Private Medicine Listed Companies Get The Key To Share The National Assets.

In April 7th, the top nine bio announced that it signed a strategic cooperation agreement with the national drug group and the national pharmaceutical investment. The national drug investment is not to exceed 1 billion 200 million yuan to subscribe for the company's non-public offering shares, becoming the largest shareholder of the company. This is a pharmaceutical listed company that introduced state controlled capital in third months after Zuoli pharmaceutical and Kang Bei Bei. After that, the controlling rights of many listed pharmaceutical companies such as Hainan Hai medicine, Huaren pharmaceutical, Ji medicine holding and purple Xin medicine were transferred to the state-owned assets platform.

? ? A brokerage analyst told an economic news reporter in twenty-first Century that since the beginning of the second half of 2018, the issue of large shareholders' equity pledge has occurred. Many private listed companies seek state capital relief funds to solve the crisis. Agricultural, transportation, computer and other industries have listed companies to get capital injection from state-owned capital. Gaze. "Through strategic investment, the state-owned assets platform can improve the allocation and operation efficiency of state-owned capital, and promote the preservation and appreciation of state-owned assets."

? ? ? Twenty-first Century economic report combing reporters found that private pharmaceutical listed companies to introduce state-owned capital into shares and holdings, many are considered from the strategic level, not only to introduce capital, but also to achieve sharing and complementarity in resources and channels, to promote the development of related industries, and to form a multi-level and multi-channel business chain network, so as to enhance the risk and profitability of listed companies. 。

Shi Lichen, head of the Beijing Ding Chen medical management consulting center, told the twenty-first Century economic analysis reporter that affected by the epidemic and collecting mining, there will be more and more phenomena of state-owned assets being injected into private listed pharmaceutical companies. "After the injection of state capital, it depends on how the two sides agree on equity and management structure."

Within half a month, 3 listed pharmaceutical companies were held by state owned assets.

In April 4th, the strategic cooperation agreement was signed by the top nine biotic and national pharmaceutical companies. Chinese medicine investment is intended to subscribe to the nine strong biological non-public offering of A shares. After the completion of the non-public offering of A shares, the investment in Chinese medicine will become the strategic investor of the top nine organisms and the largest shareholder of the nine strongest organisms.

The nine strong organisms said that investment cooperation with Chinese medicine has advantages of cooperation and synergy in channels, R & D, and strategy. For example, the Chinese medicine investment related party has developed pharmaceutical / medical device circulation system and extensive market influence, and has a perfect medical service network. It has become a platform for cooperation and communication in the field of Chinese medicine, medical and health.

"After the introduction of Chinese medicine investment, listed companies will share and complement each other in resources, channels, customers and management, promote the development of related industries, and form a multi-level, multi-channel business chain network, so as to enhance the risk tolerance and sustainable profitability of listed companies." Nine strong creatures.

In terms of R & D, Chinese medicine investment related parties have leading domestic applied research institutes and engineering design institutes, and the introduction of national drug investment can provide more powerful R & D strength for listed companies; at the strategic level, the strategic cooperation between the top nine bio and national pharmaceutical investment is conducive to promoting mutually beneficial cooperation between state-owned enterprises and private enterprises in the field of industrial policy guidance. The vitality of various market players and the optimization of resource allocation.

In April 2nd, he also issued a suggestive notice on controlling shareholders' and actual controllers' agreement on strategic cooperation and transfer of shares and the change of control rights. If the share transfer is completed, he will become a controlling subsidiary of the Zhejiang Chinese medicine health industry group and become a listed company controlled by the China World Trade Center provincial group. The actual controller will also be changed from Hu Jiqiang to Zhejiang SASAC.

Hu Jiqiang said that as the largest Chinese medicine enterprise in Zhejiang Province, Concord has always focused on the development strategy of the big health industry centered on Modern Chinese medicine and herbal medicine. "If the strategic cooperation is successfully achieved, the two sides will give full play to the advantages of the institutional mechanisms of state-owned enterprises and private enterprises, mobilize the integration of talent, industry and capital resources, and build a platform for the health industry of Zhejiang province with the cooperation of Zhejiang's Limited by Share Ltd, the three largest to five years. One of them. "

In fact, in addition to obtaining resource advantages, the presence of state assets has also brought financial support to listed companies, relieving performance and capital pressure.

Prior to the announcement of the 2019 results announcement, it was estimated that the net profit attributable to shareholders of Listed Companies in 2019 would be 200 million yuan to 290 million yuan. This is also the first time that Guizhou has been losing for 15 years since its listing. For reasons of loss, he said it was preparing to buy $770 million worth of goodwill and intangible assets for the acquisition of the bate pharmaceuticals company, as well as other factors such as the acquisition of the shares of the company, the decrease in the proportion of some subsidiaries' equity and the decrease in the investment in securities.

In the evening of March 8th, the announcement announced that it would increase the amount of funds raised by A in the form of non-public offering of shares of A, which was not more than 1 billion 96 million yuan (the subscriptions of China Central Group Limited to about $950 million). After deducting the issue cost, the net proceeds from the Lai Mei pharmaceutical industry will be used to repay the loan and supplement the working capital, of which 700 million yuan will be used to repay the loan and the remaining part will be used to supplement the working capital.

Introducing state assets to facilitate the development of enterprises

In twenty-first Century, the economic report combing reporters found that in addition to the above listed private drug companies, many private pharmaceutical listed companies such as Kang Zhi pharmaceutical, Hainan Hai medicine, Huaren pharmaceutical, Ji medicine holdings and purple Xin Pharmaceutical Company issued a notice to transfer the controlling stake to the state-owned assets platform.

The brokers analysis said that from the second half of 2018, the issue of large shareholders' equity pledge began, and private listed companies sought state capital relief funds. 2018 of the A share listed companies had more than 100 private enterprises holding state assets injection control events, and the number reached a new high of nearly 10 years. In 2019, the number of control related changes in listed companies began to fall.

According to Shi Lichen analysis, many pharmaceutical companies are developing difficultly and are willing to let state capital enter, which is also closely related to China's medical policy. "In the past, one or two explosive products could be very moist, but in the context of centralized procurement, many of the products that had been sold were very low. This year, the epidemic also had a great impact on the pharmaceutical industry. A lot of expenses were paid. A large part of them came from the medical insurance fund. The whole plate of medical insurance was greatly affected. Through the consistency evaluation of the varieties or purchase quantity.

Shi Licheng anticipate that there will be more private listed pharmaceutical companies to introduce state-owned capital. "However, the quality of state-owned assets should also focus on the quality of municipal pharmaceutical enterprises, and it will not blindly invest capital."

Through strategic investment, the state-owned assets platform can improve the allocation and operation efficiency of state-owned capital, and promote the coordinated development of industrial chain. In addition, through the entry of listed companies, the state-owned assets platform can lay the foundation for further promoting mixed reform and landing capital market. The securities analysts said.

For example, although China World Trade Center, Zhejiang province has a relatively complete pharmaceutical and health sector chain from production, circulation to medical institutions, and the provincial approved development platform for traditional Chinese medicine industry approved by the provincial government, it is the traditional Chinese medicine production enterprise that lacks most. Feng Bosheng, director of the Zhejiang provincial SASAC, expressed the hope that the China World Trade Center group will join forces with the strong group and complement each other so as to promote the strategic cooperation between the two sides in the pharmaceutical health industry, especially in traditional Chinese medicine, and create the platform for the healthy development of traditional Chinese medicine in Zhejiang.

An insider close to the SASAC said to the twenty-first Century economic report reporter that there is still some pressure on state capital investment. If there is no loss of state assets, we should promote the preservation and appreciation of state-owned assets.

? ? For example, when Zuoli pharmaceutical invested in state assets, Yu Youqiang, the actual controller of the listed company, promised and guaranteed that the net profit of the listed companies in 2020, 2021 and 2022 attributable to the owners of the company was not less than 50 million yuan, 60 million yuan or 72 million yuan, or the total accumulated net profit after adjustment for three years was not low. It's 182 million yuan.

Moreover, Yu Youqiang agreed to pay the listed company in cash for three years, the total net profit after the actual adjustment is lower than the total difference of 182 million yuan after the promised adjusted net profit, but the amount of compensation should be limited to the total amount of net profit promised.

In Shi Lichen's view, private medicine listed companies frequently introduce state capital. The biggest benefit lies in financial support and credit endorsement. In the context of state collecting and medical insurance charges, the entry of state-owned capital platform can also provide more resources for private listed companies.

But Shi Lichen also said that the injection of state-owned capital, for listed companies, the original shareholder structure and nature of change, the strategic direction of development of listed companies uncertainty. For state-owned assets, we need to focus on its management mode, how to coordinate the relationship with the original executives and shareholders, and how to achieve industrial synergy through mergers and acquisitions.

Shi Lichen pointed out that there are now two directions. One is the mixed transformation of state-owned enterprises and the participation of private enterprises. The other is the participation of state-owned enterprises in private enterprises. The direction of the future is the industrial size of powerful countries, so the mode of state assets control is very important.

? ? "State owned capital management mode" includes strategic control, financial control and operational control. For enterprises, strategic management is the same as the development of state-owned enterprises. The key positions are fixed, financial and business irrespective. Financial control is the most basic financial aspect, and business control and distribution, money management and management strategy are not important for enterprise development. Tai Yue Guan. " Shi Lichen said.

In Shi Lichen's view, the flexibility of private enterprises is a development advantage, but it does not mean that there are no problems in private enterprises, such as financial fraud and personnel structure aging. It is suggested that state assets be raised first from the strategic, financial, organizational and operational levels, and then the specific control mode should be decided. "A foreign company acquiring a company will first integrate from the specific business, marketing, organization, remuneration, finance and other aspects. The management mode should match, the organizational structure should be suitable for headquarters, and after the integration, the specific management and control mode will be decided."

?