The contradictions between both parties in Huiyuan's restructuring have become increasingly public.

Wang Qinghan, who just completed industrial and commercial registration changes on August 20 and became general manager of Beijing Huiyuan Food and Beverage Co., Ltd. (hereinafter referred to as "Beijing Huiyuan"), recently issued an "Open Letter to All Employees of Beijing Huiyuan" (hereinafter referred to as "Open Letter"), presenting another side of Huiyuan's internal strife from the restructuring party's perspective, further publicizing the contradictions between both parties.

In June 2022, after Huiyuan Juice's restructuring plan was approved, Shanghai Wensheng Asset Management Co., Ltd. (hereinafter referred to as "Wensheng Asset") became the controlling shareholder, with Wang Qinghan appointed by the new shareholder side.

Beijing Huiyuan's original management team responded today that Wang Qinghan and others used privately engraved seals and coerced employees to take sides through salary and social security threats, seriously disrupting the company's normal operational order.

It is understood that this control battle for Beijing Huiyuan has led to some of Huiyuan's e-commerce stores facing shutdown due to incomplete procedures, though distributors report that offline market impact remains limited so far.

Currently, the restructuring party holds the "Huiyuan" brand through Beijing Huiyuan, while the original management team still controls supply chain and distributor resources, leaving the restructuring process in deadlock.

**New and Old Shareholders Battle Over Corporate Seal**

Wang Qinghan's open letter stated that after Zhuji Wensheng Hui's capital increase of 640 million yuan, it became the majority shareholder holding 60% of shares. The company subsequently established a new shareholders' meeting and board of directors, appointing new management. Wang Qinghan was appointed as Beijing Huiyuan's general manager at the 28th extraordinary meeting held on June 16, 2025.

According to the restructuring plan, Shanghai Wensheng Asset Management Co., Ltd. (hereinafter referred to as "Wensheng Asset") serves as the investor, participating in Beijing Huiyuan's restructuring through shareholding platforms Zhuji Wensheng Hui and Tianjin Wensheng Hui. Zhuji Wensheng Hui is a shareholding platform company established by Wensheng Asset for participating in Beijing Huiyuan's restructuring, conducting no other business operations.

According to the plan, Wensheng Asset should increase capital in Beijing Huiyuan by 1.6 billion yuan over three years, with amounts of 750 million yuan, 380 million yuan, and 470 million yuan respectively. However, according to Beijing Huiyuan's previously issued "Open Letter to All Shareholders and Share-Converting Creditors," the second capital increase is overdue, and 647 million yuan from the first investment remains "parked" without being invested in production and operations, with tensions between both parties already beginning to emerge.

Wang Qinghan claimed in his open letter that after taking office, the original Huiyuan management team refused to conduct work handovers and declined to complete necessary industrial and commercial registration procedures. In early July 2025, Beijing Huiyuan's former chairman Ju Xinyan filed a lawsuit requesting the court to invalidate relevant board resolutions. Unable to locate company seals and certificates and with handover attempts failing, Wang Qinghan took forceful takeover measures, publishing notices declaring original seals and certificates invalid, subsequently completing industrial and commercial changes and applying for new seals.

Enterprise inspection records show that on August 20, Beijing Huiyuan completed changes, with Wang Qinghan replacing former Huiyuan executive Xian Xiaofang as legal representative, and the chairman position changing to Wensheng Asset chairman Zhou Zhijie.

This approach sparked dissatisfaction from the original Huiyuan management team. In a September 12 announcement, Huiyuan's original management accused Wensheng Asset of using false materials to illegally engrave seals and using this to request cancellation of the contract dispute case between Beijing Huiyuan and Wensheng Asset and Zhuji Wensheng Hui filed by Beijing First Intermediate People's Court on August 1, 2025. They claimed this seriously interfered with Beijing Huiyuan's operational order, causing widespread stock shortages on e-commerce platforms.

In the notice attached to Wang Qinghan's open letter, he stated that due to the human resources manager's refusal to report salary payment arrangements to him, August salaries would be distributed through "employee self-reporting and company verification," and new labor contracts would be signed at appropriate times. Notably, employees needed to join WeChat groups established by new management and report information to receive pay.

Huiyuan insiders indicated this was actually using wages, social security, and provident funds to coerce employees into taking sides, maliciously harming all employees' legitimate rights and seriously disrupting normal company operations.

According to an internal statement they provided, abnormal login to Beijing region social security and provident fund accounts was caused by Wang Qinghan's unauthorized modification of login information, preventing the human resources department from making normal payments. The original Huiyuan management committed to paying relevant fees in full.

According to insiders, Beijing Huiyuan's August salaries were paid last Saturday, but social security matters remain unresolved.

**Huiyuan Restructuring in Deadlock**

After Huiyuan Juice's restructuring plan was approved in June 2022, Zhuji Wensheng Hui and Tianjin Wensheng Hui held 60% and 10% of restructured Beijing Huiyuan's shares respectively. Simultaneously, Wensheng Asset committed to designing securitization plans for Huiyuan, striving for A-share listing within three to five years, and introducing Guozhong Water (600187.SH) as a cooperation partner.

According to Guozhong Water's announcements, Beijing Huiyuan's revenues in 2023 and 2024 were 2.75 billion yuan and 2.48 billion yuan respectively, with net profits of 420 million yuan and 340 million yuan, showing generally normal operations.

However, problems emerged. In August 2024, Wensheng Asset shareholder Yuemin Investment suddenly froze Shanghai Yongrui's 52.47% equity in Zhuji Wensheng Hui, causing Guozhong Water's indirect acquisition plan for Beijing Huiyuan to be suspended.

On the other hand, Beijing Huiyuan publicly accused major shareholder Zhuji Wensheng Hui of actual capital contributions representing only 22.8% of registered capital, with 850 million yuan of promised investment overdue for over a year. Despite 11 collection notices, funds remained outstanding while management control was maintained. Received funds were also not used for production and operations, leading to the belief that it should not enjoy 60% shareholder rights.

Failed listing prospects and overdue capital injections led to rapidly deteriorating relations. Wang Qinghan claimed in his open letter that at the end of 2024, certain executives made hundreds of millions in excess advance payments to related companies including former controlling shareholder Hebei Huiyuan without board approval, and indicated that besides capital increase funds, hundreds of millions in original company account funds had been misappropriated.

The original Huiyuan management team countered that Wang Qinghan engaged in fabricating facts and malicious defamation, attempting to replace Beijing Huiyuan's core management, obstructing recovery of outstanding funds, and evading investment obligations.

The internal strife also affected market sales. Reporters noticed that official Huiyuan stores on platforms including Xiaohongshu, Douyin, and Tmall have delisted products, though other distributor stores continue sales. Surveyed distributors in Jiangsu and Hebei provinces confirmed that offline channel supply has not changed significantly, though some distributors worry about negative brand reputation impacts from internal conflicts.

Industry observers believe the long-term impact of the dispute remains difficult to judge. According to restructuring arrangements, Beijing Huiyuan owns the complete "Huiyuan" trademark series, sales networks, and 15 proprietary production lines. However, it operates under an asset-light model, with 80% of production lines leased back to the original Huiyuan Group and purchasing finished products, while orchards and most production lines remain under the original Huiyuan Group, creating a standoff between both parties.

Guangdong Food Safety Promotion Association Vice President Zhu Danpeng told reporters that with supply chains under old Huiyuan system control, normal production and operations face no issues. While Wensheng Asset operates Beijing Huiyuan under an asset-light model, the latter's ownership of the Huiyuan brand makes competitive prospects unpredictable.

If bilateral competition intensifies, creditors and Guozhong Water would suffer most. Recent investor inquiries to Guozhong Water revealed that staff are monitoring developments but have not taken additional measures.

According to the open letter, Wensheng Asset-controlled Beijing Huiyuan will conduct public tenders for contract manufacturing cooperation with national fruit juice beverage producers and recruit provincial and municipal distributors, prioritizing original distributors in an attempt to start fresh.

In Zhu Danpeng's view, Huiyuan leads in high-concentration fruit juice market share, but if Beijing Huiyuan seeks alternative contract manufacturers and distributors, competition will further escalate, potentially causing market chaos unfavorable to both parties.

Fragrant Capital Executive Director Shen Meng told reporters that both parties' interest disputes have exceeded considerations for overall enterprise development. Each party maintains its own interests without considering the other or the whole. The situation has reached this point because both believe that obtaining complete company control would still provide recovery opportunities, but both may have misjudged the degree of harm their conflict causes to the brand and enterprise.