Release date: 2014-12-25
On December 18, Peking University Medical announced that the company's controlled subsidiary Beijing Beida Medical Cancer Hospital Management Co., Ltd. and Beijing Peking University Medical Industry Fund Management Co., Ltd. intend to jointly launch funds to increase capital and purchase new mileage investment to New Mile Hospital Group. All or part of the new mileage hospital group shares held by the Group, Enshi Capital, China Health, and 65% of the shares of the New Mile Hospital Group.
It is worth noting that the purchase of assets through the investment of M&A funds has become a trend among A-share pharmaceutical listed companies. According to incomplete statistics, a number of pharmaceutical listed companies including Zhongyuan Concord, Yixintang, Lepu Medical, and Zhongheng Group also participated in the establishment of investment and acquisition funds.
In an interview with the "Securities Daily" reporter, Aier Eye Secretary Wu Shijun said that the company’s acquisition of the target through mergers and acquisitions funds can not only enable the company to successfully realize its development strategy through external forces, but also enable these targets to operate through the guidance of the fund. More standardized, reduce the risks that these targets may be generated by the listed companies in the future, and better protect the interests of listed companies and investors.
M&A fund size exceeds 12 billion yuan
The M&A and restructuring behavior of listed companies has always been a hot spot in the market. However, for mergers and acquisitions, some listed pharmaceutical companies have adopted an indirect way: by acquiring mergers and acquisitions funds to acquire targets, and then injecting them into listed companies at the right time.
According to Wind statistics, this year, as of December 18, in the A-share market, listed pharmaceutical companies involved in the establishment of investment M&A funds include Peking University Medicine, Aier Ophthalmology, Yixintang, Daan Gene, Wuyuan Medicine, and Zhongyuan. Concord, Lepu Medical, Taige Pharmaceutical, Zhongheng Group, Dean Diagnostics, Laimei Pharmaceutical, Kunming Pharmaceutical, Jianmin Group, etc. The size of the M&A funds set up by these 12 listed pharmaceutical companies has exceeded 12 billion yuan. It is worth noting that some companies set up funds for specific targets, while some companies set up funds for a series of mergers and acquisitions.
According to the Peking University Pharmaceuticals Announcement, the fund proposed to be established by it will contribute approximately US$41.226 million through overseas investment in accordance with the law, through the capital increase to the New Mile Hospital Group and the purchase of all or part of the New Mileage Investment Group, Enshi Capital, and China Health. New Mile Hospital Group shares, obtained 65% equity of New Mile Hospital Group.
Zhongyuan Xiehe previously issued a statement saying that in order to seek strategic investment and M&A projects at home and abroad, and accelerate the pace of development, the company and Zhongyuan Concord Investment Management Co., Ltd. decided to raise no more than 1 billion. Yuan's funds, participated in the establishment of multiple M&A funds, and through the integration of various resources advantages, fully leveraged the fund's investment and financing functions, acquisition, holding or participation in domestic and international projects in line with the company's development strategy, speeding up the midstream and downstream layout of the company's industrial chain. The total size of the M&A fund is 5 billion yuan. It is understood that this is the largest M&A fund among listed pharmaceutical companies.
Help reduce the risk of mergers and acquisitions
It is worth noting that some listed companies set up M&A funds in order to find better acquisition targets for listed companies.
In March of this year, Aier Ophthalmology released the “Announcement on Establishing M&A Funds with Shenzhen Qianhai Dongfang Entrepreneur Financial Holdings Co., Ltd. for Industrial Integrationâ€, and plans to use its own funds of RMB 20 million and Shenzhen Qianhai Dongfang Venture Capital Holdings Co., Ltd. Co-sponsored the establishment of the Shenzhen Qianhai Oriental Aier Medical Industry M&A Fund as an investment platform specializing in M&A integration of the ophthalmic medical service industry. The fund size is 200 million yuan. In December of this year, the company issued the "Announcement on the Industrial Integration of the M&A Investment Fund Jointly Established with the Daxie Zhongyi Health Venture Capital Fund." This time, the size of the fund has expanded to 1 billion yuan.
In this regard, Aier Eye Department Secretary Wu Shijun said that the fund set up at the beginning of this year and Oriental Gold Control has basically completed the investment, and invested in 10 projects, the current development is not bad. Therefore, a fund of 1 billion yuan was established in December.
Wu Shijun said that the company's model for setting up M&A funds is mainly based on two considerations. The first is the company's development strategy; the second is the particularity of investment in the pharmaceutical industry.
“The company's strategic goal is to cover most prefecture-level cities in 2020 and deploy 200 eye hospitals. At this scale, the company believes that it is not enough to rely on its own investment team. We cooperate with professional investment teams and use them. The power of searching for the right eye investment target. At the same time, they can also raise social capital, which also magnifies investment resources," Wu Shijun said.
Wu Shijun also said that in combination with the actual situation of the medical industry, many of the standards of mergers and acquisitions are not high. “We can make these targets first and foremost through the M&A fund, so that these projects can be developed at a relatively high starting point. In the future, if the listed companies are included in the income, they can achieve seamless integration.â€
Source: Securities Daily
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