2015-12-08 14:57
Throw $17 set by the expansion of chemical medicine production who shares Conba?
CNDSN December 8 hearing] (die Zeit Mian Wu Qiang) aspect of the pharmaceutical market more than 30 years, a hand founded the Conba (600572, Guba) pharmaceutical industrial empire Hu Jiqiang, recently foreign throws a growth plan. Plan shows that the quasi private placement funds 1.78 billion yuan, overweight international advanced pharmaceutical base project, modern pharmaceutical logistics warehouse construction project and repay the loan acquisition. Which is the most advanced international pharmaceutical base project, including raw materials, freeze-dried powder and tablet production etc.. On November 20, Conba vice president, deputy general manager Yang Junde accept times weekly interview with reporters said the growth plan is to strengthen the main industry.
Conba's main business for the manufacturing and sales of drugs, for modern herbal medicine (including Chinese patent medicines and chemical drugs two drugs business sector, in recent years modern herbal medicine once occupied Conba annual sales of more than half. This expansion is equivalent to Conba industry, expand the future of chemical medicine production.
The controlling shareholder of Conba Conba Group Co., Ltd. (hereinafter referred to as "Conba group), the actual control of man-made Hu Jiqiang (holding 38.41%). After years of painstaking work, Hu Jiqiang hand will build into a considerable strength of the domestic Conba pharmaceutical group.
By the end of 2014, Conba group's asset size has exceeded 106 billion yuan, the sales volume of more than 110 billion yuan; ranked the national pharmaceutical industry top 40, the traditional Chinese medicine industry 10 strong, Department of Zhejiang biggest Chinese medicine enterprise and Zhejiang private enterprises 100.
Except for Conba, Hu Jiqiang also shares a number of listed companies, in the capital market formed a considerable size of the Department of family medicine capital industrial cluster. Up to this year the 3rd quarterly, Conba group holds a golden circle shares (000546, stock it) (000546.SZ) 14.01% of the equity, ranked the second largest shareholder; Conba directly held jolly Pharmaceutical (300181, stock it) (300181.SZ) of 0.69% equity.
In addition to the new board, Conba also layout. November 9, Hu Ji Qiang actual control (37% stake) of Yunnan mountain Biological Agriculture Co., Ltd. equity system in the disclosure of the public transfer instructions.
Who will Conba shares?
The evening of November 15, Conba released a definite increase plan, intends to not less than 10.59 yuan / share non public offering is not more than 1.6819 million shares, funds raised a total of no more than 17.812 billion yuan.
The weekly Times reporter noted, this is the second year since Conba will increase. Early in April this year, Conba to complete the 11 years since the market relates to the maximum amount of M & A transactions, non-public offering of 1.75 million shares, raising 2.032 billion yuan.
And the directional issuance plan is different, the Conba fund-raising 17.812 billion yuan in the constant increase, issue and prices were not identified, "issue for no more than 10 of the specific object, the final issue price will be determined after obtaining approval of the Commission."
The outside world is very concerned about the incoming Conba growth plans 10 strategic investor, in the open plan, Conba did not fully disclosed. Even list has not been released.
Conba vice president, deputy general manager Yang Junde told die Zeit reporter, "there is a (non - public offering of shares), one year lock up period, issue of the uncertain object. Object to determine the need to get after the approval of the Commission, through the inquiry process, we have to participate in the inquiry, in accordance with the rules of the price determined. "
According to the description in the Yang Junde, die Zeit reporter found, Conba given the increase in issuance scheme seems to be consistent with the provisions of Article 10 of the rules for the implementation of the listed company's non-public offering of stock, "that listed companies should made the issue of approval, on a competitive basis determine the issue price and the objects to be issued. The issue of shares subscribed for 12 months from the date of the end of the issue shall not be transferred".
Worthy of attention is, Conba, with particular emphasis on the issue does not constitute a connected transaction, "Conba group company's controlling shareholder, actual controller Hu Jiqiang and control of enterprise does not participate in the subscribe for shares of the issue."
At the same time, will not lead to the actual control of the change. Die Zeit reporter found that before the offering, Conba group holding Conba 4.59 million shares, accounting for 27.40% of the total share capital, the controlling shareholder; Hu Jiqiang direct and indirect control Conba 6.43 million shares, accounting for 38.41% of the total share capital, the actual control of the Department.
After the completion of the offering, in accordance with the issue of the upper estimates, Conba group will hold 4.59 million shares, shareholding ratio%, still is the controlling shareholder; Hu Jiqiang, direct and indirect control of 6.43 billion shares, 34.91% of the total share capital accounted for, is still the actual controller.
In view of this, Hu Jiqiang good capital operation will not participate in the growth plan, then who will subscribe Conba shares has not been determined, leave a suspense to the outside world.
According to the plan, after the completion of the issuance, Conba total share capital will expand does not exceed 18.42 million shares (including the number), in accordance with the price of not less than 10.59 yuan / share calculation, after the completion of the issuance, Conba equity value of 19.5 billion yuan, significantly lower than more than 230 million yuan of the current market value.
The concern is that the price of 10.59 yuan / share, is lower than the current share price of 13 yuan more than conba. Constant increase plan was announced, capital market for this are not crazy, November 16, from the resumption of day closing 14.12 yuan / share, rose 9.97%, after two days will continue to decline, then continued to shock. As of November 23rd closing, Conba shares for 13.80 yuan / share, the market value of 231 yuan.
To expand capacity of chemical drugs
The Conba increased raising funds, mainly used in three aspects, namely total investment investment 1.135 billion yuan pharmaceutical base project, a total investment of 2.5 billion yuan of the modern pharmaceutical logistics warehouse construction project and repayment of bank loans.
Conba for the pharmaceutical base project called "international advanced pharmaceutical base project, the project is undoubtedly the highlight of the constant increase of, 10.93 billion yuan to raise funds to be invested, project calculation period of up to 14 years and 5 months, which construction period of 5 years (- August 2014 2019 years 7 months), production operation period about 9.5 years.
Conba also for future depicts the "wonderful blueprint", August 2019 began formal production, year of production capacity by 50%, amounted to 70% by 2020, 2021 can be amounted to 100%.
After the completion of the project will form a production capacity: raw material medicine production capacity 258.88 tons / year (including export 155.33 tons / year), freeze dried powder for injection of 10000 million bottles / year (including export 10 million bottles / year), capsule 15 million / year (including export 6 million / year), tablet 15 billion / year (of which exports 600 million / year).
Conba's main business for the manufacturing and sales of drugs, for modern herbal medicine (including Chinese patent medicines and chemical drugs two drugs business sector, has been formed in modern herbal medicine as the core, chemical medicine for the support of product structure.
Conba 2014 and 2015 annual report for the first half of the year show that modern herbal medicine revenue reached 2.106 billion yuan and 14.03 billion yuan,, respectively, occupy the main income for the current period 58.80% and 63.45%, more than half.
Correspondingly, Conba chemical drugs and drug ingredients for revenue size is smaller, 2014 and 200 to 15 years, both total revenue respectively 13.82 billion yuan and 780 million yuan, accounted for current revenue 38.61% and 35.25%, respectively.
Conba secretaries Yang Junde told die Zeit reporter, "our original business structure has two business segments, botanical and chemical drugs, this is to strengthen the main industry."
The Conba will raw materials and preparations of the project together with the implementation of "quality control, and prices for the raw material and preparation of the control. If you do not control the source of raw materials, may bring uncertainty in the market." Yang Junde said.
At present, China has become the world's first raw material production and exporting countries, the market cake is huge, many listing Corporation are in the field of raw material medicine, but at the same time, the industry pollution is higher, but also by the market investors and social criticism.
The work in this field is Conba to strengthen environmental protection, nature is a lingering problem. Times weekly reporter noted that the "international advanced pharmaceutical base project in Zhejiang Conba Pharmaceutical Co., Ltd. (hereinafter referred to as the" Jinhua Conba) for the implementation of the main body, is currently doing EIA procedures.
A subsidiary of Jinhua Kangenbei Department Conba, holding 97.69% of the shares. In the first half of this year, Conba by 2014 non-public offering of 4 million yuan to raise funds, capital increase of Jinhua Conba. At the same time Yu Bin, another shareholder (2.31% stake) in the same proportion increase 944.88 million yuan. After the completion of the capital increase, Jinhua Kangenbei registered capital increased to 5 yuan.
Jinhua Conba main drug manufacturing, Conba 2015 semi annual report, its main business income of 5.55 billion yuan, net profit for 7340.77 million yuan, total assets of the reporting period to 12.71 billion yuan.
Yang Junde told the times weekly reporter confirmed that the current initial EIA procedures have been, is to fulfill the final number of procedures. "Environmental protection is very important, in accordance with the requirements of the environmental protection department and regulations, we must do." Yang Junde commitment.
Yunnan Kangenbei continued losses
Public data shows, Conba mainly members of Conba group in 1994 in Hangzhou was established, the scope of business includes investment and industrial operation. At present, Conba group has been formed in the pharmaceutical industry as its main business, biological agriculture, health food and beverage industry, supplemented by the industrial system.
As the 54 year old founder of Kangenbei, Hu Zhejiang quarter strong Dongyang people, born in family medicine. The weekly Times reporter noted, Conba today in the field of plant medicine fast, inseparable from a deceased botanist.
Person for Dongyang native botanist Cai Xitao, had in Xishuangbanna of Huludao build China's first tropical botanical garden - Chinese Academy of Sciences Yunnan tropical plant research. Cai Li Ren Kunming Plant Research, deputy director and director of the Institute, he served as deputy director of Yunnan Provincial Science and Technology Commission, Chinese Academy of Sciences, Kunming Branch, vice president of the.
Public information, Cai Xitao Hu Jiqiang's uncle. In front of the media, Hu Jiqiang has been generous to talk about the impact of the uncle to his. Hu Jiqiang claimed in his youth, he was determined to go to Yunnan to follow Cai Xitao in the study of plants.
"In fact, I have not forgotten once this kind of desire, so to later in the company development, we gradually put the company into modern plant medicine, including the big health industry, this point with my uncle Cai Xitao at that time, I have an impact." Hu Jiqiang said.
Back in 2001, Hu Jiqiang in Yunnan economic development zone was established in the name of the company named Yun Nanxi "Cai Xitao Tao green pharmaceutical Limited by Share Ltd" (hereinafter referred to as "Yunnan"). Industrial and commercial data show that Yunnan's registered capital of 2.2 yuan, the legal representative and chairman Zhang Weiliang. Zhang Weiliang Department of Kangenbei group director, the 52 year old vice president, vice chairman of the company conba.
Yunnan Xitao in Conba company plays a very important role, in addition to natural plant cultivation, scientific research and development management, hard capsule agent, processing and sales of oral liquid preparation, and agricultural and sideline products, such as buying and selling.
Yunnan ceramic company owns a number of subsidiaries, including Yunnan Province, one of the largest Chinese herbal medicine extraction production base, the annual processing capacity of 6000 tons, Ginkgo biloba extract production capacity of up to 100 tons or more.
In the first half of this year, Yunnan ceramic company involved in the event of ginkgo leaf storm, resulting in a greater impact on its business performance. In the first half of this year, Yunnan, the company's revenue and net profit fell 31.04%, 29.49%.
Conba explained that "mainly bidding price and business customers to insufficient investment in market development, resulting in its own products overall sales is not ideal and by quality problems of ginkgo leaf storm and national policy of Ginkgo biloba extract standard further improve, Ginkgo biloba extract sales a temporary decline".
In addition, Yunnan hope pottery company and Conba etc.are other shareholder of a joint venture in Hubei Conba Pharmaceutical Co., Ltd., into a loss, "because of the loss of sales and agent products, sales declined greatly, and showing a loss."
In addition, Conba in another company of Yunnan Yunnan Conba Plant Medicine Co., Ltd. (hereinafter referred to as the "Yunnan Conba"), still bogged down in the quagmire of losses. Department of Yunnan Conba Conba in 2012 from Yunnan male Industry Group Co., Ltd. the acquisition of enterprises, the acquisition of years ago has been at a loss, the acquisition is completed so far is still a loss.
Yunnan Kangenbei was founded in 2004, registered capital of 8000 yuan, the legal representative and chairman Zhang Weiliang. By 2015, semi annual report shows that Yunnan Conba company loss 309.83 million yuan, "because the market development efforts is not enough, on the volume of sales slow, sales revenue less scale. At the same time by the affect of the internal transformation and market investment large, during the reporting period not losses." 3
(original title: throw 17 billion yuan fixed increase expansion who shares Conba?)
Editor: small Shen
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