2017-05-02 12:22

 

Conba: 500 million yuan to buy the underlying asset, why sell 350 million?

 

[news] April 26th Beijing report (twenty-first Century economic reports) recently, 2015 due to a major asset purchase target Zhencheng medicine unrealized profit forecast, Conba (600572.SH) chairman Hu Jiqiang, President Wang Ruwei apologize to investors, but also released prior to the announcement, the company 500 million yuan to buy 350 million stake in Zhencheng medicine sold to Zhejiang KangBo pharmaceutical company. According to the twenty-first Century economic report reporter, Hu Jiqiang Compro medical legal representative, and has a 92.37% controlling stake.
Jane Cheng medicine is a traditional medicine approved by the transformation of the B2B electricity supplier, backed by the original cable resources online. For Zhencheng medicine loss, Conba explained that due to the Internet in medicine B2B mode by policies and changes in the market, facing many uncertainties.
The Conba miscues also triggered a discussion of internet medical mode of B2B industry. Some senior electricity supplier industry believes that optimistic about the development of B2B, but the model still needs to be optimized, the current model is only under the line moved to the line without incremental.
A person close to the top Zhencheng medicine industry to twenty-first Century Economic Herald reporter said, Zhen Cheng pharmaceutical and other business policy shocks, but the direction is correct, it is a pity that some problems inside. Conba notice mentioned, 2016 Zhencheng medicine in accordance with the relevant provisions of the provision for asset impairment loss of 43 million 610 thousand and 800 yuan (mainly for supply chain financial value-added services business litigation receivables provision for bad debts). Public information display, Jane medicine has twice IPO checkpoints but failed.
Why buy a loss of Prudential medicine?
"As Zhejiang Conba pharmaceutical Limited by Share Ltd chairman and President, we will not achieve the company in 2015 a major asset purchase target profit forecast the number of explanation and apology for." In April 20th, Conba announcement case said.
The major asset restructuring of the subject that is Jane Cheng medicine. In December 2014, Conba in cash 271 million 150 thousand yuan transferee of Zhen Cheng pharmaceutical 30.81% stake; June 2015, Conba further acquisition of 232 million 650 thousand yuan in cash, Zhencheng medicine 26.44% shares after the total stake to 57.25%, the realization of Zhen Cheng pharmaceutical holdings.
However, the results are not as good as expected pharmaceutical jane. In 2015, Zhen Cheng pharmaceutical net profit of 27 million 493 thousand and 500 yuan, net profit forecast for the completion of 51.92%; 2016, Zhencheng medicine loss of 18 million 536 thousand and 500 yuan, the previous forecast for a profit of 82 million 453 thousand and 800 yuan, the difference is -10099.03 million, the completion rate of -122.48%. This is also following the 2015 operating results are not up to expectations, in 2016, Jane Cheng pharmaceutical operating results once again less than expected.
"2016 year old, the influence of the new multiple adverse factors, Zhencheng medicine is still in a difficult situation, operating income and performance decline sharply, and under the rules of receivables provision for bad debts 43 million 610 thousand and 800 yuan (which is part of the supply chain financial value-added service business, a direct result of its litigation) loss." Conba said in the announcement.
The continuous operation of the pharmaceutical industry to buy Jane, but also constitutes a major asset restructuring of listed companies. But in the completion of a major reorganization of assets after a year and a half, the major asset reorganization Conba will transfer standard.
"Given the external policy and market changes led to the company expected to Zhencheng medicine investment is difficult to achieve, at the same time to reduce the company's operating performance landslide adverse effects on listed companies, eliminating the risk of the company's business development brings uncertainty to the listed company." Conba explain why Zhencheng medicine of the sale.
In December 2016, Jane will hold Cheng Conba pharmaceutical transfer of 57.25% shares to Zhejiang KangBo pharmaceutical investment Co. Ltd., the transfer price is 345 million 50 thousand yuan. Twenty-first Century Economic Herald reporter also learned that Zhejiang KangBo Pharmaceutical Co. Ltd. is the legal representative of Hu Jiqiang, Hu Jiqiang of KangBo Pharmaceutical Holdings 92.37%.
Jane pharmaceutical losses behind
Conba business is divided into the pharmaceutical industry and pharmaceutical wholesale business model two, commercial pharmaceutical wholesale business is mainly responsible for Zhencheng medicine. Zhen Cheng pharmaceutical hand through the docking upstream pharmaceutical industry enterprises, on the other hand, connecting to the commercial retail and medical and other downstream customers, build online and offline combination of Internet plus pharmaceutical sales business model.
Jane Cheng pharmaceutical was founded in 2007, is a collection of drugs online trading, modern logistics and distribution, financial innovation services and information technology applications in one of the leading professional supply chain integrated service providers. In fact, the pharmaceutical industry enterprise business is not uncommon, pharmaceutical, Yiling pharmaceutical, Sinopharm group, drug group, Health America pharmaceutical, Yunnan Baiyao, pientzehuang other pharmaceutical companies are more or less involved in the electricity supplier.
As the Conba in recent years, the pharmaceutical business suffered many of the effects of policy changes. Since the second half of 2015, the relevant state departments to strengthen the supervision of the use of the Internet and related fields; in August 2016, third party Internet drugs online retail platform pilot work end; at the same time, the short-term release online sales of prescription drugs to the formal introduction of policy.
In addition, in order to control the flow of drugs to reduce the flow of drugs to reduce the circulation of drugs sales, two vote policy has been clearly in the relevant provinces of the pilot and rapid advance. The so-called "two vote system" refers to the drug from the pharmaceutical manufacturers to sell to a dealer to open an invoice, dealers sold to the hospital to open an invoice.
"These policies and the change of market environment, to Zhencheng medicine based on the use of electronic business platform" 5 combination "and" Yunlian thousands of suppliers' virtual network model to further expand the business to bring greater difficulties, and lead to Zhencheng medicine part of the loss of customers, business development began to suffer more serious adverse effects and impact." But as is said conba.
These factors are indeed B2B business, including the electricity supplier, including the common background of the electricity supplier. In addition, because the operators in the field of B2B e-commerce into new increase, the market competition intensifies, the Zhencheng medicine original customer relationship and business impact, the original varieties of high margin sales gross margin decline, especially the pharmaceutical business competitor enterprises emerging in the region through lower prices, and even some varieties with ultra low price for the market promotion, Zhencheng medicine stable business was forced to cut prices to deal with moderate.
However, for the electricity supplier Conba miscues, a senior person to pharmaceutical business twenty-first Century Economic Herald reporter pointed out that an important reason is that the mode of Zhencheng medicine performance standards. Optimistic about the development of B2B, but the current model of the old line is only moving to the line without incremental."
B2B comes with financial attributes, comes with the service attributes, but there are a lot of terminal services are very scarce, including logistics, financial needs, etc.." Zhang Keshuai, vice president of Ridge Group also said in a recent speech.
A close to the senior pharmaceutical industry insiders pointed out that Jane medicine itself has done a good business, but its internal problems. Conba notice mentioned, 2016 Zhencheng medicine in accordance with the relevant provisions of the provision for asset impairment loss of 43 million 610 thousand and 800 yuan (mainly for supply chain financial value-added services business litigation receivables provision for bad debts).
For the lawsuit, twenty-first Century Economic Herald reporter to consult a senior Conba, but because may be involved in the judicial process, the executives said openly disclose relevant information.
Twenty-first Century economic news reporter found that Jane Cheng medicine had two shocks IPO failed. In 2010, Zhen Cheng pharmaceutical impact IPO failed, in November 2011, the environmental protection check file again in the environmental protection department of Zhejiang Province on the site, but in 2012 the Commission announced the initial public offering of shares to declare basic information table shows, notes state Zhencheng medicine has been changed to "suspend the review".