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Original title: A single day’s market value evaporated more than 20 billion yuan Ophthalmology AierThere are hidden dangers in the mad expansion of capital
Aier Ophthalmology increased its market value by 180 billion yuan last year. Market participants believe that capital must play a positive role and rely on the power of technology to improve the efficiency of medical services without altering the laws of the industry itself.
The medical dispute between Wuhan physician Aifen and Aier Ophthalmology began to ferment early in the new year. On the first trading day of A shares in 2021, Aier Ophthalmology’s share price plummeted by more than 9%, and its market value fell from more than 300 billion yuan to 280 billion yuan on Monday closing. The market value of a single day has evaporated by more than 20 billion yuan.
In response to Affin’s claim that “Aier’s right eye retinal detachment was nearly blind due to Aier’s eye surgery,” on January 4, Aier Ophthalmology released a verification report on the diagnostic process and Affin’s treatment, saying “Aier’s right eye retinal detachment and cataracts Surgery is not directly related.” High myopia is a high risk factor leading to retinal detachment, and it is said that there is no case of surgery without fundus examination Aier Ophthalmology also expressed that it hopes to request examination and identification from the Medical Association and related departments together with Aifen.
The market value increased by more than 180 billion yuan in one year.
Aier Ophthalmology was one of the first companies to land on GEM in 2009. Benefiting from the huge demand in the Chinese ophthalmology medical services market, the market value of Aier Ophthalmology has skyrocketed in the 11 years since its listing, from less than 10 billion yuan at the beginning to more than 300 billion yuan recently. In 2020, the market value will increase by more than 180 billion yuan in one year.
CBN reporters asked about Aier Ophthalmology’s financial report, which shows that in the first three quarters of 2020, Aier Ophthalmology achieved operating income of 8.565 billion yuan; In the third quarter, the company’s revenue exceeded 4.4 billion yuan, almost double the previous quarter, and net income was 870 million yuan. The interest rate is close to 50%, the net profit margin is over 23%, and the return on investment is close to 20%.
However, in recent years, the drivers of Aier Ophthalmology’s performance growth are driven more by mergers and acquisitions on the balance sheet than by the growth of its business itself. The 2020 epidemic has not stopped the acquisition of Aier Ophthalmology. According to the third quarter financial report, the 30 hospitals acquired by Aier Ophthalmology in June were included in the company’s consolidated statement on July 1.
The operation of the M&A fund enables Aier Ophthalmology to maintain high growth and expand rapidly throughout the country. According to data from the official website of Aier Ophthalmology, there are currently 3 publicly traded companies, more than 600 hospitals and eye centers around the world, and the annual number of outpatient visits in mainland China exceeds 10 million.
The main idea behind the operation of the M&A fund model is for the company, financial investors, and strategic investors to jointly establish M&A funds outside the agency and expand outside the agency by acquiring M&A funds. and investment in hospitals; when the hospital business with M&A funds expires, cash can be used Injection into publicly traded companies through transactions, the issuance of shares to purchase assets, and the consolidation of hospital assets can significantly increase revenue and growth of the performance of publicly traded companies.
The effect of leverage under the “risk investment model”
This model is interpreted more as a “venture investment model”, and Aier Ophthalmology also regards this model change as a “second entrepreneurial spirit”. According to public data, since 2014, 7 companies, including Qianhai Dongfang, Hunan Zhongyu, Nanjing Anxing, Liangshi Bank of Communications, Liangshi Changyin, Liangshi Changxing and Liangshi Morningstar participated in the establishment of Aier Ophthalmology The total amount of funds raised by the funds of mergers and acquisitions for the acquisition of hospital assets reached 7.2 billion yuan, and Aier Ophthalmology’s estimated investment amount in merger and acquisition funds was 1.26 billion yuan, which means that Aier Ophthalmology used 1.26 billion yuan to leverage 7.2 billion yuan. Leverage in yuan.
Judging from Aier Ophthalmology’s 1.72 billion yuan non-public fundraiser in January 2018, underwriters include Aier Ophthalmology’s actual controller, Chen Bang, Hillhouse Capital, Xincheng Fund, etc. The use of the non-public offering includes Nine ophthalmological hospitals acquired projects. In this transaction, 100% of the registered capital of the nine hospitals was valued at 823.5 million yuan, and the total rate of return was approximately 120.78%.
One view is that M&A funds have helped expand fundraising capacity and may become a driver for the rapid development of medical services companies such as Aier Ophthalmology. This is mainly due to the high degree of dependence of the ophthalmology hospital on medical equipment and the high reproducibility, this track is very suitable for acquisition and expansion. Another point of view is that M&A funds, as a kind of external financing tool, have their own major hidden dangers, such as whether they must provide “hedging arrangements” when there is an accident in the M&A project.
“Overall, growth supported by capital operations is unsustainable,” a hospital industry source told a China Business News reporter.
Chen Yonglan, Managing Director and President of Asia Pacific China of France Orizé Fund Group, told a reporter from China Business News: “China is in high demand for healthcare services and capital expansion to private hospitals is also normal. The key is the limitations of the professionals. ” And whether there are regulators’ limitations on professionals, capital must play a positive role and rely on the power of technology to improve the efficiency of medical services without altering the industry’s own laws. “
Chen Yonglan emphasized that investment in the medical field has its own characteristics. The investment cycle is longer than in other industries and the technical expertise requirements are higher. Taking eye surgery as an example, it is mainly divided into “front” and “behind the eye” surgery. The technical threshold for “behind the eye” surgery is higher, and the human resources and high-tech medical equipment of the corresponding doctors are also more technical.
In 2020, the Sino-French cooperation fund started jointly by China Investment Corporation, Bank of France and Orizé Fund invested 80 million euros in the Dutch ophthalmological research center DORC, which is the world’s leading supplier of vitrectomy equipment of three. Chen Yonglan told China Business News that the scale of China’s fundus treatment market is expected to reach hundreds of millions. “This is based on the aging of the population and the increased potential needs of patients with diabetes. China is the country with the largest number of potential patients. The population of potential patients with retinopathy is about 100 million,” he said Chen Yonglan.
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