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Summary
[Watson Bio respondió a la carta de preocupación y se desveló el “velo” de la fiesta de adquisición original de Shanghai Zerun]Although Watson Bio temporarily halted the transfer of its vaccine subsidiary, Shanghai Zerun, for “valuing the views of investors”, this Many of the doubts that arise in the transfer of shares have yet to be clarified and clearly explained by the company. On the night of December 8, Watson Bio responded to the concern letter from the Shenzhen Stock Exchange, explaining in detail whether there were market concerns such as the transfer of interest, the introduction of strategic investors, and whether there was a surprise adjustment of earnings at the end of the year. The hidden information behind this capital transfer gradually emerged. (Shanghai Stock News)
in spite ofWatson BioFor reasons of “assessment of investor opinions”, the vaccine was temporarily suspendedthe companyShanghai Zerun ControlCapital transferOne thing, but the many doubts involved in this capital transfer still require the company to clarify and clarify. On the afternoon of December 8Watson BioResponse to the letter of concern from the Shenzhen Stock Exchange, explaining in detail if there is transfer of interest, the reasons for presenting strategic investors and if there is a surprise adjustment at the end of the yearprofitIn anticipation of market concerns, the hidden secrets behind this stock transfer gradually came to light.
The “veil” of the original Shanghai Zerun reception party was unveiled first.Watson BioFrankly: “Zibo Yunze and Yongxiu Guanyou settled for the acquisition of Shanghai Zerun.camaraderiecompany。 “
Zibo Yunze was established on November 19, 2020, less than a year ago. Until now, Xi’an Taiming is the sole limited partner of Zibo Yunze. The actual controller of Zibo Yunze is Shanghai TaifuTo start a businessInvestment Management Co., Ltd., currently Shanghai TaifuRisk capitalAnonymous management company manages fourRMBbackground, The main investment in biomedicineindustry. Yongxiu Guanyu Investor consists of 22 partners, including Hangzhou Tiger Equity Investment Partnership (limited partnership).
In response to the much questioned interest transfer problem in the market, the company responded that according to the current penetration results of Zibo Yunze and Yongxiu, and after verifying the “Consolidated General Account andMargin of operationscreditTop N account details table (as of September 30, 2020), Zibo Yunze and Yongxiuguan are the top ten publicly traded companies after penetrating the capitalistsshareholder(As of September 30, 2020), the directors and supervisors of listed companies do not existconnection relationshipOr other benefit arrangements.
The financial strength and source of funds of the transferee of this capital transfer are also further clarified. Watson Bio said that the initial investment scale of the two companies is primarily to meet Shanghai Zerun’s short-term financing needs and does not fully reflect the overall future investment scale. The main investors of the two companies have corresponding financial strength. Through the capital transfer and capital increase of Zibo Yunze, this transaction can introduce strategic investors for Shanghai Zerun and promote the relatively independent development of Shanghai Zerun. Capital transfer funds or capital increase funds will come from funds raised from partners.
Regarding the most controversial point of this transaction, “if the assets are sold cheaply”, the Shenzhen Stock Exchange requires the company to explain the calculation process of the income method evaluation and its rationale. In this regard, Watson Biotech discussed in detail the rationale for the analysis and forecasting from the perspective of Shanghai Zerun’s historical significant annual capital transfer and capital increase, and R&D progress. The final answer is: this Shanghai Zerun revenue method evaluation The evaluation process and conclusions are reasonable.
Regarding the reason why the market assessment method is not used, the company explained that Shanghai Zerun is mainly developing HPV vaccines.productThe line is relatively simple. The developed vaccine has not yet been commercialized. At this stage, the companyOperating incomeLower income, mainly from technical services, and poor comparability with listed companies in the same sector. In addition, Watson Bio also analyzed the reasonableness of the Shanghai Zerun valuation together with the valuation of similar business companies Kangleweishi and Jiangsu Ruike.
Although after comparison, the company found that KangleGuard and Shanghai Zerun are relatively similar in the types of vaccines developed, but the development progress,IndustrializationThere are differences in the construction progress. The company said: “Based on the financial valuation and total market value of the target company, combined with the R&D status of Shanghai Zerun and investment progress in industrialization, the valuation of Shanghai Zerun is generally within within a reasonable range. “
Watson Bio also responded to the reasons for the share transfer that puzzled the market. From the perspective of the market outlook, in the context of the successive introduction of quadrivalent and 9-valent HPV vaccines, the future market space for bivalent HPV vaccines is relatively limited; The 9-valent HPV vaccine covers nine subtypes of HPV viruses and the market demand is broader, but the new HPV vaccine from many vaccine companies is currently also in the clinical stage. In his view, Shanghai Zerun’s 9-valent HPV vaccine and other follow-ups still face challenges such as multi-stage clinical trials, capacity expansion and marketing. The common development method of presenting strategic investors and gathering resources from all parties is an effective solution path. .
Furthermore, the transfer of shares from Shanghai Zerun by Watson Bio is expected to result inNet profitFrom RMB 1.18 billion to RMB 1.28 billion, the Shenzhen Stock Exchange is focused on whether the transaction adjusts earnings to meet the requirements of stock incentives. In this regard, Watson Biological stated bluntly that there is no such thing as a surprise sale of assets at the end of the year to adjust earnings.
The company explained that the transactionDeliveryMust complete other transactionsDecision procedure, The resignation of the original shareholder to pre-emptive rights, the decision-making of the Shanghai Zerun board of directors and other procedures are prerequisites. Since the completion of the transaction itself has many preconditions, there is greater uncertainty about whether and when it will occur. Due to the stock option incentive planPerformanceCircumstances of the Shanghai Zerun share sale in the indicator evaluation.
(Source: Shanghai Securities News)
(Responsible editor: DF520)
I solemnly declare: The purpose of this information is to spread more information, and it has nothing to do with this booth.
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