At the same time, this morning, Hua Yu personally paid a visit and was meeting and talking with the leaders of the local state-owned assets office in Xincheng. The matter they were talking about was the matter of Ruihe Pharmaceutical Group.
In the reception room, the leader of Xincheng State-owned Assets Management Office looked at Hua Yu and said calmly: "The former Hengtong Pharmaceutical Group, now it should be said to be Ruihe Pharmaceutical Group, which is one of the top 500 companies in the mainland and the leader of private pharmaceutical companies. This company is one of the largest companies in our new city. It’s not easy to grow.”
The leader looked back and sighed. After a moment, he turned to Hua Yu and said firmly: "We cannot let this company collapse. We should and must distinguish Wang Qingxiong from Ruihe Pharmaceutical Group. For Wang Qingxiong, it is natural It is decided by law, but Ruihe Pharmaceutical Group should be given all the help possible to help Ruihe Group get out of the current predicament as soon as possible."
Hua Yu nodded repeatedly and said: "The leader really hit the nail on the head. This crisis is a disaster for Ruihe Group, but I believe that with the guidance and care of you, the leader, and relevant parties, we will be able to recover quickly and we will be reborn." We are determined to clean up the remaining poison of the Wang Qingxiong incident, so that Ruihe Pharmaceutical Group can be reborn and assume its due social responsibilities and responsibilities again."
The two sides talked for about ten minutes again, and Hua Yu said goodbye and left.
The trip went quite smoothly. Ruihe Pharmaceutical Group successfully introduced Xincheng local state-owned assets. Star Capital discounted the overall valuation of Ruihe Pharmaceutical Group to RMB 4.5 billion and transferred 19.98% of the equity to Xincheng local state-owned assets. , this 19.98% stake is priced at RMB 899.1 million.
The current reasonable valuation of Ruihe Pharmaceutical Group should be 13.5 billion yuan, which means that Qunxing Capital transferred 2.7 billion worth of equity to Xincheng local state-owned assets for less than 900 million, which is equivalent to a loss of 1.8 billion or so. Xincheng Local State-owned Assets took over and just stayed there and made 1.8 billion.
But have the stars lost? What seems like a loss is actually not a loss!
The introduction of local state-owned assets in Xincheng is a very critical link for Ruihe Pharmaceutical Group to get out of the predicament and regain social trust. This is equivalent to public endorsement, and it also plays a large role in the subsequent listing of Ruihe Pharmaceutical Group on the Science and Technology Innovation Board. Of great help.
Otherwise, it will be difficult to quickly mobilize the funds and get out of the predicament by yourself. Even if you spend 1.8 billion in it, you may not be able to get out. If not, it may be lost in the income.
Equity is not something you can hold in your hands as much as possible. Making the cake bigger requires wisdom, and how to divide the cake requires wisdom even more.
Wang Qingxiong has the ability to make the cake bigger, but he stumbles at the level of dividing the cake. Once he stumbles, he will never have the chance to get back up.
However, the introduction of state-owned assets does not mean the direct transfer of 19.98% of the equity, and it is still at such a low price, it is inevitable that people will make irresponsible remarks.
Naturally, Fang Hong would not do such an upright operation.
The actual operation is that Qunxing Capital will set up a new project company, which is still a new shell company, and then this project is a joint venture with the State-owned Assets Supervision and Administration Commission. The State-owned Assets Supervision and Administration Commission will take 899.1 million yuan to participate in the project.
Ruihe Pharmaceutical Group has technically breached the contract. It will soon enter the judicial auction process. Qunxing Capital will then use a shell company to buy it. ….
After the acquisition, debt stripping will be carried out, and the 20 billion debt or non-performing assets previously stuffed into Ruihe Pharmaceutical Group will be stripped out, and then the assets will be swapped with the project company jointly established with the State-owned Assets Supervision and Administration Commission.
In addition, does the State-owned Assets Supervision and Administration Commission really have to spend 899.1 million yuan?
Hua Yu said that you don’t even have to pay this money. The money will be transferred to the account of the joint venture project company first. After the asset swap is completed with Ruihe Pharmaceutical Group, an investment will be made in the name of Ruihe Pharmaceutical Group. The project The required investment amount is likely to be around 2 billion yuan.
As a result, we were unlucky. The investment in the project did not go well. Ruihe Pharmaceutical Group needed a strategy for its own development, so it unilaterally withdrew from the project. The State-owned Assets Supervision and Administration Commission agreed that Ruihe would withdraw and repurchase Ruihe's share of the project. equity or assets.
I invested 2 billion yuan in it, but when I finally exited, I only got about 1.1 billion yuan, with a loss of 899.1 million yuan.
What a coincidence, isn't it?
Some things in the world are just such coincidences.
…
Meditation in the villa.
"The introduction of local state-owned assets in Xincheng has been negotiated. In addition, Mr. Hua has also contacted Zhang Qi, the vice president of Xinhong Securities, and the listing plan of Ruihe Pharmaceutical Group has also been initially launched..." Tian Jiayi came back from get off work and asked Fang Hong. Daily reporting.
100% of the shares of Ruihe Pharmaceutical Group are actually still frozen by the bank, and the negative issues have not yet been resolved. Although it has been almost a week since Wang Qingxiong was kidnapped, public opinion has not completely cooled down.
In the eyes of the outside world, Ruihe Pharmaceutical Group or the former Hengtong Pharmaceutical Group is now in trouble. Some so-called industry insiders even predict that Qunxing Capital may be self-defeating. After so much effort, it may fall into their own hands, and the only thing they will get is death. Found a pharmaceutical company group with good development momentum.
But for Stars Capital, they don’t care about this at all, because everything is under control.
After sending Wang Qingxiong to the sewing machine team to report, these stars capital have already predicted what impact it will have on Ruihe Group, and have corresponding strategies and plans for how to deal with it in the future.
At present, the progress of things has not deviated from the expected trajectory, so just proceed as planned.
Fang Hong looked at it for a while, then closed the material and put it aside. He nodded with satisfaction and said, "Hua Yu did a good job. Just go as planned."
Regarding matters related to the listing of Ruihe Pharmaceutical Group, it must be left to Xinhong Securities for guidance and sponsorship of the listing.
It is listed on the GEM as planned. The company is valued at 13 billion yuan, with a total share capital of 795.1 million shares. The issuance price is tentatively set at 16.35 yuan per share. The IPO issuance of 1834.3 billion shares, accounting for 23.07% of the company's total share capital, and is expected to raise 3 billion yuan. Yuan.
It is worth mentioning that 23.07% of the total equity of the stocks issued in this IPO is borne by Qunxing Capital, which means that the 19.98% equity of Xincheng Local State-owned Assets Office will not be diluted.
It seems that Qunxing Capital is suffering a loss, but Fang Hong's vision is obviously not so short-sighted. All the layout and paving he has done for Ruihe Pharmaceutical Group are to increase the market value of this company to thousands in the future. Billion level height.
After the IPO, Qunxing Capital controls Ruihe Pharmaceutical Group, and its share of the company's total share capital will drop to 56.95%. This shareholding ratio can only reach the level of relative control, and does not reach 67% absolute control.
But regarding the issue of control of the company, we signed a concerted action agreement with the Xincheng Local State-owned Assets Office, that is, voting with Qunxing Capital. As a result, the vote reached 76.93%, which has absolute control of the company.
Xincheng Local State-owned Assets has never thought about controlling the shares. The proportion of shares held to 19.98% and no more than 20% already shows the problem. In a sense, Xincheng Local State-owned Assets Office can obtain 19.98% of the equity at almost no cost.
Of course, strictly speaking, it cannot be taken for free. The local state-owned assets of Xincheng are reflected in intangible value. To put it bluntly, it is public endorsement, which is worth so much money.
Without this, even if you want to go public, you may have to wait another two years.
After all, Ruihe Pharmaceutical Group has so many negative issues now. It is already September, and 2010 is only three months away. This means that Ruihe Group will be listed on the GEM in the next 15 months.
The efficiency of Big A is extremely fast. If it goes well and exceeds expectations, it might be available on the market within ten months.
These are all manifestations of intangible value.
….
Zhaoling Siyu
