Controlling shareholders in court cases, overdue debt of 3.8 billion, Furen Pharmaceuticals financial results foggy ...

Guide: Furen Pharmaceuticals financial problems thunder, or on the verge of de-listing! Since its establishment in 1993, Furen Pharmaceuticals has been listed in 1996 and has made 14 consecutive years of profit since 2006, and has been selected in the top 100 list of China's pharmaceutical industry several times, known as the "White Horse Stock" of pharmaceutical.
However, due to last year's dividend explosion incident, the current white horse shares on the verge of de-listing, some assets frozen, controlling shareholders litigation, overdue debt of 3.8 billion: The situation is worrying, even catching up with Conme Pharmaceuticals.
the controlling shareholder overdue debt of 3.8 billion, litigation entangled on August 4, Furen Pharmaceuticals issued a notice that recently through the China Securities Registration and Settlement Co., Ltd. Shanghai Branch system inquiries, learned that the controlling shareholder Furen Group was judicially auctioned 14.4 million shares of the shares have completed the transfer registration procedures.
14.4 million shares accounted for 2.30% of the total number of shares in Furen Pharmaceuticals, accounting for 5.37% of the total shares held by Furen Group.
Zhengzhou Central Court in the execution of the application for the executed person's products trade and the executed person Furen Pharmaceutical Group Co., Ltd., Furen Pharmaceutical Group Pharmaceutical Co., Ltd., Henan Province Songhe Liquor Co., Ltd., Wei Qingming, Zhu Wenchen loan contract dispute, the course of the litigation to (2019) Yu 01 to issue 261 enforcement ruling, frozen the executed person Furen Group held by the company restricted the sale of shares.
Zhengzhou Central Court in accordance with the relevant provisions, ruled that the auction, sale of the company held by the executive Furen Group 14.4 million shares of restricted shares and interest, on May 18, 2020 through Taobao judicial auction network platform auction by the executive person Furen Group held by the company's 14.4 million shares of restricted shares and interest.
May 19, 2020, the buyer of Henan Po Products Trading Co., Ltd. won the auction bid.
Furen Pharmaceuticals said that the completion of the transfer will not lead to changes in the company's controlling shareholders or actual controllers.
so far, after repaying the amount owed to the controlling shareholder and its related parties, Furen Pharmaceuticals has provided the loan balance to the controlling shareholderand and related parties up to 1.6 billion yuan, and the company has provided joint and several liability guarantees of 140 million yuan to the controlling shareholders and related parties, with a guarantee balance of 59.8 million yuan.
the above matters constitute the related party's capital occupation and non-compliance guarantee.
announcement shows that the current overdue debt of Furen Group is estimated at about 3.845 billion yuan.
due to overdue debt, Furen Group is facing a number of lawsuits involving a total amount of about 3.8 billion yuan, the specific amount needs to be further verified.
Furen Group is one of the major shareholders of Furen Pharmaceuticals, accounting for 45.03 percent of the shares. The real-world controller behind
Furen Group is Zhu Wenchen, who owns 97.37 percent.
announcement, Zhu Wenchen's appointment as chairman of Furen Pharmaceuticals ended in June this year, but remains the company's real controller.
Furen Pharmaceuticals 2019 financial results Furen Group mainly engaged in pharmaceutical, liquor, research and development, production, operation, investment, management in one, the product covers Chinese and Western pharmaceutical preparations, biochemical pharmaceuticals, biopharmaceuticals, raw materials and other categories.
also noteworthy, on August 1, Furen Pharmaceuticals announced that about 268 million shares of the controlling shareholder, Furen Pharmaceutical Group, were frozen, accounting for about 45.03 percent of the company's total shares, with a three-year freeze period.
as of the date of disclosure of the announcement, the total number of shares frozen by the shareholders and their co-actions of Furen Pharmaceuticals was about 307 million shares, accounting for 48.94 percent of the company's total share capital.
Furen Pharmaceuticals financial "explosive", on the verge of de-listing last year, Furen Pharmaceuticals exposed 1.8 billion books but can not get 60 million dividends event triggered a heated debate.
the market value of Furen Pharmaceuticals reached 11.079 billion yuan at its peak in 2019.
's financial explosion, the market value lost more than 7 billion in the year.
the current total market value of Furen Pharmaceuticals is only 2.377 billion yuan, the share price of 3.79 yuan.
the former white horse stocks fell from the altar.
July 20, 2019, Furen Pharmaceuticals announced that due to the funding arrangements, the cash dividend payment spent in accordance with the provisions, can not be implemented on schedule.
, Furen Pharmaceuticals' first quarter 2019 financial results showed net profit of 217.6 million yuan and currency capital of 1.816 billion yuan in the first quarter of 2019.
Furen Pharmaceuticals in response to the SSE inquiry, said that the company's capital pressure is greater, in order to ensure the needs of day-to-day operations, the funding arrangements failed to be in place in a timely manner, resulting in the failure to pay cash dividends on time.
as of July 19, the Company and its subsidiaries had a total cash amount of 127 million yuan, of which 123 million yuan was restricted and 377.87 million yuan was restricted. On July 26,
, Furen Pharmaceuticals was investigated by the CSRC. on August 19,
, Furen Pharmaceuticals issued a further announcement explaining that this is due to the company's large capital investment in the pre-construction projects, the 2018 collection of supporting funds targeted additional financing terminated, failed to replenish working capital in a timely manner.
2019 the company's capital constraints and liquidity difficulties, resulting in the company and children, the company's part of the debt overdue.
as of the date of the announcement, the total amount of overdue debt principal and interest was $770 million.
after the dividend incident, Furen Pharmaceuticals Chairman Zhu Wenchen's other well-known wine company Songhe Wine Industry was also exposed to the suspension of work due to pay.
in addition, Zhu Wenchen also because of the ability to perform and refused to perform by the Guangzhou Yuexiu District People's Court as a "breach of trust executed person." on June 24,
, Furen Pharmaceuticals disclosed its 2019 annual report.
However, the 2019 financial report was issued by the accounting firm Ruihua for an unadited audit opinion.
Ruihua accounting firm to give an unexpressed audit opinion, mainly due to the controlling shareholders of Furen Pharmaceuticals and its related parties illegally occupied funds and external guarantees, default debt, litigation (arbitration), advance payments, other receivables of the commercial substance and recoverability, the China Securities Regulatory Commission to file an investigation, and the continued operation of the major uncertainties.
, as of December 31, 2019, Furen Pharmaceuticals has difficulties in liquidity, facing financial pressure that debts can not be repaid due and with external guarantees to bear joint and several compensations, and involves multiple litigations, some bank accounts and assets frozen, and significant uncertainties about the ability to continue operations. On the same day
, Furen Pharmaceuticals issued a "notice on the implementation of de-listing risk warning and temporary suspension of trading", said that due to the 2019 financial report issued an unable to express opinions of the audit opinion, according to the relevant provisions, the company's shares will be suspended on June 24 for one day, on June 29 to resume trading, and will be june 29 to implement the de-listing risk warning.
the stock short for the implementation of the de-listing risk warning changed to " st.
in addition, for the "2019 Annual Report After Review Inquiry Letter" issued by the Shanghai Stock Exchange, as well as from the audit opinions related to matters, main business operations, capital occupation and non-compliance guarantee, financial data and other aspects of further supplementary disclosure of the "regulatory work letter on information disclosure related matters", Furen Pharmaceuticals has not been able to reply.
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