There are many very wealthy families in China, and the couple mentioned today is definitely one of the best. The market value of my husband's company is 378.9 billion, and my wife's company was successfully listed in June this year, with a market value of 147 billion Hong Kong dollars (approximately 132.3 billion yuan). The two companies add up to more than 510 billion. They are truly winners in life and have incredible wealth. But why are this couple so criticized?
That’s because everyone thinks they look a bit ugly, and the reason is the dividend plan of up to 5.7 billion. In 2018, Hansoh Pharmaceutical announced that it would distribute 4 billion in dividends to shareholders at the time from 2019 to 2020. At the end of September this year, the company announced a "special dividend" of 1.7 billion specifically for old shareholders.
The net amount of funds raised by Hansoh Pharma’s listing is only HK$7.64 billion (6.876 billion yuan). In other words, more than 80% of the money raised from the IPO will go into the pockets of old shareholders. Who is this old shareholder? It is mainly the actual controller who holds nearly 70% of the shares and three other companies with smaller shareholding proportions.
Sunrise is the family trust of Zhong Huijuan, the actual controller of Hansen, and the shareholder of Apex Medical is called Cen Junda, who is a friend of Zhong Huijuan’s husband, Sun Piaoyang. These two batches of dividends are distributed to the old shareholders, and to the new ones. It doesn't matter at all. But if we look at the company's balance sheet, it has a total of 9 billion in current assets, including 3 billion in inventory and receivables. Moreover, the current assets after removing liabilities are only 4.429 billion, which is not enough to pay dividends.
Hansoh has always been regarded as a shadow company of Hengrui. There has been a saying in the market that Sun Piaoyang established Hansoh in 1995 in order to obtain equity for himself. At that time, Hengrui was still a state-owned Lianyungang Pharmaceutical Factory. The factory was in trouble in 1990. Sun Piaoyang, a technician at the time, became the factory director and led the pharmaceutical factory to develop more than 20 new products in 5 years. In 1996, the company's sales revenue was It exceeded 100 million yuan until 1997, when Lianyungang Pharmaceutical Factory was restructured and became today's Hengrui Pharmaceuticals.
Some people were scolded for this, and some were imprisoned for this. In contrast, the establishment of Haosen was two years earlier than the restructuring of Lianyungang Pharmaceutical Factory. It must be said that Sun Piaoyang has a long-term vision. Behind the rapid rise of Hansoh Pharmaceuticals, there are also many doubts about Hengrui Medicine. In addition to the fact that the actual controllers of the two companies are a couple, they are also located in the Economic Development Zone of Lianyungang. They are in a state where you have me and you have me. The strategy of Hengrui and Hansen has always been to launch generic drugs. What is the concept? That is, the patents of some drugs are about to expire. They make generic drugs first, and then launch them as soon as the patents of the original drugs expire to seize the market. .
However, after the introduction of the "4+7 volume-based procurement" policy in the pharmaceutical industry, pharmaceutical companies suffered a big blow. Compared with the lowest purchase price of the same type of medicine in the pilot cities in 2017, the average price of medicines dropped by as much as 52%, the gross profit margin ceiling has been crushed to death. Hengrui's stock price plummeted after the first batch of pharmaceutical procurement catalogs came out. Generic drugs began to gradually weaken. The research and development of innovative drugs cannot be guaranteed. In the future, the high market value of Hengrui and Hansen will not be guaranteed. Know how much longer it can last.