Who is Jin Lei, who is the 200 billion white horse Changchun High-tech Flash Crash, who is the "culprit"?

In the afternoon of May 21, the pharmaceutical "white horse stock" Changchun High-tech (000661. SZ) put the volume diving, and fell to a halt at the end of the session. As of the close, it was reported at 455.50 yuan / share, with a total market value of 184.4 billion yuan and a daily turnover of 8.153 billion yuan.

According to the after-hours Dragon and Tiger list, buying a seat huatai securities Beijing Lama Palace business department bought 551 million yuan; Shenzhen Stock Connect bought 318 million yuan and sold 436 million yuan, the two institutions sold a total of 358 million yuan, and one institution bought 292 million yuan. In addition, the new generation of floating capital "New One" commonly used business department bought 250 million yuan, and Anxin Securities Beijing Fuxingmenwai Street business department bought a net purchase of 225 million yuan.

Overall, the biological products sector fell throughout the day, in addition to Changchun high-tech, Zhifei Biological (300122. SZ), Watson Bio (300142. SZ) fell 6.62% and 6.25%, respectively.

Why stop?

There is market news that Changchun Gaoxin's fall stop is due to its product growth hormone will be included in the collection. In this regard, just now, Changchun High-tech responded to the media that the company has not received formal written documents and notices related to centralized procurement.

Some people also have a different view. Some people in the pharmaceutical industry told the financial reporter of Yin persimmon that the main reason for the decline of Changchun High-tech is the reduction of Jin Lei, the relevant collection does not involve core varieties, and Changchun High-tech does not rely on medical insurance development; in September last year, Changchun High-tech had plummeted due to Jin Lei's intention to reduce holdings, and its reduction was more harmful to the institution.

Yesterday, Changchun Gaoxin surprised 34 large transactions, the sellers are Zhongtian Guofu Securities Co., Ltd. Jilin Branch, and the buyers are mostly institutional seats.

The transaction price of the 34 large transactions was 470.01 yuan per share, a discount of about 7.13% from the closing price of the day, with a total of 4.1242 million shares, accounting for about 1.02% of the company's total share capital, with a total turnover of 1.938 billion yuan.

After the 21st, Changchun Gaoxin issued an announcement that it received a notice from Jin Lei, a shareholder holding more than 5% of the shares, to reduce its holdings in the company, and it reduced its holdings in the company's shares by a total of 8.0932 million shares in block transactions from December 22, 2020 to May 20, 2021, accounting for 1.9997% of the company's total share capital.

It is worth mentioning that Jin Lei has also been criticized by the Shenzhen Stock Exchange for illegal reduction of holdings.

On September 12, 2020, Jin Lei, as the second largest shareholder of Changchun High-tech and the director and general manager of Kinsey Pharmaceutical, the main subsidiary of Changchun High-tech, issued remarks to some institutional investors about kinsey pharmaceutical's operating performance and individual plan to reduce their holdings in Changchun, which had a greater impact on the trading price of the listed company's stock, and Changchun High-tech's stock price fell to a halt on September 14.

Due to the above-mentioned violation facts, the Shenzhen Stock Exchange gave Jin Lei the punishment of notified criticism, recorded in the integrity file of the listed company, and disclosed it to the public.

Who is Jin Lei?

In changchun high-tech's 2001 annual report, Jin Lei's name appeared for the first time.

At that time, Changchun Gaoxin said that Kinsey Pharmaceutical was one of the largest genetically engineered pharmaceutical manufacturers in China, and the company launched two leading genetic engineering products based on Dr. Jin Lei's original E. coli secretion expression technology, namely recombinant human auxin for injection and recombinant human granulocyte colony stimulator for injection.

According to the announcement, Kinsey Pharmaceutical was established in 1997 by Changchun High-tech and Changchun Kinsey Pharmaceutical Biotechnology Co., Ltd. (hereinafter referred to as "Kinsey Biopharmaceutical"), which held 70% and 30% of the shares respectively.

In 2002, Kinsey Pharmaceutical Biology transferred 6% of kinsey Pharmaceutical's equity to Lin Dianhai, and in 2005, it transferred 24% of the equity to Jinlei.

In order to obtain the remaining equity, in November 2019, Changchun Gaoxin issued 23.2617 million shares and 6.6006 million shares to Jinlei and Lin Dianhai respectively, and issued 4.5 million convertible corporate bonds to Jinlei, purchasing 29.50% of the equity of Kinsey Pharmaceutical held by the two in total. After the completion of the transaction, Changchun Gaoxin's shareholding in Kinsey Pharmaceutical increased from 70% to 99.50%.

Jin Lei and Lin Dianhai promised that after the expiration of the 12-month lock-up period, the shares and convertible bonds they held as a result of the transaction would be dissolved in three installments in accordance with the Performance Forecast Compensation Agreement and its supplementary agreement. Two phases have been cancelled as of May 21, 2021.

At present, Kinsey Pharmaceutical is still engaged in the research and development, production and sales of genetically engineered biological drugs, the main products are recombinant human growth hormone (powder injection), recombinant human growth hormone injection (water injection) and other growth hormone series products for injection and assisted reproduction, women's health and other fields of products, is the core subsidiary of Changchun High-tech.

In the first quarter of 2021, Kinsey Pharmaceutical achieved revenue of 1.843 billion yuan, an increase of 49.71% year-on-year, and a net profit of 878 million yuan, an increase of 70.02% year-on-year; in the same period, Changchun Gaoxin's operating income was 2.281 billion yuan and net profit attributable to the mother was 875 million yuan.