ST Comey: Miracles and Cool, Which One Comes First?

Text . . . The founder of the polypeptide chain Yan Rui
snowflakes floating, north wind Xiao Xiao. Eyes looking at the market crazy rise, the beginning of the bull market, ST Kangmei (600518.SH) investors cold, lingering.
change the handsome like a knife, that is the metaphysics on the football field. For the weak ST Comey, the change of chairman and legal representative is like a curtain-changer to foster puppets.
of course, as far as the current reality is concerned, the company also really needs to have such a "physical sa", in the heart of internal stability, in the outside good to the deep set of investors left some hope of survival.
in June 20, 2020, the company issued the "on the change of legal representatives" bill, the former legal representative of the company's Ma Xingtian's name did not even appear, but the election of the company's new chairman and the changed legal representative's name, but let investors back cool.
there are media reporters even in and out of Ma Xingtian birthplace Puning City Bowl Village, also failed to verify the 69-year-old ma Xingtian and 84 years of Ma Xinggu is what kind of relationship, but this can not see that the two people are the same family of close relatives?
so, Kangmei is also a family-controlled private listed company, had hoped that state-owned investors and even hosting Kangmei investors, I am afraid the desire is still bone- feeling.
unlike many private listed companies that are taken over by local state-owned companies, Kangmei is due to financial fraud and the control shareholders account for a huge hole, even if the state-owned enterprises intentionally also have to think twice about public opinion and financial costs.
, in May, the SFC on ST Kangmei financial fraud case has been qualitative, 600,000 top fines and Ma Xingtian, Xu Dongxuan couple was taken the final capital market ban decision penalty is not the end of the case.
the follow-up judicial organs to the Kangmei pharmaceutical case investigation and prosecution, the relevant personnel of criminal liability and civil accountability mechanism to start, it is likely to repeatedly ferment Kangmei fraud case.
is nailed to the A-share shame column of Kangmei, which is so easy to wash white, investors are not only seven seconds of memory of the fish.
but the problem is, to retain the listing of the qualification of Kangmei if 2020 continue to lose money, ST must add a star, the current A-share market for de-listing has a group immunity, no longer favor the "soul back" story.
so to ST Comey's limit I am afraid there is less than a year and a half left, then this hidden and just beginning to scrape bone healing listed companies, it is possible to turn things around?
white horse at first black swan, I am afraid that at this moment The core management of Kangmei Pharmaceuticals can not look at such a large hole, self-help is also a heart.
July 4, ST Kangmei on June 5, the China Securities Regulatory Commission Guangdong Regulatory Bureau issued "on the implementation of public disclosure measures against Kangmei Pharmaceutical Co., Ltd. " ordered it to explain the company's disclosure of the business performance of a number of significant changes in the reasons.
, however, neither impairment tests are tested "in accordance with the standards of new financial instruments" or "affected by the outbreak" or "the company is optimizing its business structure", it is impossible to hide the fact that Kangmei is already extremely weak.
According to the 2019 annual report finally released on June 17, the company realized net profit attributable to shareholders of listed companies in the year was -4.615 billion yuan, and net profit after deduction was -4.831 billion yuan.
that figure is more than 3 billion yuan more than the January earnings report, and 1 billion more than the forecast released on April 30. Coupled with the balance of books such as 500 million yuan of cash assets at the end of the annual report, investors are more worried about the company's ability to help itself quickly.
not only revised annual report data, kangmei even in the first quarter of 2020 results, but also made a significant adjustment. Compared with the unaudited First Quarter 2020 Report released on April 30, total assets decreased by RMB900 million at the end of the first quarter of 2020 and net assets attributable to shareholders of listed companies decreased by RMB1.295 billion.
final 2020Q1 data show that the company achieved revenue of 1.170 billion yuan, down 76.13 percent year-on-year, while net profit attributable to shareholders of listed companies was -297 million yuan, down 552.28 percent year-on-year.
, as of the end of March this year, The total assets of TheUnited were $63.6 billion, with net assets of $20.35 billion, and total liabilities amounted to $43.246 billion and current liabilities amounted to $17.286 billion. The short-term borrowing balance reached 3.45 billion yuan. Comparing its cash assets of $476m on its books, it is clear that Comey is like a pressure cooker that could crack at any time.
compared to somewhat desperate performance data, worse is the many times the drastic revision of the performance data itself, you know that after the financial fraud, not only the secondary market investors lost trust in Theunited, suppliers and partners such as banks are bound to be more cautious about TheSame.
Although in December 2019, Kangmei and CCB and 14 other banks signed the "Stock Loan Syndicated Contract", loaned 10 billion yuan to the syndicated banks to repay the stock working capital loans of Kangmei Pharmaceuticals in the syndicates, the loan term of three years, fixed interest payments twice a year.
but in June 2020, the China Interbank Dealers Association held its 6th self-regulatory disciplinary meeting in 2020 to consider a decision to publicly condemn The Pharmaceutical Industry, suspend its debt financing instrument-related business and order it to rectify within a time limit;
to put it bluntly, this is the banking supervision system from the top down to give Comey credit downgrade. And even banks that have reached a low-absorption loan agreement with Comey are wary of caution and caution over its credit support.
anyway, the financial institutions that never send carbon in the snow can't be The White Knight of Kangmei, and investors who look forward to wearing it naturally hope that the local government will bring a turning point for the two-lost Kangmei.
is also true, from 2018 private listed companies large-scale financial explosion, many of the local governments under the jurisdiction of these listed companies have become the last keyboardman, such as the Oriental Garden and other companies such as this operation to avoid further deterioration.
June 9, ST Kangmei announced that the company and Meihekou Municipal People's Government, Meihekou City Financial Investment and Kangmei Medical Investment signed the "On Meihekou Medical Health Center Project Cooperation Agreement", agreed to invest 700 million yuan to participate in Kangmei Holdingsun's capital increase, Kangmei Medical Investment as the existing shareholders of the company to increase capital.
this is the first time Kangmei Pharmaceuticals officially introduced local state-owned capital, and the company's new chairman Ma Xinggu and Meihekou Municipal Committee Standing Committee, Deputy Mayor Wang Jun signed an agreement photos, so that investors have imagined.
after all, the city of Puning, where Kangmei Pharmaceuticals is located, is a relatively backward level of economic development in Guangdong, a major economic province, and Kangmei was once a large tax payer of the local government, the amount of tax once occupied more than one-third of Puning. the logic of
saving Comey is also a way to save local finances has become the hope of investors. The reality, however, is that the local government has done nothing to "guide" local banks to continue to give Kangmei credit support, which is already quite good.
In addition to the pending financial pressure on the books, another key impact on Comey is the fact that the company's actual controller, Ma Xingtian, and its affiliates are taking up funds from listed companies.
according to the Administrative Penalties of the SFC's investigation into the Kangmei case and the decision on market entry, kangmei Pharmaceuticals provided a total of 11.619 billion yuan of non-operating funds to controlling shareholders and their related parties without going through the decision-making approval or authorization procedures.
these unprocessed loans were used by Ma Xingtian et al. to purchase shares, repay financing principal and interest on behalf of controlling shareholders and their related parties, advance the pledge or pay the acquisition premium, etc., and the amount was not disclosed as required.
this is also one of the key sticking points in the Comey case. Compared with Kangmei's self-help, the controlling shareholder's illegal accounting settlement is probably more of an uncertain factor.
to know that as of the end of December 2019, The actual controller of Kangmei Pharmaceuticals, Ma Xingtian and its controlled affiliates Puning City Kangyu Pharmaceuticals, Puning Kangdu Pharmaceuticals, non-operating occupation of Kangmei Pharmaceutical Co., A.S. Pharmaceutical Co., A.K., total funds amounted to 9.48 billion yuan.
based on the net assets of 20,353 million yuan at the end of the first quarter of 2020, the account, which is the same as that of ma Xingtian, the company's former chairman, is equivalent to taking out nearly half of The Company's net worth (46.6 percent).
October 2018, the Ma Xingtian family ranked 52nd on the 2018 Hurun Rich List with a wealth of 41 billion yuan, but in 2019 the Hurun Rich List fell to 723, with the fortune shrinking to 5.9 billion yuan.
in other words, the Ma Xingtian family is probably already insolvent. In fact, in May this year, the actual controller of Kangmei Pharmaceuticals, Ma Xingtian to Kangmei Pharmaceuticals issued a "debt compensation plan commitment" also said that the physical settlement of the above-mentioned total amount, can only be paid in installments.
in ma Xingtian to Kangmei Pharmaceuticals issued a "commitment to debt repayment", it is proposed to cash, Chinese medicine and other assets, in three years to repay the capital occupied by the non-operating company funds. on June 17,
, the board of directors of Kangmei Pharmaceuticals considered and approved the "bill on urging the actual controller to return the occupied funds as soon as possible in accordance with the requirements of the debt repayment commitment", for Ma Xingtian's account settlement arrangements:
by the end of 2020, Ma Xingtian to pay Kangmei cumulative repayment is not less than 10% of the account, that is, at least 948 million yuan to repay;
even installments, for Ma Xingtian, in three years to pay off the full amount of Kangmei Pharmaceuticals is like a night. In 2019, the average revenue of all Listed A-shares was 13.2 billion yuan, and the average net profit was 990 million yuan. In this comparison, Ma Xingtian had to take out a listed company from his own pocket, they may not be able to pay off the debt.
there is also an agreement in the Debt Repayment Commitment: if it cannot be repaid in cash as scheduled, Mr Ma must sell the collateral and repay the occupied funds in cash. The question is, what variable collateral or other assets does the Ma Xingtian family have to sell?
in fact, while Kangmei Pharmaceuticals is growing rapidly in the capital market, Ma Xingtian and his wife, Xu Dongxuan, and their children are also making various investments. Since 2011, when the family of four took 563 million yuan to participate in the targeted issue of Gujing Gong Liquor (000596.SZ), it has appeared in a number of financing projects such as Goer Acoustics, Blue Shield shares, Yawei shares, Oriental Yuhong.
2016, Ma Xingtian's daughter Ma Jiaxuan appeared at the gaming company Shengxun (300518. SZ's list of 10 shareholders, with a 21.43 percent stake, is now the second largest shareholder of Shengxun, with a market capitalisation of about 400 million yuan, but has also been pledged out.
now, the left-handed capital, the right-handed industrial Ma Xingtian family is the left hand are playing. Its hands can make rich or cashed out of the assets also pledged out a lot, even if the Ma Xingtian couple's holdings have been pledged out of ST Kangmei shares all auctioned, according to the current company's share price, also less than 2.3 billion yuan.
in short, the 9.48 billion yuan of controlling shareholders illegally accounted for, will always be hanging on the path of Kangmei Redemption.
good, in the Kangmei surprise fraud case broke out, the company also made at least some self-help behavior.
, for example, to sell a 9.458 percent stake in Guangfa Fund Management Co., Ltd. for $1.39 billion. The cash recovery is made to relieve the financial pressure on the company's operations, and
and then signed a Strategic Cooperation Agreement with Guangzhou Pharmaceutical Group, which is the basic framework document for the project cooperation between the two parties. This is obviously to stabilize the company's business,
is through active communication with financial institutions, access to the company's stock loan bank members 10 billion yuan three-year loans, and then get liquidity support, effectively reduce the company's financial costs, for the sustainable development of the company's business to provide protection.
at the same time, Kangmei Pharmaceuticals to the internal problems of a comprehensive combing and rectification, strengthen internal management, and put forward "focus on the development of the pharmaceutical industry", especially to Chinese medicine tablets and their products as their core business.
", "through the organic integration of the company's industrial layout advantages, online and offline mutually reinforced procurement advantages, research and development and quality control advantages, marketing services advantages, to become a Chinese medicine industry chain dynamic integration of enterprises. "
this sounds, at least, there is some thinking, after all, in the past, The benchmark influence of TheUnited in the industry can now come out to say something, their core products can also come out to stabilize some market partners and investors.
in fact, in the early years ma Xingtian founded Kangmei Pharmaceuticals was originally a chemical-based company, after a year on the market, Ma Xingtian only turned the rudder will be Kangmei into a Chinese medicine company, and has been around the Chinese medicine industry chain layout.
and this transformation is derived from the 2002 Kangmei Pharmaceuticals 80 million yuan to build a Chinese medicine tablet production project. Today, ST Comme "scratch the bone treatment", the overall contraction of the layout at the same time, the hope and 18 years ago laid down the main industry foundation to revive the company.
question is, will the Chinese medicine tablet market give ST Comme a chance to reborn, as it was 18 years ago?
According to the National Bureau of Statistics Forward-Looking Industry Research Institute survey data show that the domestic Chinese medicine drink tablet market size continues to enlarge, 2011-2018 China's Chinese medicine drink tablet processing market size increased from 87.4 billion yuan to 263.7 billion yuan, the market size of the annual compound growth rate of 17.1%.
revenue from the Chinese medicine tablet industry was 216.5 billion yuan in 2017 and 263.7 billion yuan in 2018. The Chinese medicine drink tablet industry has been included in the scope of national key protection, and is even considered a strategic industry, benefiting from this, the chinese medicine drink inglis industry business climate is higher than the growth rate of other sub-sectors of the pharmaceutical industry during the same period.
so it seems that ST Kangmei concentrated on the direction of Chinese medicine tablets to redeem themselves, is a wise choice. As the core business of Kangmei Pharmaceuticals, the scale of pharmaceutical tablet production and sales has been firmly in the industry.
According to the 2018 financial data, Kangmei Pharmaceuticals' revenue from Chinese medicine tablets was RMB4.142 billion, up 22.80 percent year-on-year. This is far ahead of Tailong Pharmaceuticals (600222.) that follows. SH), Shouxian Valley (603896. SH) during the same period about 500 million yuan of Chinese medicine tablet revenue scale.
although this data may be one.