The first major shareholder wants to auction abdicated shareholders: and this kind of operation?

category:Finance
 The first major shareholder wants to auction abdicated shareholders: and this kind of operation?


According to Alibabas auction page, the starting price of all 23.06% of Jincheng pharmaceutical shares to be transferred by Beijing Jinsheng in this agreement is as high as 2.719 billion yuan. According to the closing price of Jincheng pharmaceutical on June 19, the market value of this part of equity is 2.79 billion yuan.

Photo source: Alibaba auction page

The sky price target is doomed to be shortlisted in this bidding activity with a very high threshold. To sign up for the auction, you need to pay a deposit of 136 million yuan first, and after the auction starts, the price will be increased by up to 10 million yuan each time.

Its worth noting that before Alibaba auctioned all kinds of online auction targets, from real estate, jewelry to yachts and airplanes. The stock rights of major shareholders of listed companies seized by the court have also been the hot target of Alibaba auction platform.

But this time, it is not a common online auction of stock rights, but an agreement transfer in the form of auction. At the same time, compared with the common agreement transfer, like Beijing Jinsheng, the largest shareholder of Jincheng pharmaceutical, there has never been a precedent for the agreement transfer in the way of public bidding on the online auction platform.

According to the bidding rules, as long as there is one person signs up to bid and meets the transaction conditions, the transaction can be completed. Industry insiders pointed out that a large proportion of agreement transfer is often difficult to find buyers. It is conducive to solicit buyers by means of open bidding on well-known online auction platforms.

Of course, due to the huge amount of the bid and the position of the largest shareholder of the listed company, and half a month before the auction, it is full of uncertainty whether the agreement transfer conducted in the form of auction can finally be concluded.

The first major shareholders intention to abdicate has been decided

According to Alibaba auction page information, Jincheng pharmaceutical is one of the top 100 pharmaceutical enterprises in China. It is a double leading enterprise of cephalosporin side chain intermediates and biopharmaceuticals in China. It has formed the whole industrial chain of intermediates, APIs and preparations, and realized the three-tier development of characteristic APIs, brand medicines for women and children and under research heavyweight drugs.

Photo source: Alibaba auction page

In 2016, Jincheng Pharmaceutical Co., Ltd. set a price of 2 billion yuan to acquire 100% equity of Lanyi pharmaceutical held by Beijing Jinsheng and Dazi venture capital by issuing shares, and Beijing Jinsheng obtained 25.05% equity of Jincheng Pharmaceutical Co., Ltd., and later became the first largest shareholder passively due to the equity transfer of Jincheng industrial, the former largest shareholder of Jincheng Pharmaceutical Co., Ltd.

On September 26, 2019, Jincheng pharmaceutical announced that Beijing Jinsheng had a preliminary negotiation with another listed company, Dezhan health, on the transfer of 25.05% of its shares in the company, reached a framework clause, and signed the relevant framework agreement on September 25, 2019.

In terms of transfer price, the two sides negotiated to temporarily estimate the transaction price as 2.1-2.6 billion yuan per share based on the price range of 21.36-26.40 yuan per share. The payment method is cash. On November 4, 2019, the two sides signed the supplementary agreement of the framework agreement again.

At that time, this a eat a potential transaction triggered market imagination. Dexhan health focuses on cardiovascular and cerebrovascular drugs, anti-cancer drugs, etc. after marriage with Jincheng medicine, it is conducive to the formation of industrial coordination between the two sides.

However, in the evening of January 5, 2020, Jincheng pharmaceutical announced that it had received the notice from Beijing Jinsheng, and it failed to reach an agreement with Dezhan health on specific cooperation matters, so Dezhan health terminated the acquisition of 25.05% shares of Jincheng pharmaceutical.

In fact, before the transfer by auction, Beijing Jinsheng had begun to sell its shares, and on May 20 and June 8, it reduced its 1.9967% stake in Jincheng pharmaceutical through a large-scale transaction, with the shareholding ratio reduced from 25.05% to 23.06%.

According to wind data, after three consecutive years of net profit decline, Jincheng pharmaceutical business has started to pick up since this year. In the first quarter of this year, the company achieved revenue of 651 million yuan, a year-on-year increase of 2.57%; net profit of 101 million yuan, a year-on-year increase of 3.02%.

Image source: wind

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Image source: wind