Xinhua Medical's performance on gambling digging: the object of mergers and acquisitions
When others go out to sell, they make a fortune, but it is their turn to lose their underwear. This kind of thing is very rare in A-shares, because everyone’s goal is very clear, concentrate on the strength of strength, professional equipment, and professionally cut leeks in the form of blitzkrieg. I didn’t expect a case of anti-water and self-drilling in the past half. More and more, the whole amaranth was so aggressive, and the sickle that swung on his head suddenly turned to lightning, and plunged into the belly of a big brain full of fat.
After several rounds of smashing, the leeks finally realized the fact that they were particularly hurtful and self-respecting: the mutual enthusiasm between the big brothers was much greater than that of cutting the leeks. In other words, the leeks are actually not even qualified as a leek...
Shandong Xinhua Medical Equipment Co., Ltd.
After selling to Xinhua Medical, the performance promises of Chengdu Yingde not only did not cut the amaranth, but also made a complete set of actions from the nobility to the aunt. The room was gone, the land was gone, and the house was scattered...
Every time I think about this deal, the tears of sadness are rolling back and forth in the eyes of several former bosses.
First, the high growth of the M&A target was questioned by the media.
The tragedy occurred three years ago.
On April 19, 2014, Xinhua Medical announced that it had suspended trading for more than two months. The company intends to purchase 85% of the equity of Chengdu Yingde Biomedical Equipment Technology Co., Ltd. through the issuance of shares and payment of cash. Xinhua Medical said that "through the acquisition of Yingde Bio, it will make its pharmaceutical equipment sector system more complete, which is a strategic embodiment of the company's efforts to strengthen the pharmaceutical equipment sector."
According to the introduction of listed companies, Yingde Company focuses on bio-pharmaceutical equipment, and creates personalized and professional stand-alone and unit integration equipment for customers. It is China's leading provider of integrated solutions for bio-pharmaceutical equipment and engineering services.
There are more than 30 blood product manufacturers in China, of which 25 are customers of Yingde Company, and Yingde Company holds a leading position in the field of blood products and equipment. At the same time, Yingde Company has more in the field of vaccine (human) production line equipment. Great influence, and established a good cooperative relationship with about one-fourth of the country's production companies... Well, it is a very good and very strong acquisition target.
From the performance point of view, from 2011 to 2013, Yingde Bio-sales revenue was 61 million yuan, 197 million yuan, and 319 million yuan respectively. In 2012 and 2013, the annual growth rate of revenue reached 225.59. % and 61.53%, both operating income and net profit maintained a high growth rate.
However, the problem lies in the transaction pricing. The transaction price of Xinhua Medical's purchase of 85% of the shares of Yingde Company was determined to be 369.7 million yuan, and the value-added rate was as high as 372.79%. When the price comes out, the media immediately jumped out to question its rationality. The reason for the challenge is that the high growth of Yingde Company is likely to be unsustainable.
On January 17, 2011, the Ministry of Health issued the "Good Manufacturing Practices for Pharmaceutical Production (Revised in 2010)". According to the regulations, new drug manufacturing enterprises and pharmaceutical production enterprises will be newly built (reformed and expanded) from the date of implementation of the new drug GMP. The workshop should meet the requirements of the new version of the drug GMP. The existing drug manufacturer will have a transition period of no more than 5 years, and according to the degree of product risk, the new version of the drug GMP will be met in stages, and the sterile preparations such as blood and vaccine will be required. Complete GMP certification by December 31, 2013.
This policy directly caused some blood product manufacturers and human vaccine manufacturers to take into account the urgency of the new version of GMP certification, equipment and engineering transformation work, signed a related equipment and engineering service contract with Yingde Bio in advance, resulting in 2012 The outbreak of the performance of Yingde Biotech also overdrafted the company's future earnings growth.
Frozen Monkfish,Frozen Monkfish Fillet,Frozen Monkfish Tail,Frozen Monkfish Skinless
Zhejiang Zhoushan Jiaze Aquatic Co., Ltd. , https://www.tianjia-aquatics.com