ESG Report Of Pharmaceutical Shares In 2020: Zhifei Bio Has Reduced More Than 10 Billion Shares, And Shareholders Of 35 Companies Have "Clearance Style Reduction"

Hot spots, in the worst case, will become a few people's capital carnival.

At the same time, the outbreak of pneumonia in the global capital market in 2020 will have a profound impact on the global capital market.

In the A-share market, this year's pharmaceutical sector has seen a number of violent market, the overall rise in each plate ranked first.

According to the 21st Century Capital Research Institute tracking data, the market has been rising all the way, at the same time, shareholders are waiting for the opportunity to move, a large number of pharmaceutical stocks ushered in shareholder reduction.

As of October 29, subject to the change deadline, there have been 2158 significant shareholder reductions in 169 pharmaceutical companies under the industry classification of CITIC Securities, with an accumulated reduction amount of 92.642 billion yuan.

For comparison, under the same screening criteria, only 166 pharmaceutical companies reduced their holdings in the whole year last year, with the accumulated reduction amount of only 55.426 billion yuan.

In terms of the distribution of subdivided fields, shareholders of "medical device" companies reduced their holdings most, accounting for 23.08%. The category of "chemical preparation" (17.75%) and "Chinese patent medicine" (15.98%) followed closely, ranking second and third.

In terms of monthly distribution, based on the announcement date, the largest reduction of pharmaceutical shares occurred in June (394 times), July (369 times) and September (336 times).

If the equity relationship is a deep-seated interest binding, this alliance is becoming vulnerable because of the rising share price.

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Sketch of 97 companies with 100 million yuan reduction

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According to the statistics of the 21st Century Capital Research Institute, in 2020, 22 pharmaceutical companies will reduce their holdings by more than 1 billion yuan, and 97 pharmaceutical companies will reduce their holdings by more than 100 million yuan.

Zhifei biological (300122. SZ) ranked first in this year's list of pharmaceutical stocks with a reduction of 11.211 billion. The company's total holding of s0024.1 billion shares can also be reduced to 120.5 billion shares in this year's list.

Zhifei biological's main business is the R & D, production and sales of vaccines and biological products. In China's class II vaccine market, its sales volume ranks first among private vaccine enterprises.

With the excellent sales performance of the four price HPV vaccine, the nine price HPV vaccine and the five price rotavirus vaccine, Zhifei biological has achieved the annual performance target ahead of schedule in the third quarter. According to the third quarter report released on October 15, the company realized 11.05 billion yuan of operating revenue from January to September, with a year-on-year increase of 44.14%; and the net profit attributable to shareholders of listed companies was 2.479 billion yuan, with a year-on-year increase of 40.59%.

As a hot vaccine stock in A-share market, Zhifei biological's share price has been rising since this year. Zhifei bio's cumulative increase is as high as 225.46% so far this year, with the highest increase of 282.80%.

On the one hand, the performance is outstanding, the share price has doubled and soared, on the other hand, the important shareholders frequently reduce their holdings. According to the data, Jiang Rensheng, the company's actual controller and major shareholder, reduced his holdings three times through the block trading platform on May 12, May 25 and August 20 this year, with an accumulated amount of 1.561 billion yuan.

However, compared with Wu Guanjiang, another important shareholder of the group, Jiang Rensheng's reduction can only be said to be a "small wizard".

As early as in 2012, some media reports, Wu Guanjiang won the title of "Chongqing stock liquidation king".

According to the annual report of Zhifei biology in 2019, Wu Guanjiang Bi fashion holds 7.26% of the company's shares, which is the second largest shareholder of Zhifei biology.

After entering 2020, with the rise of Zhifei bio's stock price, Wu Guanjiang reduced his holdings five times in March, April, July, September and October, with the accumulated cash amount of 9.159 billion yuan.

On October 27, Wu Guanjiang just completed a new round of reduction. After this round of share reduction, Wu Guanjiang only held 3.02% of Zhifei biological products, and withdrew from the sequence of shareholders holding more than 5% of shares. He changed from a second shareholder to a four shareholder at the end of last year.

Watson biological (300142. SZ), another company engaged in vaccine development and sales, was also reduced by its major shareholders this year. Interestingly, the majority shareholder of Watson biological sold his stock with his left hand and bought shares of other pharmaceutical companies with his right hand.

On March 13 this year, Watson bio announced that Liu Junhui, the major shareholder of the company at that time, and Huang Jing, the person acting in concert, planned to reduce the company's shares by centralized bidding and block trading from April 4 to October 3, accounting for no more than 1.5% of the company's existing total share capital.

In early March, the A-share pharmaceutical sector had experienced more than one round of rise, while Watson biological's share price was still in the same place. According to the data, from the beginning of 2020 to the day before the announcement (March 12), the CITIC pharmaceutical index has risen by 8.27%, while the share price within the Watson biological range has fallen by 4.44%.

According to the company's announcement on April 10, the total number of shares held by Liu Junhui was still about 75 million yuan from April to April.

More than a month after the disclosure of the reduction plan, Liu Junhui's name appeared in Kangtai biological (300601. SZ)'s "non public development bank stock issuance report". He subscribed for about 300 million yuan of shares at the price of 110 yuan / share, and the lock-in period was 6 months.

Since Liu Junhui issued the letter of commitment to avoid horizontal competition to Watson biological in 2009, he promised not to participate in the operation and investment of enterprises that constitute the relationship of horizontal competition. After that, the investment of Liu Junhui was also quoted.

In response to this, Liu Junhui said in his reply to the Shenzhen Stock Exchange on May 10 that he subscribed for Kangtai bio's non-public offering shares only because he was "optimistic about the development prospect of the industry and made this investment from the perspective of financial investment".

"Precision reduction" arouses doubts

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According to a case held by the 21st Century Capital Research Institute, a senior executive of a listed pharmaceutical company recently resigned. The purpose of his resignation was "to be able to clear his stocks smoothly" and "hope to cash out at a high point".

As a key indicator to investigate the responsibility of shareholders and top management team of listed companies, the governance stability promoted by equity incentive has become fragile under the high stock price.

The shares held by the above executives are mainly from equity incentive, with a market value of about 80 million yuan.

In this context, we can see the temptation of shareholders.

Due to the impact of the epidemic, the treatment of new crown pneumonia is undoubtedly the "engine" and "igniter" of this year's pharmaceutical stock market.

Under the market ecology of "vaccine" and "Mask", some "precision reduction" which "echoes" the progress of anti epidemic is very suspicious.

One case of SZ's shareholder increase occurred in June.

On February 4 this year, when replying to investors in "interactive easy", saisheng pharmaceutical said that tianguangshi, the investment company, was stepping up the research and development of monoclonal antibodies against 2019 ncov.

On February 20, when replying to investors again, saisheng pharmaceutical said that the R & D team of Beijing Kangle Guardian Biotechnology Co., Ltd., invested by the M & A fund, was developing a covid-19 recombinant protein presenting peptide vaccine for the prevention of new coronavirus. The progress of research and development is "the design of the vaccine has been completed, and it is being tested in animals to evaluate the immune effect".

After the release of two R & D progress related to new crown pneumonia, the stock price of saisheng started to rise. According to wind data, from February to June 15 this year, the stock price of saisheng bio surged 160.55% in more than four months. In the four trading days starting from June 11, saisheng Pharmaceutical Co., Ltd. gained even more.

In fact, the performance of saisheng pharmaceutical in 2019 and 2020 is not outstanding.

In 2019, saisheng pharmaceutical's revenue was 1.19 billion yuan, a year-on-year decrease of 16.59%; the net profit was 148 million yuan, a year-on-year decrease of 47.89%. The net profit of the pharmaceutical industry was 244.367 million yuan, up 14.45% year-on-year.

The stock price rises and closes day by day, while saisheng pharmaceutical's shareholders start "precise reduction".

The company's senior shareholders, Liu Shuli and its senior shareholders, said that the company's shares of more than 40.6% were not consistent with each other in the next 6 months due to the company's senior shareholders' share reduction plan of 16.6%.

Data show that as of October 29, Ma Li, Liu Shuqin and Kong Shuangquan had reduced their holdings of 3.2675 million shares and realized 60.7366 million yuan in cash.

As for the progress of R & D, there is still no time to go forward after the initial launch of the vaccine.

When replying to investors on the interactive platform on October 16, saisheng pharmaceutical said that the progress of kanglaiwei's vaccine was still "having completed the fusion expression and assembly of VLP + s peptide of the vaccine, and now it is conducting immunogenicity test in animals to evaluate the immune effect".

Combing the data of pharmaceutical share reduction in the first half of the year, it can be found that the "precise reduction" of shareholders like saisheng pharmaceutical is not an example.

For example, Changjiang health (002435. SZ) has repeatedly disclosed to investors the value of relevant drugs in the treatment of new crown pneumonia in February this year, and once obtained three trading limits from February 5 to 7. Unexpectedly, the second and third shareholders of the company put forward the reduction plan with the upper limit of "clearing" on February 7.

Shareholders of 35 companies "liquidate their positions and reduce their holdings"

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In this year's pharmaceutical shareholders to reduce the army, clearance style reduction is also frequent.

According to the statistics of 21st century economic report, among 169 pharmaceutical stocks which suffered shareholder reduction during the year, there were 59 times of shareholder reduction and clearance, involving 35 companies in total.

Among the 59 liquidation and reduction, 20 of them were over 100 million.

It is worth mentioning that among the 169 pharmaceutical stocks, Shanghai Laishi (002252. SZ), KANGLONG Huacheng (300759. SZ), Yingke medical (300677. SZ), meinian health (002044. SZ), Puli Pharmaceutical (300630. SZ), Boya Biology (300294. SZ), Lepu medical (300003. SZ), Dean diagnostics (300244. SZ) and other 8 companies also had shareholders“ Clearance style reduction ".

Boya's shareholders were particularly concerned about the reduction of their holdings in the biological market.

As a comprehensive medical industry group mainly engaged in blood products business and integrating biochemical medicine, chemical medicine and API, Boya biological has been deeply involved in the fluctuation of controlling shares for months.

During the period from July 1 to September 4, Shanghai gaotejia Yikang investment partnership (limited partnership) conducted a total of seven shareholder reductions, and completed the liquidation on September 4, with a total cash withdrawal of 244 million yuan.

However, during the period of reduction of gaotejia group, the stock price performance of the company was relatively stable.

Boya bio's stock price opened at 38.35 yuan on July 1 and closed at 42.96 yuan on September 4, which was the best period for the company's stock price this year. Since the beginning of August, the share price of Boya biological began to decline. As of October 30, the share price was 37.34 yuan, a decrease of 2.35%. Compared with this year's highest value of 56.52 yuan / share (closed on August 5), it was down more than 30%.

In response to the 21st century economic report on Oct. 30, Boya Bio said: "the stock price decline is the situation of the whole market, and all the operation conditions of the company are normal."

According to its response, the frequent reduction only involves a few shareholders, and there has not been much reduction in recent years, but more reduction this year.

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