Leme Pharmaceutical executives collectively participate in the increase of the alleged disguised low threshold equity incentive

Leme pharmaceutical Industry recently announced the reorganization of the plan, through the issue of shares and cash to pay a combination of the way to the specific object of Shanghai Ding Liang Wo Yuan Investment Center, Shanghai six wo Yuan Kui investment Center and Chu Yu, Chu Wei and other 12 natural persons to buy Chongqing Lai Mei wo Yuan Investment Co., Ltd. 80.95% of the equity and raise the total amount of supporting funds 110 million yuan. These 12 natural persons are executives of the company. 11 of these natural persons will be through this reorganization to increase the company's equity stake, which is outside the suspicion of a disguised equity incentive. The IPO item changes again tight the company capital chain 2009 Lai Mei Pharmaceutical industry listed raise capital 349 million yuan, among them 205 million yuan. The initial project of "anti-infection and specialty medicine industrialization production Base construction project" was planned to be completed in August 2010. But later on March 1, 2011, the new implementation of the "Drug Production Quality Management Code (2010 revision)" (hereinafter referred to as "new version of GMP"), the company will raise investment projects in two, part of the "longevity of raw material drug project", the other part is "Tea preparation project." The amount of investment has been increased with the change of the fundraising project. At first, the company is expected to "anti-infection and specialty medicine industrialization production Base construction project" Total investment of 144 million yuan, in the project after the change to 220 million yuan, and in January 2013 adjusted to 415 million yuan, and the source of funds for the original starting to raise capital to invest 45.25 million yuan, the rest of the other part of the self-financing. However, it is noteworthy that the company 2012 to achieve the ownership of the listed company shareholders of the net profit of only 53.71 million yuan. The money on the account is 140 million yuan. This also means that the investment of new projects will tight the company's capital chain. At this time, the company decided to set up a wholly-owned subsidiary of Lai Mei Wo Yuan is responsible for the implementation of tea plantation project. Leme wo yuan Chongqing lai Mei Pharmaceutical Co., Ltd. in December 2012, the establishment of 10 million yuan (corporate-owned) Limited, the establishment of a registered capital of 10 million yuan. January 17 This year, the company announced the introduction of Shanghai Ding-liang, Yuanqui, as well as major shareholders and chairman of the Chu Yu, such as 12 natural persons, 350 million yuan to the Lai Mei Wo Yuan capital increase. Among them, the company funded 10 million yuan, the other investors invested 340 million yuan. The program was adopted on March 14 at the first provisional shareholder meeting of the American pharmaceutical industry in 2013. At this time, the Leme pharmaceutical industry only holds a 19.05% stake in the United States. The reorganization of the mysteries of the accused disguised as a low threshold equity incentive but one months later, April 26, Leme Pharmaceutical industry issued a notice said will be restructured assets. June 6, announced the reorganization plan, through the issue of shares and payment of cash in the way, to a specific object Shanghai Ding Liang Wo Yuan Investment Center, Shanghai six wo Yuan Kui Investment Center, as well as Chu Yu, Chu Wei and other 12 natural persons to buy Chongqing Lai Mei wo Yuan Investment Co., Ltd. 80.95% of the equity, and raise supporting total capital of 110 million yuan. The announcement shows that Leme 80.95% of the trading price of 339.5 million yuan, whichAnd the company before the introduction of these investors into the capital of the United States, the amount of money. Leme the reorganization of the drug industry, the introduction of the issue, it caused investors to question: The company could have direct financing, but why should first via investment institutions and senior management approach? The company explained earlier because the company's debt rate is high, higher than the same industry level. But the reporter through wind data found that the Leme pharmaceutical industry 2012 years of asset-liability ratio of 50.09%, 2013-year quarterly show that the company's asset-liability ratio has fallen to 45%. It is noteworthy, however, that according to Wanguo's industry classification, the average asset-liability ratio of the 60 pharmaceutical companies in the chemical pharmaceutical industry in 2012 was 35.67%, and the average asset-liability ratio for these drugs was 36% in the first quarter of the 2013-year period. This also means that the Anglo-American pharmaceutical industry's asset-liability ratio is still higher than the same industry level. In addition, it is not understood that the previous participation in the Lai Mei Wo yuan to increase the number of shareholders, in this transaction profit very little. Who wants to do a losing business? In this respect, there are insiders questioned, the program is tailor-made for the company's senior executives of the disguised share incentive scheme. In this transaction, the Leme pharmaceutical company intends to purchase its total holdings of 73.33% per cent of the 11 natural persons to buy the assets by offering shares to the owner of the Ding Liang wo yuan, wo Yuanqui, Chu Yu, Liu, Wang Jooyu, Ke, heping, Wang Xu, Hu Yongxiang, Fang, Daiqingping, Zhang Kaifei and Tri Dan. To purchase the 7.62% per cent stake in the Chu Wei by paying cash to purchase assets. It is noteworthy that the above 12 natural persons in the Lai Mei pharmaceutical industry are holding important positions, in addition to Chairman Chu Yu, Liu as the general manager of raw materials, Wang Jooyu as the general manager of tea plant preparation factory, Ke as the company's consultant, Heping as the chief engineer of raw materials pharmaceutical. Notice shows that Ding Liang wo yuan, six wo Yuanqui, Chu Yu, Liu, Wang Jooyu, Ke, heping and other 11 natural persons to obtain the shares of this issue, from the end of the shares issued 36 months from the date of transfer shall not be transferred. Some insiders say this is similar to equity incentives, and the only difference is that the unlocking conditions (performance commitments) set up for equity incentive objects are exempted.