China Fund News Reporter Yishan
The battle for 34% of the equity of Xiamen Weiming, the core subsidiary of Weiming Pharmaceutical, has ushered in new progress.
recovered the illegally occupied 34% equity and returned 12.75 million yuan
According to the company's announcement on February 19, Weiming Pharmaceutical recently received a criminal judgment issued by the People's Court of Zhangdian District, Zibo City, Shandong Province.
According to the company-related judgments disclosed in the announcement, after trial in accordance with the law, Pan Aihua and Luo Shunli took advantage of their positions to illegally take possession of the unit's property with Li Pengfei, and their actions constituted the crime of embezzlement; To facilitate his position, he misappropriated the unit's funds for personal use and carried out profit-making activities. His behavior constituted the crime of misappropriation of funds. The public prosecutor's office charged the defendants Pan Aihua, Li Pengfei, and Luo Luo Shun with clear facts. The evidence was reliable and sufficient. The charges were convicted and supported. The verdict was to recover the 34% equity of Xiamen Weiming illegally occupied by Hangzhou Qiangxin, return the victim unit Weiming Medicine, and order Pan Aihua to bear the responsibility of returning RMB 12.75 million to Xiamen Weiming.
In this regard, Weiming Pharmaceutical stated that this judgment is a first-instance judgment, and there is certain uncertainty in the impact on the company's current and subsequent profits.
The company reported the case in August 2022
In early August 2022, the Shenzhen Stock Exchange issued a letter of concern to Weiming Pharmaceutical stating that it had recently received investor complaints and Hangzhou Qiangxin invested approximately 2.9 billion yuan in Xiamen, a wholly-owned subsidiary of Weiming Pharmaceutical Weiming obtained approximately 34% of the shares of Xiamen Weiming. The industrial and commercial change was completed on May 18, 2022. According to the agreement, Hangzhou Qiangxin will appoint a director to Xiamen Weiming.
Since Weiming Pharmaceutical did not make a timely announcement on the transaction, the Shenzhen Stock Exchange required the company to explain many issues such as the transaction method, amount, and pricing basis. Weiming Pharmaceutical bluntly stated in its reply to the announcement that it had not found relevant meeting minutes and pricing basis documents, and believed that the transaction was neither compliant nor illegal, and Xiamen Weiming had experienced a loss of core assets and misappropriation of major interests.
According to Tianyancha, Xiamen Weiming is jointly held by Weiming Pharmaceutical and Hangzhou Qiangxin, with shareholding ratios of 66% and 34% respectively. At the time of the incident, Xiamen Weiming was still the second largest shareholder of Beijing Sinovac.
Subsequently, the company reported the case to the Zhangdian Branch of the Zibo Municipal Public Security Bureau on August 17, 2022. The Zhangdian Branch of the Zibo Municipal Public Security Bureau believed that the conditions for filing a case were met and initiated investigation.
On May 25, 2023, the company received the "Prosecution Opinion" issued by the Zhangdian Branch of the Zibo Municipal Public Security Bureau, in which four people, including Pan Aihua, Li Pengfei, and Luo Deshun, were listed as criminal suspects. It is understood that Pan Aihua was born in 1958 and graduated from the Department of Biology of Peking University. He had previously served as the founder and chairman of Weiming Medicine. After the company's board of directors was changed in August 2022, his position was adjusted to the lifelong founding chairman. Luo Deshun served as assistant to the president and vice president of Weiming Pharmaceutical and took over as the company's executive chairman in August 2022. Li Pengfei was a director of Beijing Sinovac.
Performance continues to be under pressure
Although the equity change crisis has gradually subsided, Weiming Pharmaceutical's performance continues to be under pressure.
financial report data shows that the company's performance will decline sharply in 2022, with revenue of 357 million yuan, a year-on-year decrease of 11%; net loss attributable to the parent company is 14.69 million yuan, a year-on-year decrease of 105%. The 2023 performance forecast shows that the net loss attributable to shareholders of listed companies is expected to be approximately 243 million yuan to 345 million yuan.
As for the reasons for the change in performance, Weiming Pharmaceutical said that based on the company's actual operating conditions, industry market changes, asset operation and other comprehensive influencing factors, it conducted an impairment test on some of the company's long-term assets, and initially judged that there may be signs of impairment. The total asset impairment is expected to be between 272 million yuan and 368 million yuan.
html On February 5, Weiming Pharmaceutical announced that it received a cash dividend of 53.82 million yuan from its joint-stock company Beijing Sinovac, which will help improve the company's cash flow, but will have no impact on the company's consolidated net profit.As of the close of trading on February 19, Weiming Pharmaceutical was trading at 10.93 yuan per share, an increase of more than 4% since February, and the latest market value was 7.2 billion yuan.
Editor: Joey
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