[Introduction] st Jiuzhi announced that the Heilongjiang Provincial State-owned Assets Supervision and Administration Commission will become the actual controller of the company
China Fund News reporter Lu Wei After
changed owners in 2015, st Jiuzhi will change the actual controller.
st Jiuzhi announced on the evening of November 11 that on November 10, the company’s controlling shareholder and actual controller Li Zhenguo signed an agreement with Chenneng Venture Capital to transfer 6.25% of the company’s shares held by him to Chenneng Venture Capital. After the transfer of
is completed, Chenneng Venture Capital will become the controlling shareholder of st Jiuzhi, and the Heilongjiang Provincial State-owned Assets Supervision and Administration Commission will become the actual controller of st Jiuzhi.
Heilongjiang Provincial State-owned Assets Supervision and Administration Commission will take over st Jiuzhi
st Jiuzhi announced on the evening of November 11 that on November 10, the company’s controlling shareholder and actual controller Li Zhenguo and Heilongjiang Chenneng Gongda Venture Capital Co., Ltd. (hereinafter referred to as Chenneng Venture Capital ), signed "About Jiuzhitang Co., Ltd. "Share Transfer Agreement", which stipulates that Li Zhenguo will transfer the 53.5 million shares of the company he holds (accounting for 6.25% of the company's total share capital) (hereinafter referred to as the target shares) to Chenneng Venture Capital. The transaction price of the target shares is based on the agreement signed The closing price of the company's secondary market on the trading day before the signing date (November 8, 2024) (7.56 yuan/share) was used as the pricing benchmark, which was determined to be 7.19 yuan/share, and the total transfer fee for the underlying shares was 385 million yuan. After the equity change of
is completed, Chenneng Venture Capital holds 206 million shares of st Jiuzhi, with a shareholding ratio of 24.04%, and will become its controlling shareholder. The State-owned Assets Supervision and Administration Commission of Heilongjiang Province will become the actual controller of st Jiuzhi. Li Zhenguo holds 162 million shares of the company, with a shareholding ratio of 18.91%, making him the company's second largest shareholder.
There were early signs
In July 2024, st Jiuzhi’s directors, supervisors and senior management changed, and many people with state-owned assets background in Heilongjiang Province entered the company’s board of directors and supervisory board.
Among the 6 non-independent directors, 4 are from the Heilongjiang Provincial State-owned Assets System; among the 5 supervisors, 3 are also from the Heilongjiang Provincial State-owned Assets System.
What is particularly noteworthy is that at that time, Li Zhenguo, the actual controller of st Jiuzhi, resigned as the company's legal representative and chairman, and became the company's vice chairman and general manager. Sun Guangyuan took over as the company's legal representative and chairman; Zhou Lubao was the new financial director. .
Information shows that Sun Guangyuan is the party secretary and chairman of Heilongjiang New Industry Investment Group Co., Ltd. He has served as deputy director of the Capital Operation Management Division of the Heilongjiang Provincial Department of Finance (State-owned Assets Office), director of the Enterprise Supervision Bureau of the Heilongjiang Provincial State-owned Assets Supervision and Administration Commission, and Heilongjiang United Property Rights The chairman of the exchange, the chairman of the Heilongjiang Provincial Equity Exchange Group, and the chairman of the Heilongjiang Provincial Bidding Company.
Zhou Lubao also comes from the state-owned assets system of Heilongjiang Province. He once served as the chief accountant of Heilongjiang Venture Capital Co., Ltd., deputy general manager of Heilongjiang Chenneng University Venture Capital Co., Ltd., deputy director of the finance department and deputy director of the operation department of Heilongjiang Chenneng Group, and Heilongjiang Chenneng Guarantee Co., Ltd. Deputy General Manager.
html Changed ownership for the second time in 99 years
st Jiuzhi is a well-known pharmaceutical company with a history of more than 370 years. In 2006, it was recognized as a "Chinese Time-honored Brand" by the Ministry of Commerce, and its traditional Chinese medicine culture was included in the national intangible cultural heritage protection catalog.
In 2015, while acquiring 28.06% of Jiuzhitang's shares for 1.5 billion yuan, Li Zhenguo, the actual controller of Youbo Pharmaceuticals, incorporated Youbo Pharmaceuticals into a listed company with an asset valuation of 6.5 billion yuan. As a result, Li Zhenguo succeeded the "Yongjin Department" and became the actual controller of Jiuzhitang with a shareholding ratio of 42.33%.
Therefore, the upcoming acquisition of ST Jiuzhi by the State-owned Assets Supervision and Administration Commission of Heilongjiang Province is the second time the company has changed hands in nine years.
However, in April 2024, due to the non-operational occupation of funds by Jiuzhitang's controlling shareholder, errors occurred in the 2022 Jiuzhitang annual report. The "Internal Control Audit Report" with a negative opinion in 2023 was issued, and the Shenzhen Stock Exchange issued an "other risk warning". The company's stock abbreviation was also changed from "Jiuzhitang" to "st Jiuzhi".
In 2023, Jiuzhitang's revenue fell to a new low in the past seven years, only 2.96 billion yuan, and its net profit attributable to its parent company was 297 million yuan, a year-on-year decrease of 16.92%.
In the first three quarters of 2024, st Jiuzhi's total operating income was 2.064 billion yuan, a year-on-year decrease of 12.94%, and the net profit attributable to the parent company was 240 million yuan, a year-on-year decrease of 16.77%; the net cash flow generated from operating activities was -72.7 million yuan.
In November 2024, st Jiuzhi and then chairman Li Zhenguo were notified and criticized by the Shenzhen Stock Exchange for illegally occupying non-operating funds.
On November 11, st Jiuzhi’s share price closed at 7.59 yuan, with a market value of 6.5 billion yuan.
Editor: Joey
Review: Muyu
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