Shun Li Tai: a former deputy mayor of Shenzhen, an official venture sample

At the end of 1989, the first stock exchange of New China, the Shenzhen stock Exchange, was born, also in this year, Ye Shin finally settled in Shenzhen, reclamation plant, and the partnership to set up a pharmaceutical factory, to determine the pharmaceutical as their main direction.　　This year from Shenzhen to the deputy provincial city has been 8 years, and the distance from Ye Shin to become the Guangdong Provincial party committee, Shenzhen Municipal committee, deputy mayor has been 6 years, Ye Shin at this time is 45 years old. 20 years later, September 10, 2009, the Shenzhen Stock Exchange has witnessed a new Ye Shin, suit and upright, steady.　　Ye Shin as chairman personally sounded Shenzhen letter Li Tai Pharmaceutical Co., Ltd. listed bells. Ye Shin is now being mentioned more as the first group of Shenzhen officials. He did not like most "half of the sea" officials, in the form of internal mobility to the state-owned enterprises, or under the influence of administrative reform, to the department subordinate units or enterprises to lead. He chose to go directly from scratch, in the countryside, Hong Kong, China, the United States for nearly five years before finally to Shenzhen, where he once reached the peak of the official career. He founded the letter Tai (002294.　　SZ) has also become a typical example of an official-run enterprise. The family business of the officer is a private family holding company engaged in the development, production and sale of pharmaceutical preparations and APIs. There are five former officials in the company, except Ye Shin themselves, also has served as Shenzhen Municipal Health bureau director of Drug Administration, Shenzhen Municipal Drug Administration assistant Inspector, is now the company's independent director of the Dindehei, the Guangdong Mei government office of the Chief of Investigation, is the company supervisor Li Yinghui; former director of Luohu District, Shenzhen,　　Liang Fojin is now the company supervisor, as well as the former director of the Shenzhen Municipal Audit Office clerk, is now the company's independent director of Pan Lingman.　　The former officials of the company were reasonably well configured, Li Yinghui, Liang Fojin and Ye Shin were local administrators, Dindehei as operational officials, with the political background of the Drug Administration and the FDA, and Pan Lingman as an audit officer to assist the company in docking capital markets. The three categories of officials from the local network, business management and listing level for the company "escort."　　Among them Liang Fojin, Li Yinghui and Ye Shin relationship is very close, Liang since 1982 as Luohu District Government office director is just the subordinates of the leaves, and Lee's position is exactly the leaf of the hometown of May County. Ye Shin in September 1984 from the deputy provincial level to a deputy department cadres, and from Guangdong to Hunan Chenzhou, and finally resolutely resign the sea. And Liang and Lee, respectively, in 1985 before and after entering Shenzhen, Beijing-Peng United Enterprise and Shenzhen Oct Group as leadership positions, and successively in a number of enterprises as senior executives, has a wealth of business experience.　　Such company executives are not seen in a Home-grown private enterprise in Shenzhen, much like local SOEs. And the letter Li Tai former officials together with the structure of the same obvious, but also its family-holding, the company's actual control for Ye Shin, Liaoqing couple, the son of the company's general manager of the Ye Yuxiang,His daughter for the company's financial head of the Ye Yuyun, son-in-law Chen Zhiming, a total control of nearly 75% of the company's shares.　　Although the former senior officials of the Thai group, and the family holding, but in private enterprises such a combination, from the corporate and business level makes the pharmaceutical company more stable and more profitable, and the model is unique, difficult to replicate.　　The pressure will be two years later. The company, which provides drugs such as cardiovascular, cephalosporins and bone-absorbing inhibitors, has already fallen to about 70 yuan after the stock price reached 158 yuan at the end of April.　　As a domestic product positioning in the high-end market of pharmaceutical enterprises, the total assets of nearly 1.9 billion of the letter to Thailand in the first quarter to achieve revenue and attribution to the parent company's profits were 320 million yuan and 100 million yuan, year-on-year growth of more than 100%, but the expected instability factors remain.　　In May this year, the company to 31.05 million super raise funds to get located in Shenzhen Ping Shan new area as a project construction land, the initiative can solve the future development of the letter Li Tai, the bottleneck of soil problems. So in the next few years, Nobuyasu will focus more energy on drug development and production. Although there is no significant advantage in the competition with rival companies such as the French pharmaceutical giant Sanofi and Harbin Pharmaceutical Group, the company has maintained a high rate of growth with its local characteristics, including sales channels and policy subsidies.　　In the words of chairman Ye Shin said, "Do not pay attention to the short-term trend of the company's stock price, do a good job, the company's performance continuously improve confidence."　　However, Huatai securities researchers are not optimistic about the company's prospects, and warned that its core drugs "is the risk of imitation still exist", "inventory and accounts receivable growth rate of several years than net profit, the quality of earnings to be improved."　　But Lixin research and development positioning accurate, funds put in place, Guotai researcher Isheming that the main varieties of the market broad, a number of enterprises imitation products to be approved by the small. Analysts on the letter to Thailand this year's expected earnings per share of 3 yuan, the current company's share price of 70 yuan, the number is 23 times times the former.　　Shun Tai's P/E ratio with the same industry companies, such as three refined drugs, Red Sun pharmaceutical industry, in the middle position.　　Lixin Thailand this year's profitability will continue to grow, thanks to the diversification of product organizations, the core products have a dominant position, antibiotic-like drug cephalosporins production line to expand the adoption of GMP (drug production Quality management norms), due to the higher market prosperity, high growth is expected to continue. As the only clopidogrel domestic manufacturer of cardiovascular medicine, Lixin will continue to share with the original research and development plant in the past few years sales of 70% annual growth market.　　The fastest imitation pressure will come in 2012. However, long-term view of the Thai face of the challenge is not small.　　The first is the impact of generic drugs, there have been patients said that the efficacy of chlorine clopidogrel is indeed good, although more affordable than imported drugs, but the price is still high, ordinary people difficult to use for a long time. In addition, the domestic market gradually saturated, competition increasingly fierce, in the cephalosporin drug market share and the letter Li Tai close toNorth China Pharmaceutical Group has begun to open up overseas markets, the reason given by the relevant people is that the risk of research and development is increasing, the uncertainty of policy after health reform began to increase, the choice of the market may be a new strategic point. The recent investment in Hong Kong to set up a subsidiary of Novartis International Co., Ltd., also announced the beginning of the overseas layout.