When they saw the asset income chart updated by Fang Hong on Weibo and saw the asset scale of more than 1.4 billion, everyone also believed that he did not do the second wave of Shandong Juli's main wave.

Although the second main rising wave market has more than doubled its height, after all, the plate is a little smaller, and it can't accommodate too much money.

The chief helmsman came in and bought 13 million shares, almost 150 million yuan, and finally lost his strength when it was shipped, and sacrificed the "One-word Soul Breaking Knife" for shipment.

The amount of money of a general helmsman is enough, and if this ticket comes to another K god, he will also buy hundreds of millions of funds, and it is not good to trample on each other when the time comes, so that neither of them can go out or go out without reaching the expected target price and target profit.

The most important thing is that fans and stockholders saw the income curve of K God and realized that they could earn more by not playing demon stocks to engage in big ass.

Since May 25, the operation of the institutional account has only been two months, and more than 700 million profits have been doubled, and only by relying on the big ass with abundant liquidity can earn so much.

Because large tickets can take positions, arbitrage in large-cap stocks can be topped by six or seven points or more in small-cap stocks.

Thinking about it this way, the shareholders also feel that with the level of K God in the big weight, not to mention that the previous wave of market has eaten nearly twice as much meat, there is really no need to grab meat from the chief helmsman.

……

Monday, July 13.

Today's A-share market opened, Shandong Juli sealed the one-word drop limit without any suspense, and the stock price fell to 16.41 yuan, with a full-day turnover of only 25.85 million yuan.

In terms of indexes, the broader market adjusted again today, losing 3,100 points and closing down -1.07% to report points.

In the afternoon, Qunxing Capital Headquarters.

In the office, Hua Yu looked at Fang Hong and said, "I met with Wang Qingxiong, the chairman of Hengtong Pharmaceutical Group, on Saturday morning, and once again proposed to acquire the company's Gu Fangzi and Yishengtang brands, but he still refused."

Hearing this, Fang Hong smiled, and said lightly, "It's expected, Hengtong has spent so many years buying these ancient prescriptions in order to hide them and sell them for higher profits."

In Wang Qingxiong's eyes, the medicine that can cost less money and can cure the disease is not a good medicine, and those drugs that treat the symptoms but not the root cause are good medicines, and the kind of medicine that is fine when eaten and the body can't stand it once the medicine is stopped.

Hengtong Pharmaceutical Group has spent so much effort to collect those prescriptions over the years, not to carry them forward, but to prevent them from circulating.

However, the time-honored brand of Yishengtang under the group company is very famous, and it is indeed a conscientious Chinese medicine shop, and there are experienced old doctors sitting in the shop for consultation, and the brand awareness is also very loud, and it also has a group of capable Chinese medicine practitioners.

Because Wang Qingxiong needs to use the brand of Yishengtang to cover up the real purpose, it is difficult to say that it is not only to be a watch but also to set up an archway.

But this is his cleverness, you say that he deliberately hides the ancient recipes of traditional Chinese medicine or suppresses traditional Chinese medicine, and he will move Yishengtang out to show you.

In fact, you only need to look at the revenue structure of Hengtong Pharmaceutical Group to find the fox's tail, and Yishengtang's revenue in the company accounts for only 3.16%, which is not even 5 percentage points.

And Wang Qingxiong is clever, and he also said with emotion that traditional Chinese medicine does not make money, and the proportion of the group company is very low, but the things of the ancestors cannot be lost, and we must also engage in and support if we do not make money, so Yishengtang must continue to run Balabala.

It seems to be reasonable and convincing, and has won praise from many people in the outside world.

Ordinary people can't really see it.

At this time, Hua Yu's assistant Yue Jing came over and sat down on the vacant sofa next to her, and she brought a material, which was about Hengtong Pharmaceutical Group.

Yue Jing opened the document and browsed for a moment before saying, "Hengtong Pharmaceutical was established in 1998, and the company's current business scope includes: Chinese patent medicines, chemical preparations, antibiotic preparations, biochemical drugs, disinfection supplies, health food, dairy products, Chinese herbal medicines, and Chinese herbal drinks

sales of tablets, chemical APIs, antibiotic APIs, biological products, pharmaceutical packaging materials and containers, and pharmaceutical excipients; Class I medical device retail, Class II medical device retail."

"Last year, Hengtong Pharmaceutical Group achieved an operating income of 28.439 billion yuan and a total tax of 457.97 million yuan, making it the second private enterprise in Xincheng after Huayang Group, ranking among the top three among nearly 10,000 pharmaceutical commercial enterprises in the country, ranking first among private pharmaceutical commercial enterprises, and has been shortlisted in the top 500 mainland enterprises for five consecutive years."

"As of the first half of this year, Hengtong Pharmaceutical Group has total assets of 18.193 billion yuan, registered capital of 1.5 billion yuan, 12,513 employees, more than 80 subordinate companies, and 876 directly operated and franchised retail pharmacies."

"This is the material report that has been sorted out after the due diligence of the company." Yue Jing gave a general overview and handed another material document to Fang Hong, who took it and opened the list, looked at it for about seven or eight minutes, and quickly noticed the key information in the material report.

Fang Hong immediately looked at Hua Yu: "Hengtong Pharmaceutical Group is in trouble now?"

Hua Yu nodded and said: "There is indeed trouble, and it is not small, in the past three years, Hengtong Pharmaceutical Group has expanded extremely rapidly, and the global financial tsunami caused last year has also had a great impact on the group company, and Wang Qingxiong is also in great trouble now."

Fang Hong looked at the material report again and said, "Expanded."

Hua Yu continued: "The problem is that five years ago, that is, in February 2004, Wang Qingxiong introduced external capital in order to accelerate the expansion of Hengtong Pharmaceutical, when Zhongtai Capital invested 1.35 billion yuan in exchange for 30% of the equity, becoming the second largest shareholder, and Hengtong Pharmaceutical entered the fast lane of accelerated expansion after obtaining financial support."

The scale of this 1.35 billion yuan is also astronomical at the moment, and it is also an astronomical amount in ten years, and it is undoubtedly worth it at that time in 2004, when Hengtong Pharmaceutical Group was valued at 4.5 billion.

Hua Yu paused for a moment and said: "While Zhongtai Capital brought funds to Wang Qingxiong, it also shackled him and forced him to expand desperately, because the two parties signed a "VAM agreement" clause, if it is not for Zhongtai Capital's reasons, Hengtong Pharmaceutical cannot be listed after five calendar years after the investment, Zhongtai Capital has the right to withdraw from Hengtong Pharmaceutical Group by way of repurchase."

Hua Yu immediately added: "Strictly speaking, this is not a VAM agreement, but a share repurchase clause agreement."

Hearing this, Fang Hong nodded as if talking to himself: "That is to say, when Hengtong Pharmaceutical raised funds in 2004, Wang Qingxiong and Zhongtai Capital had clearly agreed that if Hengtong Pharmaceutical could not IPO in five years, Hengtong Pharmaceutical must repurchase the equity in the hands of Zhongtai Capital, and according to this due diligence report, it must also ensure a reasonable return on Zhongtai Capital......

Hua Yu suddenly said: "According to the reliable information I have got, in the agreement signed by the two parties, Zhongtai Capital required a compound interest return of about 45% per year in the agreement, in other words, Zhongtai Capital's original investment of 1.35 billion yuan that year, this year requires the withdrawal of at least more than 8 billion yuan with interest, and Hengtong Pharmaceutical Group needs to pay 80 to 83 billion yuan to repurchase the 30% equity in the hands of Zhongtai Capital."

This equates to a fivefold return on investment.

At that time, the valuation of Hengtong Pharmaceutical Group was 4.5 billion, which means that Zhongtai Capital sold its own part of the equity and obtained an investment return of five times the financing amount of the year according to the requirements of the agreement, and the difference needed to be compensated by Wang Qingxiong's proceeds from the sale of his equity.

Hengtong Pharmaceutical Group's current total assets are about 18 billion, of which the net assets are about 10.2 billion, even if the net assets are priced, Wang Qingxiong has to sell 39.7% of his equity to compensate Zhongtai Capital.

After a while, Hua Yu said again: "It's July now, five and a half years have passed since the time limit of the VAM agreement between the two parties, and Zhongtai Capital has been extended for half a year, but it has also reached the deadline, and it can basically be announced that Hengtong Pharmaceutical's listing plan has failed.

」

Do you want to start? Needless to say?

It is the nature of capital to pursue profits, and the current situation is that Hengtong Pharmaceutical is already a fish on the chopping board of Zhongtai Capital.

Fang Hong closed the materials and looked at Hua Yu and said neatly: "Since Wang Qingxiong is unwilling to sell Yishengtang and the ancient recipe in his hand, then we will merge Hengtong Pharmaceutical and kick Wang Qingxiong out."

As soon as these words came out, Hua Yu and his assistant Yue Jing couldn't help but be surprised, Hengtong Pharmaceutical Group is the second largest enterprise in Xincheng, and the merger and acquisition case of tens of billions of yuan is definitely a big event in the Xincheng business district, and it is also a major merger and acquisition event in the current national scope.

……

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