Billion sail backdoor Xin Rich pharmaceutical industry was a high valuation of higher profits worrying

Sinorama reporter Tian Lei recently (002019) released a reorganization of the draft, and said that the meeting will be held on September 27 to consider the General Assembly, which means that Xin-rich pharmaceutical and billion-fan restructuring into a substantial advance phase, with this accompanied by the two-tier market share price soared,　　Reporter notes that from the reorganization of the plan issued so far Xin-rich pharmaceutical stock has risen more than 105%, however, the industry analysts are worried, some analysts pointed out that the company's share price rose from the market's enthusiasm for restructuring the concept of speculation, and the assets involved in the restructuring of the billion-sail related asset to the real value of investors is not optimistic about. According to the announcement, billion sails are intended to inject assets of up to 1.75 billion yuan, of which billion-sail bio-estimate of 1.48 billion yuan, the estimated value-added rate of up to 664.29%, billion-sail pharmaceutical industry pre-valuation of 270 million yuan, the estimated value-added rate also reached 161.05%.　　More surprisingly, check the bulletin is not difficult to find as a drug sales company billion-sail biological growth is really questionable, and according to the verification opinion, another acquisition of the target billion-sail pharmaceutical industry in 2011 and 2012 respectively acquired two losses of enterprises, but also to the future profit expectations greatly discounted. Billion Sail department backdoor Xin Fu Pharmaceutical chairman or the whole body and back according to Xin Fu Pharmaceutical published by the reorganization of the draft, the company intends to 7.94 yuan/share of the price, the issue of 219.94 million shares, the purchase of the pioneer-owned HEFEI billion-sail bio-Pharmaceutical Co., Ltd. 100% Shares of 10 natural persons such as Cheng and so on, 100% shares of Hefei billion-Sail Pharmaceutical Co., Ltd., the total estimated amount of the proposed assets is 1.75 billion yuan. After the completion of the transaction, Cheng-vanguard of the listed companies will have a shareholding ratio of more than 30%.　　This transaction will lead to the actual control of the listed companies change, and constitute backdoor. In fact, in the outside world, Xin-Fu pharmaceutical restructuring is already imminent, 2010, 2011, Xin Fu-rich pharmaceutical industry, respectively, a huge loss of 198 million yuan, 230 million yuan. After two consecutive years of huge losses, April 27, 2012, Xin Fu pharmaceutical industry was "Beatles hat", into *st xin Fu. To avoid the loss of three consecutive years, 2012, Xin Fu-rich pharmaceutical industry to sell a number of assets, to 118 million yuan to transfer the holding of Hangzhou Yi-Chen Fu Special Auto Parts Co., Ltd. 20% of the equity, to 29.5 million yuan to transfer the price of Manchuria Xin Rich activated Carbon Co., Ltd. 100% Equity, and disposed of a number of land assets.　　After several maneuvers, 2012 Xin Rich pharmaceutical industry to achieve a profit of 14.3187 million yuan, barely "swung". However, into the 2013, Xin Fu pharmaceutical performance continued to deteriorate. July 30, Xin Fu Pharmaceutical released 2013.5 Annual report, the first half to achieve the ownership of the listed company's shareholders net profit of 9.3886 million yuan, the year-on-year decrease of 66.71%.　　In this context, the presence of Hefei billion-sail seems to solve the company's immediate urgency. From the two-tier market performance, by the reorganization news boosted, Xin Rich pharmaceutical stock trend of strong, July 26 reorganization plan once issued a three consecutive strong trading, thisAfter a brief adjustment, the share price climbed again, as of September 17, the share price rose by 105%, but with the enthusiastic reaction of the market, the majority of the industry to this interpretation is more negative. Some analysts believe that Xin Fu pharmaceutical industry is a typical family business, the company name is from the boss's name. The company's actual control for the chairman of the Xin Fu, over Xin Fu brother-in-law Lin Guan Yu, vice chairman of the company, general manager.　　In this deal, the Xin Fu family is undoubtedly a big winner, reporter noted that in accordance with the publication of the semi-annual report of the rich family-owned holdings, in the price of the shares of the rich family accumulated floating surplus amount to 483 million yuan, at the same time more worrying is accompanied by the stock price explosion or trigger its crazy reduction, the last body and left a feather.　　Of course, another beneficiary is not to be overlooked is the acquisition of the target billion sails of the actual control of the pioneer and other associated natural persons, according to the 7.94 yuan/share of the transaction price, benefited from the restructuring of the price of the FRY, with 219.94 million shares of Cheng and other related natural persons in a short period of 2 months that profits 1.867 billion yuan. Can small investors get a slice of the feast?　　A senior personage who did not want to be named told reporters that the stock speculation restructuring concept is more strong, short-term although the stock price performance, but the proposed asset profitability is really worrying, in this transaction is the biggest beneficiary of the related party, the final bill is undoubtedly small investors.　　The growth of restructured assets is worth noting that the two billion-sail assets of this merger have been questioned constantly. From the reorganization plan can be seen, billion sail creature is the trade plays. The company's business model mainly includes drug distribution, drug agents at home and abroad and commissioned the production of exclusive agent three large chunks. In other words, this is a pharmaceutical sales-oriented companies, but billion-sail bio-estimate is 1.48 billion yuan, the estimated value-added rate of up to 664.29%. But the suspicion is that there has been a surge in net profits in the two consecutive years without a significant increase in operating income, with data showing 2011 and 2012,　　Million-sail bio-business income of 509 million yuan and 794 million yuan, and 2011, the net profit of million-sail living only 1.4821 million yuan, but to 2012, suddenly grew to 42.7257 million yuan, the year-on-year growth of 28 times times.　　The company explained that billion-sail biological 2012 years of net profit than 2011 years of significant growth is mainly due to billion-sail organisms experienced by the pharmaceutical industry from the primary stage to the advanced stage of the gradual transformation, on the basis of drug distribution, gradually increase the higher value-added domestic drug agents and commissioned the production of the sole agent of the two business models.　　But check the bulletin is not difficult to find 2011 domestic drug Agents 4, commissioned the production of exclusive Agent 2, and 2012 domestic drug agents but growth of 2, commissioned the production of an exclusive agent growth of 1, in the high value-added business growth is not obvious, billion-sail bio net profit is an incredible high growth. Earnings show, 2012, billion-sail bio-drugs withSend business income of 456 million yuan, compared to 2011 378 million yuan growth of 21%, and its commissioned production of exclusive agent business income of 286 million yuan, compared with 2011 119 million yuan growth of 140%. The growth rate of the business is also far less than the growth of net profit.　　Analysis of the industry, do not exclude companies to increase profits, so as to highlight the growth of the purpose of obtaining a high premium. According to the Bulletin Xin Fu Pharmaceutical Restructuring of another injection of assets for billion-sail pharmaceutical industry, and for the assets of the estimated value of 270 million yuan, the expected value-added rate also reached 161.05%.　　Reorganization notice shows that billion-sail pharmaceutical industry was founded in August 1, 2008, after a series of acquisitions formed today's scale. June 2009, billion-sail pharmaceutical acquisition of the new Longhai pharmaceutical industry in Anhui 100% Equity and Hunan Furong Pharmaceutical 51% Equity. Since the next three years, billion-sail medicine has acquired the same control of the vanguard of Hefei billion-sail medical 80% stake, as well as the purchase of Xinjiang want pharmaceutical 100% equity. 2012 billion sail pharmaceutical purchase of Anhui Snow Maple Pharmaceutical industry, however, it is worth noting that net assets unexpectedly negative, the data show that the 2012 snow Maple Pharmaceutical net assets and net profit of 1.1248 million yuan and-342,800 yuan.　　Xinjiang hopes pharmaceutical 2011 and 2012 net profit is 73,900 yuan and 29,300 yuan respectively. For the patchwork of these assets, analysts are obviously more worried, "these highly profitable asset-listed companies, the value of the double after the doubling of the two market, the ultimate damage to the interests of small investors."