Nanjing Pharmaceutical sells assets at a loss and expects approval of foreign shareholders' project

On September 7, Nanjing Pharmaceutical (600713 SH) announced that it planned to sell its shares in two e-commerce companies at a listing price of 37 million yuan Considering the cost of acquisition and the huge loss during the operation period, the company actually sells assets at a loss Since 2012, the company has been struggling by selling assets In the near future, the situation is getting worse and worse The project that is expected to be approved by the end of this year to cooperate with foreign shareholders has become the only "Hope" of the company According to the announcement, the company announced the listing and transfer of 50% of the equity of Beijing Green Gold creation e-commerce Co., Ltd (hereinafter referred to as "Beijing green gold") and 60% of the equity of Jiangsu price green collar space Investment Co., Ltd (hereinafter referred to as "Jiangsu price green collar"), with a total base price of 37 million yuan The company said the sale of assets was mainly for the purpose of concentrating resources to develop its main business "Both Beijing green gold and Jiangsu price green collar are e-commerce enterprises, which need to invest a lot of cash flow in the later business development process At present, the company's main business capital demand is large, so it is difficult to guarantee the follow-up capital investment in e-commerce business " According to the data, Beijing green gold was founded in April 2011 Nanjing Pharmaceutical invested 6 million yuan and held 60% of the shares As of May 31 this year, Beijing green gold had a net asset of - 26.91 million yuan, with a loss of 9.7161 million yuan in the first five months of this year Jiangsu price green collar was established in March 2012, with a capital contribution of 30 million yuan and 100% equity As of May 31 this year, Jiangsu price green collar's net assets were 24.69 million yuan, with a loss of 2.2754 million yuan in the first five months of this year Nanjing Pharmaceutical's total investment cost to the two companies is 36 million yuan, and the total listing price is 37 million yuan, only the principal guaranteed However, according to the annual report, the accumulated loss of Beijing green gold since its establishment is about 30 million yuan, and the accumulated loss of Jiangsu price green collar is more than 5 million yuan Today's sale of equity can only be understood as "stop loss" and "support performance" In 2011, the company's performance was a loss In 2012, the company managed to achieve a net profit of 10.82 million yuan by selling real estate at the end of the year (December), avoiding St Since 2013, the company has successively announced the transfer or listing of shares of 12 holding and participating companies, including Nanjing Tongrentang (600085 SH) Relying on the 50.87 million yuan brought by the sale of assets, the company realized a net profit of 16.43 million yuan in the first half of this year After deducting non profits, the company actually made a loss of yuan "Since 2010, the main business of the company has been at a loss, and 2011 and 2012 have been huge losses The company's operation and management level is too poor, and the original business is difficult to improve This kind of asset sale is not far away The only focus of the company is whether the joint venture with foreign shareholders can bring a turnaround for the company, "an analyst in the pharmaceutical industry told securities market weekly In September 2012, United boots signed an agreement with Nanjing Pharmaceutical to acquire 12% shares of Nanjing Pharmaceutical at a price of about 560 million yuan After the completion of the acquisition, United boots will become the second largest shareholder of Nanjing Pharmaceutical On July 12, 2013, Nanjing Pharmaceutical Co., Ltd formally submitted the application documents of the cooperation project with uniface to the Ministry of Commerce According to some analysis, it is expected to obtain the approval documents at the end of this month or next month After obtaining the approval, it will be reported to the CSRC for examination If it goes well, the whole process is expected to be completed within the year In addition, with the continuous deterioration of the company's business, the company's recent personnel turmoil and cash flow deterioration On September 7, Nanjing Pharmaceutical announced that he Jingeng, the company's director and President, resigned for personal reasons at the same time as the announcement of asset sale In April this year, Ding Fengjun, former director and executive vice president of Nanjing Pharmaceutical, resigned for personal reasons He Jingeng is the third Nanjing Pharmaceutical executive to leave On September 7, the company also announced that the first phase of 2013 directional debt financing instrument had just been issued on September 4, with an actual issue of 400 million yuan, a coupon rate of 6.20%, and a term of three months In the first half of 2013, the company's cash and cash equivalents decreased by - 260 million yuan.