The reorganization of the “Kangmei case” that has attracted much market attention has ushered in new progress: Shennong will become the controlling shareholder of the listed company, and the company has no actual controller.
On the evening of December 24, the equity change announcement disclosed by Kangmei Pharmaceutical Co.Ltd(600518) (600518. Sh, Kangmei pharmaceutical) showed that due to the implementation of the reorganization, Guangdong Shennong enterprise management partnership (hereinafter referred to as Shennong) as the reorganization investor transferred 3.509 billion shares of Kangmei pharmaceutical, accounting for 25.31% of the total share capital.
Figure: details of this equity change source: Kangmei Pharmaceutical Co.Ltd(600518) announcement
Meanwhile, the proportion of voting rights held by Jieyang Yilin pharmaceutical investment Co., Ltd. (hereinafter referred to as Yilin pharmaceutical), an information disclosure obligor, in Kangmei pharmaceutical was passively diluted, down from 29.90% to 10.73%.
The announcement shows that the above two companies are state-owned assets.
Shennong has five shareholders. According to its equity penetration chart, Shennong’s major shareholders include Guangzhou Municipal People’s government, Guangdong Provincial Department of finance, Guangdong SASAC, Jieyang SASAC, etc.
Figure: Shennong’s equity penetration figure source: Kangmei Pharmaceutical Co.Ltd(600518) announcement
In terms of Yilin pharmaceutical, according to its equity penetration chart, the major shareholders include Guangzhou Municipal People’s government, the state owned assets supervision and Administration Commission of Jieyang Municipal People’s government and the state owned assets supervision and Administration Commission of Guangdong Provincial People’s government, which are also state-owned assets.
Figure: equity penetration chart of Yilin pharmaceutical source: Kangmei Pharmaceutical Co.Ltd(600518) announcement
Despite the change of control, there are still many remaining problems to be solved at present Kangmei Pharmaceutical Co.Ltd(600518) .
Since December 2018, Kangmei pharmaceutical has successively revealed major problems such as inflated monetary capital, inflated operating revenue, 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 policy adjustments in the pharmaceutical industry, the operating risks of listed companies have accumulated.
The problem of huge capital occupation of Kangmei Pharmaceutical Co.Ltd(600518) has been solved. At the end of 2019, Ma Xingtian and the enterprises under his control occupied RMB 9.481 billion of the capital of the listed company. As of December 23, the total balance of non operating funds occupied by related parties of the company was estimated to be 365 million yuan.
Recently, Ma Xingtian, the former actual controller of Kangmei Pharmaceutical Co.Ltd(600518) pharmaceutical industry, was forcibly transferred to the company. On December 23, the company announced that Ma Xingtian failed to fulfill the obligations specified in the effective legal documents. After Kangmei pharmaceutical applied to Jieyang intermediate people’s court for enforcement, it transferred a set of real estate under Ma Xingtian’s name located in Shenzhen Yinhu residence to Kangmei pharmaceutical to pay off the debt. The property has been transferred, and the debt is expected to be 177 million yuan.
At the same time, due to its heavy debt burden, there is a severe debt crisis due to the huge pressure of debt repayment. In 2020, the audited ending net assets of the listed company 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.
According to previous reports of interface news, Kangmei Pharmaceutical Co.Ltd(600518) restructuring plan will be implemented until April 30, 2022, that is, it is expected to be completed in the next four months.
Despite new progress in Kangmei Pharmaceutical Co.Ltd(600518) restructuring, the stock price performance is not satisfactory. In the eight trading days from December 15 to December 24, the company’s share price fell by the word limit. As of the closing on December 24, the company still pressed more than 2453100 hand sales orders, with a market value of 39.65 billion yuan.
(interface News)
