The stock assets reorganization plan of Harbin Medicine is questioned by shareholders

Because of the delay in the implementation of the share reform, once there is a "nail house", said the Harbin drug shares (600664), in September 1, 2008 finally to implement the reform program. Its major shareholder Harbin Pharmaceutical Group in its share reform program commitment: Since the implementation of the stock reform within 30 months, will inject shares of not less than 2.611 billion yuan of high-quality operating assets and cash, and injected assets of the net asset yield is not less than 11%.　　According to its commitments, March 1, 2011 became the deadline for the implementation of the group's commitment. February 15 this year, the suspension of nearly two months of Harbin drug shares to duplicate. To fulfill the share reform commitment, February 16 Harbin Pharmaceutical shares disclosed the "issue shares purchase assets and related transaction plan." The asset reorganization program is: Harbin Pharmaceutical shares by the Harbin Pharmaceutical Group in the form of Non-public shares of the company's bio-engineering companies and three refining drugs (600829) all shares.　　After the completion of the acquisition, the company will hold 100% of bio-engineering companies, holding three refining drugs will rise from 30% to 74.82%, become the first major shareholder of three sperm, the group directly holding the proportion of AG will also be from the original 34.76% rose to 45.26%. However, there are many doubts about the restructuring: as early as a few years ago, three refined drugs were one of Harbin pharmaceutical shares of assets, now back to the arms of Harbin Pharmaceutical shares, this is an asset placement and placement of the game? If, according to the evaluation value, Harbin Pharmaceutical shares of the assets of the injection of equity returns, can not meet the share reform of the promised 11% of the target, should be given to shareholders compensation?　　Does such a reorganization plan reduce shareholder equity?　　Mr. Chen Dingjian, who has had ten years of experience in stock market investment, sent a letter to the newspaper yesterday, questioning the reorganization of Harbin medicine, and said that the plan should be demolished again. Letter from the reader: Harbin Pharmaceutical Group Holdings of the original three-fine pharmaceutical stock, a few years ago was less than 3 yuan per share of the price has been transferred to the parent company, as a conscientious group, should not be three fine pharmaceutical suspension of the price of 21 yuan for the transfer of shares of Harbin Medicine.　　It's a bit outrageous that three years ago, the biotech vaccine company, with a registered capital of $100 million, was appraised as a 1.8 billion-dollar value injected into the shares. The reorganization evaluation should be injected into the net assets method, and the original scheme will reduce the shareholder's equity by at least 20%.　　Harbin Pharmaceutical shares of net assets of 5 yuan, three fine pharmaceutical net assets of 4 yuan, should be evaluated after the net asset prices injected, and the original plan will be three fine stock price as net assets, so will only virtual carry the shares of Harbin Medicine net assets. Second, the reorganization involves the asset scale has not reached the share reform commitment to inject 3 billion yuan in the size of assets. The total assets of the three refined pharmaceuticals are 3.3 billion, the net assets are 1.6 billion, and the group equity is 44%, that is, the total assets injected are 1.3 billion, 670 million yuan Biological vaccine company Total assets of 450 million, net assets of 300 million, and the total assets of three essence, net assets added after the total injection of 1.75 billion, 970 million yuan, even with the size of the total assets of 1.75 billion yuan is far from the share reform commitment to inject 3 billion assetsScale。　　The biological vaccine company was assessed to be 1.8 billion yuan net worth, it is too outrageous.　　Third, the group should immediately be owned by the group of other assets, Pfizer animal vaccines and Harbin Pharmaceutical Direct sales companies should be combined as soon as possible after the injection of Harbin Pharmaceutical shares, so that the total asset size to achieve the share reform commitment of 3 billion yuan target. Iv. Harbin Pharmaceutical shares should be given performance commitment to the asset injection, if the share reform commitment of the net assets yield reached the target of 11%, the group within three years should be compensated.