On August 23rd, CSRC issued "Several Provisions on Domestic Listing of Subsidiaries of Listed Companies (Draft for Comment)" (hereinafter referred to as "Provisions"), and solicited opinions from the public. After the promulgation of the Regulations, the Securities Daily reporter learned from various channels that Winbond Health has been interested in promoting the spin-off and listing of its subsidiaries. Among them, Shandong Kaisheng New Materials Co., Ltd. (hereinafter referred to as "Kaisheng New Materials") and Beijing Yingtai Jiahe Biotechnology Co., Ltd. (hereinafter referred to as "Yingtai Bio") have been successfully listed on the New Third Board. Winbond Health also made it clear that it pays close attention to the policy and actively promotes the spin-off and listing before the promulgation of the regulations.
Split subsidiary
It is intended to restore health and focus on the main business.
Sky-Eye Survey shows that Winbond Health currently holds 72.25% shares of Yingtai Bio and 79.80% shares of Kaisheng New Materials. Regarding whether Winbond Health intends to split one of them, or whether the two subsidiaries operate at the same time, the relevant person in charge of Winbond Health replied to the Securities Daily reporter: "For the subsidiaries that basically meet the conditions for split listing, the management of the company is working with financial consultants, legal consultants and other intermediaries to demonstrate and adjust according to the actual situation of the subsidiaries, and actively promote the split listing of subsidiaries."
In terms of independence, the Regulations require that there is no horizontal competition between the listed company to be split and its subsidiaries, and there is no cross-job between senior managers and financial personnel. It is understood that Kaisheng New Materials and Yingtai Bio completed the listing of the New Third Board on 20 16, 10 and 20 15, 10 respectively, with transparent information, operational compliance, financial health and independent business. The person in charge said that there is no cross-employment of senior executives and financial personnel with Winbond Health.
According to the 20 19 semi-annual report, nearly 60% of Winbond Health's revenue in the first half of the year came from the pesticide and chemical industry, and its two subsidiaries to be split and listed are both agrochemical and new materials industries. Regarding the main business planning of Winbond Health and the proportion of various businesses in revenue after the spin-off, the relevant person in charge of Winbond Health said: "The company has determined the development strategy of returning to great health and focusing on medical care from 20 18, and the gradual introduction and landing of the spin-off listing policy is just more conducive to the implementation of Winbond Health's focused medical care strategy. The company's agrochemical business and new materials business are mainly Beijing Yingtai and Kaisheng New Materials, among which Beijing Yingtai's revenue accounts for a relatively high proportion. The proportion of agrochemical business in the company's total revenue after the spin-off mainly depends on the spin-off progress of Yingtai. The spin-off listing is conducive to further releasing the development potential of the spin-off subsidiaries, and it is also conducive to the company's focus on the development of the main business of medicine and health. "