“Conspiracy theory” of Hualan biological company’s spin off and listing on the stock market

According to the financial report, from January to September, Hualan bio achieved a revenue of 3.073 billion yuan, a year-on-year increase of 16.46%; a net profit of 964 million yuan, a slight increase of 0.04%; after deducting the non net profit of 875 million yuan, it decreased by 1.89% year-on-year. Net profit decreased by 96.0% in the third quarter. This year, due to the impact of the new epidemic situation, influenza vaccination appointment is very popular. According to the data disclosed by Hualan bio on the investor interaction platform, as of October, the total batch issuance amount of tetravalent influenza vaccine of the company exceeded 10 million, exceeding the total number of batch issuance in 2019. < p > < p > in the morning trading of November 2, Hualan biological opened low and went low and closed down. The market value evaporated by 9.3 billion yuan, and the transaction volume was 3.248 billion yuan in the whole day. The actual turnover rate reached 7.15%. However, there are also “conspiracy theories” put forward by some analysts. It is considered that Hualan biological is splitting its subsidiary Hualan vaccine for listing. In order to meet the requirement of the CSRC that the net profit of the subsidiary to be spun off in accordance with the equity in the consolidated statements of the listed company in the latest accounting year shall not exceed 50% of the net profit of the listed company in the consolidated statement, and the profit is deliberately low. < p > < p > according to the information disclosed by Hualan biology, during the reporting period, the company started the matter of splitting up the vaccine company and listing on the Shenzhen Stock Exchange growth enterprise market, and introduced two strategic investors, Henan hillhuaying enterprise management consulting partnership (limited partnership) and Xinxiang chenyiqiming management consulting partnership (limited partnership), through the transfer of equity of vaccine company by shareholders, completed the restructuring work and completed the restructuring work in 2020 On April 20, 2020, the company held the ninth meeting of the seventh board of directors and the ninth meeting of the seventh board of supervisors, deliberated and passed the “plan on splitting Hualan biological vaccine Co., Ltd. for initial public offering and listing on the venture board of Shenzhen Stock Exchange”, and conducted guidance and filing in Henan Securities Regulatory Bureau on June 30, 2020. On July 10, 2020, the company held the 10th meeting of the 7th board of directors and the 10th meeting of the 7th board of supervisors, which deliberated and approved the plan of Hualan Bioengineering Co., Ltd. on splitting its subsidiary Hualan biological vaccine Co., Ltd. to be listed on the gem (Revised Draft), which was deliberated and approved by the first extraordinary general meeting of shareholders in 2020 on July 27, 2020. < / P > < p > according to the audit reports issued by Dahua accountants for the company, the net profits of Hualan biology attributable to shareholders of the listed company in 2017, 2018 and 2019 (calculated by the lower value before and after deducting non recurring profit and loss) are about 761 million yuan, 1.002 billion yuan and 1.147 billion yuan respectively. In 2017, 2018 and 2019, the net profit of Hualan vaccine attributable to the owner of the parent company (the net profit is calculated according to the lower value before and after deducting the non recurring profit and loss) is – 93 million yuan, 212 million yuan and 358 million yuan respectively. < p > < p > among them, in 2019, the net profit of the Listed Company attributable to the owner of the parent company (the net profit is calculated according to the lower value before and after deducting the non recurring profit and loss) is RMB 1.147 billion; the net profit of Hualan vaccine enjoyed by Hualan Bio based on equity (calculated by the lower value before and after deducting the non recurring profit and loss) is RMB 269 million. In the consolidated statements of the latest accounting year of the listed company, the net profit of the subsidiary company to be divided according to the equity accounted for 23.44% of the net profit of Hualan biological attributable to the shareholders of the listed company, which was less than 50%, which met the requirements. In 2019, the owner’s equity of the Listed Company attributable to the parent company was RMB 6.543 billion; the net assets of Hualan vaccine enjoyed by Hualan bio based on equity was RMB 947 million. In the consolidated statements of the latest accounting year of the listed company, the net assets of the subsidiary company to be split up according to equity accounted for 14.47% of the net assets of Hualan biological attributable to the shareholders of the listed company, which was less than 30%, which met the requirements. < p > < p > it is worth noting that the single quarter sales expenses of Hualan bio reached 482 million yuan in the third quarter, compared with 192 million yuan in the same period of last year, and 520 million yuan in the whole year of last year. According to Hualan Biological Products Co., Ltd., the company’s subsidiary Hualan biological vaccine Co., Ltd., increased sales revenue of vaccine products and corresponding sales promotion consulting fees. < / P > < p > but some investors asked on the interactive platform: the sales expenses of your company in the third quarter were close to 500 million, which increased by 2.5 times compared with that in the third quarter of 2019, and the corresponding turnover only increased by 1.6 times. How can you explain this mismatch? < p > < p > Hualan Bio said that the company’s business is divided into blood products and vaccines, in which the sales expenses of vaccine products will be accrued according to the sales revenue. The vaccine sales revenue from January to September in 2020 will increase compared with the same period in 2019, and the sales expenses will increase. < / P > < p > investors asked: could you tell me that the sales fees in the third quarter report have increased a lot, which business sector are these sales fees mainly used for? What are the benefits of such a large increase in sales expenses? < p > < p > according to the data, Hualan Bioengineering Co., Ltd. (formerly known as Hualan Bioengineering Co., Ltd.) was established in 1992. It is a key high-tech enterprise engaged in the research and development and production of blood products, and it is the first to pass the GMP certification of blood products industry. The company’s business includes blood products business, vaccine products, research and development and production of innovative drugs and biological similar drugs. Blood products include 11 products including human serum albumin, intravenous human immunoglobulin, human immunoglobulin, human prothrombin complex, human coagulation factor VIII, rabies patient immunoglobulin, hepatitis B human immunoglobulin, tetanus human immunoglobulin It is one of the enterprises with higher comprehensive utilization rate, more varieties and more complete specifications in the blood products industry in China. Hualan biological vaccine Co., Ltd., a subsidiary of Hualan biological Holding Co., Ltd., is engaged in the R & D, production and sales of vaccines. At present, the vaccines listed include influenza virus split vaccine, influenza A H1N1 virus split vaccine, tetravalent influenza virus split vaccine, group A and group C meningococcal polysaccharide vaccine, acyw135 group meningococcal polysaccharide vaccine and recombinant hepatitis B vaccine Inferior yeast). < / P > < p > Ankang directly holds 17.86% of the shares of Hualan bio, and indirectly controls 28.20% of the shares of Hualan bio through Hong Kong Kekang and its wholly-owned subsidiary Shengkang bio. 46.05% of the shares of the company are directly controlled by Anhua biological Co., Ltd. Hualan biological directly holds 75% equity of Hualan vaccine, which is the controlling shareholder of Hualan vaccine. In addition, Ankang indirectly controls 10% of the equity of Hualan vaccine through Hong Kong Kekang, which is also the actual controller of Hualan vaccine. According to the profile of Ankang, he is 71 years old, Chinese nationality, no right of abode abroad, senior engineer of university culture and medical biology, member of the 6th, 7th, 8th and 9th CPPCC National Committee of Henan Province, deputy of the 10th and 11th National People’s Congress of Henan Province, and Deputy of the 12th and 13th National People’s Congress, enjoying the special allowance of the State Council. He has won the National Science Conference award, the first-class achievement award of the Ministry of health, the second-class national science and technology award, and the provincial and municipal science and technology award. He is now the chairman and general manager of Hualan biology. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. 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