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On February 16, Shenzhen Stock Exchange issued a restructuring inquiry letter to VTR
.
It pointed out that on January 29, VTR disclosed the "Report on the Sale of Major Assets and Related Party Transactions (Draft)", and planned to sell all the shares of the three target companies held by Xinhexin, Keyixin and Lihua Pharmaceutical in cash.
.
In this regard, the Shenzhen Stock Exchange requires it to explain the transaction plan in detail, and clearly list the new capital increase, the debt repayment of Xinhexin and Keyixin, and the equity transfer of Xinhexin and Keyixin.
It will take time, and the sequence of Lihua Pharmaceutical's debt repayment and Lihua Pharmaceutical's equity transfer, and combined with the transaction sequence to explain whether this transaction constitutes a connected transaction
.
According to the data, VTR is mainly engaged in the research and development, production, sales and service of biological enzyme preparations, steroid hormone APIs, functional feed additives and other products, and provides customers with overall biotechnology solutions
.
Among them, the company's biological enzyme preparation sector includes two major businesses: feed enzyme preparations and industrial enzyme preparations.
In the field of feed enzyme preparations, the company maintains an annual sales growth of 10%-15%, and it is expected to continue in the next few years.
maintained a year-on-year growth rate
.
In the field of industrial enzymes, the company expects industrial enzymes to be a flashpoint for its performance in the next few years
.
In the animal nutrition and health business segment, the company has outstanding advantages in antibacterial products
.
VTR has previously stated that the market competition in the pharmaceutical sector business is constantly intensifying.
To maintain a competitive advantage in the industry, continuous strong capital investment is required in the future, and VTR’s investment in the industrial enzyme preparation field, which is still in the blue ocean, is also increasing year by year.
big
.
After the completion of this sale, the company will obtain a lot of income, which can provide strong support for the two major biological businesses focusing on the development of enzyme preparations and alternative antibodies
.
The total operating income of the three target companies that VTR intends to sell in 2020 will account for 70.
94% of VTR's operating income, and the total assets at the end of the period will account for 56.
45% of the company's total assets.
.
The Shenzhen Stock Exchange requested VTR to quantify the establishment of a "global steroid hormone API core enterprise" and the development of "biological enzyme preparations, animal The funds required for “nutrition and health” respectively, combined with the fact that the target company has a high proportion of operating income, accumulated continuous profits during the historical period, and the company’s asset-liability ratio is not significantly higher than that of comparable companies to illustrate the necessity of divesting the pharmaceutical sector, and explain the divestiture related Whether the company's continued profitability will be adversely affected after the asset
.
The annual report shows that the operating income of VTR’s biological enzyme preparations and functional feed additives in 2019 and 2020 accounted for 30.
48% and 39.
35% of the company’s operating income, respectively.
The Shenzhen Stock Exchange required the company to combine its biological enzyme preparations and functional feeds.
The technology, staffing and market competition pattern of the business, etc.
, indicate whether the biological enzyme preparation and functional feed business can support the company to maintain or improve the sustainable operation ability
.
VTR sold all the three target companies of Xinhexin, Keyixin and Lihua Pharmaceutical for a total transaction consideration of RMB 1,302.
87 million, and it plans to recover a total of RMB 879,742,100 of the claims against the three companies.
10,000 yuan, accounting for 73.
19% of the company's net assets as of the assessment date
.
In this regard, the Shenzhen Stock Exchange requires the company to explain whether the major asset reorganization will result in the company's main assets being cash after the reorganization and whether the reorganization is really conducive to enhancing the company's ability to continue operating
.
According to the requirements, VTR needs to make a written explanation on the issues raised by the Shenzhen Stock Exchange, and submit the relevant explanatory materials to the Shenzhen Stock Exchange GEM Company Management Department before March 2
.
Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice to anyone
.
.
It pointed out that on January 29, VTR disclosed the "Report on the Sale of Major Assets and Related Party Transactions (Draft)", and planned to sell all the shares of the three target companies held by Xinhexin, Keyixin and Lihua Pharmaceutical in cash.
.
In this regard, the Shenzhen Stock Exchange requires it to explain the transaction plan in detail, and clearly list the new capital increase, the debt repayment of Xinhexin and Keyixin, and the equity transfer of Xinhexin and Keyixin.
It will take time, and the sequence of Lihua Pharmaceutical's debt repayment and Lihua Pharmaceutical's equity transfer, and combined with the transaction sequence to explain whether this transaction constitutes a connected transaction
.
According to the data, VTR is mainly engaged in the research and development, production, sales and service of biological enzyme preparations, steroid hormone APIs, functional feed additives and other products, and provides customers with overall biotechnology solutions
.
Among them, the company's biological enzyme preparation sector includes two major businesses: feed enzyme preparations and industrial enzyme preparations.
In the field of feed enzyme preparations, the company maintains an annual sales growth of 10%-15%, and it is expected to continue in the next few years.
maintained a year-on-year growth rate
.
In the field of industrial enzymes, the company expects industrial enzymes to be a flashpoint for its performance in the next few years
.
In the animal nutrition and health business segment, the company has outstanding advantages in antibacterial products
.
VTR has previously stated that the market competition in the pharmaceutical sector business is constantly intensifying.
To maintain a competitive advantage in the industry, continuous strong capital investment is required in the future, and VTR’s investment in the industrial enzyme preparation field, which is still in the blue ocean, is also increasing year by year.
big
.
After the completion of this sale, the company will obtain a lot of income, which can provide strong support for the two major biological businesses focusing on the development of enzyme preparations and alternative antibodies
.
The total operating income of the three target companies that VTR intends to sell in 2020 will account for 70.
94% of VTR's operating income, and the total assets at the end of the period will account for 56.
45% of the company's total assets.
.
The Shenzhen Stock Exchange requested VTR to quantify the establishment of a "global steroid hormone API core enterprise" and the development of "biological enzyme preparations, animal The funds required for “nutrition and health” respectively, combined with the fact that the target company has a high proportion of operating income, accumulated continuous profits during the historical period, and the company’s asset-liability ratio is not significantly higher than that of comparable companies to illustrate the necessity of divesting the pharmaceutical sector, and explain the divestiture related Whether the company's continued profitability will be adversely affected after the asset
.
The annual report shows that the operating income of VTR’s biological enzyme preparations and functional feed additives in 2019 and 2020 accounted for 30.
48% and 39.
35% of the company’s operating income, respectively.
The Shenzhen Stock Exchange required the company to combine its biological enzyme preparations and functional feeds.
The technology, staffing and market competition pattern of the business, etc.
, indicate whether the biological enzyme preparation and functional feed business can support the company to maintain or improve the sustainable operation ability
.
VTR sold all the three target companies of Xinhexin, Keyixin and Lihua Pharmaceutical for a total transaction consideration of RMB 1,302.
87 million, and it plans to recover a total of RMB 879,742,100 of the claims against the three companies.
10,000 yuan, accounting for 73.
19% of the company's net assets as of the assessment date
.
In this regard, the Shenzhen Stock Exchange requires the company to explain whether the major asset reorganization will result in the company's main assets being cash after the reorganization and whether the reorganization is really conducive to enhancing the company's ability to continue operating
.
According to the requirements, VTR needs to make a written explanation on the issues raised by the Shenzhen Stock Exchange, and submit the relevant explanatory materials to the Shenzhen Stock Exchange GEM Company Management Department before March 2
.
Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice to anyone
.
