10% off sale equity! Why did he give up the listed company he built first hand?

More than 20 years of entrepreneurship, entering the capital market, exceeding the annual growth rate of the industry, why do you sell all your shares at a discount? On May 10, Xinbang pharmaceutical announced that 21.04% of the company's equity held by Zhang Guanfu, the controlling shareholder and actual controller of the company, was transferred to Tibet Yuxi company with a transfer price of 3 billion yuan The controlling shareholder of the latter is Yuheng group At noon on May 11, Yuheng pharmaceutical industry issued a notice in response to this information According to Xinbang announcement, Zhang Guanfu transferred 359 million shares of the company held by him to Tibet Yuxi, with the transfer price of 8.424 yuan per share, 10% lower than the latest closing price of the company, and the transfer price of 3 billion yuan After the equity change, Tibet Yuxi accounted for 21.04% of the total equity of Xinbang pharmaceutical, becoming the largest shareholder of the company Affected by this news, Xinbang pharmaceutical fell to a halt on May 11 At present, the focus of the industry is mainly on two aspects One is that Zhang Guanfu has worked hard for more than 20 years to bring Xinbang pharmaceutical to the capital market, but now he has sold the controlling shares at a discount What is the reason behind this? Second, the investment company under Yuheng group takes control of Xinbang pharmaceutical Will this merger and acquisition of the same industry form horizontal competition for Yuheng pharmaceutical industry, and at the same time will have an impact on the finance and operation of Yuheng pharmaceutical industry? Why does Zhang Guanfu want to sell? From the perspective of Xinbang pharmaceutical, Zhang Guanfu's sale of shares is really puzzling On the one hand, from the perspective of the company's operation, Xinbang pharmaceutical has grown steadily in recent years From the expansion of pharmaceutical industry to the circulation of medicine, to today's efforts to provide medical services, its fundamentals have been favored by research institutions such as securities companies From 2014 to 2016, Xinbang pharmaceutical's performance growth was 334.81%, 68.8% and 23.38% respectively According to the analysis of the research reports of GF Securities, Haitong Securities, Soochow securities and other securities companies since 2017, they are also rated as "buying" According to the public data on the revenue and growth of Xinbang pharmaceutical from 2014 to 2016, Xinbang pharmaceutical has 17 national basic drug catalog varieties, including the company's main varieties, Yixinshu capsule, Maixuekang capsule, ginkgo leaf, Liuwei Anxiao Capsule and Zhenqi Fuzheng Capsule There are 21 kinds of national medical insurance catalogue, of which the joint Kebi pill is the exclusive one In 2016, the company achieved an operating revenue of 5.157 billion yuan, a year-on-year increase of 23.38%, and a net profit of 246 million yuan, a year-on-year increase of 41.08% On the other hand, from Zhang Guanfu's personal point of view, he started his business for more than 20 years, brought Xinbang into the capital market, and the company's overall growth trend was also good However, he sold all his shares at this time, which inevitably led to doubts In response to the questions, Chen Chuan, Secretary of the board of directors of Xinbang pharmaceutical, said to a Xinbang shareholder: "the conversion of shareholders has no impact on the company's future development Xinbang's management team has not changed at present, and the whole company's team is relatively stable " He also revealed that Zhang Guanfu himself has been focusing on the pharmaceutical sector for more than 20 years After two major restructuring, Xinbang Pharmaceutical Co., Ltd has fully expanded to the pharmaceutical circulation and medical services, entering a new stage of development Zhang Guanfu also wants to focus on his personal life, so he abdicates There is no internal struggle in the company Indeed, from the perspective of Xinbang pharmaceutical's development route, the company has transformed from the past Chinese patent medicine manufacturing industry to medicine circulation and medical services It is reported that when Xinbang pharmaceutical was launched in 2010, its products were mainly Chinese patent medicines, focusing on cardio cerebrovascular and digestive fields But its core products are facing fierce market competition, which makes it have to find new growth points Just a few days ago, the company also announced the termination of the R & D of ginsenoside Rd, a new Chinese medicine of class I with high hopes Since 2014, Xinbang has expanded its business to the field of pharmaceutical circulation and medical services through M & A, especially focusing on medical services According to the annual report, the total operating revenue of Xinbang pharmaceutical in 2016 was 5.157 billion yuan, of which the operating revenue of medical services was 1.197 billion yuan, up 14.20% year on year At the same time, it can be seen that in July 2016, Zhang Guanfu has reduced 70.65 million shares of the company through block trading, with the shareholding ratio reduced from 25.19% to 21.04% One month later, Zhang Guanfu submitted a written resignation application to the board of directors of Xinbang pharmaceutical and resigned from all positions After that, an huailue, the legal representative of Guizhou Gui'an New Area Jinyu Investment Center (limited partnership), the second largest shareholder of Xinbang, took over his position as chairman of the board of directors 2 Acceptor the acceptor of equity has also attracted wide attention in the industry Public information disclosure: Tibet Yuxi was registered in July 2016 with a registered capital of 30 million yuan Its controlling shareholder is Yuheng group, which is a large investment management company with a total assets of more than 10 billion yuan It is the controlling shareholder of the listed company Yuheng pharmaceutical industry, with a shareholding ratio of 66.07% On May 11, Yuheng pharmaceutical announced that the transaction was implemented by Tibet Yuxi, a wholly-owned subsidiary of the company's controlling shareholder, and had no significant impact on the company's financial situation and operating results According to the announcement, the company and Xinbang pharmaceutical have different business development directions in the overall operation: Yuheng focuses on pharmaceutical manufacturing business, Xinbang pharmaceutical mainly focuses on pharmaceutical circulation and medical service business, and the two sides do not form a direct competitive relationship It is reported that in order to avoid horizontal competition with Xinbang pharmaceutical, Tibet Yuxi and its actual controllers Zhu Jiman and Bai Lihui also issued the letter of commitment on regulating related party transactions and avoiding horizontal competition to Xinbang pharmaceutical From the perspective of Zhu Jiman's accession to the country, it still conveys his idea of extension and expansion According to the situation of listed companies, Yuheng pharmaceutical has been constantly merging since its listing, especially since 2013 According to the public data, by 2015, it has completed or is still implementing 13 major investments or asset purchases, which is also known as "merger and acquisition machine" In the past year, Yuheng pharmaceutical bought and sold Pude pharmaceutical in half a year It is reported that Yuheng pharmaceutical industry is now gradually focusing on the field of chronic disease management drugs and biopharmaceuticals, which is a critical period for the adjustment of product line and strategic transformation Some analysts believe that after the equity transaction between Tibet Yuxi and Zhang Guanfu is completed, Xinbang will become a platform for Zhu Jiman and Bai Lihui in the field of medicine circulation and medical services Yuheng pharmaceutical industry announcement also said that Zhu Jiman and Bai Lihui will be committed to promoting Xinbang pharmaceutical and the company to engage in production and operation activities within their respective strategic positioning, play their advantages in their respective subdivisions, and further enhance their industry competitiveness.