Germany Exhibition Health (000813): The Lifting Of The Storm Storm Attack, Early Seal Down

The "lifting of the ban" has been quite active recently, and the surge in investor sentiment has become an indisputable fact that the lifting of the restricted shares has caused a significant impact on the share price of some companies.

Today, the lifting of the ban peak this week, 17 companies lifted the total market value of about 79.62% of the lifting of the ban this week, the Chinese people's Insurance (601319.SH) lifted 4 billion 590 million shares lifted, down 9.94%. Tomorrow, 4 companies will welcome the lifting of the ban, the closing price of November 18th, the lifting of the market value of about 9 billion 741 million yuan, less than 1/10 of the market value of lifting the ban today, and from the performance of stock prices, tomorrow's lifting of the ban or will continue.

It is not yet clear that tomorrow's 000813.SZ will start trading, closing 36 thousand hands today, closing at 301 million yuan, and ultimately 7.27 yuan / share, the latest total market value of 16 billion 300 million yuan. The recent stock price trend is not very satisfactory. In recent months, share prices continued to down and fell by more than 20%.

Next, from the lifting of the sale of specific events, to explore the reasons for its oversold market.

In the evening of November 17th, the German exhibition health bulletin indicated that in November 19th, the company will have about 933 million shares of the restricted shares, which account for 41.64% of the total share capital of the company, corresponding to the closing price today, lifting the market value of about 6 billion 786 million yuan.

Before the lifting of the restricted shares, the company's unlimited sale of shares accounted for 48.21% of the total share capital. After the lifting of the restricted shares, the company's unlimited sale of shares accounted for 89.85% of the total share capital. The object of the ban is mainly Merrill Lynch holdings, Shanghai Yue Ye, Tibet Jintong, Shenzhen Mount Everest cornerstone, Quan Wei, Zhang Hao, Shenzhen cornerstone and other shareholders. Among them, the number of restricted shares released by Merrill Lynch holdings, Shanghai Yue Ye and Tibet Jin Tong accounted for 24.72%, 9.79% and 4.54% of the total share capital respectively.

It is reported that Merrill Lynch holdings is currently the largest shareholder of German exhibition health, Germany exhibition Health said, Merrill Lynch holdings currently no reduction plan, but in the future if there is a need for capital reduction, will be disclosed in accordance with the provisions of the reduction plan, mainly in the form of agreement transfer to reduce shares.

But it is worth noting that Merrill Lynch held the large scale German stock pledge in November 2016. According to the company's November 7th announcement, the 745 million shares of stock held by Merrill Lynch holdings accounted for 99.99% of the shares held by Merrill Lynch, accounting for 33.24% of the total share capital of the company.

At present, a supplementary agreement on stock pledge repo trading agreement was signed in November 4, 2019. Two, the stock pledge was postponed, and the pledge loan was extended to January 4, 2020.

Meanwhile, according to the announcement, as at the end of June 2019, the total assets of Merrill Lynch holdings were 9 billion 200 million yuan, the total liabilities were 5 billion 240 million yuan, and the asset liability ratio was 56.98%, which was the same as the level at the end of last year. At present, the total balance of various loans is 3 billion 895 million yuan, and the debt repayment amount in the next six months and a year is 3 billion 710 million yuan.

To Merrill Lynch holding pledge follow-up progress, Germany exhibition health side said that this pledge risk is controllable, will not cause the company's actual control right change. The existing stock price of Dezhou exhibition has a relatively large distance from the stock holding line and the early-warning line. Therefore, there is no risk of liquidation and will not adversely affect the production and management of listed companies and corporate governance.

But through the high pledge rate, the pledge loan delay and the high asset liability ratio, we can still see that the current Merrill Lynch holdings debt repayment is confined to a certain extent. Therefore, whether the fund will be reduced as a result of the subsequent lifting of the ban is not yet known.

On the other hand, from the aspect of business performance. In the first three quarters of 2019, the German exhibition's healthy revenue and profit index both slipped, and realized business income of 1 billion 404 million yuan, down 46.95% compared with the same period last year, and net profit of 309 million yuan, down 57.44% from the same period last year.

In response, the company said that due to the formal implementation of the "4+7 drug centralized procurement" policy during the reporting period, the average selling price of its main product has greatly declined, resulting in a sharp decrease in the company's operating income and net profit.

However, compared with the first half performance data, the company's performance has shown a sharp decline in the first half of 2019. In 1-6 months, the company achieved operating income of 922 million yuan, down 44.5% compared with the same period last year, and realized net profit of 242 million yuan, down 45.48% from the same period last year.

Contrary to the financial pressure brought about by the decline in performance, Tak Kai Kang launched three takeovers in 2019 years, even at a premium.

In March this year, the German Health Exhibition proposed a 400 million yuan price to buy 25% stake in hemp investment. After the agreement is reached, the two sides will carry out deep cooperation on the health industry of cannabis.

In September 24th, German exhibition Health announced that it signed investment letter of intent with Beijing Changjiang Mai Pharmaceutical Technology Co., Ltd. and its major shareholder Dai Yan, and will enter the field of disinfection technology to expand its product line and open up new profit growth points.

In September 27th, the German exhibition health premium purchased 25.05% stake in Shandong Jincheng medicine. Insiders said that the German exhibition health was the oligopoly position of Jincheng medicine in cephalosporin intermediates. The company expressed its optimism about the future development prospects of Jincheng medicine and its synergy with the formation of the company's industry.

At present, the effect of frequent acquisitions on its performance improvement is not yet known. The market has seen more or more sustained decline in operating performance and the investment risk brought about by the large scale lifting of the ban.