Faced with Yunsheng Medical , which is in the doldrums of the main business, restructuring and reversing due to price inversion, Shanghai Jiuchuan Investment (Group) Co., Ltd. (hereinafter referred to as Jiuchuan Group), which is deeply involved in the disputes, chose to give up the largest shareholder. The chair.
After half a month of suspension, Yunsheng Medical announced that its first major shareholder Jiuchuan Group had signed the “Share Transfer Agreement†with Sichuan Lanrun Asset Management Co., Ltd. (hereinafter referred to as Lanrun Assets) on June 26. After the completion of the share transfer, Lanrun Assets holds 5,358,300 shares of the company, accounting for 15.69% of the company's total share capital, becoming the company's largest shareholder.
According to the agreement, the transfer price is 15.7 yuan / share, and the transaction consideration is 840 million yuan. This price is 14% higher than the price of 13.77 yuan / share before the suspension.
15.69% of the shareholding ratio is obviously not enough. The new major shareholder Lanrun Assets has more ideas for Yunsheng Medical. The plan is to continue to increase its holding price by no more than 25 yuan/share, which is a price higher than the suspension price of 80%. .
This move has increased investor confidence. On June 29, Yunsheng Medical, which resumed trading, directly sealed the “one†word daily limit and closed at 15.15 yuan.
From the main business point of view, since the Jiuchuan Group entered the country in 2006, Yunsheng Medical (then referred to as *ST Yunsheng) has been performing poorly. To this end, Yunsheng Medical Capital operates frequently, planning and restructuring several times, acquiring assets, hoping to reverse the trend, but the process is full of twists and turns. Since 2012, the company has started a long process of restructuring, being reorganized, reorganized, terminated, and re-established.
At the end of May 2012, the company had suspended trading due to discussions with Jiuchuan Group on the restructuring of industrial real estate projects, and soon gave up. In 2013, the company plans to inject the assets of major shareholders and lay out the medical service industry. However, the restructuring has not been approved by the CSRC. In February 2015, it also planned to acquire the medical information company Madix, but terminated the non-public offering six months later.
Yunsheng Medical's real estate business is sluggish and it is eager to transform the medical information industry to add profit points. Under the strong willingness to transform, the company acquired Shanghai Rongda Information Technology Co., Ltd. in 2014 to enter the medical information industry, and will be referred to as Yunsheng Medical by Yunsheng Industrial, hoping to make a difference in the field of medical information.
However, Rongda Information still failed to bring substantial performance changes to Yunsheng Medical. Yunsheng Medical's operating income in 2015 was only 50.34 million yuan, with a loss of 70.24 million yuan. In the first quarter of 2016, the operating income was significantly reduced to only 6.77 million yuan, with a loss of 17.61 million yuan.
Dissatisfied with the status quo, Yunsheng Medical continued its capital operation. In February 2016, it launched a non-public offering plan. It plans to raise no more than 437 million yuan for the construction and operation of the Internet health ecosystem. The reserve price is 16.9 yuan. However, the pre-issued issue price is upside down from the market price (13.77 yuan) before the most recent suspension, and the difference is over 18%.
Seeing that the fundraising may have died again, the major shareholder Jiuchuan Group finally chose to withdraw and get rid of the mess.
The Kyushu Group itself is also riddled with a lawsuit. "Because of the loss of trust, it has been included in the list of executors of state default letters." Several times, due to "contract disputes" and "private loan disputes," the corresponding equity was executed and judicially frozen. Perhaps cashing in equity is the best choice for the Kyushu Group. But how this part of the frozen equity is traded is still unknown.
With a market capitalization of less than 5 billion yuan and a debt-to-asset ratio of 42.6%, Yunsheng Medical is an ideal shell resource.
The counterparty Lanrun Assets not only raised the premium, but also proposed a high premium increase plan. Within one year from June 26, 2016, Lanrun Assets plans to increase its holdings by 3%-5% at a price not exceeding RMB 25/share. The increase plan includes Lanrun Assets' commitment to undertake the unfinished 2015 annual shareholding plan of Jiuchuan Group.
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