Clearing out blood dialysis assets: Lanfan Medical cross-border investment to sell three company equity "stop loss"

Recently, Lanfan Medical announced that it will sell its shares in three companies, including Dongze Medical, Shanghai Dialysis and Zhuhai Dasheng, and withdraw from the hemodialysis market.

Listed company's cross-border investment failure adds another case

Recently, Lanfan Medical announced that it will sell its shares in three companies, including Dongze Medical, Shanghai Dialysis and Zhuhai Dasheng, and withdraw from the hemodialysis market.

The reporter noted that the two time of Lanfan Medical's shareholding were in May 2014 and one in December 2014, only two years ago; the purpose of the shares was to “cultivate the secondary industry”. For this reason, they also changed specially. Company name and stock abbreviation. However, after the shareholding, the three companies all fell into losses in 2015.

For this equity transfer, the relevant person in charge of Lanfan Medical admitted that it is “stop loss”, “it will be deficient in this way”.

Sale of three company shares "stop loss"

It is Shanghai Lanfan who is responsible for cross-border investment for Lanfan Medical. This time, the signing of the “Ending Equity Cooperation Agreement” is also a wholly-owned subsidiary.

According to the authorization of the board of directors, Shanghai Lanfan will sell 33.5% equity of Dongze Medical to Dongze Investment, 52.14% of Shanghai Dialysis and 66.5% of Zhuhai Dasheng's equity takeover is Dongze Medical, with transaction price of 40.127 million yuan and 4.747 million yuan respectively. 3 million yuan, totaling 47.774 million yuan.

The three companies sold by Lanfan Medical plans have limited sales and their performance is not good.

According to the financial report, in 2015, Dongze Medical's operating income was 2,838,900 yuan and the net profit was -2,607,400 yuan; Shanghai Dialysis and Zhuhai Dasheng's operating income were 0 yuan and 3,835,900 yuan respectively, and the net profit was -97.37 million yuan. -569.12 million yuan.

Originally, Lanfan Medical is a plastics product company. The company mainly produces PVC gloves. More than 90% of its products are used for export, accounting for 22% of the market share abroad.

In order to get rid of the dependence on a single product, in April 2014, Lanfan Medical decided to “cultivate the secondary industry”, so it was announced to be the shareholder of Ze Medical, Shanghai Dialysis, and Zhuhai Dasheng. To this end, they spent 32.996 million yuan, 6,373,400 yuan, 11.97 million yuan, a total of 51,339,600 yuan.

All three companies belong to the hemodialysis industry. Among them, Shanghai Dialysis mainly provides blood purification services; Dongze Medical is engaged in the production of blood purification related equipment; Zhuhai Dasheng and Hejia Shares have business cooperation, mainly providing auxiliary equipment such as extracorporeal circulation pipelines required for blood purification business.

The relevant person in charge of Lanfan Medical explained: “In the past, hemodialysis services could only be provided by hospitals with a level of more than dimethyl. The enterprises cooperated with these hospitals by providing consumables. Later, we saw that the market was going to be released, and the space was large, so we invested. ."

How big is the hemodialysis market? CICC has done calculations in a research report.

According to the theoretical incidence rate, the number of patients in the middle and late stages of China is nearly 2 million, calculated according to the annual dialysis cost of 70,000 yuan, and the market size of the hemodialysis is over 100 billion. At present, there are only about 300,000 patients with regular dialysis, and the treatment rate is less than 15%, which also provides a broad space for the growth of the industry.

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