Who lost in the fragrant snow pharmaceutical feast

21st Century Economic Report Xiao Qing Guangzhou reported an early morning, but catch a late set.　　From the original plan to land on the gem to the end of only one foot, Guangzhou Pharmaceutical Co., Ltd. (hereinafter referred to as Fragrant Snow pharmacy) This step has gone for almost 10 years.　　China Securities Regulatory Commission November 3 night issued a notice, the GEM board issued on November 8 to convene the 69th and 70th working meeting in 2010, Audit Guangzhou Pharmaceutical Co., Ltd. Gem first application.　　and early venture investment in the company in and out of the situation is different, fragrant snow pharmaceutical This has been the pursuit of capital. From the local venture to invest in such as Guangzhou good Faith Venture Capital Co., Ltd. (hereinafter referred to as good faith ventures) and Guangdong China Branch Investment Management Limited Liability company (hereinafter referred to as Guangdong China Branch Investment), and to the sponsor CITIC construction of the direct investment company CITIC Construction Investments of the Management Limited (hereinafter referred to as CITIC Investment),　　Also its first single direct investment project Drop fragrant snow pharmaceutical, and so on, the capital flocked to the road. Of course, behind the capital appreciation, the biggest winners are the actual holding system of Wang Yonghui, Chen Shumei and the couple.　　As of now, Wang Yonghui and Chen Shumei indirectly control the voting rights of the company's 50.43% shares, including indirectly controlling the voting rights of the company's 46.52% shares through the Kunlun investment, and indirectly controlling the voting rights of the company's 3.91% shares by creating the horizon media. Citic Jian di water direct investment with fragrant snow pharmaceutical formal will, Citic built the first single sponsor and direct investment project also to surface.　　This shows that the previous market criticism of the sponsorship and direct investment model has not been closed by the Securities and Futures Commission.　　According to the prospectus disclosed by the Shannon Pharmaceutical, Citic Investment was the last time to increase the shares when the IPO was declared.　　December 1, 2009, Guangdong China Branch, Citic Investment, Zhaohaili, Kang, Yu Feng in monetary way to increase capital of 87.45 million yuan, of which: 11 million yuan to increase the registered capital, the balance of 76.45 million yuan into the Capital Provident Fund. It is understood that the increase in the stock price of 7.95 yuan/share, is based on the company's 2008 audit of the net profit, combined with the company's 2009 earnings forecasts and the company's overall valuation to negotiate the determination.　　Up to now, CITIC has invested 1 million shares in this stock, accounting for 1.09% of the total equity before the issue.　　However, with CITIC investment in the fate of this is very different, those in the first joint-stock reform in the fragrant snow pharmaceutical investment institutions such as Shanghai Levin and the source of investments but did not wait until today, now can only with capital wealth pass by.　　In fact, as early as 2000, in the GEM launched the expected, fragrant snow pharmaceutical holding shareholder Kunlun Investment began to introduce external investors. December 2000, Kunlun Investment subordinate enterprises Kunlun industry and trade will hold 7% of the shares of 4% and 3% per share of 2.9 yuan transferred to the general numbers and Shanghai Levin.　　At that time, Shanghai Levin became the number 1.35 million shares. 2001January, the Kunlun investment will be held in the shares of 4.44% and 2.22% per share of 2.90 yuan respectively to the investment and macro technology.　　The number of shares owned by the German investment is 2 million shares. However, at that time, when the fragrant snow pharmaceutical market is hopeless, Shanghai Levin has finally opted out.　　December 31, 2003, Shanghai Levin will be its holding company 3% of the total of 1.35 million shares, to a total of 2.8 yuan per share of 3.785 million yuan to the price of the Kunlun investment under the Kunlun technology.　　It can be seen that Shanghai Lai business in the stock three years after the exit, not only did not earn back investment costs, but a slight loss.　　Similarly, the investment in the gem has not been scheduled to launch the case, according to the January 5, 2001 and Kunlun Investment signed the "Equity transfer Agreement" agreement, the Kunlun investment to buy back its ownership of all shares.　　February 8, 2007, the German investment will hold 4.44% of its shares of 3.6 million shares, with a total of 1.7778 per share of 6.4 million yuan, slightly higher than its initial cost price transfer to the Kunlun investment related enterprises to create the horizon media.　　The good faith creates the latent however, in Shanghai two ventures successively chooses to withdraw, at the same time, the blond Technology (600143.SH) the head Shi Min controls the Guangzhou local creation stock company to take the opposite direction, chooses in the market trough latent in. February 16, 2007, Kunlun Technology, credit and Kunlun Investment signed the "equity transfer agreement."　　Kunlun technology will be held by the company's 4% of the total shares of 3.24 million shares, to 5.80 yuan per share, a total of 18.792 million yuan for the transfer of the price of good faith venture.　　As a local venture in Guangzhou, the company has already appeared in the list of sponsors of local listed companies such as Intellectual Light Electric (002169.SZ), Guo Xing (002449.SZ) and so on. Up to now, in addition to fragrant snow pharmaceutical is about to sprint IPO, the integrity of venture investment also holds two unlisted company shares, respectively, holding the Sichuan East Wood Technology Group Co., Ltd. and Beijing High Union Chemical Co., Ltd 11.82% and 16.68% of the equity.