China Fund News reporter Wu Jun
After falling into the "pregnant miscarriage" incident, st. national medicine resumed trading this week and once again ushered in three drop stops.
Recently, ST National Medical Held a Telephone Exchange Conference to answer questions about the recent medical incidents, the impact of the suspension on the company's performance, when to "take off the hat", whether there is a stock pledge risk, etc., a total of more than 140 institutions participated in the survey, E Fangda Zhang Kun, CEIBS Gülen and other top star fund managers appeared.
From January 5 to the close of trading on January 19, ST Sinomedia's stock price plummeted by more than 36%, and many public funds such as BANK OFC, GF and CITIC Prudential lowered their valuations.
Zhang Kun, Gülen and other star fund managers survey
The ST National Medical Conference Call attracted more than 140 institutions
On January 19, ST National Medical released the investor relations activity record sheet, and more than 140 public offerings, private placements, securities companies, bank wealth management, foreign capital and other institutions participated in the company's conference call.
Among them, Zhang Kun and Zhang Qinghua of E Fund, GLEN of CEIBS Fund, Wu Xingwu of GF Fund, Yang Shuai of BOCOM Schroder Fund and many other star fund managers participated in the survey. In addition, investment researchers from a number of tens of billions of private equity institutions, such as Gao Yi Assets, Shibei Investment, Yuanlesheng Assets, and Baoyin Investment, also participated in the conference call.
The reception and investigation was received by Ding Zhen, vice president and secretary of the board of directors, and Wang Yaxing, financial director, who introduced the recent medical incidents in the affiliated hospitals of international medicine, the operation and follow-up work arrangements of the three hospitals under it, the stable work of the staff team, and the current patients in the central hospital and high-tech hospital.
The company also answered questions about the impact of the three-month suspension of two hospitals on the company's performance, whether the company will be warned of risks due to performance factors in 2022, whether the company's equity incentive plan targets will be adjusted due to the epidemic and the suspension of medical events, and the fixed costs of hospitals during the suspension period, bank loans and equity pledges of major shareholders.
In addition, the company also talked about the pace of medical business development expected to start in April, the future development prospects, and whether the policy level's attitude towards social medical services has changed or shifted after the incident.
Regarding the current operation of its three hospitals and follow-up work arrangements, ST National Medical Said that Shangluo International Medical Center Hospital operates normally. The high-tech hospital and the central hospital have entered the stage of suspension and rectification in accordance with the requirements of the relevant circular of the Municipal Health Commission, and the Municipal Health Commission has sent special work classes into the two hospitals to assist in rectification and guide the rectification work.
The 3-month suspension has a limited impact on the company's performance
There will be no adjustment to the 2021 incentive assessment target
In the conference call, about the three-month suspension of two hospitals, the impact on the company's performance, ST National Medicine said that the three-month suspension will affect the company's performance, but according to the historical data of previous years, the first quarter revenue accounts for the smallest proportion of the annual revenue, so the company believes that the impact of the suspension on revenue and profit is limited, and with the acceleration of operation after the follow-up consultation, it can be corrected, and the impact on performance is controllable.
In addition, in 2021, the company issued an equity incentive plan, which puts forward assessment targets for the revenue scale from 2021 to 2023. Will the target be adjusted due to outbreaks and closures?
ST National Medical said that the business cycle in 2021 has ended, although it will be affected by the epidemic at the end of the year, but it will not adjust the incentive assessment targets for 2021. Whether the equity incentive assessment target in 2021 can be achieved still needs to be finalized and audited, and judged after the 2021 annual report is released. Whether the equity incentive assessment target for 2022 can be completed will be determined by the company during the normal operating period after the end of the suspension.
The risk warning time is predicted to be 3 months
There is no risk of risk warnings being implemented for performance
In the survey, ST National Medical also talked about the company's work arrangement for applying for the withdrawal of other risk warnings. It said that the company has communicated with the regulatory authorities, but also in accordance with the listing rules for the disclosure of relevant information, the company in accordance with the Shenzhen Stock Exchange listing rules were implemented risk warning, according to the requirements, the company will be in the hospital after obtaining the xi'an Municipal Health Commission after the reply to the timely announcement, in the announcement at the same time to the exchange to apply, withdraw the risk warning. The time for the relevant risk warning is predictable, and it is now expected to be about three months.
In addition to other risk warnings, will the company be implemented in 2022 due to performance factors?
In response to this problem, ST National Medical said that according to the rules for the listing of stocks on the Shenzhen Stock Exchange, the risk warning standard for the financial category is that the audited net profit of the most recent fiscal year is negative, and the operating income is less than 100 million yuan, or the net profit of the latest fiscal year after retrospective restatement is negative, and the operating income is less than 100 million yuan, and other risk warnings include the company's capital occupation and serious situation, the company's violation of the prescribed procedures for external guarantees, the company's board of directors and shareholders' meeting can not hold normal meetings, and so on. According to the above relevant provisions, the company will not touch the above terms in 2022, so the company as a whole does not have the risk of being implemented risk warnings due to performance factors.
The company does not have the risk of stock pledge
In addition, the institution is also concerned about the fixed costs of hospitals during the period of closure, bank loans and the pledge of shares of major shareholders.
ST National Medical said that the company's fundamentals have not changed significantly, and fixed costs will not change due to the closure. The salaries, depreciation and financial expenses of the existing personnel of the two hospitals total about 120 million yuan per month, and the depreciation accounts for a relatively large proportion.
It also said the company's cash flow was good. On the one hand, the company's own funds are sufficient to meet the need for cash during the period of suspension. On the other hand, the company's cooperative financial institutions have said that they have a long-term strategic cooperative relationship with international medicine, and they are supportive of the company's development, and the suspension will not affect the existing credit line, will not affect the existing rating and all ongoing business negotiations, will not carry out loans, and said that if there is a need for funds, it will actively coordinate and support.
It is understood that the current stock pledge rate of the company's major shareholders and their consistent actors is 40.28%, and the financing scale is small, and there is no stock pledge risk.
ST Chinese Medicine plunged more than 36% since January 5
A number of public funds have lowered their valuations
At the beginning of this year, a maternal abortion incident occurred in Xi'an High-tech Hospital, which caused widespread concern in society. After the Shaanxi Provincial and Xi'an Municipal Health Commission organized experts to investigate, it was determined that the incident was a liability accident.
The stock price of International Medicine (000516) has fallen since January 5, the intraday stock price plummeted by more than 9% on January 6, and on January 13, it was a flash crash, the day the Dragon and Tiger list showed that the institutions collectively "fled", in the top five seats sold, 4 are institutional seats, a total of about 200 million yuan.
On the evening of January 13, the International Medical Announcement, xi'an High-tech Hospital and Xi'an International Medical Center Hospital, received the "Notice of Xi'an Municipal Health Commission on the Handling of Xi'an High-tech Hospital and Xi'an International Medical Center Hospital" on January 13, 2022, which is mainly to give warnings to high-tech hospitals and central hospitals, and suspend business for rectification for 3 months, reopening after the expiration of rectification and reform, and investigating the responsibility of the person in charge of the hospital.
International Medicine said that the company's subordinate high-tech hospitals and central hospitals will be suspended for three months, which is expected to have a significant impact on the company's 2022 annual operating performance, according to the relevant provisions of the "Shenzhen Stock Exchange Stock Listing Rules (2022 Revision)", the company's shares will be suspended for one trading day on January 14, 2022, and other risk warnings will be implemented from the date of resumption.
Since the resumption of trading on January 17, ST National Medical has seen three consecutive drops. From January 5 to the close of trading on January 19, st Sinomedia's decline reached 36.49% during the period. As of the latest closing price of 7.17 yuan / share, the latest total market value is 16.3 billion yuan.
At the same time, a number of fund companies such as BANK OF CHINA, GF, CITIC Prudential, Golden Eagle and Fuanda issued announcements that the international medicine held by their funds was adjusted in valuation.
On January 14, BOC Fund issued the "Indicative Announcement on the Valuation Change of Some of Its Funds", which stated that after reaching consensus with the fund custodians of the relevant funds, BOC Fund decided to adjust the valuation of the stocks held by some of its funds (except ETF funds) for International Medicine from January 13, 2022, and the valuation price was adjusted to 7.11 yuan per share.
On the same day, GF Fund also lowered the valuation of international medicine, according to its announcement, from January 13, 2022, GF Fund revalued the international medicine held by its securities investment fund, and the valuation price was adjusted to 7.11 yuan / share.
On January 15, CITIC Prudential Fund and Golden Eagle Fund also disclosed that CITIC Prudential lowered its valuation to 7.18 yuan / share, and golden eagle fund lowered its valuation to 7.11 yuan / share.
Later, on January 17, Fuanda Fund disclosed that from January 14, 2022, it would revaluate the international medicine held by its fund, and the valuation price was adjusted to 7.11 yuan per share.
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