April 2, 2010, State pharmacy online Roadshow. Guizhou's capital markets quiet in five years, and finally the IPO is expected to usher in a long time.
Even the most cautious researcher, also gives the State pharmaceutical $ 15.11: 17.5/per unit of inquiry, calculated according to issue no more than 21.7 million shares, State pharmaceuticals IPO to raise money not surprisingly will break through the $ 196 million.
State pharmaceuticals to landing a-share market, China Great Wall asset management Corporation was instrumental. In 2005 and 2006, two hand of great wall asset management Corporation to restructure the State pharmaceutical, in debt-for-equity to reduce the State pharmaceutical finance fee, which is to go into battle with a light Pack, after several years of deep, State Pharmacy listed end finally a step by step approach, which means that the great wall asset management company will earn full Bowl overflows.
In the eve of the State pharmaceuticals IPO, however, there was a risk not to be ignored: from 2010, the State pharmaceutical will lose an important source of profits--will halt production of zhenqi fuzheng capsule, which means that the margin contribution of almost 10% for the company's products for 2010, contribution to the net profit plunge.
On April 1, the reporter several times to call the State pharmaceutical secrets Tung Kong Lingzhong, but the handset has been unanswered.
In the prospectus of the State pharmaceuticals, key reference is made "on halting the production of zhenqi fuzheng capsule".
Offering manual said, "Zhen effect fuzheng capsule is letter state pharmaceutical law made and legitimate production business of Chinese medicine products (sinopharm zhunzi Z20013244), but due to another has a in China medicine production enterprise on approved text, has objections, on December 19, 2008, national food drug supervision authority issued on suspended Guizhou letter state pharmaceutical company limited production Zhen effect fuzheng capsule of notification under, is from on December 31, 2008 up, letter state pharmaceutical suspended Zhen effect fuzheng capsule of production, but previously" Manufactured products, to continue to sell used within the validity period. "
While State pharmacy is not named, but reporters understand, and pharmaceutical enterprises of the State pharmaceutical dispute is Beijing haijixing medical technology co., Ltd. Its subsidiaries--strengthening pharmaceutical science and technology joint-stock companies in Gansu province and Gansu LAN medicine pharmaceutical group limited company is production of zhenqi fuzheng capsule.
Beijing haijixing medical technology company limited's official website revealed that starting from the second half of 2001, Guizhou and Sichuan, there were a lot of "bang" brand "of zhenqi fuzheng capsule", name, formula, efficacy and strengthening pharmaceutical science and technology joint-stock companies in Gansu province and Gansu LAN medicine pharmaceutical group of the same product. Know, is a State pharmaceutical company limited, Guizhou province to "increase specification" and "concentration-capsule", has gained national approval number, two subsidiaries embarked on the road to rights, and official of the State food and Drug Administration issued a suspended state pharmaceutical company limited, Guizhou "zhenqi fuzheng capsule".
"Our zhenqi fuzheng capsule, report, protection of property rights is legitimate. "Strengthening pharmaceutical AG General Manager Li Jianzhong, Gansu province told reporters. Company in 2009 before it filed for patent protection of new, have a 5-year term of protection, which means that, by 2014, States cannot be zhenqi fuzheng capsule pharmaceutical production.
Loss of zhenqi fuzheng capsule production rights on State pharmaceutical means what?
Zhenqi fuzheng capsules in no doubt is one of the leading products of the State pharmaceutical. Data show that in 2008, sales income of 30.0369 million yuan of zhenqi fuzheng capsule, share sales revenue in the period 10.93%, achieving gross margin $ 16.79 million, 8.87% per cent of total State pharmaceutical when the phase margin. Although at the end of 2008 was forced to stop production, but with the accumulation of inventories, zhenqi fuzheng capsule in 2009 sales revenue reached $ 29.9725 million, share sales revenue in the period 8.93%, achieving gross margin $ 17.71 million, total gross profit of 7.59% for the current period.
And since the sale depleted, at the end of 2009 the State pharmaceuticals only $ 498,800 zhenqi fuzheng capsules in stock. This means, by the "moratorium on the production of" restriction, this margin contribution of almost 10% for the company's products for 2010, contribution to the net profit plunge.
Outside sources in addition to the loss of important profits, capital will look together to bang two shareholders--the great wall asset management for pharmaceutical companies.
On February 6, 2005, the great wall branch of the agricultural Bank of China, Guizhou province and Guiyang Office of assets management company signed an agreement on the transfer of loan claims, of ABC Company's transfer of $ 98.5 million loan to great wall asset management Corporation.
Reporter noted that these "transfers" the vast majority of loans for 2004, which was signed in 2005, short-term loans for a period of one year, the most recent of which a January 19, 2005 new credit in the amount of $ 17.5 million.
After receiving the claim, Guiyang Office of great wall asset management Corporation on the reorganization of State pharmacy is divided into two steps.
March 2005, great wall assets management company and letter state pharmaceutical original shareholders--Chongqing Hao source trade limited responsibility company check will equity transfer agreement under, to 12.925 million yuan of claims for has Chongqing Hao source trade limited holds of 5.5 million letter state pharmaceutical shares, April, great wall assets management company then with 35.485 million Yuan claims subscription has letter state pharmaceutical 15.1 million increased funded unit, makes hands holding number reached has 20.6 million unit. At this point, the great wall asset management claims on the State of pharmaceutical companies dropped to $ 50.09 million.
In December 2006, the great wall asset management claims on the State pharmaceutical company surgeon, to $ 28 million debt to get a carrying amount of receivables of $ 34.1249 million for assets, assisted by the State Pharmacy, at the end of June 2009, who specializes in great wall asset management companies about the recovery of bad debt has accumulated $ 28.3133 million recovery. As regards the remaining claims $ 22.09 million, State pharmaceutical at the end of 2009 the settlement.
Great Wall asset management Corporation has won the election. Through these complex operations, great wall asset management Corporation equivalent to $ 48.41 million claims paid at the expense of State pharmaceutical 20.6 million shares of stock, even at $ 15/share, great wall asset management Corporation's profitability will exceed $ 250 million.
One obvious detail is that State Pharmacy in Guizhou and Chongqing's origin quite dark, it director Tang Xuefeng, General Manager of the former ST real, Yang Yuling was Finance Director for Finance Center Director of the Chongqing branch.
Xin bang haoyuan shareholders--Chongqing economic and trade of pharmaceuticals have limited in 2005 the stake submissively great wall asset management Corporation, in return for loans. According to industrial and commercial information, currently a publicly traded company, Chongqing secret has been in the period from March 1998 to November 2002 to Tung haoyuan, Chongqing economic and trade limited company's controlling shareholder.
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