Weiming Medicine: The controlling shareholder illegally occupied funds of 507 million yuan, intending to use its assets to pay off debts

2019/12/31 15:16:41 Source: China Securities Journal CSI 2019/12/31 15:16:41

With the involvement of the regulator, Weiming Medicine ( 002581 ) Internal control chaos gradually surfaced. Weiming Medicine The noon announcement on December 31 stated that the controlling shareholder of the company, the unnamed group, touched the regulatory red line. The non-operating occupation of the company's system fund balance reached 507 million yuan, and the interest was as high as 54.356 million yuan. Of Weiming Group proposed to repay the company funds it occupied with its assets.

In this regard, analysts pointed out that in the debt repayment plan proposed by Weiming Group, the medical assets involved are mostly in the early clinical stage, and there is a large uncertainty as to whether it can be successfully marketed in the future. In addition, the true value of biological assets is also worthy of attention. Whether such a debt service plan can pass the final decision depends on the voting results of the shareholders' meeting held on January 17, 2020.

According to the announcement, after the company's self-examination and verification with Weiming Group, from December 2017 to June 2019, Weiming Group occupied Xiamen Weiming Biomedical Co., Ltd., a wholly-owned subsidiary of the company (hereinafter referred to as "Xiamen Weiming") The balance of its own funds of Tianjin Weiming Biopharmaceutical Co., Ltd. and its subsidiary Tianjin Weiming (hereinafter referred to as "Tianjin Weiming") totaled 507 million yuan. As of December 31, 2019, the balance of non-operating occupation funds was 507 million yuan, and interest was 54.357 million yuan.

The above violations did not fulfill the corresponding review procedures and information disclosure obligations in accordance with the regulations. Weiming Medicine And four senior executives of the company and the controlling shareholder Weiming Group issued warning letters.

The announcement said that because the Weiming Group was involved in multiple economic dispute lawsuits and had difficulty in liquidity, it was unable to repay the funds occupied by the company in cash. The Weiming Group repaid the funds of the listed company it occupied with its assets. The assets used for debt repayment include two parts: one of the four drugs in the early clinical stage, namely recombinant anti-TNFα fully humanized monoclonal antibody injection, recombinant anti-CD52 humanized monoclonal antibody injection, and recombinant injection The anti-CD25 human and mouse chimeric monoclonal antibody and the recombinant anti-CD3 humanized monoclonal antibody injection were used to offset the funds occupied by the Weiming Group. After evaluation, the total value of these four pharmaceutical technologies was 118 million yuan. The other part is the 100% equity of Jilin Weiming Tianren Chinese Medicinal Materials Technology Development Co., Ltd. (hereinafter referred to as “Jilin Weiming”) owned by Weiming Group.

According to the announcement, Jilin's unnamed core assets are its four undergrowth ginseng productive biological assets, which are mainly 2.43.4 million undergrowth American ginseng and undergrowth ginseng, and the ginseng age is 9-17 years. Jilin has not planted ginseng under the name, has not carried out other businesses, and has no long-term or short-term loans and other debts. After evaluation, the evaluation value was 2.205 billion yuan. The Ministry of Agriculture's Special Economic Animal, Plant, and Product Quality Supervision, Inspection and Testing Center re-evaluated the company's four productive biological assets.

Announcement shows that the above two parts of debt assets have been transferred to Weiming Medicine . According to the data of Tianyan Inspection, the unnamed shareholders of Jilin changed to December 13, 2019. Weiming Medicine . As of the end of the third quarter of 2019, Weiming Medicine Total assets are 3.882 billion yuan. Just taking Jilin's unnamed assets valuation value of 2.205 billion yuan as an example, it has already accounted for Weiming Medicine 56.80% of total assets at the end of the third quarter. however, Weiming Medicine No previous announcement has been made.

"This transaction constitutes a related party transaction and is a major issue for the company. It should be performed in accordance with the relevant procedures and disclosed in a timely manner." On December 31, a person from an A-share listed company who declined to be named pointed out Weiming Medicine The debt restructuring transaction with the controlling shareholder is unintelligible. Weiming Medicine 561 million yuan, why did the unnamed group pay a total of 2.323 billion yuan of assets to repay, how much value of these assets used to repay debt remains to be confirmed.

In view of the fairness and letter compliance of the above non-cash asset transactions, An institution Reporter calls at noon on December 31 Weiming Medicine Securities Department, as of press time, the company did not respond to questions raised by reporters.

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