Jolly pharmaceutical Industry in Friday will be the abdication of the holding power

In the event of a successful release, the Cambe income shrank by nearly half before the transfer of shares East zone December 10, Zhejiang Jolly Pharmaceutical Co., Ltd. (hereinafter referred to as "jolly Pharmaceutical") Gem Board will accept the start board audit.　　If the distribution is successful, jolly will bring excess income to shareholders, while the Cambe (600572.SH), which has been transformed from controlling shareholder to equity shareholder, has also ushered in a harvest period, but the book earnings will be halved. Jolly Pharmaceutical Industry is a professional engaged in drug research and development, production and marketing company.　　According to the introduction, the company based on medicinal fungi bio-fermentation technology production of traditional Chinese medicine products, through years of research and development, improvement, to achieve the rare Chinese herbal medicines-wuling ginseng Industrial production. In the light of the recent growth of the gem company, especially the same industry companies fragrant Snow pharmaceutical issued a price-earnings ratio, jolly pharmaceutical industry, if approved, it issued a price/earnings ratio of 80 times times. Jolly pharmaceutical Industry in 2009 to achieve a net profit of 31.5843 million yuan, issued 80 million shares after the total equity calculation, its static earnings per share of about 0.39 yuan.　　That is, the jolly pharmaceutical issue price or up to 31.20 yuan.　　And the shareholder of the Jolly Pharmaceutical industry, which is reduced from holding 57% to 26%, is Cambe in this process. In the second half of 2003 to the first half of 2004, the total of Kang-Pui, at about 74.5337 million yuan in the price, through the three-share jolly pharmaceutical industry 68.4 million shares, accounting for its total share capital of 57%.　　According to this calculation, the Jolly Pharmaceutical Market, Cambe held a market value of up to 2.134 billion yuan, book earnings more than 27 times times, more than 2 billion yuan. At the same time, Kang-Pui, a subsidiary company, Zhejiang Kang-pui Medicine Sales Co., Ltd. also 7.2 million yuan to obtain jolly pharmaceutical 7.2 million shares, accounting for its total share capital of 6%.　　And this part of the book proceeds will also exceed 200 million yuan.　　However, in November 2007, Cambe will be held in the jolly pharmaceutical 37.2 million shares and Zhejiang Kang-pui Pharmaceutical Sales Co., Ltd. 7.2 million shares to total 62.604 million yuan total price transfer. At present, Cannbeching holds a 26% stake in the Jolly pharmaceutical industry, holding its 31.2 million shares, calculated according to the above valuation, jolly after the successful issuance of the pharmaceutical industry, its book income of about 973 million yuan.　　Although it still received more than 900 million yuan in the book proceeds, but compared to the original holding Jolly Medicine, its book earnings have been greatly diminished. For this reduction, the statement of the prospectus is mainly due to Cambe and jolly pharmaceutical products in the product development routes, production processes and raw materials procurement are very different.　　In view of this, Cambe and its subsidiaries in its research and development, brand, market and other advantages and distribution of unique product variety resources of the integration has not been successfully carried out, leading to the jolly and the pharmaceutical management in the business philosophy and future expectations of a certain difference. But in Cambe's view, its reduction is to jolly pharmaceutical industry can be listed independently. In 2007 for the above-mentioned reduction of the announcement, Cambe clearly stated that the reduction is in order to meet the relevant provisions to support the jolly pharmaceutical industry alone listed. From this view, there is no reductionThe "loss", Cambe also difficult to have jolly pharmaceutical listing of the "get". However, more than 900 million yuan in the book proceeds relative to the net profit of about 100 million per annum in the past three years, it is astronomical, even compared with the main business income of a billion of yuan per year for nearly three years, it is not low.