Changchun High-tech has lost the name of "100 billion white horses".
At noon on January 19, Changchun High-tech, known as "Growing Mao", was suddenly stopped by a flash crash, and its stock price hit a new low in more than a year. As of the close of the day, Changchun High-tech reported 227.6 yuan / share, with a daily loss of 10.2 billion yuan in market value, and the total market value was only 92.7 billion yuan, of which the main outflow exceeded 2.2 billion yuan. This also made Changchun Gaoxin's second largest shareholder, Jin Lei, lose more than 800 million yuan.
Speaking of which, this is not the first time that Changchun Gaoxin's stock price has fallen. Since the 522.16 yuan / share in mid-May 2021, Changchun Gaoxin's stock price has fallen by 56% in more than half a year, and the market value has evaporated by nearly 120 billion yuan, which also makes Jin Lei lose tens of billions of shares.
Founded in 1993, Changchun Hi-Tech is one of the earliest listed companies in Northeast China, and currently focuses on the field of medical technology innovation, and involves real estate, service industry and so on. In the first half of 2021, Changchun Gaoxin's genetic engineering drugs \ biological drugs (mainly focusing on growth hormone products) achieved revenue of 4.37 billion yuan, accounting for 88.1% of the total revenue of the current period, and the gross profit margin reached 92.41%, which is also the origin of its "growth mao" name.
In fact, Changchun Gaoxin has an important subsidiary holding up to 99.5% of the shares- Kinsey Pharmaceutical. In the first half of 2021, the company contributed nearly 3.8 billion yuan of revenue and 1.85 billion yuan of net profit to Changchun High-tech, accounting for about 50% of its current performance, and Jin Lei is the founder of this company.
Jin Lei has liked sports since he was a child, but he could not enter the school basketball team due to height problems, which also made Jin Lei, who had some inferiority, begin to have the idea of developing growth products. Therefore, from graduating from Peking University majoring in biology to studying for a doctorate at the University of California, San Francisco, Jin Lei's professional direction has never left biology, and eventually this obsession has become a reality.
In 1995, Jin Lei successfully invented the "Jinlei E. coli secretory technology", and with this capital, he left Genentech and chose to return to China to start a business. Changchun Gaoxin, which was only two years old at the time, just found this seemingly promising story, and the two sides hit it off, Changchun Gaoxin invested in Kinsey Pharmaceutical, which held 70% and 24% of the company's shares respectively, while Lin Dianhai, who had assisted Jin Lei in growth hormone research, held the remaining 6% of the shares.
With a single paper agreement, several are deeply bound together. Until 2019, Changchun Gaoxin issued shares and convertible bonds to Jin Lei and Lin Dianhai, and purchased 29.5% of the equity of Kinsey Pharmaceutical held by them in total. The parties to the transaction determined that the transaction value of all shareholders' equity of Kinsey Pharmaceutical was 19.1 billion yuan, and the transaction price of the underlying assets was 5.636 billion yuan.
As a bet, Jin Lei's side promised that the net profit of Kinsey Pharmaceutical from 2019 to 2021 would not be less than 1.558 billion, 1.948 billion and 2.32 billion yuan respectively, and the cumulative net profit achieved during the commitment period would not be less than 5.826 billion yuan. The return is that the proportion of shares that can be unlocked in the first three periods is 26.74%, 60.17% and 100% respectively. At this point, Jin Lei has become the second largest shareholder after Changchun Gaoxin Chaoda Investment Co., Ltd.
(Author 丨Shijie Feng Chenchen Editor 丨Liao Ying)