The A -share cover is now over 10 billion, and the stock price is still reduced!Why did Guo Guangchang sell Fosun Pharmaceutical?

Fosun Pharmaceuticals, which have continued to lose their stocks for more than a year, have recently encountered "heavy innovation" again.

However, it was surprising that this time was not outsiders, but from his own boss -Guo Guangchang.

On the night of September 2nd, Fosun Pharmaceutical issued an announcement of reducing holdings, saying that the company's controlling shareholder Shanghai Fosun High Technology plans to reduce its holdings by centralized bidding and transaction methods that do not exceed 3%of the company's total share capital. On September 2nd, the company's total shares calculated, that is, no more than 80.897 million A shares, and the reduction price was determined according to the market price.

According to media statistics, this is the first time that Fosun Pharmaceutical has been reduced by Guo Guangchang since its listing in 1998; and affected by the news of the sharp news, Fosun Pharmaceutical, which was listed on Monday, has lowered it significantly without suspense in A shares, and eventually lowered it with no suspense, and eventually used it with a suspense. In the end The limit of the limit board is closed; the H -share performance of Fosun Pharmaceutical is also weak, and the closing section finally fell 12.95%.

As one of the well -known domestic pharmaceutical companies, Fosun Pharmaceutical's performance has not performed well in the past year. As of the closing of September 7, the stock price of Fosun Pharmaceutical A shares was only 35.55 yuan. Compared with the highest point in August last year, more than one year, Fosun Pharmaceutical's stock price has fallen by more than 60 % The market value has evaporated nearly 150 billion yuan.

In the context of Fosun Pharmaceutical's recent stock price, why did Guo Guangchang, who had been holding for 24 years, chose "Escape" Fosun Pharmaceutical at this time? Behind the pharmaceutical giant of Fosun Pharmaceutical, is there any questions that we haven't seen?

Fosun Pharmaceutical, borrowing mergers and acquisitions of "fighting" pharmaceutical giants

If divided according to the development model, pharmaceutical companies can basically be divided into two categories throughout the pharmaceutical industry.

One is enterprises that are developed by Hengrui Pharmaceuticals, relying on their own R & D investment and slowly developing and growing enterprises; and the other is the enterprise that is constantly investing in mergers and acquisitions by Fosun Pharmaceuticals.

The history of Fosun Pharmaceuticals can be traced back to 1992. At that time, Guo Guangchang, who was preparing to study abroad at the school, was influenced by Deng Xiaoping's southern tour. He abandoned the work of studying abroad and resigned from the school league committee. He and 4 classmates made 100,000 yuan and founded a specialized information consulting and market survey. Professional company -Guangxin Technology Consulting Company.

At that time, there were not many domestic investigations, and the market was very broad. Not long after the company was established, Guo Guangchang got the market research business of Yuanzu, Sun God, Lekai Rubble Roll, etc. At the end of the year, it had 1 million.

In 1993, after successfully earning the first bucket of gold, Guo Guangchang gradually believed that the prospects of the consulting industry were limited. Under the influence of entrepreneurial partners, Guo Guangchang turned the company's main business to the medical field, and renamed Guangxin Technology to Fosun to Fosun. Only 5 years later, Fosun Pharmaceutical successfully listed on the Shanghai Stock Exchange and became one of the few listed pharmaceutical companies at that time.

After listing, with the help of the capital market behind, Guo Guangchang chose a development path that was not the same as most pharmaceutical companies at that time for Fosun Pharmaceutical: through foreign mergers and acquisitions, rapid expansion was achieved. So in the second year of Fosun Pharmaceutical's listing, it acquired 34%of Fosun Long Zheng's equity diagnosed by the main body.

After 2002, Fosun Pharmaceutical's acquisition of foreign acquisitions is even larger: it first acquired Pharmaceutical Friends Pharmaceuticals and Wanbang Pharmaceuticals, which are mainly engaged in insulin drugs. Later , Capital, China No. 001 new drugs 001, antimalarial Artemisia Artemishane income.

Of course, from now on, the several M & A mentioned above is just the beginning of hundreds of mergers and acquisitions.

According to the statistics of the times, in the past ten years, Fosun Pharmaceutical has participated in multiple rounds of financing of 110 projects. With multiple acquisitions, Fosun Medicine has quickly entered anti -infective drugs, gastric diseases, anti -tuberculosis drugs, vaccines, generic drugs, etc. The product field is then expanded to the field of medical services and medical beauty equipment.

It was with the mergers and acquisitions again and again that Fosun Pharmaceutical's tentacles extended to every field in the pharmaceutical industry, and a pharmaceutical giant borrowing mergers and acquisitions was born.

Nearly tens of billions of goodwill hanging, hidden dangers of Fosun Pharmaceuticals

M & A is a double -edged sword, which can help you quickly move towards success, but also allow you to quickly fall into the abyss.

For Fosun Pharmaceutical, the M & A over 100 times has indeed brought great help to it, allowing Fosun Pharmaceutical to quickly grow into one of the giants in the pharmaceutical industry from the humble small pharmaceutical companies.

Judging from the financial report data over the years, when it was listed in 1998, Fosun Pharmaceutical's revenue was only in his early 300 million; but with the crazy mergers and acquisitions of hundreds of times in more than 20 years, Fosun Pharmaceutical's revenue achieved rapid growth in the revenue of rapid growth. By 2021, Fosun Pharmaceutical's revenue has reached 39.01 billion, and the 23 -year revenue has increased by more than 100 times.

However, although M & A has expanded the volume of Fosun Pharmaceutical, it is not no risk behind this.

For example, in terms of debt, with the mergers and acquisitions again and again, Fosun Pharmaceutical's debt in recent years has also shown a tendency to increase year by year.

Judging from the latest financial report data, as of the first half of 2022, Fosun Pharmaceutical's total liabilities reached 51.07 billion, and the balance ratio of assets reached 51.69%.

As a relatively stable industry, the medical industry will not be too high in the asset -liability ratio of pharmaceutical companies. For example, Hengrui Pharmaceutical with a market value of 21.61 billion yuan, with a total liabilities of only 4.11 billion, and the asset -liability ratio is only 10.09%. Compared with the two, Fosun Pharmaceutical's liabilities and asset -liability ratios are significantly high. In addition to liabilities, the goodwill in Fosun Pharmaceutical's financial report is also a huge hidden danger.

From the financial report, as of the first half of this year, Fosun Pharmaceutical's goodwill is as high as 9.934 billion. From the past few years, Fosun Pharmaceutical has also made impairment of goodwill. The impact of the decline in profit is obvious. If it is affected, Fosun Pharmaceutical is likely to have the possibility of impairment of the reputation of business. Obviously, the goodwill of nearly 10 billion yuan is an unknown risk.

Of course, in addition to liabilities and goodwill, it has to be mentioned that Fosun Pharmaceuticals seriously depends on the current situation of investment.

Judging from the latest semi -annual report, in the first half of this year, Fosun Pharmaceutical's investment income was 2.167 billion yuan in the first half of this year, accounting for 85.08%and 116.32%of the operating profit and net profit of the same period. Out, most of the profits of Fosun Pharmaceutical come from investment income, and "investment dependence" is obvious.

Judging from various signs, Fosun Pharmaceuticals, one of the medicine leaders, there are many hidden dangers behind them.

For the first time in 24 years, where will Fosun Pharmaceutical go?

Affected by the sharp recovery of the industry and the poor operating conditions, the stock price of Fosun Pharmaceutical has been sharply adjusted in recent years.

As of the closing of September 7, Fosun Pharmaceutical's stock price was only 35.55 yuan/share, compared with the highest point a year ago 91.13 yuan, but in more than a year, Fosun Pharmaceutical's stock price has fallen by more than 60 % to more than 60 % The market value has evaporated nearly 150 billion yuan.

However, what people didn't expect was that in this background, Guo Guangchang, as the controlling shareholder, chose to reduce his holdings.

On the night of September 2nd, Fosun Pharmaceutical issued an announcement that the company's controlling shareholder Shanghai Fosun Hi -Tech Plan plans to reduce its holdings by centralized bidding and the transaction method that does not exceed 3%of the company's total share capital. The company's total shares calculated, that is, no more than 80.897 million A shares, and the reduction price is determined according to the market price.

It is worth mentioning that this is the first time that Fosun Pharmaceutical has been reduced by Guo Guangchang since its listing in 1998; and affected by the news of reducing holdings, in the last two trading days, Fosun Pharmaceutical's stock price has dropped sharply, and the two days have exceeded the decline in two days. 10%.

So why did Guo Guangchang choose to reduce your holdings at this position? This is likely to be related to the continuously pushing debt of Fosun Group.

In addition to Fosun Pharmaceuticals, Guo Guangchang's Fosun Group also has as many as 11 listed companies, including Nangang Steel, Yuyuan, Shanghai Steel Union, Hainan Mining, Golden Emblem Wine, Li Lijiu, and so on.

With the continuous expansion of the territory, the debt of Fosun Group has also increased higher and higher. According to the data, as of the end of 2021, Fosun International's assets reached 806.372 billion yuan, with total liabilities of 603.158 billion yuan, asset -liability ratio reached reaching reaching assets liability ratio 74.8%.

Obviously, the higher and higher liabilities of the group are one of the important reasons for Guo Guangchang to reduce holding Hosun Pharmaceutical.

For Fosun Pharmaceutical, Guo Guangchang was forced to reduce his holdings because of liabilities. However, it is obvious that the stock price has risen to the highest price of history. As long as the enterprise itself does not have much problem, the reduction of its holdings will eventually be digested slowly.

However, from the current point of view, the biggest problem facing Fosun Pharmaceutical is obviously not short -term reduction of liabilities. It is more than 50 billion liabilities, nearly 10 billion yuan in goodwill, and poor business conditions. Urgent problems.

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