Recently, industry and commerce information shows that Guizhou Chuliang Wine Co., Ltd. (hereinafter referred to as Guizhou Chuliang) is a newly established liquor enterprise in Guizhou Hunan Jingfeng Pharmaceutical Co.Ltd(000908) ( Hunan Jingfeng Pharmaceutical Co.Ltd(000908) , SZ) shares in the enterprise, with a shareholding ratio of 10%.
The reporter of the daily economic news found that Guizhou Chuliang has a close relationship with Hunan Jingfeng Pharmaceutical Co.Ltd(000908) and several of its shareholders, including Shi Jiajie, the legal representative and the largest shareholder, have the same name as Hunan Jingfeng Pharmaceutical Co.Ltd(000908) . Bi Yuan, Secretary of the board of directors and Minister of Investment Department of Hunan Jingfeng Pharmaceutical Co.Ltd(000908) , may have established a liquor enterprise as early as last July.
In recent years, Hunan Jingfeng Pharmaceutical Co.Ltd(000908) faced with various pressures such as poor development of its main business, poor performance and debt ridden, ye Xiangwu, the original actual controller, also chose to “sell himself to repay the debt” in October last year. On the same day that Guizhou Chuliang was established, ye Xiangwu and his concerted actors also completed the transfer registration of the shares transferred by agreement, and the actual controller of the company was changed to Xu Huanxia.
In fact, it is not uncommon for pharmaceutical enterprises to cross-border invest in the wine industry. Previously, the controlling shareholders of Shandong Buchang Pharmaceuticals Co.Ltd(603858) ( Shandong Buchang Pharmaceuticals Co.Ltd(603858) , SH), step (Hong Kong) holding group (hereinafter referred to as step group) and amendment group, have invested in liquor enterprises.
or participate in Guizhou liquor enterprise with the employees of the sun company
With the change of the actual controller, Hunan Jingfeng Pharmaceutical Co.Ltd(000908) also began to lay out the liquor industry.
According to the industrial and commercial information, Guizhou Chuliang was established on March 3, with a registered capital of 10 million yuan. Its business scope is food sales (only pre packaged food); Retail of protective articles for medical staff; Alcohol business (for projects subject to approval according to law, business activities can be carried out only with the approval of relevant departments).
Hunan Jingfeng Pharmaceutical Co.Ltd(000908) does not hold a high proportion of shares in Guizhou Chuliang, only 10%, and Hunan Jingfeng Pharmaceutical Co.Ltd(000908) has not issued a relevant announcement to disclose the matter. On March 7, the reporter of “daily economic news” called Hunan Jingfeng Pharmaceutical Co.Ltd(000908) secretary office, and the staff said: “the company didn’t let us disclose the wine industry, so we don’t know.”
Hunan Jingfeng Pharmaceutical Co.Ltd(000908) does this foreign investment need information disclosure? Lawyer Wang huaitao of Shanghai Xingu law firm believes that it depends on the amount of investment and the proportion in the total assets of the listed company. If the investment of 1 million yuan accounts for 10% of the subsidiary, it generally does not need to be disclosed. Unless the total assets of the listed company are very small or the profit of the latest fiscal year is very low.
The reporter further found that Hunan Jingfeng Pharmaceutical Co.Ltd(000908) and Guizhou Chuliang are not simple equity relations, and Hunan Jingfeng Pharmaceutical Co.Ltd(000908) Sun company Guizhou Jingfeng injection Co., Ltd. (hereinafter referred to as Guizhou Jingfeng) not only has the same registered address as Guizhou Chuliang, but also has multiple persons with the same name.
Guizhou Jingfeng is an important subsidiary of Hunan Jingfeng Pharmaceutical Co.Ltd(000908) company, mainly engaged in the development, production and sales of large and small volume injections. In 2020, the revenue of Hunan Jingfeng Pharmaceutical Co.Ltd(000908) injection business accounted for 51.69%, while the revenue of Guizhou Jingfeng accounted for more than 50% of Hunan Jingfeng Pharmaceutical Co.Ltd(000908) injection business, reaching 241 million yuan.
The registered address of Guizhou Jingfeng is No. 158, Gaoxin road street, Wudang District, Guiyang, which is also the registered address of Guizhou Chuliang. Ye Hongguang, the current legal representative and Yu Huajun, the historical legal representative of Guizhou Jingfeng, have the same names as ye Hongguang and Yu Huajun, the shareholders holding 3% of Guizhou Chuliang.
Coincidentally, Shi Jiajie, the legal representative, chairman and the largest shareholder holding 32.4% of Guizhou Chuliang’s shares, also appeared among the inventors of many patents in Guizhou Jingfeng, including the invention patent “a method for testing the quality of Ligusticum chuanxiong” applied for on December 30, 2019 The packaging patent “packaging box (Shenxiong Glucose Injection)” applied on December 23, 2019. In addition, in a news report released by Guizhou Normal University in 2019, the prefix of “Shi Jiajie” is Hunan Jingfeng Pharmaceutical Co.Ltd(000908) human resources departmentP align = “center” equity structure of Guizhou Chuliang source: screenshot of qixinbao website
Hunan Jingfeng Pharmaceutical Co.Ltd(000908) the above staff of the board secretary office also said that the company does have an employee named “Shi Jiajie” and “he is from Guiyang.”
Secretary of the board of Directors established a liquor enterprise last year
The reporter also found that as early as last July, Bi Yuan, Hunan Jingfeng Pharmaceutical Co.Ltd(000908) current director, vice president, Secretary of the board of directors and Minister of investment department, may have established a liquor enterprise, namely Shanghai Yuanyong Liquor Co., Ltd. (hereinafter referred to as Shanghai Yuanyong), with a registered capital of 1 million yuan. On August 19 last year, Shanghai Yuanyong obtained the license for wholesale operation of alcohol commodities approved by Shanghai Jinshan District market supervision and Administration Bureau, and the license content is alcohol commodities (excluding bulk wine).
Shanghai Yuanyong is wholly owned by “Bi Yuan”, and a supervisor named “Cong Aifei”, which has repeatedly appeared in the list of contacts notified of Hunan Jingfeng Pharmaceutical Co.Ltd(000908) 2021 and this year’s extraordinary general meeting of shareholders. In this regard, Hunan Jingfeng Pharmaceutical Co.Ltd(000908) the above staff of the board secretary office said: “this has nothing to do with the company.”
In addition to working in listed companies, Bi Yuan also works in Hunan Jingfeng Pharmaceutical Co.Ltd(000908) other holding or joint-stock companies, including the director of Dalian Deze Pharmaceutical Co., Ltd. (hereinafter referred to as Dalian Deze), the director of Dalian Huali Jingang Pharmaceutical Co., Ltd., and the chairman of Guizhou Shengjing Meiya Pharmaceutical Co., Ltd. (hereinafter referred to as Guizhou Shengjing). Bi Yuan joined Hunan Jingfeng Pharmaceutical Co.Ltd(000908) , with rich previous work experience. He has successively served as senior director of international cooperation department and general office of State Grid Corporation of China, and once served in Jifeng capital.
The reporter noted that Hunan Jingfeng Pharmaceutical Co.Ltd(000908) is an enterprise focusing on the pharmaceutical and health industry, involved in drug R & D, production, sales and other businesses, as well as pharmaceutical investment. The company has had a hard time these years. Its main business is getting worse and worse. At the same time, it is also facing debt pressure. It is also against this background that ye Xiangwu, the original actual controller of Hunan Jingfeng Pharmaceutical Co.Ltd(000908) chose to transfer the control right to “repay the debt” last year.
In 2017, Hunan Jingfeng Pharmaceutical Co.Ltd(000908) ‘s operating revenue and net profit began to decline by 2.15% and 52.33% respectively. The Hunan Jingfeng Pharmaceutical Co.Ltd(000908) net profit in 2019 and 2020 began to suffer losses, with losses of 883 million yuan and 1.069 billion yuan respectively in the two years. According to the performance forecast data of 2021, the Hunan Jingfeng Pharmaceutical Co.Ltd(000908) net profit continued to lose last year, with a loss of 36 million yuan to 72 million yuan, and the deduction of non net loss is expected to be 130 million yuan to 250 million yuan.
Hunan Jingfeng Pharmaceutical Co.Ltd(000908) still faces considerable financial pressure.
In October last year, Hunan Jingfeng Pharmaceutical Co.Ltd(000908) once disclosed the delayed payment of bonds exceeding 400 million yuan. As of the end of the first three quarters of last year, the company’s monetary capital was 124 million yuan, and the asset liability ratio reached 74.14%.
Hunan Jingfeng Pharmaceutical Co.Ltd(000908) is in trouble because of the influence of medical policy on the one hand. For example, the company’s revenue from injection products in 2019 decreased by 70.31% compared with the same period of the previous year. In the annual report, the company said that the reason was that the main variety Shenxiong glucose injection was not selected for medical insurance; Another major variety of Elemene Emulsion Injection narrowed the scope of clinical use. On the other hand, it is the frequent explosion of goodwill after mergers and acquisitions. For example, in 2020, Hunan Jingfeng Pharmaceutical Co.Ltd(000908) accrued goodwill impairment of 361 million yuan for six companies including Dalian Deze and Guizhou Shengjing.
why are drug companies keen on “drinking”
In fact, Hunan Jingfeng Pharmaceutical Co.Ltd(000908) is not the first case of cross-border investment in liquor enterprises by pharmaceutical enterprises.
On May 26 last year, step group signed the letter of intent for investment in 40000 tons of sauce wine technological transformation and capacity expansion project in Guizhou. It plans to spend 15 billion yuan to increase the production capacity of 40000 tons of sauce wine. It is understood that previously, step group had a production capacity of 10000 tons of sauce wine.
The pharmaceutical giant amendment group, which has failed to seek listing for many times, invested in the establishment of amendment wine industry in 2019. The group’s official website shows that the liquor industry has 5 major liquor categories including Baijiu, beer, red wine, yellow wine and beverages. The total product planning is 2400 yuan. The wine industry has also developed a series of products including Moutai’s “modified sauce” and “revised Ding” series, respectively, with the group of Wuliangye Yibin Co.Ltd(000858) and the group of wine.
Earlier, in 1999, Tasly Pharmaceutical Group Co.Ltd(600535) Holding Group Co., Ltd. (hereinafter referred to as Tasly Pharmaceutical Group Co.Ltd(600535) group) with the pharmaceutical industry as the core acquired Guotai liquor, a time-honored distillery in Maotai town. Now Guotai liquor is preparing to go public.
Why are pharmaceutical companies keen on cross-border wine industry? On the one hand, many pharmaceutical companies, like Hunan Jingfeng Pharmaceutical Co.Ltd(000908) , have limited main business and poor performance. Another important reason is that in recent years, a large number of capital is pouring into the liquor industry, especially in the Baijiu industry.
Baijiu expert, general manager Cai Xuefei, told reporters on the “daily economic news” that one of the reasons why pharmaceutical companies cross the border liquor industry is that the wine track is still a hot sector of internal circulation, and the market outlook is still long-term promising.
Do pharmaceutical enterprises have inherent advantages in the layout of the wine industry? Cai Xuefei said that the advantage of pharmaceutical enterprises in the layout of the wine industry is that medicine has extremely high technical requirements in the field of food production, and has inherent advantages in technological upgrading and transformation, including wine making, and even quality innovation. Moreover, China itself has the saying that Chinese medicinal wine has the same origin and has certain market cognition, which provides certain theoretical and technical convenience for later market operation and promotion.
According to several pharmaceutical companies, the cross-border from medicine to wine industry is expanding the layout of its big health industry. The amendment group said on its official website that the amendment wine industry “realizes the formulation of the standard system of China’s health wine industry based on the Amendment’s rich pharmaceutical experience and health science and technology strength”, and the amendment wine industry will “march into the broad market of China’s health wine industry”. As for the layout of Tasly Pharmaceutical Group Co.Ltd(600535) group in the big health industry, in addition to the national and Taiwan wine industry, there are also Pu’er tea, mineral water, hospitals, etc.
