Sanjian A shares Jiangsu Weikang Jiejing Medical Equipment Co., Ltd. (hereinafter referred to as "Weikang Medical"), the road ahead is still full of fog.
's main products are low-value medical consumables, such as suction tubes, suction tubes, nasal oxygen tubes, drainage bags, , etc., and their revenue has been hovering in the range of 200 million to 250 million yuan all year round. Weikang Medical submitted listing applications twice in 2017 and 2019, and both of them were withdrawn voluntarily shortly after the declaration; among them, the IPO application in June 2019 was accepted by the GEM , and was withdrawn after being drawn by the China Securities Regulatory Commission in September 2019 after on-site inspection. The company said that the specific reason was that it planned to make "operation strategy adjustments", divesting land and real estate that were not related to the main business, and the review period is expected to be significantly extended, "faced with pressure to cash out returns from external institutional investors."
In fact, after the second withdrawal, the company's external shareholders had already "retreat". Before the initial declaration in 2017, Sinopharm M&A Fund, Fosun Pingyao, Yihou Investment and Shengzhong Investment slammed and signed an betting agreement with Weikang Medical , agreeing that if the company fails to go public before December 31, 2019, institutional investors have the right to request the company to repurchase shares . The total subscription funds of external investors were 81.1139 million yuan, while the company spent 101 million yuan on repurchase at the end of 2019.
After sending off external investors, Weikang Medical made its third sprint for A-shares in September 2021. At this time, the actual controllers Liu Chunliang and Liu Lijie achieved the "achievement" of 100% controlling the company's voting rights. Liu Chunliang, chairman of , directly holds 313.64% of the shares. Jiangsu Haopeng Industrial, which holds 77.27% of the shares, is its family holding platform. Shareholders include Liu Chunliang, the eldest daughter Liu Lijie and the minor second daughter Liu Lijing; the company's employee shareholding platform Shanghai Hongjian holds 9.09% of the company's shares, and Liu Chunliang is the executive partner of Shanghai Hongjian.
During this period, the company's dividend distribution policy was also "not tolerate outsiders' fields" - from 2017 to 2019 when external institutional investors invested in shares, combined with the prospectus at the last time of the company's last declaration, Weikang Medical has never conducted dividend ; and from 2020 to 2022, Weikang Medical distributed a total of about 218 million yuan in four consecutive times, and more than 95% fell into the pockets of the Liu father and daughter according to the shareholding ratio. The combined net profit of Weikang Medical from 2019 to 2021 is only 178 million yuan; the total amount of funds raised by Weikang Medical's IPO is 368 million yuan. What’s more amazing is that since 2017, Sinopharm distributors have ranked among the top five customers of Weikang Medical every year. Sinopharm's Sinopharm M&A Fund, Shengzhong Investment, and Fosun Pingyao, the Fosun Group, has suddenly acquired a stake in Weikang Medical in 2017. Liu Lijie, the "girl" of Weikang Medical, served as an assistant to the investment department at , an private equity fund with a background in Sinopharm in the second half of 2016, and served as an assistant to the investment department at Fosun Pingyao from April to October 2017. According to the reply to the inquiry letter, Weikang Medical has had a listing plan since 2015.
While the control rights are highly concentrated, Weikang Medical's positioning and technological content of the GEM have also been questioned by the Shenzhen Stock Exchange. The prospectus for shows that the company has obtained 59 patents so far, but only 4 of them are invention patents , and the application time of the three invention patents is close to the company's IPO application time. The patent search and analysis system of of the National Intellectual Property Office shows that the invention patent application for "a silicone catheter automatic assembly line" held by Weikang Medical was in May 2019, and the company filed for the second IPO in June 2019; "a laminoscopic stapler assembly swing mechanism" and "a insurance component for laminoscopic stapler" were applied for February and July 2021, and soon in September 2021, Weikang Medical hit the A-share for the third time.
, and Weikang Medical claims that "based on the R&D and innovation situation during the reporting period", the company successfully passed the high-tech enterprise review in November 2021. According to the " Management Measures for the Certification of High-tech Enterprises ", among the conditions that must be met by high-tech enterprises, the proportion of R&D personnel of the enterprise must not be less than 10%. As of December 31, 2021, the company had only 20 R&D personnel, accounting for 3% of the total number of employees.
At the same time, the R&D expense ratios of Weikang Medical from 2019 to 2021 were 3.02%, 2.69% and 3.12% , respectively, which were significantly lower than the average level of the same industry, and the R&D expense ratio was the lowest among comparable companies in 2020 and 2021.
From 2019 to 2021, Weikang Medical achieved revenue of 262 million yuan, 254 million yuan and 244 million yuan respectively. More than 32 million yuan of revenue in 2020 were contributed by medical masks, but in 2021, with the improvement of the epidemic situation, this business disappeared; the company's net profit attributable to shareholders after deducting non-recurring gains and losses during the same period was 58.0154 million yuan, 46.5551 million yuan and 48.1898 million yuan, respectively, with a compound growth rate of -8.86%. The GEM requires companies to explain why the revenue decline during the reporting period exceeded that of comparable companies in the same industry and the revenue scale was significantly lower than that of comparable companies in the same industry.
