1971 was an unusual year.

This year, Zhang Xuan Song was born in Fuzhou, Fujian.

2018 is the 18th year since the brothers Zhang Xuan Song and Zhang Xuan Ning founded Yonghui Supermarket, and the 8th year since the listing of Yonghui Supermarket.

But this year was the brothers' Waterloo. Yonghui Supermarket shares hit a record high of 11.08 yuan on January 31 of this year, all the way down, and then has been in the 7-10.11 yuan fluctuations in the low.

At the same time as the stock price slump, the net profit of Yonghui Supermarket in 2018 also began to show negative growth, net profit year-on-year growth rate of -18.52%. This compares with net profit year-on-year growth rates of 105.18% and 46.28% in the previous two years.

The negative growth in net profit of listed companies, share price of the long-term downturn under the bondage, together with nearly three decades of entrepreneurship between the seemingly unbreakable relationship between the brothers also appeared "cracks".

In December 2018, the Zhang brothers due to the direction of the company's development, development strategy and other aspects of the existence of large differences, the dissolution of the concerted party relationship, each independent in accordance with their own wishes to independently exercise the rights of shareholders and directors.

Although some of the rumors that the brothers are not in agreement have been around for a long time, but the brothers finally separated, and in this way "separation", or let the outside world quite surprised.

01

Before the dissolution of the concerted action relationship, the Zhang brothers **** hold 22.17% of the shares of Yonghui Supermarket, the largest shareholder. After the dissolution of the concert party relationship, Milk Co. holds 19.99% of the shares, the largest shareholder; Zhang Xuan Song and Zhang Xuan Ning hold 14.70% and 7.77% of the shares respectively, ranking the second and third largest shareholder.

Over the years, Zhang Xuanning is almost an "invisible person" in the outside world. When it comes to Yonghui Supermarket, we all know that the chairman of the board, Zhang Xuan Song, but few people know that Zhang Xuan Song also has a brother, Zhang Xuanning, who is also the founder.

Of course, this is also related to the character of Zhang Xuanning. He is low-key, does not like to socialize, does not like to publicize, and seldom appears in public on behalf of the company, so the outside world knows very little about him naturally.

But the low-key Zhang Xuanning is the leader of his brother's entrepreneurial journey.

In the early 1990s, Zhang took his brother into the beer business, which led to the accumulation of seed capital.

After that, the two brothers joined hands to enter the retail industry.

In 2001, taking advantage of the opportunity of Fuzhou City's "agricultural to super", the two brothers cut into the field of fresh food, and founded Fuzhou's first "agricultural to super" supermarket - Fuzhou Yonghui Pingxi Fresh Supermarket. Yonghui Supermarket was born in this way, and created a new retail format "fresh food supermarket".

With brothers working together, Yonghui Supermarket developed smoothly and was successfully listed in 2010.

These are the people who have been hiding behind their brother Zhang Xuanning, who is a person with forward-thinking and innovative spirit, and who has been behind several changes in the Yonghui Supermarket.

In order to better explore and practice his ideas on retail innovation, Zhang Xuanning moved his office from Yonghui Supermarket's Fuzhou headquarters to Shanghai in 2013. In his opinion, Shanghai, as an international metropolis, is at the forefront of the industry in terms of retail models, concepts, talents, and innovations, which is more conducive to learning and exploring new retail models.

Zhang Xuanning started his own new retail experiment when he moved to Shanghai, which became the starting point for the brothers' later disagreement and separation.

At the time, the O2O concept was a big hit, and a variety of retail innovations were being introduced. In 2013 and 2014, Zhang Xuanning launched the fresh food e-commerce platform Half the Sky and the Wing Fai micro-store app, the former of which is ordered by phone and booked on a monthly or yearly basis, and the latter of which goes one step further and realizes online ordering, payment, delivery or The latter goes a step further and realizes online ordering, payment, home delivery or store pickup.

Although they stepped on the wind, both projects were not successful.

In 2015, Zhang Xuanning explored the new retail format Yonghui Yunchuang, which includes super species, Yonghui Life, and Yonghui APP, and started the pace of new retail expansion. Yonghui Life is a small store between a convenience store and a community supermarket, which is linked to APP for delivery; Super Species is benchmarked against BoxMark and focuses on the experiential consumption of "retail+food+APP".

Zhang Xuanning also for the first time from behind his brother to the foreground.

In 2015, the first Yonghui Life store opened in Shanghai, and in January 2017, the first super species opened in Fuzhou.

Taking the express train of new retail, Yonghui Supermarket has also become a benchmark for the traditional retail industry to practice new retail, and gained the pursuit of capital, which is a moment of glory. In 2017, Yonghui Yunchuang has been invested by today's capital and Tencent, and Yonghui Supermarket has also been invested by Tencent.

But although the story of new retail is good, the reality is very cruel. Want to take advantage of the new retail wind mouth to bend the road to overtake the car of Yonghui Yunchuang, but because of the expansion and more than losses. 2016-2019 respectively lost 116 million yuan, 267 million yuan, 945 million yuan and 1.283 billion yuan.

The direct result of Yonghui Yunchuang's losses is that the listed company Yonghui Supermarket's performance is dragged down.

Capital is bloodthirsty, and capital needs stories, but also profits. The share price earned with the new retail story was beaten back by the loss-making performance.

Yonghui Yunchuang is counting on the story of new retail, but it "devours" the performance and share price.

To performance and share price, or to the story of new retail? The two brothers are faced with a dilemma, and the differences are getting wider and wider.

Divesting Yonghui Yunchuang may be the best choice. It can solve the differences between the two brothers; it can also get rid of the burden of losses from the listed company statement, independent financing; most importantly, it can also preserve the performance of the listed company, to give an account of the capital.

So there are two brothers "separation". After the brothers lifted the concerted action person relationship, there is no transfer of benefits and the problem of competition in the same industry, to solve the Yonghui Yunchuang divestment in the risk from the law, divestment of Yonghui Yunchuang is also logical.

Zhang Xuanning took over the Yonghui Supermarket held 20% of the shares of Yonghui Yunchang, becoming a major shareholder of 29.6%.

Some people walk and fall apart. In the face of capital, once close together with the "fight" pro brother, eventually no longer *** sit "Jiangshan".

02

As chairman of Yonghui Supermarket, Zhang Xunsong is active in front of the spotlight, the leadership inspections to meet with the foreign speech and other matters are his responsibility.

But compared to his brother, who was ahead of his time, he is relatively conservative.

In the past, during the period of rapid development, the concepts of the two brothers were able to complement each other and promote the steady development of the company.

It is easy to fight, but difficult to sit. In the face of the double pressure of the listed stock price and performance, the two brothers conceptual differences brought about by the complementary smaller and smaller, and differences are getting bigger and bigger.

One of the biggest differences is about super species. Zhang Xunsong think you can slow down, but as a manipulator of the brother wants to fast. And on the direction of the development of super species focus, the two have completely different opinions.

In a shareholder exchange meeting in June 2018, Zhang Xuan Song had said, "For super species, I have differences with CEO Zhang Xuanning. He is optimistic about favoring catering, and I think the focus should be on home."

If the stock price and performance is stable, everything is okay. But the loss of Yonghui Yunchuang caused Yonghui Supermarket profit decline, the stock price also followed the face.

Yonghui Yunchuang did not earn back the face, but also lost the child, and ultimately the differences are difficult to bridge the two brothers "separation". Zhang Xunsong with the divestment of this move, both to the capital market account, but also let the brother has a separate "show" space. And Yonghui Yunchuang did not completely detach from the Yonghui supermarket system, retreat can attack, can defend.

The performance of Yonghui Supermarket is also rapidly warming up. 2019 half-yearly report shows that the operating income of Yonghui Supermarket increased by 19.71% year-on-year; net profit increased by 46.69% year-on-year.

Just the performance is good, but the capital market did not buy the account, the brother of the "fight" did not end because of the business divestment.

Zhang Xunsong launched another stove Yonghui buy food APP and Yonghui mini, respectively, against the Yonghui life APP, Yonghui life small store. Thus, the development of his own control of the home business, at the same time to make up for the divestment of Yonghui Yunchuang business loss.

However, what makes Zhang Songxuan embarrassed is that his own hand-made Yonghui grocery shopping did not achieve the expected results, and Fuzhou base camp but the backyard "fire".

Initially, they did not pay attention to the Park Park supermarket, using the "online operation + front warehouse delivery" mode, because the delivery time is fast, good quality, and soon shipments reached more than five times the Yonghui.

Perhaps in order to curb Park Park, perhaps because of the disappointment of the Yonghui grocery app, at this time Zhang Xunsong narrowed the Yonghui grocery investment, and in turn, strengthened the promotion of Yonghui life app.

Perhaps at this time, Zhang Xunsong has the idea in his mind to take back Yonghui Yunchuang from Zhang Xuanning to a listed company.

If it was just an idea at the time, the 2020 epidemic accelerated him to bring this idea to the ground.

The epidemic has stimulated the rapid development of online grocery shopping, community group purchasing and other businesses, Meituan, Pinduoduo, etc. have entered the community group purchasing, Yonghui life and Yonghui grocery shopping are also growing rapidly. Especially Yonghui Life, from New Year's Eve to the sixth day of the first month, the order growth in Fuzhou area was more than 450%, and the sales growth rate was more than 600%. By March, the proportion of Yonghui Life APP in the home-to-home business rose to to 56.86%.

As a result, Yonghui Supermarket's stock price has also soared, and the value of Yonghui Yunchang to the listed company has once again come to the fore.

This is good news for Zhang Xunsong, but not necessarily good news for Zhang Xuanning, who is at the helm of Yonghui Yunchuang. The greater the value of Yonghui Yunchuang to the listed company, the greater the likelihood that Zhang Xuanning will lose control of the project he incubated.

But it is Zhang Xunsong, not Zhang Henning, who controls the overall pace. Even if Zhang Xuanning has more ideas, he still has to follow the overall rhythm. Because he is a listed company shareholder, but only the third largest shareholder.

On March 6, 2020, Zhang Xuan Song stepped down as chairman of Yonghui Supermarket more than a year later, once again as chairman of the board of directors, investment and mergers and acquisitions and other decision-making power back in his hands, for Yonghui Yunchuang return to the listed company to make a good pavement.

As expected, by July 31, Yonghui Supermarket announced that it signed an equity transfer agreement with Zhang Xuanning, the founder of Yonghui Yunchuang, and Zhang Xuanning transferred 20% of Yonghui Yunchuang's equity to Yonghui Supermarket. Yonghui Supermarket's shareholding in Yonghui Yunchuang increased from 26.6% to 46.6%, becoming the largest shareholder and controlling shareholder.

Round and round, Yonghui Yunchuang back to the listed company system.

In Yonghui Yunchuang, founder Zhang Xuanning's stake fell to 14.4%, once again from the actual controller to the third largest shareholder. This means that his voice is starting to weaken, and he can no longer decide where the ship of Yonghui Yunchuang is going.

One puts and one takes away, and Zhang Xunsong has led the way in completing the alternation of rights for Yonghui Yunchuang. This time, the alternation of rights is still not for the brotherhood, but the capital will dominated by the interests of the listed company.

After all, the capital market and business interests are ruthless, and in front of them, the brotherhood has to give way, even if it is a brother who used to start a business together.

Just like Chen Xiaochun endorsed a game of the advertisement of the lyrics were spoofed by the netizens after the line: is a brother to cut me a knife.