Germany'S Exhibition, Health Acquisition And Transformation, The End Of The Day Of Lying On The Bottom Of Marijuana

In November 25th, 000813.SZ continued to decline after 6 trading days, and its share price reached a new low. At the close, it closed at 6.54 yuan / share, a total decline of over 19%, and its market value shrank to 14 billion 700 million yuan.

Behind the stock price decline is the fact that this once used lipid-lowering drug tap is facing the pressure of lifting the ban.

On the evening of November 17th, the German development fair issued a notice on the lifting of the ban on restricted shares. About 933 million shares of the restricted stock will be lifted in November 19th, accounting for 41.64% of the total share capital of the company, and the market value of the lifting of the ban will be about 7 billion 500 million yuan (according to the closing price of the previous trading day).

Despite the fact that the controlling shareholder Merrill Lynch currently has no reduction plan, its stock price is still down in volume in November 18th.

In March of this year, after having tasted the sweetness of "industrial" cannabis, in November 19th, the German development fair announced that it had signed a share transfer agreement with Han Zhong Management Group Co., Ltd. and HMA investment group in Beijing. It intends to acquire a 20% stake in Yunnan hemp Biotechnology Co., Ltd., which is held by HMA investment group at 100 million yuan.

Only this time, the healthy stock price of Germany has not been boosted.

Pressure of lifting quantity

The predecessor of de exhibition health is a textile enterprise of Xinjiang Tianshan textile.

In September 2016, through the reorganization of major assets, the original wool textile and mining assets were put into the pharmaceutical assets of Beijing Jialin Pharmaceutical Co., Ltd., Germany's health and entry into Tianshan textile, and successfully entered the A shares.

At present, the controlling shareholder of the company is Merrill Lynch holding, holding 33.24% of the listed company, and the actual controller is Zhang Yong.

It is reported that the lifting of the ban on sale of shares are listed on the backdoor to Jialin pharmaceutical 8 former shareholders to buy assets and raise matching funds issued shares. Among them, the 554 million restricted stock held by controlling shareholder Merrill Lynch will be lifted, accounting for 24.72% of the total share capital.

"The restricted shares will be released after the sale is restricted, and the controlling shareholder Merrill Lynch will apply for the settlement according to the deadline of the deadline. Merrill Lynch currently has no reduction plan. In the future, if capital needs need to be reduced, the transfer of shares will be reduced mainly by means of agreement transfer. De exhibition Health said in the announcement.

It is worth noting that Merrill Lynch is not "not bad money".

It is disclosed that Merrill Lynch currently has a total loan balance of 3 billion 895 million yuan, and the amount of debt to be paid in the next six months and within one year is 3 billion 710 million yuan, and the asset liability ratio is 56.98%.

Times weekly reporter noted that as of November 7th, Merrill Lynch holdings held by the German exhibition health shares basically 100% pledge.

Some people in the industry believe that the stock pledge of Merrill Lynch holdings is facing a risk of liquidation.

Teh Health said that the overall debt ratio of Merrill Lynch holdings is now within normal limits. It plans to reduce the overall pledge ratio by issuing exchangeable debt and expanding other financing channels.

"Exchangeable bonds, as a way of financing, may also become a" sharper "for large shareholders. In November 23rd, a medical researcher from an investment organization in Shenzhen told the times weekly reporter.

"The convertible bonds listed on the stock market are subject to convertible bonds, and large shareholders can reduce their holdings at the time of conversion. The advantage is that they are less direct than those in the two tier market and have less impact on the two market share price." The researcher told the times weekly reporter.

In addition to Merrill Lynch holdings, the second and fifth largest shareholders of de exhibition health, namely Shanghai Yue Ye equity investment and Tibet Jintong Enterprise Management Co., Ltd. also have 9.79% and 4.54% shares lifted.

Up to now, the above lifting shareholders have not announced a reduction plan.

However, during the period from December 2017 to June 2018, Yue Ye equity investment in Shanghai reduced 24 million 786 thousand and 300 shares through concentrated bidding and block trading.

Collapse of performance

The other side of the stock price pressure is the German exhibition health product "Alai" (atorvastatin calcium) is facing unprecedented crisis, the performance began to collapse.

Atorvastatin calcium is currently the largest market share of the lipid-lowering drugs, its original research drug, Pfizer's Lipitor, once called the world's top sales of prescription drugs, is the world's "drug king" before adalimumab. As the core subsidiary of German exhibition health, Jialin Pharmaceutical Co., Ltd is the first imitation of this blockbuster variety.

In fact, the success of ah Le is related to the special historical background of the industry.

In 1999, Lipitor entered China just before China joined the WTO.

Due to the drug protection policy at that time, the patent of Lipitor was not protected by administration. The predecessor of Jialin pharmaceutical company, Beijing Honghui biopharmaceuticals, was first imitated, and got the production approval in the same year, and got 8 years of new drug protection period.

Over the past 8 years, only two products, Lipitor and Alto, share a huge market of atorvastatin calcium. As the first imitation medicine in China, ah Le keeps pace with Lipitor, and sales increase step by step, becoming the 3 billion largest single product.

Although the varieties of Jialin pharmaceutical include many varieties such as alle, Trimetazidine Hydrochloride Capsules, fanle and so on, their performance is almost entirely supported by alle.

In 2018, the company achieved a healthy business income of about 3 billion 291 million yuan, accounting for more than 95% of the company's sales.

With the push of "4+7" quantity purchase, the brilliance of German exhibition health depends on single product support or will become the past.

In December 2018, the price of 83% in the first batch of "4+7" purchase was exclusive. The sales volume of ah le in the pilot cities of "4+7" shopping volume has been greatly improved, but both revenues and profits have started to decline sharply.

According to the financial data, in the first three quarters of 2019, the company achieved 1 billion 404 million yuan in business income, down 46.95% from the same period last year, and net profit of 338 million yuan, down 53.67% from the same period last year.

What is even more worrying is that in September 25th this year, the new round of tyre quantity was purchased in the nationwide expansion.

"The days of the first imitation medicine lie over." The aforementioned medical research fellow of the investment organization pointed out to the times weekly reporter that "this round of expansion and procurement cycle is in principle 2 years, and the loss of Shanxi's Jiangsu and other 25 regional markets has caused great impact. There is still a lot of uncertainty about how to purchase the next tire.

Mergers and acquisitions to change marijuana

It has always depended on the joy of eating old books, and its health investment in research and development is stingy.

Data show that from 2016 to 2018, the R & D investment of Germany exhibition was about 51 million 820 thousand yuan, 54 million 650 thousand yuan and 86 million 680 thousand yuan respectively, accounting for less than 3% of the total revenue. In the first half of 2019, its R & D expenditure amounted to about 49 million 750 thousand yuan, accounting for only 5.39% of its operating revenue.

It is puzzling that, after three years of backdoor listing, "rich family" and healthy cash development have neither increased R & D investment nor enriched product lines or new business through capital operation.

For the risk of relying on a single product, the development of health does not seem to be enough until alle meets a crisis.

The times weekly reporter noted that since the second half of this year, German exhibition health has been making frequent efforts to invest abroad through cash, trying to find new growth points. However, from the investment target, its diverse investment fields also seem quite capricious.

In September 24th, the German exhibition health bulletin said that it signed an investment letter of intent with Dai Yanzhen, Beijing Changjiang medical science and technology limited liability company and its major shareholder. The latter is a professional disinfection service provider for medical disinfection, public health, food hygiene and other fields. At present, the specific form and amount of the cooperation have not yet been disclosed.

In September 25th, the German exhibition announced the investment plan for Jincheng medicine (19.970, 0, 0%) (300233.SZ). It intends to purchase 25.05% of the latter shares in cash, and the transaction consideration is estimated at 2 billion 100 million to 2 billion 600 million yuan.

Jincheng pharmaceutical is the leading enterprise in the field of cephalosporins in China. The deal is still in the framework agreement stage.

In October 24th, German exhibition health signed a cooperation framework agreement with Beijing Oriental bio pharmaceutical Polytron Technologies Inc, which is expected to increase capital by 300 million yuan in cash.

It is reported that orient bio introduces its investors on the basis of its existing clinical research and development (including stage II and phase III) products and the introduction of innovative drugs being implemented.

With the advent of industrial hemp draught, de exhibition health also took advantage of the wind.

In March this year, German exhibition health and Han Zhong business management group, hemp investment group reached a strategic partnership.

In the past six months, Dezhou health has jointly established a joint venture with the above partners, including Deyi Pharmaceutical Co., Ltd., Beijing, USA, and so on.