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Asia-Pacific pharmaceutical subsidiary's stock price crashes, the controller family cashes in 800 million ahead of schedule

Time: January 08, 2020 09:32:52 China Finance


Original title: The stock price of the subsidiary of Asia-Pacific Pharmaceuticals (right protection) plummeted and the real controller family reduced their holdings in advance to cash in on 860 million Asia-Pacific pharmaceuticals subsidiaries' violations of guarantees and out-of-control incidents. It has continued to ferment for several months.

According to the latest announcement of the company, the board of directors reviewed and passed the proposal of dismissing the post of director from the general meeting of shareholders. Ren Jun is the actual controller and the person in charge of operations of Shanghai New Peak, a subsidiary of Asia Pacific Pharmaceuticals , and the direct responsible person for illegal guarantees.

However, Ren Jun did not acknowledge the existence of illegal guarantees in the subsidiaries, and believed that the decline in Shanghai New Peak's performance was caused by the hindrance of listed companies and was maliciously short.

The company's stock price continued to plummet. Prior to this, the actual controller family had reduced its shareholding in advance to cash out 860 million yuan.

Subsidiaries out of control < br Asia-Pacific Pharmaceuticals ( 002370.SZ), which is continuously growing, has suffered a sharp decline in 2019.

In the first three quarters of this year, the company's operating income was 725 million yuan, net profit attributable to mothers was 6.91 million yuan, and non-net profit was deducted -7.20 million yuan, down 24.37%, 95.85%, and 104.36% respectively.

The company stated that the sharp decline in performance was due to the increase in financial expenses, the increase in costs of projects under construction to fixed assets, depreciation fees and other factors, as well as the sharp decline in the main business income of the subsidiary Shanghai New Peak.

Two days before the release of the company's third quarterly report, the company announced that, after self-examination, it was found that the wholly-owned subsidiary of Shanghai Xinfeng, Shanghai Xinshengyuan, had external guarantees in violation of regulations.

In January and March 2019, Shanghai Xinshengyuan provided unauthorized guarantees for external violations without the company's board of directors and the board of directors of listed companies, with a total amount of nearly 120 million yuan.

Ren Jun, the former actual controller of Shanghai Xinfeng and a director of a listed company, expressed dissatisfaction with the board's decision.

When the board reviewed the company's third quarterly report, he clearly voted against it. He said that Shanghai Xinshengyuan did not have external guarantees in violation of regulations, and the management of Shanghai Xinshengyuan was not fully authorized, the company's platform construction was stagnant, the funds required for project promotion could not be supported by listed companies, and daily work was blocked, resulting in a decline in performance.

In 2015, Asia Pacific Pharmaceuticals invested 900 million yuan and acquired 100% of Shanghai Xinfeng, which is actually controlled by Ren Jun. In order to ensure the normal operation of the subsidiary, after the acquisition, Ren Jun is still responsible for the actual operation of the company, and he is the chairman and general manager of Shanghai Xinfeng and Shanghai Xinshengyuan.

During the 2015-2018 performance commitment period, Shanghai New Peak completed a total of 498 million yuan in performance and stepped on the line to complete its performance commitment. However, in 2018, the company completed the deduction of non-net profit of 146 million yuan, and the completion rate for the year was 87.95%.

In the first half of 2019, Shanghai's new peak operating income was 249 million yuan, and net profit was 41.545 million yuan, down 28.85% and 51.47% year-on-year, respectively.

In view of the subsidiary's illegal guarantees and the sharp decline in operating results, the listed company sent a working group to settle on November 25, 2019, but the control work was blocked, and Asia Pacific Pharmaceuticals announced that it had lost control of the subsidiary.

When the board of directors reviewed the proposal of Shanghai Xinfeng and its subsidiaries not to be included in the consolidated statement, the director Ren Jun clearly opposed that the listed company was maliciously shorting, liquidating, and shutting down Shanghai Xinshengyuan.

Asia-Pacific Pharmaceuticals stated that it will make provision for impairment of this long-term investment at the end of the year for the specific impact of the out of control of its subsidiaries.

The family of the actual controller reduced their holdings in advance. <br /> The most important subsidiary exploded. The stock price of Asia-Pacific Pharmaceuticals continued to fall. Based on the company's latest stock price of 6.73 yuan (closed on January 7), the company's market value has fallen from the peak of 2019 Go around 60%.

The company's actual controller, the Chen Yaogen family, has passed several reductions in 2018 and 2019, and hundreds of millions of real gold and silver have fallen.

Asia-Pacific Pharmaceuticals is a typical family-owned company. The Chen Yaogens and his wife directly and indirectly hold 36.72% of the company's equity. In addition, their two daughters and two sons-in-law are the top ten shareholders of the company. Family members (enterprises) are among the top ten shareholders It holds 8 seats and holds a total of 47.57%. Among the 6 non-independent directors of the company, 4 are family members.

In July 2018, the controlling shareholder Asia Pacific Group and concert parties transferred 27 million shares to Zhuhai Jiexin, and at the same time, Asia Pacific Group transferred 22 million shares to National Research Pharmaceuticals at a transfer price of 12.50 yuan / share, with a one-time cash flow of more than 600 million yuan.

The parents reduced their cash and the two daughters were unequivocal. From September 2018 to March 2019, the two sisters, Chen Yiqi and Chen Jiaqi, reduced their holdings of the company by 20 million shares in total, and their holdings ranged from RMB 12.10 to RMB 16.51, a total of nearly RMB 260 million in cash.

In September 2019, the Asia-Pacific Pharmaceuticals announced that the Chen family sisters wanted to reduce the company's shares on a large scale again. This reduction plan was terminated early in December.

After Zhuhai Jiexin and Guoyan Pharmaceutical became the company's important shareholders holding more than 5% of shares through the transfer of equity (tied as the fourth largest shareholder), they gradually reduced their holdings in the first and second quarters of 2019, reducing their shareholdings to less than 5%. In the third quarter, it substantially reduced its holdings and dropped out of the company's top ten shareholders.

Prior to the company's explosion, important shareholders accurately reduced their holdings of the company's shares to cash out, which was strongly questioned by investors. However, in response to the exchange's inquiry letter, Asia Pacific Pharmaceuticals said that there was no case of disclosing major undisclosed information to specific investors and violating fair disclosure. (Zebra Consumption)
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