How can Yonghe intelligent control’s “money burning” crossover be continued

The news that dingzeng has been rejected has made Yonghe intelligent control “worse”. On December 28, the company’s application for non-public offering of shares was not released by the SFC. On December 29, the company’s share price fell 4.94%, a new low. To the surprise of the market, as early as December 16, the stock price of Yonghe Zhikong suddenly collapsed, with the highest range drop of nearly 40%. < / P > < p > according to the plan of fixed increase in March this year, Yonghe intelligent control originally planned to issue shares to Cao Deli, the actual controller, at the price of 10.06 yuan / share, and the raised capital should not exceed 600 million yuan to repay bank loans and supplement working capital. < / P > < p > “blood transfusion program” frustrated? From the regulatory feedback and the company’s reply, Yonghe intelligent control has many suspicious operations in the process of changing owners and acquiring assets. < / P > < p > the reporter noticed that the regulatory authorities have given feedback on the fixed increase scheme of Yonghe intelligent control twice, and raised a number of questions in the notification letter of the meeting of the development and examination committee. The main concerns include: whether the process of Cao deli’s acquisition of Yonghe intelligent control is legal and compliant; whether Cao Deli is the actual controller or ultimate beneficiary of Dazhou medical, Chengdu Shanshui Hotel and Kunming Medical; whether the capital for the subscription of the fixed increase shares contains pledge financing; whether a series of arrangements such as Cao deli’s acquisition of the controlling right of the listed company and then the acquisition of medical assets belong to the law In disguised form, backdoor listing, etc. < / P > < p > go back to November 2019 to find out. At that time, Chengdu Meihua added 200 million yuan to Yongjian holding, the largest shareholder of Yonghe Zhikong, and indirectly obtained 29% of the equity of the listed company. At the same time, Xuncheng trading, Yuhuan Yonghong and Yongsheng consulting, which are actually controlled by Ying Xueqing and Chen Xianyun, the original actual controllers of Yonghe Zhikong, irrevocably give up their 39.13% voting rights corresponding to the shares of Yonghe Zhikong. After the transaction, Cao Deli became the new actual controller of the listed company. < / P > < p > as an attachment condition, Cao Deli obtained the control right of the listed company and provided the original actual controller with an interest free loan of 575 million yuan. “It’s illogical for 200 million yuan to win a shell.” In the view of market analysts, this should be part of the consideration of “shell fee”. < / P > < p > after the change of ownership, Yonghe intelligent control rapidly laid out the medical industry and set up Chengdu yonghecheng and other platforms to implement capital operation. The listed companies successively invested about 200 million yuan to acquire Dazhou medical and Chengdu Shanshui Hotel, and planned to invest 100 million yuan to bring Kunming Medical into the bag. < / P > < p > due to continuous cash M & A, the company has a high debt ratio. By the end of June, Yonghe Zhikong had a bank loan of 270 million yuan. Among them, the acquisition loan of RMB 110 million borrowed from Minsheng Bank was used to pay for the equity acquisition of Chengdu Shanshui and Dazhou medical. The asset liability ratio of listed companies rose sharply from about 19% at the end of 2019 to 42% at the end of the third quarter of this year. < p > < p > it is strange that in the process of asset acquisition, the intermediary agencies verified that the above-mentioned three companies had the same business registration telephone numbers as the enterprises controlled by Cao Deli. The regulatory authorities inquired whether Cao Deli was the actual controller or ultimate beneficiary of the three companies, whether there were entrusted shareholding, concerted action or other special interest arrangements with his shareholders, and whether the acquisition funds eventually flowed to Cao deli or his designated personnel. < / P > < p > in the reply announcement, the company totally denied the above questions. However, several key details can not be ignored: Yu Zhao, a natural person, participated in the establishment of Dazhou medical and Kunming Medical, and Yu Zhao’s spouse Liu Wei was one of the shareholders before the acquisition of Chengdu Shanshui Hotel. Cao Deli and Yu Zhao are very close friends. They have jointly invested in Dahang Guangze hospital and Dongli hospital. Yu Zhao transferred his share of Zhengxin Pude’s property to Cao Deli in August 2018. In addition, as of the date of issuing the reply, Cao Deli had a personal loan of 27 million yuan to Zhao. < p > < p > Cao Deli, born in 1972, has been the director and general manager of Chengdu Tieshan group since March 2014, and the general manager of Taizhou Yongjian holding, the controlling shareholder of Yonghe intelligent control, since November 2019. In May this year, Yongjian holdings pledged all 29% of its shares in the listed company to Donghui, a natural person, to finance the debt replacement of Yongjian holdings. < / P > < p > who is Fang Donghui sacred and able to receive such a large amount of pledge? According to the Shanghai Securities News reporter’s inquiry, Fang Donghui should be the son of Fang xiubao, the former actual controller of Luoxin Pharmaceutical (formerly Dongyin Co., Ltd.). In February this year, Fang xiubao agreed to transfer 5% of the shares of the listed company from the original actual controller of Yonghe Zhikong at a unit price of 10.269 yuan per share. < / P > < p > both Dongyin and Yonghe Zhikong, which are located in Taizhou, Zhejiang Province, landed on the SME board in April 2016. The stock code of Dongyin is 002793 and Yonghe Zhikong is 002795. Both companies sell their controlling shares after three years of listing. Dongyin shares were listed by Luoxin pharmaceutical through backdoor, while Yonghe Zhikong was transferred to Cao Deli. After the change of ownership, both companies “changed” to the medical sector. < p > < p > however, the acquisition of Yonghe Zhikong real gold and silver did not bring performance. In the first three quarters of this year, with a slight increase in revenue, Yonghe Zhikong’s net profit fell by 37%. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website publishes information 24 hours a day. It is an important window for China to carry out international communication and information exchange.