Kwong Ji Pharmaceutical industry has not yet become the biggest picture of the net shell Wang Yawei once stained with flowers

Canton-ji Pharmaceutical (market, inquiry) under the "Kwong Ji Pharmaceutical Industry Park" project, the construction period of 8-9 years, a minimum investment of 250 million annually, become an invisible huge debt burden financial profit treasure, the current savings rate of 1000% domestic largest riboflavin producer of the pharmaceutical industry, Market value of 1.847 billion yuan, the total share capital 250 million shares, in the ranks of the shell companies can be considered. But the net assets threshold of 809 million yuan is high, stop a lot of potential backdoor side. 　　At present, the company does not make a clear statement on the reorganization, but if the SASAC shareholders intend to sell, almost all shell defects are no longer a problem. 　　Market capitalisation is higher than good shell resource standard The shares of the first ten shareholders are very dispersed, and the shareholding ratio of the top 8 holders is not more than 0.5%. Canton-Jinan Pharmaceutical industry in the field of pharmaceutical manufacturing, mainly the production of pharmaceutical raw materials and pharmaceutical preparations. 　　Its flagship product riboflavin (vitamin B2), the contribution of the company's share of income for many years to maintain around 80%. Riboflavin was once the market's star breed. At the beginning of 2007, some foreign enterprises due to environmental and cost factors such as shutdown capacity, so far the international and domestic riboflavin prices began to soar, at that time the domestic riboflavin price of up to about 850 yuan/kg. 　　As domestic riboflavin main production enterprises, Canton Pharmaceutical Industry also ushered in the history of the highest profit, set a net profit of 196 million, up 1073.18% year-on-year. But starting in the second half of 2007, riboflavin prices Yixieqianli. 　　The reason also led to the first loss of the 2010 Canton Pharmaceutical Industry. The net profit of that year 9.44 million yuan, deduct 12.2145 million government subsidy, the substance has been in huge deficit. 　　After a few years, the net profit of the deduction is 2011 year loss 536,900, 2012 year loss 110 million, the first half of this year loses 27.303 million, conforms to the backdoor enterprise seeks the loss shell resources the condition. Looking from the asset structure, as of the end of June this year, the total assets of Guang-ji pharmaceutical industry 1.562 billion, total liabilities 827 million, the ratio of assets and liabilities was 52.92%. In addition, the net assets of 809 million yuan also appear to be too big. 　　In the process of borrowing the shell, whether involving the acquisition of the assets of the canton pharmaceutical industry or the replacement of assets, most of the net assets mean that the backdoor party pays higher cost and affects the income. The market value and equity of the shell are also the main factors that affect the backdoor cost. The greater the market capitalisation of shell companies, the greater the proportion of new shareholders diluted by their original shareholders, and the more they are shared by others. 　　The smaller the total share capital, the higher the earnings per share after the reorganization, the lower the corresponding P/e ratio, the easier to be approved by investors. The total market value of the Canton pharmaceutical industry is 1.847 billion, slightly above the level of 1.5 billion of the market value of good shell resources generally delineated by investment banks. 　　The total share capital 250 million shares, also slightly larger than the quality shell common 200 million share capital scale. The bright spot of the canton medicine industry, in addition to riboflavin price has soared, once star fund manager Wang Yawei's involvement also brings many market imagination. Wang Yawei Prior to the helm of the Chinese market in the first quarter of 2011, latent into the canton pharmaceutical industry, in 2012 Annual Bulletin appeared in the list of the general pharmaceutical industry shareholders. 　　However, Wang Yawei left 2012 years after the end of the third quarter, the Chinese market has quietly quit the canton pharmaceutical industry's top ten shareholder roster. At present, the company's stock is extremely dispersed. The controlling shareholder Wuxue the state-owned assets management company, owns 15.11%, and the other institutional shareholder is China Merchants Bank (market, Interrogation) Co., Ltd.-hua Fu growth trend stock-type securities investment fund, holding only 0.71% stake. 　　The top ten shareholders of natural person shareholders accounted for 8 seats, the shareholding ratio is not more than 0.5%. Shell is a complex transaction, in addition to the target shareholders involved, but also involved in the target company board of directors, the target company management, the target company staff and other stakeholders. August 30 this year, Kwong Ji Pharmaceutical Vice Chairman, director, general manager Hu Bell left office, Kwong Ji Pharmaceutical industry said for personal reasons. 　　At present, its chairman Mr. He YI deputy General manager responsibility. Stripping 800 million of the debt into difficulties within one year the canton pharmaceutical industry will have 160 million mortgage loans due. 　　The same amount of money that can be used to pay accounts in the same period is only 107 million, not enough to cover half of short-term borrowing. 　　Whether the Kwong Ji industry can become a shell resource, the will of large shareholders is very important. Sasac is a special shareholder group. 　　Since 2005, the central and local SASAC, through the reform and other channels, to its control of the listed companies to the assets of the large replacement, draw out the unintended development of assets, inject intention to vigorously develop assets to achieve the maximum utilization of financing platform. As early as 2004, Wuxue state-owned companies and Shaanxi will Kang Pharmaceutical signed an agreement, two times the transfer of its at that time held all the shares of the canton pharmaceutical industry, the transfer price is 3.02 yuan. March 2015, the two sides signed the supplementary agreement, the transfer of the canton pharmaceutical industry per share price increase of 0.13 yuan premium, that is, the transfer price of 3.15 yuan per share. 　　However, the company said at the end of 2015, Wuxue state-owned companies have informed the termination of the equity transfer agreement, on the grounds of the relevant policy adjustment and security market environment changes. 　　September 17, the financial weekly reporter called the canton pharmaceutical Industry, its Dong-office staff to the company whether the reorganization will and plans to express "unclear." 　　Large shareholder's intention to transfer is not clear, in fact, the canton pharmaceutical industry has not reached the "net Shell" standard, the key in debt stripping. From the analysis of the structure of debt, the 827 million liabilities of Guang-ji pharmaceutical industry mainly include long-term loans 136 million, short-term loans 245 million, accounts payable 190 million, notes payable 105 million, other accounts payable 129 million. 　　Of these, 91.63 million of long-term borrowings are due to expire in 2015-2017. Of the short-term borrowings, 65.3% were mortgages. In other words, 160 million mortgages will expire within a year. 　　The broad-ji drug industry, which can be used to pay 107 million of its money over the same period, is not enough to cover half of the short-term borrowing. In the first half of 2011, the company tried to send out debt to replenish its funds, but it was rejected by the Commission as the first in the year. "The Securities and Futures Commission shows that the main reasons for the vetoTwo, one is the canton pharmaceutical industry in 2008-2010, profitability continued to decline, the second is the guarantee of Wuxue state-owned companies holding subsidiaries of foreign security is larger, can not effectively increase corporate debt credit rating. Subsequently, the company sold its subsidiary to help themselves. August 2011, the Canton Pharmaceutical industry will be held in Hainan Capital Jie biochemical company 96.4% of all shares transferred to natural persons Guo Qing Lake, equity transfer price of 17.2 million yuan. November 2012, the company issued a transfer notice, intends to hold the Hubei Jihua Industrial company 44.88% of the equity listing transfer, the listing price is 70 million yuan. 　　As of June this year, there were 5 losses in the 7 subsidiaries of the Canton pharmaceutical industry, of which Wison lost nearly tens of millions. 　　It is noteworthy that the Canton pharmaceutical industry also has a hidden huge debt burden. In December 2009, the canton pharmaceutical industry planned to build a large, "Kwong Ji Pharmaceutical Industry Park" officially started construction. The project covers an area of 2001 acres, after the project is completed, the estimated annual sales income of 10 billion yuan, annual profits and taxes of 202.5 billion yuan. 　　The park will focus on biomedical products such as vitamins, amino acids, carotenoids, coenzyme, biomaterials and steroids. Project plan total investment 253 billion, construction period 8-10 years. In this calculation, the average annual investment of at least 250 million. However, as of the end of last year, the project started 3 years of cumulative investment of only 130 million. Capital bottlenecks inevitably make the project a heavy debt burden for the pharmaceutical industry.