Hong Kong-listed Hua Han Health (00587) announced that its indirectly held hospital, Liupanshui Liangdu People's Hospital, declared bankruptcy and reorganization after a Hong Kong court issued rules related to its liquidation on August 4th.
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Recently, Hong Kong-listed Hua Han Health (00587) announced that the Hong Kong court enacted the relevant provisions of its liquidation on August 4, and its indirectly held hospital, Liupanshui Liangdu People's Hospital, declared bankruptcy and reorganization.
Suspended for three years, the company's hospital bankruptcy and reorganization
According to the "look at the medical world" understanding, Hua Han health as early as 2002 to achieve the Hong Kong IPO. information shows that Hua Han health has two major business: to women as the main users of traditional Chinese medicine products, as well as anti-tumor drugs, western medicine products. In addition, under the tide of social organization of medical care, in recent years, Hua Han Health has also invested in a number of hospitals, Liupanshui Liangdu People's Hospital is one of them.
Public information shows that Liupanshui Liangdu People's Hospital (hereinafter referred to as "Liangdu People's Hospital") was established in September 2014, is the flagship project of Hua Han Health in the medical industry layout. Tianyecha shows that Hua Han Health indirectly holds 68% of the shares of Liupanshui Liangdu Hospital, in which Guizhou Hanfang Health Industry Investment Co.
In February 2015, "Liangdu People's Hospital" project officially started construction. At that time, the information shows: the hospital covers an area of more than 180 acres, a total construction area of 250,700 square meters, the estimated total investment of nearly 2 billion yuan, design beds 1200, to be built into a comprehensive hospital of the third class and regional medical center in western Guizhou.
But in 2016, Hua Han Health began to appear crisis. According to "Red Journal Finance" reported that in August of that year, the well-known short-selling organization Emerson openly bearish Huahan Health, said Huahan Health gross margins are too high, sales revenue, net profit is seriously exaggerated. As a result, Hua Han's stock price fell by more than one-third in the short term.
In September 2016, Hua Han announced a suspension of trading, which has not yet resumed.
A number of shareholders of Hua Han Health said that before and after the suspension of trading, Hua Han Health's Guizhou New Hanfang Biological and other high-quality assets were divested without announcement, and the receiver is mostly no pharmaceutical industry background and talent resources. Some investors have accused the real controller of hollowing out the listed company.
At the end of last year, Guizhou Bank Liupanshui Branch to Liupanshui Liangdu People's Hospital Co., Ltd. business deterioration, can not pay off the applicant's debts due, and a number of debts have expired are unable to repay, obviously the loss of solvency for the reason that the Liangdu People's Hospital for bankruptcy reorganization.
The civil judgment of Liupanshui Intermediate People's Court on December 11, 2019 found that the total debt of Liupanshui Liangdu People's Hospital was 380 million yuan; in October 2019, Liangdu People's Hospital was sued by the China Construction Sixth Engineering Bureau Company Limited, and the subject of the lawsuit was 372 million yuan.
It is reported that as of the end of 2019, the main project of Liangdu People's Hospital project has been completed, but due to the hospital's major shareholder, Guizhou Hanfang Health Industry Investment Company Limited, the capital chain is broken, and it can not continue to invest in the project, the project can not be fully wrapped up, and only the physical examination center is operating, with an operating income of about 500,000 yuan per month, while it is required to pay the wages of more than 200 employees more than 1 million yuan per month, and the income is far from being able to Payment of employee wages, bank interest, project payments, etc..
In March of this year, the Intermediate People's Court of Liupanshui City, Guizhou Province, issued a ruling on the application of the Guizhou Bank of Liupanshui Branch of the Liupanshui Liangdu Hospital bankruptcy reorganization of the case of the ruling, and on April 30th, ruled that the Liupanshui Liangdu People's Hospital into the bankruptcy reorganization of the Liupanshui.
Listed companies need to be cautious in the transformation of medical
Listed companies investing in hospitals in recent years can be said to be very hot, but the medical project is also not a few of the dismal operation.
Due to the listed company Great Wall of China A shares, B shares to terminate the listing, not long ago, Wuhan commercial hospital at a price of 50% discount was auctioned off against the debt, and ultimately the auction. This hospital was once dressed in "the first successful restructuring of state-owned hospitals," the halo, only married to a listed company three years on the declaration of bankruptcy.
Not coincidentally, "the first private hospital stock" Hengkang Medical was also recently prosecuted by two trust companies. 2017, Hengkang Medical successively ate the first hospital in Lankao, Henan Province, Lankao Places Yang Hospital, Lankao Oriental Hospital and many other hospitals, and only a year in hand, these hospitals have been sold off continuously. At the same time, Hengkang Medical has been two consecutive years of serious losses, facing the risk of delisting.
On May 9, 2019, Kangmei Pharmaceuticals was exploded 30 billion cash disappeared, 5 trading days market value evaporation of more than 20 billion yuan, which is for its investment, hosting hospitals, before the planned investment funds are facing a significant risk of shrinkage, sell-off of hospital assets or will be the probability of events.
For some listed companies on the roller coaster ride of medical investment, industry insiders advise: medical investment is not a good business to make quick money, but a medium- to long-term strategic investment, otherwise it is not only difficult to shortage of profitability, but also will be trapped in the quagmire. (This article is "look at the medical world" published, reprinted subject to authorization, and at the beginning of the article indicate the author and source.)