Yuheng pharmaceutical industry has been hit by "three strikes" one after another. How can it solve the problem?

[China Pharmaceutical network enterprise news] the rapid growth of performance is no longer the case, and the stock price has encountered a wave of leverage and equity pledge Since the beginning of 2017, Yuheng pharmaceutical industry has suffered three strikes, and the equity pledge crisis of the actual controller and controlling shareholder has been triggered one after another Although the net profit in 2017 dropped by more than 56%, the performance of Yuheng pharmaceutical industry is not useless In fact, the crisis of controlling people is more about leverage After the outbreak of the crisis, the actual controller and major shareholders moved between selling shell, selling assets and acquisition The selling shell has temporarily failed, and the future of buying and selling assets is unpredictable Today's stock price of Yuheng Pharmaceutical Co., Ltd stays at 6.2 yuan The Pledged Shares that do not touch the closing line are only one paper away from the closing line If the decline continues, the equity pledge crisis may be triggered again What will Yuheng pharmaceutical and its actual controller do to solve the problem? Since February 2017, the stock price of Yuheng pharmaceutical continued to fall from more than 9 yuan until the beginning of February this year to about 5.7 yuan The wave of decline may have something to do with leverage According to the annual report data, as of the end of December 2016, among the top ten shareholders of Yuheng pharmaceutical, there was one trust plan with a shareholding ratio of 0.68% and one asset management plan with a shareholding ratio of 0.59% Although the shareholding ratio of the above-mentioned asset management products is small, it is worth noting that more than 65% shares of Yuheng pharmaceutical industry are held by Zhu Jiman, Yuheng group, etc By the end of March 2017, the above trust and asset management plans had disappeared among the top ten shareholders It is from February and March that year that its share price has fallen by more than 20% By February 2018, when the high proportion of pledge fell, Yuheng pharmaceutical industry also failed to avoid From February 5 to February 7, its share price dropped from about 6.74 yuan to 5.68 yuan, a drop of about 17%, which directly led to the closing of the shares held by Zhu Jiman through Shengjin 16 Not only that, in recent years, Yuheng pharmaceutical industry has carried out a large number of mergers and acquisitions, and the sequelae has gradually begun to appear According to the announcement, since 2012, the company has invested heavily in the acquisition of Guangzhou new Huacheng Biotechnology Co., Ltd (hereinafter referred to as "Huacheng biotechnology"), dandelion pharmaceutical, Nanjing Wanchuan, Shanghai Huatuo, Shanxi Pude pharmaceutical, Aonuo (China), Sheyang Zhenyang hospital and other medical assets Among them, Huacheng biology, Nanjing Wanchuan, Shanxi Pude pharmaceutical, Aonuo (China), etc all hold 100% shares These acquisitions cost a lot of money Among them, the purchase price of 85.01% equity of Shanxi Pude Pharmaceutical Co., Ltd reached 2.38 billion yuan, the second purchase price of the remaining shares reached 387 million yuan, the purchase price of Aonuo (China) was 420 million yuan, and the purchase price of Shanghai Huatuo was close to 800 million yuan When purchasing Shanxi Pude Pharmaceutical Co., Ltd., Yuheng Pharmaceutical Co., Ltd planned to raise more funds, but the two issuance failed From 2010 to 2012, the net profit of Yuheng pharmaceutical industry was RMB 154 million, RMB 116 million and RMB 167 million respectively, which was stable though not changed much From the next year, its profits grew rapidly From 2013 to 2016, its net profits reached 226 million yuan, 443 million yuan, 664 million yuan and 716 million yuan respectively, with extremely strong growth Yuheng pharmaceutical said in its 2014 annual report that this was due to the outstanding performance of the business sector of new member enterprises, which has become an important component of supporting performance: Aonuo (China) achieved a net profit of 48.61 million yuan, an increase of 39.92% over the same period of last year; dandelion achieved a net profit of 45.65 million yuan, an increase of 193.08% over the same period of last year; Shanghai Huatuo achieved a net profit of 168 million yuan, an increase of 97.19% over the same period of last year According to the 2015 annual report, the overall performance increment brought by the acquisition of Shanghai Huatuo and Nanjing Wanchuan includes operating profit of RMB 363 million, a year-on-year increase of 34.73%, net profit of RMB 326 million, a year-on-year increase of 35.06%; operating profit of Pude pharmaceutical industry is RMB 225 million, a year-on-year increase of 13.46%, and net profit of RMB 195 million, a year-on-year increase of 13.58% After entering 2017, such high growth is no longer According to the data, the company's operating revenue was 3.04 billion yuan, up 1.95% year-on-year, net profit was 310 million yuan, down 56.79% year-on-year, only 256 million yuan after deducting Africa, down 60.11% year-on-year In fact, in the second quarter of 2017, the decline of Yuheng pharmaceutical industry was obvious In the second quarter of the same year, the company had RMB 98.06 million, about RMB 23 million less than that in the first quarter In the third and fourth quarter, there were only 67.91 million yuan and 22.59 million yuan respectively, showing a rapid shrinking trend At the same time, the proportion of goodwill generated by acquisition is also high By the end of 2017, Yuheng pharmaceutical had a total asset of 9.06 billion yuan and a net asset of 4.25 billion yuan Due to the implementation of several acquisitions in recent years, its goodwill continued to expand over the same period, with an estimated value of 3.641 billion yuan, accounting for 87.24% of its net assets In addition, its funds also bear some pressure As of the end of 2017, the company's monetary capital is 961 million yuan, while the short-term borrowings in the same period have reached 2.11 billion yuan At the end of March this year, its monetary fund was still 961 million yuan, but the short-term loan has increased to 2.178 billion yuan, and the gap continues to expand Although the number of equity pledges lower than the closing line has declined significantly, almost 100% of the pledge ratio is still the sword of Damocles hanging over the head for zhujiman and Yuheng group Since he was forced to settle down by Yunnan trust on February 7, Zhu Jiman has started to rescue himself, move assets under his name and plan to sell shells On May 5, Yuheng pharmaceutical, which had been suspended for more than two months, received a letter from Zhu Jiman The latter and Yuheng group are negotiating with China Health Investment Holding Co., Ltd (hereinafter referred to as "China health investment") on the introduction of strategic investors Yuheng Group signed a framework agreement with China health investment China health investment or its designated related parties intend to transfer the company held by Yuheng group at a price higher than 3.94 billion yuan No less than 35% equity of the company The transfer of equity may lead to the change of control right of Yuheng pharmaceutical According to the data, Yuheng group holds 42.63% of Yuheng pharmaceutical, Zhu Jiman directly holds 0.45%, through Shengjin No 16 collective fund trust plan, 19.54% through Yuheng international, and 1.95% through Oriental keystone Investment Limited, with a total control of 65.46% If 35% of the shares are transferred, the shareholding ratio of Zhu Jiman will be reduced to 30.46% and he will lose his controlling position But the shell scheme has now ended Yuheng group announced on June 11 that, considering that the cooperation framework agreement has been signed for more than one month, it is expected that it will be more difficult for relevant parties to sign formal contracts in a short term Therefore, it was decided not to push forward the cooperation and terminate the transaction At the same time, Yuheng pharmaceutical is still operating to sell and purchase assets On February 22, Yuheng pharmaceutical announced that it planned to sell 100% equity of its wholly-owned subsidiaries Shanghai Huatuo, Tibet Yuheng sunshine Pharmaceutical Co., Ltd (hereinafter referred to as "Tibet sunshine") and Shanxi Pude Pharmaceutical Co., Ltd to Shanghai Liding Investment Management Co., Ltd (hereinafter referred to as "Liding capital") or the funds under its management, with a transaction consideration of no more than 5.5 billion yuan On the afternoon of June 28, financial reporters called Yuheng pharmaceutical's secretary of the board of directors and securities affairs representative's office number for several times about Yuheng group and Zhu Jiman's liabilities, fund raising and additional guarantee of equity pledge, but the phone number was not answered and the company was not contacted for comment Original title: Yuheng pharmaceutical how to resolve three strikes reporter: Mu Qing