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The stock price fell 95%: "Genetic Dreams" Qianshan Pharmaceutical Machine

May 15, 2019 02:15

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[The stock price fell 95%: "Gene Dreams" Qianshan Pharmaceutical Machine] As of the end of the annual report, the company's share price was only 3.81 yuan / share, down 95% from the highest point, the market value has shrunk from the highest nearly 30 billion yuan to about 14 100 million yuan. (21st Century Business Herald)

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As of the end of the annual report, the company's share price was only 3.81 yuan / share, down 95% from the highest point, the market value has shrunk from a maximum of nearly 30 billion yuan to about 1.4 billion yuan.

The tide recedes, knowing who is swimming naked.

Recently, the Shenzhen Stock Exchange issued a notice saying that seven listed companies were suspended from listing, including star stocks in previous years.Qianshan Pharmaceutical MachineThe company will be suspended from May 13, 2019.

Just on April 26,Qianshan Pharmaceutical MachineThe 2018 annual report was released, and the company's revenue was 201 million yuan, with a loss of 2.466 billion yuan. According to the annual report, since the company's audited net assets at the end of 2018 were negative (-1.795 billion yuan), the 2018 financial accounting report was issued with an audit report that “cannot express opinions”. According to the listing rules,Qianshan Pharmaceutical MachineThe financial situation has triggered the delisting mechanism, and the stock has been suspended since the release date of the annual report, waiting for the Shenzhen Stock Exchange to decide. After 14 days,Qianshan Pharmaceutical MachineWe are welcoming the decision to suspend listing.

  Qianshan Pharmaceutical MachineIs a pharmaceuticalProfessional settingThe manufacturing company, the main products including injection production equipment, medical equipment products and medical packaging materials, was listed on the GEM on May 11, 2011. Carrying concepts such as "gene detection" and "precise medical treatment",Qianshan Pharmaceutical MachineIn the big bull market in 2014 and 2015, the stock price was as high as 76.29 yuan / share (pre-recovery).

As of the suspension of its annual report, the company's share price was only 3.81 yuan / share, down 95% from the highest point, the market value has shrunk from a maximum of nearly 30 billion yuan to about 1.4 billion. The quarterly report of 2019 showed that the company achieved revenue of RMB 58 million in the quarter, down nearly 18% year-on-year; net loss was RMB 144 million, down 85% year-on-year, and its operating conditions deteriorated further.

  Herd genetics

  Qianshan Pharmaceutical MachineIt was established in October 2002 and listed on the Growth Enterprise Market of the Shenzhen Stock Exchange in May 2011 with a registered capital of 360 million yuan. The legal representative is Liu Xianghua and the actual controller is Deng.TieshanWait 8 people.

Once,Qianshan Pharmaceutical MachineKnown as our pharmaceuticalProfessional settingThe manufacturing industry leader, is the main supplier of injection production equipment in China, mainly engaged in the research and development, production and sales of intelligent equipment, medical equipment and medical packaging products such as pharmaceutical machinery and other packaging machinery, and a series of medical services around the precise management of chronic diseases. .

A few years before the listing,Qianshan Pharmaceutical MachineIt has also been infinite. With the concept of A-share genetic testing,Qianshan Pharmaceutical MachineIn the second year of the listing, we will have a strategic transformation, and we will accept a number of companies with the concepts of “genetic detection”, “smart wearable” and “big health”.

After the acquisition of Acer genes in 2014,Qianshan Pharmaceutical MachineFrom a company that specializes in pharmaceutical equipment machinery, it has transformed its genetic sequencing and cut into the big health industry. TimeQianshan Pharmaceutical MachineThe actual controller Liu Xianghua once shouted "Building a 100 billion market value big health company."

However, after the acquisition, Acer's genetic performance dropped rapidly. In 2016, its revenue was 54.81 million yuan and its net profit was 22.87 million yuan. In the first half of 2017, Acer's gene revenue dropped to 10.22 million yuan, and its net profit was only 980,000 yuan. The products are expensive, the gross profit margin is high, and the sales channels of products and doctors are difficult to open, which has become a problem that Acer's genes have to face.

  Qianshan Pharmaceutical MachineThis has explained that Acer's products are mainly promoted in large-scale top three hospitals. The decline in performance is mainly affected by the “two-vote” policy. The profit margin of agent agent products is reduced, which leads to a decline in the willingness and intensity of its promotion in hospitals. In addition, some insiders told the 21st Century Business Herald that the market for hypertension genetic testing, which is mainly involved in the Acer gene, is small, and it has become the main reason why it is difficult to further promote it.

As early as November 2009, the Ministry of Health issued the "Genetic Chip Diagnostic Technology Management Specification (Trial)". The specification puts a high threshold for medical institutions to carry out genetic chip diagnosis. It is required to be a tertiary hospital, a medical examination subject approved by the health administrative department, and a corresponding safety level for sample collection and processing involving biosafety. The clinical gene amplification diagnostic laboratory that has passed the acceptance of the clinical testing center of the Ministry of Health shall be equipped with software and software facilities for data preservation and data security. The relevant data shall be kept for not less than 5 years.

  Qianshan Pharmaceutical MachineThe main business has been changing since the listing, from pharmaceutical machinery business to medicinalPackaging materialThen go to the fireworks production line, which is mixed with various mergers and acquisitions, equity participation and other expansion. The company's main business has not made money, and borrowing money has not received the expected benefits.

Under the slogan of the actual controller Liu Xianghua, “Building a 100 billion market value and big health company”, many shareholders, executives and other related parties play an important role in the transformation of M&A transactions. At the same time, the management of the company was chaotic. Liu Xianghua, the younger brother of Liu Xianghua, took hundreds of millions of yuan to leave a large hole that was difficult to make up for the listed company, which seriously damaged the rights and interests of minority shareholders.

  The crisis is gradually erupting

Loss of performance and insufficient profitabilityQianshan Pharmaceutical MachineGradually deeper and deeper in the quagmire of the debt crisis.

a series of acquisitionsQianshan Pharmaceutical MachineSince 2015, debt has been built. In order to obtain financing, Liu Xianghua and the concerted actionmen at the time, Liu Yan and Deng, who are the controlling shareholdersTieshanEight people, including Zhong Bo, also pledged their shares.

In December 2017,Qianshan Pharmaceutical MachineThe announcement of the “Main Event Suspension Notice” stated that Liu Xianghua and other eight actual controllers were negotiating with other parties to transfer the shares of the listed company they held.Qianshan Pharmaceutical MachineThe 2017 annual financial accounting report was issued by Ruihua Certified Public Accountants as an “unable to express opinion” audit report. However, in January 2018,Qianshan Pharmaceutical MachineDue to violations of laws and regulations, the CSRC decided to investigate the case.

Public information shows that as of the end of 2018,Qianshan Pharmaceutical MachineThe debt reached 4.295 billion yuan, and the assets were insolvent. Five participating companies that affected the net profit of listed companies by more than 10% suffered losses across the board. At the end of 2018,Qianshan Pharmaceutical MachineThe net assets were -1.795 billion yuan, and the 2018 annual report showed that the company had short-term loans of 1.393 billion yuan by the end of 2018, and the short-term loans of 986 million yuan were overdue, and the monetary funds on the company's accounts were more than 36 million yuan. More than 14 million yuan was limited due to the freezing of the lawsuit.

In addition, the company’s 921 million yuan of funds occupied by Liu Xianghua’s younger brother, Liu Huashan, was fully provisioned for bad debts, and there was no property protection in the 366 million yuan of compensation for the subsidiary’s Hunan Lok Fu Packaging Technology Co., Ltd. (referred to as Lok Fu Land). Part of the full provision for bad debts. After the acquisition of Lok Fu Land, in 2016 and 2017, Lok Fu Land did not complete its performance commitments, resulting in a loss of 25.93 million yuan in 2017. In this regard, Liu Huashan and other 25 original shareholders of Lok Fu promised to pay nearly 388 million yuan in cash, but as of the end of 2018, only 215.451 million yuan was compensated.

(Article source: 21st Century Business Herald)

                (Editor: DF372)

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