Tianmu Pharmaceuticals by institutional investors selling a big sell-off restructuring six consecutive defeats of the sing-off?

Pharmaceutical Network January 22 - Six restructuring failures in six years, four easy chairman, it can be said that since 2010, the country's first Chinese medicine listed enterprises - Tianmu Pharmaceutical son has been in turmoilIn November 2016, tianmu Pharmaceuticals announced the failure of restructuring, several major shareholders have reduced their holdings, especially the company's second largest shareholder, "the godfather of mergers and acquisitions" Song Xiaoming managed the private equity - The Great Wall Huili to reduce the maximum reduction, the proportion of the reduction as high as 15%In April 2012, Song Xiaoming began to gradually intervene in Tianmu Pharmaceuticals, no doubt, the restructuring expectations are song Xiaoming holding Tianmu Pharmaceuticals a big reason, the shareholders have sold shares, is it related to Tianmu Pharmaceuticals this restructuring failure? Does it mean that they have no hope for the success of tianmu Pharmaceuticals' future restructuring, and are no longer optimistic about the future of the company? Does the company lose confidence in its main business development by launching a restructuring plan in succession? Reporters on related issues to Tianmu Pharmaceutical Scoite Secretary Wu Jiangang sent a letter to call, the other side failed to give a reasonable explanationinstitutional investors to reduce their holdings
On January 18, Tianmu Pharmaceuticals announced that the company's second largest shareholder, Shenzhen Great Wall Huili Asset Management Co., Ltd., through bulk trading, the Shanghai Stock Exchange centralized bidding system to reduce the company's 6.08 million shares, accounting for 5% of the company's total share capitalthe Great Wall when the family is known as the "godfather of mergers and acquisitions" Song XiaomingThis is not the first time Song Xiaoming has recently significantly reduced his stake in Tianming Pharmaceuticals, and on December 10, 2016 and January 5, 2017, Tianmu Pharmaceuticals disclosed in a separate announcement that Great Wall Huili had reduced its stake in the company by 5%Song Xiaoming has previously invested heavily in Tianming PharmaceuticalsGreat Wall Huili is through the concerted action of the people - Caitong Fund's Great Wall Huili 1, Zhongrong Fund's Great Wall Huili Merger 1 and Rongtong Capital's Great Wall Huili Merger 1 holding Tianmu Pharmaceuticals sharesUntil December 10, Great Wall Huili held a total of 26.15% of Tianmu Pharmaceuticals through concerted actionBut by January 18th, Great Wall Huili held only 11.15 shares in Tianmu PharmaceuticalsIn other words, in just two months, Song Xiaoming sold a 15% stake in Tianming Pharmaceuticalsof tianmu pharmaceutical institutional investors, The Great Wall Is not the only recent sell-off, before the Great Wall Huili action, there have been other institutions to sell Tianmu Pharmaceuticals sharestwo days after Tianmu Pharmaceuticals announced its failure to restructure - on November 18, 2016, Tianmu Pharmaceuticals was notified that its fourth largest shareholder, Shenzhen Ping An Dahuahuitong Wealth Management, had reduced its stake in the company by 2.86 percentOn December 8, Minsheng Trust informed Tianming Pharmaceuticals that Minsheng Trust No1 Capital Trust Securities, which is managed by Minsheng Trust, had reduced its holdings of 13,000 shares of the company through a centralized bidding trading system restructuring six consecutive defeats in June Tianmu Pharmaceuticals declared the restructuring bankruptcy, institutional investors followed by holding its shares, is it just a coincidence? it was not the only failed restructuring in recent years, but the company's sixth failure since 2010 In August 2016, Tianmu Pharmaceuticals announced a suspension of trading and restructuring, and after three months of busy work, on November 15, the company announced that the restructuring had been in vain again This time, Tianmu Pharmaceuticals found Hainan Yishun Pharmaceuticals, Anhui GuangyinTang Chinese medicine, Jilin Jichun Pharmaceuticals as a candidate for recombination the reasons for the failure of the reorganization, Tianmu Pharmaceuticals explained that Hainan Yishun Pharmaceuticals in the transaction consideration and program details, the two sides failed to reach an agreement; Therefore, the company decided to terminate the planning of this major asset restructuring years of poor performance of Tianmu Pharmaceuticals has become a veritable restructuring professional, the sixth restructuring is just four months away from the company's fifth restructuring Under intensive restructuring, companies, including Mr Song, continue to hold shares in companies, relying on restructuring expectations In April 2012, Song Xiaoming managed The Longexchange Investment and other companies into Tianming Pharmaceuticals, Song became the company's chairman In Song Xiaoming into the Bureau of Tianmu Pharmaceuticals in 3 years and 8 months, Tianmu Pharmaceuticals has initiated three reorganizations six consecutive restructuring is not successful, Song Xiaoming and other institutional investors on the future restructuring of Tianming Pharmaceuticals with out of hope, so they have sold the company's stock? Tianmu Pharmaceuticals did not answer this question to a reporter in the Investor's Daily successive losses to restructuring Why should Tianmu Pharmaceuticals continue to restructure? In a November 15 announcement issued by Tianmu Pharmaceuticals, the company said it is in order to adapt to changes in industry policies and the trend and situation of industrial mergerand and acquisition integration in recent years, accelerate the effective integration of high-quality resources of the industry, improve the company's continued profitability and level 's comments appear to have hinted that the company needs to restructure to boost its continued profitability So, over the years, how has Tianmu Pharmaceuticals' profitability been? in the first three quarters of 2016, Tianmu Pharmaceuticals lost 4.7 billion yuan The company is still losing money near the end of the year, it seems that Tianmu Pharmaceuticals' full-year 2016 loss is a high probability event, if so, the company is likely to be reduced to ST again due to two consecutive years of losses As a result of 2015, Tianmu Pharmaceuticals lost 21.54 million yuan said it was st again, tianmu pharmaceutical industry in 2009 and 2010 for two consecutive years of losses, in 2011 was ST And the way companies maintain their shells is not to rely on the surplus estheof selling by the main business In 2011, 2013 and 2014, when Tianmu Pharmaceuticals made a profit, the company moved to sell its assets In 2014 alone, Tianmu Pharmaceuticals disposed of two assets, namely , "60% equity in Shenzhen Jingbai Medical Equipment Co., Ltd." and "All Equity in Zhejiang Tianmu Beidou Biotechnology Co., Ltd." thus shows that the reorganization of the shell, has become the tianmu pharmaceutical industry to reverse the situation of the choice on December 31, 2015, Tianmu Pharmaceuticals shares were trading at $8.30, however, the company's share price rose to $25.97 on January 19, 2017, thanks to a succession of restructuring concepts, but its price-to-earnings ratio was -347 times due to losses From this point of view, Song Xiaoming this time to close a lot of profit It is worth mentioning that on January 5, After the news of Song Xiaoming's further sell-off was announced, the company's share price fell almost all the way, from 30.71 yuan to 25.97 yuan