Taking advantage of the presence of the presidents of the group's subsidiaries, Zhang Shuo personally hosted this week's meeting, which can be regarded as a rare offline group high-level meeting.
The newcomer, Sun Yang, president of Qing Ning Group, was the first to report.
"Previously, the chairman of the board of directors instructed that Qing Ning Group's next goal is to get involved in the field of medical devices, and plans to select one or two medical device companies with certain technical capabilities as acquisition targets."
"I have chosen one here just for everyone to discuss."
Sun Yang acted very modestly. After a simple opening remarks, he started to show the ppt.
"The company's name is Weichuang Medical. It is headquartered in Shanghai and was founded in 1998. It is considered a leading high-end medical device group in China."
"The founder, Dr. Chen, is an expert in the field of minimally invasive medical devices in China."
"Weicron Medical's business mainly covers cardiovascular interventional products, orthopedic medical devices, aortic and peripheral vascular interventional products and other fields."
“Among them, it is mainly based on cardiovascular interventional products and is a leader in the field of minimally invasive medical devices.”
"Weichuang will be listed in Xiangjiang in 10 years."
"The years before and after the listing were also the years when Weichuang made great strides in development. In 2008, Weichuang Life Technology was established, entered the field of diabetes, and launched a diversified strategic layout."
"Weicron Orthopedics was established in 2009, Weicron Electrophysiology was established in 2010, and Weicron Shentong, Weicron Cardiac, and Weicron surgical equipment were established in 2012. Recently I heard that Weicron Medical is actively planning to establish Weicron Medical Robot
, Weichuang Online Medical Technology and other subsidiaries.”
"Isn't this step a bit big?" Zhang Shuo frowned.
After listening to Sun Yang's introduction, he finally had an impression of the medical company Weichuang. Yuanshikong has attracted much attention due to its "Calabash" model of spinning off subsidiaries and packaging them for listing.
In addition to Vitron Medical itself being listed in Xiangjiang, there are actually five listed companies under its umbrella.
Each listed company corresponds to one main business.
The problem is that most of the new businesses that Weichuang develops or the subsidiaries that it spins off and list are in a state of loss. Only a few subsidiaries can actually achieve profitability, and they all rely on blood transfusions from the parent company.
The parent company faces the risk of "hollowing out".
This also leads to the saying that although Weichuang had its glory days in the stock market, its prototype soon appeared again.
"A little bit."
Sun Yang did not deny it, "As far as I know, Dr. Chen is a very ambitious person and wants to develop Weichuang into a platform-based medical device group, so he chose a diversified development route. If only Weichuang itself
It is impossible to complete the diversification strategy without the strength of the company, and it needs to rely on the power of capital."
"oh?"
Zhang Shuo raised his eyebrows slightly, understanding the underlying meaning of Sun Yang's words.
Weichuang Medical has great ambitions, but its own strength is not strong enough. It needs to rely on the power of external capital. With Qing Ning Group backed by the big tree of Germination, the most important thing it lacks is capital.
The two hit it off right away.
"What is the current market value of Weichuang Medical and what is its equity structure?" Zhang Shuo asked with concern.
"The current market value is about 6.5 billion, and the ownership structure is relatively concentrated. In addition to the circulating shares on the market, the rest are mainly concentrated in the hands of a few major shareholders, including an investment company from Japan."
Sun Yang has obviously done his homework.
"Sixty-five billion is not expensive!"
It is rare for Zhang Shuo to visit Versailles. After all, with the current financial strength of the Sprout Group, any acquisition with an amount of less than 10 billion can only be regarded as a small event.
And if he remembered correctly, the market value of Yuanshikong Weichuang Medical exceeded 100 billion at its peak. Even during the period of underestimation, it still had a market value of 20 to 30 billion.
This does not include the other five listed companies that were independently spun off and listed.
You should know that the total market value of these five spin-off listed companies was once close to the stock price of the parent company. The founder, Dr. Chen, even shouted the slogan of a trillion market value.
Although it’s a bit bragging, it’s just...
Regarding the future stock price of Weichuang, it means that even from a purely financial investment perspective, the acquisition of Weichuang is a relatively cost-effective deal.
At least it’s not a loss!
"Let's see, I have two requirements for the acquisition of Weichuang."
Zhang Shuo thought for a moment and said: "First, the prerequisite for the acquisition is that Weichuang wants to delist from the privatization of Xiangjiang. Second, it must be ensured that all the equity in the Japanese company's hands is taken over."
"If the Weichuang board of directors is willing to accept these two conditions, the acquisition process can be started."
In Zhang Shuo's inherent understanding, the stock market, market value, etc. are actually all fictitious.
Take the U.S. stock market as an example. Tesla's market value exceeded one trillion U.S. dollars, and Vinda's market value once exceeded 800 billion U.S. dollars. At its peak, the market value was several times, or even more than ten times, that of Broadcasting.
But if you want to trade broadcasting for Texila, I guess no one would be stupid enough to do so.
There are similar examples in China. For example, Linde New Energy of the original time and space had a market value of nearly 1.5 trillion at its peak, but the net profit attributable to the parent company that year was only about 1.5 billion.
It doesn't match at all.
To put it bluntly, stock prices are often irrational and play on concepts. Most of the time they are out of touch with actual operating conditions and become a pure capital game.
Therefore, Zhang Shuo has never been enthusiastic about promoting the company's listing.
Of course, this is also related to the support he has from the system. He has basically never been short of money since the beginning of his business, and this will be even more true after the game business gets on the right track.
on the other hand.
It was also because of the rapid development of the sprout that Zhang Shuo's net worth skyrocketed too quickly. He had no interest or need to evaluate his personal assets through the so-called market value and compete for the title of the richest man.
It's quite a bit like being alone and seeking defeat.
Not only is Weichuang going to be privatized and delisted, but Hengrui Pharmaceutical, which still maintains its listing status, Zhang Shuo also plans to complete the privatization of Hengrui Pharmaceutical when the time is right in the future.
Of course, privatization does not mean that Qing Ning Group will have 100% control.
This chapter is not finished yet, please click on the next page to continue reading the exciting content! Even if it is privatized, the major shareholders of Hengrui Pharmaceuticals, headed by Sun Yang, can still hold shares of Hengrui Pharmaceuticals, but they no longer need to accept
Supervision of listed institutions.
There is no longer any need to be responsible to investors and excessive pursuit of investment returns.
Instead, it focuses on R&D and is based on the long-term strategy of corporate development rather than short-term gains. Only in this way can Hengrui Pharmaceuticals become one of the giants in the global pharmaceutical industry in the future.
"good!"
This time, the person who nodded in agreement was Luo Changan, the investment director in charge of the group's investment business.
After Lu Kai was promoted to the group president, Luo Changan took charge of the group's investment and mergers and acquisitions business, including preliminary investigations, contacts, and even mid- and late follow-up.
It's just that at the critical moment, Lu Kai needs to step in and play the decisive role.
Similar to Zhang Shuo before.
Of course, Lu Kai was not a freeloader. Taking advantage of the topic of acquiring a medical device company, he said: "Chairman, the Investment and Acquisition Department has also locked in a medical device company, which is local to Binhai City."
"Oh, tell me?"
Given the size of Weichuang, it may not be able to fully satisfy the Qing Ning Group’s appetite.
"Is such that."
Lu Kai opened the ppt with a smile and introduced: "This company is called Marui Medical. It was founded in 1991 and was listed in the United States in 2006. It became the first medical equipment company in China to be listed in the United States."
It can be found that the old medical companies were basically established in the 1980s and 1990s.
"Marui's main business covers the three major medical device fields of life information and support, in vitro diagnosis, and medical imaging, and has gradually expanded to animal medicine, minimally invasive surgery, orthopedic consumables and other fields."
“In the field of life information and support, the main products include monitors, defibrillators, anesthesia machines, ventilators, electrocardiographs, operating beds, operating lights, pendant bridges, infusion pumps, and overall solutions for operating rooms/intensive care units.
solutions and a series of instruments and solutions for life information monitoring and support, as well as products including surgical endoscopic camera systems, cold light sources, infessers, optical endoscopes, minimally invasive surgical instruments and surgical consumables.
A series of minimally invasive surgical products.”
“In the field of in vitro diagnostics, we mainly provide a series of fully automatic and semi-automatic in vitro diagnostic products for laboratories, clinics and hospitals, mainly including blood cell analyzers, biochemical analyzers, chemiluminescence immunoassay analyzers, coagulation analyzers, and urinalysis
Instruments, microbial diagnostic systems, and related reagents are used to obtain clinical diagnostic information through the detection of human samples."
“In the field of medical imaging, the main products include ultrasound diagnostic systems, digital
radiography systems and
In the field of ultrasonic diagnostic systems, pacs. provides hospitals, clinics, imaging centers, etc. with a full range of ultrasonic diagnostic systems from high-end coverage to low-end, and gradually subdivides them into applications in radiology, obstetrics and gynecology, interventional, emergency, anesthesia, critical care, liver
Dedicated solutions for different clinical specialties such as fiber optics. In digital x
In the field of radiography, we mainly provide a variety of digital imaging solutions, including mobile, double-column and suspended, for radiology departments, ICUs, and emergency departments."
"It can be said that Marui is China's leading enterprise in medical device production."
"so smart?"
Zhang Shuo's brows raised slightly. He really didn't expect that there would be such a giant in Binhai City.
"I have investigated the history of Marian's fortune. Since it went public in the United States in 2006, it has embarked on a crazy journey of mergers and acquisitions. It has made up for its shortcomings in the business by acquiring related companies at home and abroad."
Lu Kai explained with a smile.
"Especially in 2008, 2011, 2012, and 2013, including this year, there were large-scale mergers and acquisitions."
In the development process of medical device companies, mergers and acquisitions are one of the basic paths. Looking at the leading companies in the global medical device industry, without exception, they have grown into industry giants through mergers and acquisitions.
It can even be said that there are no mergers and acquisitions and no giants.
The reason is that from the perspective of product characteristics, the medical device industry has fragmented and discrete manufacturing attributes. Not only are there large differences between various subdivisions, but also product technology changes rapidly. New technologies often have an impact on old technologies.
Subversive.
From a market perspective, the ceiling in the medical device segment is obvious.
If it cannot further expand its market share, fierce external competition will quickly reduce its market share, and only through mergers and acquisitions can it break through the ceiling of a single product.
Large medical device companies account for 40% of their independent R&D and production, and the other 60% rely on acquisitions.
Just like the Weichuang Medical just discussed, the process of continuously splitting subsidiaries and expanding new businesses is actually accompanied by a series of mergers and acquisitions.
This does not mean that everything is started from scratch.
And why is the rise of Qing Ning Group not like this? First, it made a large-scale acquisition of Hengrui Pharmaceutical, and then set its sights on the two major medical device giants, Vitron and Marui.
Just saying.
The mergers and acquisitions of Weichuang and Marui are all on a small scale. The acquisition targets are likely to be hundreds of millions, and the highest is a billions of mergers and acquisitions, while Qing Ning Group's mergers and acquisitions are often worth tens of billions.
The essence is the same.
"Then according to this, Marian should be very prosperous and it is an industry leader. Will it be willing to be acquired by us?" Zhang Shuo asked.
"Mai Rui is actually just a superficial beauty."
Since Lu Kai dared to propose the acquisition of Marui, he was naturally confident. He explained: "In fact, in the past one or two years, Marui's development has encountered a bottleneck and hit the ceiling of development."
"This can be seen from the fact that Marian's stock price has been flat since it was listed in the United States."
"Although China's medical device market has huge demand, the local medical device industry chain has problems such as duplication of low-end production capacity and waste of production resources. There is still an objective gap between the world's advanced levels."
“Both Vitron and Marui were initially engaged in the production of relatively low-end medical device products. Although they have made progress in the past few years, they are still stretched in the field of high-end medical devices.
This chapter is not over yet, please click on the next page to continue reading! "Especially some core components, such as CT equipment tubes, detectors, etc., almost all rely on imports and have no bargaining power, which in disguise increases the procurement cost.
.”
Such a situation is basically the same as that of the mobile phone and semiconductor industries.
It can also be regarded as the helplessness of latecomers!
"Because the development has reached a bottleneck and the stock price is flat, Marian's management has already considered delisting from the United States. One of the founders has even withdrawn from daily management of Marian and turned to the real estate industry."
The current real estate industry is still very popular.
"Unfortunately, the founder's real estate business is currently experiencing a crisis of tight capital chain. If we can offer a suitable price, we are sure to acquire the Marui shares from him."
Compared with Weichuang, Marui's shareholding structure is simpler.
In addition to 30% of the circulating shares on the market, the remaining 70% of the equity is basically held by the three founders, with the shareholdings being 32.2%, 31.3% and 6.5% respectively.
The founder who wants to engage in real estate has a shareholding ratio of 31.3%.
"On the basis of acquiring the equity from the founder, if we can help Marian complete the privatization and delisting from the US stock market, we can obtain the controlling stake of Marian."
"So that's it."
Zhang Shuo then suddenly realized and asked with a smile: "What is the current market value of Marui?"
"If you convert it, it's almost 18.5 billion. The total cost of acquiring the founder's shares, plus privatization and delisting, is about 12 billion."
Lu Kai has indeed done enough homework.
"Okay, let's do it together."
Zhang Shuo is also a powerful person. Acquiring one company is an acquisition, and acquiring two companies is also an acquisition.
"I have said before that if the group does not enter the pharmaceutical industry, it will be fine. Once it enters, it will inevitably make a name for itself. Take the field of medical devices as an example. The positioning of Qing Ning Group is not to dominate China.
Instead, we have to compete with global medical giants such as Medtronic, Johnson & Johnson, and Siemens Medical."
"The lowest, the lowest, no matter what, we have to be among the top ten global medical device giants."
This is decided.
Since the birth of Qing Ning Group, it has embarked on a path of great expansion and great cooperation.
Independent research and development is of course important, but whether it is the research and development of new drugs or new medical device products, it is a time-consuming task, and results cannot be seen in a short time.
The best way is through mergers and acquisitions, and mergers and acquisitions on a global scale.
Because there are a large number of small medical device companies in both the United States and Europe. These companies have been focusing on cutting-edge technologies in certain fields for decades.
Once good technologies and products are developed, they will be acquired by large companies.
In China, many small medical device companies are eagerly waiting to go on the market before they have mature commercial products.
After going public, due to pressure from investors, it stopped investing in innovation in order to ensure profits.
How sad?
This is one of the reasons why Zhang Shuo decided to let Moya go down personally.
At the current time point, Chinese companies are not very restrictive in their overseas mergers and acquisitions. If it is delayed for another three to five years, even if they spend a lot of money, they will probably be unable to do so.
Except for acquisitions.
In the future, robots will be widely used in the field of medical equipment, which is an excellent outlet for overtaking in corners, and Qing Ning Group cannot miss it.
As for the layout in the field of robots, WALLI Intelligent Manufacturing is a good platform.
And of course there is the Fertile Soil Research Institute.
Therefore, the fact that Sprout Group is involved in the pharmaceutical industry does not mean that there is really no way to empower Qing Ning Group. There are still some cross-cutting fields that can produce chemical reactions.
And it’s well worth looking forward to!
“Ting!
"
After listening to Zhang Shuo's speech, Sun Yang was both excited and stressed.
Needless to say, he was very excited. Sun Yang truly realized that Qing Ning Group would undoubtedly be a broader development platform with more potential than Hengrui Pharmaceutical's previous "small business".
It can even be said that it has risen to a big level.
Before coming to the Binhai City headquarters, Sun Yang originally thought that the group headquarters would be cautious about whether to acquire Weichuang. Who would have expected that it would even want to acquire the larger Maruis.
If these two acquisitions are completed, Qingning Group will definitely become the giant and leader in China's medical device field, and it will be the only one.
Even with the global medical device giant, you can compete with others.
Zhang Shuo's speech undoubtedly proved this point. Perhaps, from the birth of Qing Ning Group, it was destined to shoulder the mission of challenging the global pharmaceutical giants.
Just like what Maiya's Maili Group and Daosui Group have been doing.
How could Sun Yang not be excited?
But while he was excited, facing such an extremely arduous task, as the helmsman of Qing Ning Group, it is conceivable that Sun Yang was under great pressure.
You know, in a powerful system like the Germination Group, if you don't do well, you can only resign voluntarily.
There is no second way!
Even though Sun Yang is the founder and one of the major shareholders of Hengrui Pharmaceutical, he does not have any privileges.
The key is.
The parent company has already allocated so many resources. If it really fails, Sun Yang himself will have no shame in staying in this position anymore.
You have to give it a try!
When he thought of this, Sun Yang was still a little excited, vaguely remembering the feeling he had when he first started his business.
This is so rare!
And just half a month ago, Sun Yang was still hesitating and unsure whether he should agree to the Qing Ning Group's acquisition and whether he should join the Germination System.
At this moment, I was worried about gains and losses, for fear of being eliminated by Germination.
I'm afraid no one will believe me if I tell you.
It can be seen that within the Germination Group, including Zhang Shuo, the soul of Germination, there is indeed a magical power that can make countless high-level talents willing to fight for it.