The reorganization of Kangmei Pharmaceutical Co.Ltd(600518) (600518. Sh, Kangmei pharmaceutical) which once caused a sensation in the A-share market due to financial fraud is coming to an end.
On the evening of February 18, Kangmei Pharmaceutical Co.Ltd(600518) announced that up to now, the corresponding situation of “delisting risk warning” touched by the company due to the court’s ruling to accept the reorganization has been eliminated, and the company has applied to the Shanghai Stock Exchange to revoke the corresponding “delisting risk warning” in accordance with relevant regulations. Upon review, Shanghai Stock Exchange agreed to cancel the delisting risk warning of the company’s shares due to reorganization .
But Kangmei Pharmaceutical Co.Ltd(600518) can’t “pick stars”. Because there are still other applicable situations that trigger “delisting risk warning” and “other risk warning”, the company’s shares will continue to be superimposed and implemented “delisting risk warning” and “other risk warning”, and the abbreviation of the company’s shares is still ” Kangmei Pharmaceutical Co.Ltd(600518) “.
It is worth mentioning that Tianzhi International Certified Public Accountants previously believed that according to the audit procedures implemented and the audit evidence obtained, “We have not noticed that there are major events in Kangmei pharmaceutical that make us believe that the financial data disclosed in its 2021 annual performance forecast has not been prepared in accordance with the provisions of the accounting standards for business enterprises, it is expected that the relevant situations involving delisting risk warning have been eliminated “.
Although the concerns about delisting due to restructuring have been eliminated, it is still unknown when Kangmei Pharmaceutical Co.Ltd(600518) will “pick stars and hats”.
Kangmei Pharmaceutical Co.Ltd(600518) according to the previously disclosed risk tips, if the company continues to issue qualified opinions on the financial report in 2021, fails to disclose the annual report within the legal period, and more than half of the directors cannot guarantee the authenticity of the company’s annual report in the latest year, the listing of the company’s shares will be terminated.
Since December 2018, Kangmei Pharmaceutical Co.Ltd(600518) has successively revealed major problems such as inflated monetary capital, inflated operating income, inflated operating profit and occupation of non operating funds by controlling shareholders. In addition, due to the impact of macroeconomic downturn, financial deleveraging and frequent adjustment of policies in the pharmaceutical industry, the company’s operating risks have accumulated.
Due to its heavy debt burden and huge pressure on due debt repayment, Kangmei Pharmaceutical Co.Ltd(600518) has a severe debt crisis. In 2020, the audited ending net assets of listed companies were negative, and the financial and accounting report of 2020 was issued, which could not express an opinion. On April 22, 2020, Kangmei pharmaceutical was applied for reorganization by creditors.
At the end of 2021, Jieyang intermediate people’s court made a civil ruling, which confirmed that the reorganization plan had been implemented. On January 29 this year, the company disclosed the supervision report on the implementation of the reorganization plan issued by the manager and the special legal opinion on the completion of the implementation of the Kangmei Pharmaceutical Co.Ltd(600518) reorganization plan issued by Guangdong Shengqiao law firm.
It is worth noting that the restructuring has brought huge benefits to Kangmei Pharmaceutical Co.Ltd(600518) and helped it turn around its losses in 2021.
The performance forecast shows that Kangmei Pharmaceutical Co.Ltd(600518) has realized a net restructuring income of about 17.5 billion yuan. It is expected to realize a net profit of 5.625 billion yuan to 8.438 billion yuan attributable to shareholders of Listed Companies in 2021, turning losses into profits year-on-year.
Kangmei Pharmaceutical Co.Ltd(600518) the fundamentals are still poor, and there are still huge losses in the main business. The company estimates that the main business income in 2021 will be 3.78 billion yuan to 4.914 billion yuan, and the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses will be -8.64 billion yuan to -5.76 billion yuan.
At present, the stock price of Kangmei Pharmaceutical Co.Ltd(600518) has improved slightly compared with the “bottom”, but it is still far from the previous high. However, the directors, supervisors and senior executives have chosen to cash out. On February 14, Li Jianhua, deputy general manager of the company, reduced 350000 shares of the company and cashed out 1.113 million yuan.
