coffee, which started as early as 2018, which had 4,500 stores by the end of 2019.</p><p>Luckin Coffee just reissued its 2019 financial report on June 30 this year and stated that it will release its 2020 financial report as soon as possible. According to Luckin Coffee's audited 2019 financial report, revenue in 2018 and 2019 was RMB 840 million and RMB 3.025 billion, respectively, while net losses in the same period were RMB 1.619 billion and RMB 3.16 billion, respectively.</p><p>A report by Luckin Coffee's temporary liquidators at the end of last year revealed that Luckin Coffee achieved overall store profitability for the first time in August 2020, with more than 60% of its stores achieving store profitability in November 2020. In the first three quarters of 2020, Luckin Coffee achieved revenue of 2.69 billion yuan, a year-on-year increase of 34.5%. Some organizations predict that Luckin Coffee's revenue in 2020 will be between 3.8 billion and 4.2 billion yuan, potentially reaching a minimum annual growth rate of 26%.</p><p>According to the latest data disclosed by Luckin Coffee, as of the end of June this year, it had more than 5,200 stores in China, including about 4,000 directly operated stores and more than 1,000 partner stores. Luckin Coffee previously disclosed that its strategic focus has shifted from rapid expansion to targeted expansion, with plans to open 4,800 to 6,900 directly operated stores by 2023.</p><p>After completing its debt and capital restructuring, Luckin Coffee is attempting to re-establish its connections with the capital market. However, whether this chain coffee shop, which has experienced financial scandals, can completely turn things around remains to be seen by the market.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2021-07-20/doc-ikqcfnca7893423.shtml\">大摩财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/324e43c6c2694249d5fc03a098a94f36","relate_stocks":{"LKNCY":"瑞幸咖啡"},"source_url":"http://finance.sina.com.cn/tech/csj/2021-07-20/doc-ikqcfnca7893423.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145131753","content_text":"一年前，瑞幸咖啡在财务造假丑闻中狼狈退市，成为中概股之耻。\n这个由福建商人陆正耀与其“神州系”团队创办的连锁咖啡店品牌，从开出第一家门店到上市仅用了17个月，从上市到退市只用了13个月，IPO及上市后融资近16亿美元，最高市值120亿美元，创造了“瑞幸神话”。但很快，虚假交易堆砌的“神话”破碎，瑞幸咖啡退市时只剩下3.5亿美元市值，并连带导致陆正耀的“神州系”——包括神州租车、神州优车、宝沃汽车等——陆续崩盘。\n但就在几乎被资本市场遗忘之后，瑞幸咖啡过去一年在美股粉单市场绝地反弹。从2020年7月退市进入粉单市场交易时的最低0.95美元开始，瑞幸咖啡上周最高涨至15.65美元，累计涨幅高达15倍；在6月30日正式发布了2019年财报起，半个月的最高涨幅近70%。截止7月16日，瑞幸咖啡收盘价12.88美元，市值37.22亿美元，是退市市值的十倍。\n\n大摩财经注意到，陆正耀及其势力在财务造假丑闻爆发后，已被清洗出瑞幸咖啡，与陆正耀反目的昔日盟友大钲资本已实际掌控瑞幸咖啡，并成为瑞幸咖啡绝地重组的关键力量和最大获益者。\n重组瑞幸\n瑞幸咖啡在2019年5月赴纳斯达克上市，2020年初被浑水发布的匿名报告做空，当年4月被曝存在财务造假行为，引发一系列后续动荡。2020年6月30日瑞幸退市转至美股粉单市场。\n当年7月，中国财政部调查后披露，自2019年4月至2019年末，瑞幸咖啡通过虚构商品券增加交易额22.46亿元，虚增收入21.19亿元，虚增利润9.08亿元。这也意味着，瑞幸咖啡编织的业绩神话很大部分纯属虚构。\n背负财务造假退市恶名，彼时的瑞幸咖啡可谓人人喊打、跌入谷底，不仅在美国陷入投资者集体诉讼及SEC调查的麻烦，内部还出现陆正耀派系与大钲资本等其他股东的治理纷争。与此同时，瑞幸咖啡退市还触发了违约条款，遭到债权人在开曼法院起诉要求对瑞幸咖啡破产清算。法院指定了临时清算人进行“低度干预”。\n事情的转折点是陆正耀从瑞幸咖啡出局。\n去年7月，陆正耀家族通过Haode等实体控制的瑞幸咖啡股权由于股价暴跌、质押贷款违约，被英属维尔京群岛法院判决由KPMG托管清算，失去了所有股权，进而在董事会之争中失利。2020年9月，在大钲资本等股东推动下改组后的瑞幸咖啡董事会，与陆正耀时代彻底告别，郭谨一等职业经理人上位。虽然陆正耀及其派系在2021年初闹出了举报郭谨一事件，但并没有造成影响。\n不过，瑞幸咖啡的烂摊子仍待收拾。所幸的是，2020年底，瑞幸咖啡与SEC达成了1.8亿美元罚款的和解协议，消除了美国监管风险。与此同时，瑞幸咖啡任命的临时清盘人在2020年12月向开曼群岛大法院递交首份公告，表示瑞幸账上仍有超过7亿美元现金足够偿债，瑞幸咖啡的业务仍经营正常甚至在当年8月首次实现了总体店面盈利，说明瑞幸咖啡的局面还不算糟糕。\n接下来，瑞幸咖啡在今年加速了债务和资本重组。2021年2月，瑞幸咖啡在纽约宣布破产，作为债务重组的程序性一步。2021年3月，瑞幸咖啡表示已和主要债券持有人达成了重组协议（RSA），其中包括进行融资2.5亿美元以及减少国内实体注册资本履行重组债务。\n值得一提的是，财务造假丑闻已经爆发后的2020年4月，瑞幸咖啡曾将注册资本从15.5亿美元猛增至20.5亿美元。今年5月，瑞幸咖啡完成了2.5亿美元的减资用于债务重组。\n但还有一个关键问题是，谁还会在财务丑闻之后继续投资瑞幸咖啡呢？事实证明，最终出手的还是老朋友、瑞幸咖啡的主要投资者大钲资本和愉悦资本。\n赢家黎辉\n黎辉、刘二海曾是陆正耀的坚定支持者，两人分别在华平资本、联想控股任职时就联合投资了神州租车、神州优车等神州系企业，又在分别创办大钲资本、愉悦资本后联合投资了瑞幸咖啡。\n黎辉的大钲资本是瑞幸咖啡的最大机构投资方。大钲资本创办后不久在2018年募集了首只美元基金（总规模20亿美元），出手投资的第一个项目就是瑞幸咖啡，总投资额接近1.8亿美元，瑞幸咖啡上市时大钲资本持股超过14%股权，是仅次于陆正耀和钱治亚的第三大股东。\n2020年1月，瑞幸咖啡在股价高点时通过发行新股和可转换债券再融资9亿美元，大钲资本同时以42美元/ADS的高价减持套现了2.3亿美元，“落袋为安”实现了大幅盈利。和坚持“一股没卖”的愉悦资本相比，黎辉的大钲资本在瑞幸咖啡身上做到了完美套现，体现了一个精明投资者的高段位。\n瑞幸咖啡财务丑闻爆发后，黎辉迅速公开与陆正耀决裂，围绕董事会席位和公司治理权与后者进行了一番较量，在陆正耀股权被清算后成为瑞幸咖啡最大的话事人。\n瑞幸咖啡披露的股权结构显示，截止2021年5月31日，瑞幸咖啡总股本为18.8亿A类股、1.44亿B类股，大钲资本持有全部1.44亿B类股即瑞幸咖啡7.15%的股权，由于B类股拥有超级投票权，大钲资本持有瑞幸咖啡43.50%的投票权。愉悦资本则持股5.30%、投票权为3.22%。\n不过，大钲资本通过新一轮融资进一步提升了在瑞幸咖啡的持股。\n2021年4月，瑞幸咖啡表示和公司股东大钲资本、愉悦资本达成了总额为2.5亿美元的新一轮融资协议。根据投资协议，大钲资本认购2.4亿美元的高级可转换优先股，愉悦资本认购1000万美元，认购价为每ADS（相当于8股）6.5美元。如果瑞幸咖啡债务重组计划完成，双方还可同比追加投资1.5亿美元。\n最新数据显示，瑞幸咖啡总股本为2.89亿股，以此推算，大钲资本的2.4亿美元可转换优先股在最近已全部完成了转换。这也意味着，大钲资本在瑞幸咖啡的持股上升为 17.2%、投票权增至 45.2%。\n值得一提的是，大钲资本在4月以6.5美元/ADS出资认购可转换优先股时，瑞幸咖啡粉单的股价约在9-10美元/ADS，大钲资本相当于以大幅折价抄底，至目前仅三个月就已翻倍，再次大赚一笔。\n黎辉在瑞幸咖啡的一次减持、一次增持，可谓步步算准了节拍。\n瑞幸还有机会吗\n值得注意的是，今年以来，咖啡连锁生意正重新受到资本的关注，Manner咖啡在今年6月宣布完成新一轮融资，估值达到近30亿美元。但Manner目前只有130多家门店，相比之下早在2018年就起跑的瑞幸咖啡门店数在2019年末就达到4500家。\n瑞幸咖啡在今年6月30日刚补发了2019年财报，并表示将尽快发布2020年财报。据瑞幸咖啡经审计的2019年财报，2018、2019年营收分别为8.4亿元、30.25亿元，同期净亏损分别为16.19亿元、31.6亿元。\n瑞幸咖啡临时清算人在去年底的报告披露，瑞幸咖啡已在2020年8月首次实现总体店面盈利，60%以上的门店都在2020年11月实现了店面盈利。2020年前三季度，瑞幸咖啡实现营收26.9亿元，同比增长34.5%。有机构预测称，瑞幸咖啡2020年的营收在38亿-42亿元之间，或达到最低26%的年增长率。\n瑞幸咖啡最新披露的数据显示，截止今年6月底国内门店数量超过5200家，其中包括约4000家直营店及超过1000家合作门店。瑞幸咖啡此前披露，其战略重点已从快速扩张转为针对性扩张，计划至2023年开设4800家-6900家直营店。\n在完成债务和资本重组后，瑞幸咖啡正在试图重新建立与资本市场的连接。不过，这家经历过财务丑闻的连锁咖啡店是否能彻底反转，仍需要市场的继续观察。","news_type":1,"symbols_score_info":{"LK":0.9,"LKNCY":0.9}},"isVote":1,"tweetType":1,"viewCount":2505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171462635,"gmtCreate":1626757190927,"gmtModify":1703764635720,"author":{"id":"4089858289721970","authorId":"4089858289721970","name":"Eileen76","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089858289721970","authorIdStr":"4089858289721970"},"themes":[],"title":"","htmlText":"…","listText":"…","text":"…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171462635","repostId":"1130871607","repostType":4,"isVote":1,"tweetType":1,"viewCount":3055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171468746,"gmtCreate":1626757082385,"gmtModify":1703764633266,"author":{"id":"4089858289721970","authorId":"4089858289721970","name":"Eileen76","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089858289721970","authorIdStr":"4089858289721970"},"themes":[],"title":"","htmlText":"Newbie","listText":"Newbie","text":"Newbie","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171468746","isVote":1,"tweetType":1,"viewCount":2917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}