On March 18, Zhengzhou Pharmaceutical Co., Ltd., with a liability of 170 million yuan, auctioned through auctions and sold 160 million yuan in the highest bid for the state-owned property rights in Henan Province, which resulted in transferors, transferees, employees, and the government. Many satisfied.
It is understood that the predecessor of Zhengzhou Pharmaceutical Company was Zhengzhou Pharmaceutical Corporation, which was established in 1953 and restructured in 2000. State-owned equity accounts for more than 50% of the total share capital, and the rest are employee shares. The audit report shows that the company’s net assets and state-owned net assets are all negative, the debt ratio is 111%, and the total liabilities exceed RMB 170 million.
According to property rights traders, the previous transfer of state-owned property rights was mainly carried out through an agreement. This transfer method is easy to form a black box operation, which will result in a large loss of state-owned assets. In order to strengthen the supervision and administration of state-owned property rights transactions of enterprises, on December 31, 2003, the State-owned Assets Supervision and Administration Commission of the State Council and the Ministry of Finance jointly issued the Interim Measures for the Administration of the Transfer of State-owned Property Rights of Enterprises. According to this method, the transfer of state-owned property rights should be carried out openly in the property rights exchanges established in accordance with the law, and auctions, tendering and bidding, and agreement transfer can be conducted.
The Henan Property Rights Exchange Center is a property rights exchange that mainly accepts the sale or transfer of property rights in whole or in part. The center will transfer the Zhengzhou Pharmaceutical Co., Ltd. by bidding. In a half-hour period, Wan Xi Pharmaceutical, Haiwang Group, and the natural person transferee represented by Wei Huaichang, the companies participating in the bidding, began fierce bidding. After the bid started from the base price of 1 million yuan, the bidders took turns to offer their offers, and the price was higher in one round. Finally, Wei Huaichang successfully bid for 160 million yuan, and set a record for the transfer of State-owned property rights in Henan Province. Wei Huaichang said after winning the bid: “For a company with more than 170 million yuan of debt, the transaction price of 160 million yuan is indeed very high, but it is worth it.†Wei Huaichang’s other identity is the legal representative of Zhengzhou Pharmaceutical Corporation. He said: "I was entrusted by nearly two thousand employees to participate in this bidding. The ownership of Zhengzhou Pharmaceutical Co. will belong to all employees in the future."
The industry generally believes that Zhengzhou Pharmaceutical Co., Ltd. has overcharged from negative assets to 160 million yuan, which can only be achieved through open bidding.
It is understood that the predecessor of Zhengzhou Pharmaceutical Company was Zhengzhou Pharmaceutical Corporation, which was established in 1953 and restructured in 2000. State-owned equity accounts for more than 50% of the total share capital, and the rest are employee shares. The audit report shows that the company’s net assets and state-owned net assets are all negative, the debt ratio is 111%, and the total liabilities exceed RMB 170 million.
According to property rights traders, the previous transfer of state-owned property rights was mainly carried out through an agreement. This transfer method is easy to form a black box operation, which will result in a large loss of state-owned assets. In order to strengthen the supervision and administration of state-owned property rights transactions of enterprises, on December 31, 2003, the State-owned Assets Supervision and Administration Commission of the State Council and the Ministry of Finance jointly issued the Interim Measures for the Administration of the Transfer of State-owned Property Rights of Enterprises. According to this method, the transfer of state-owned property rights should be carried out openly in the property rights exchanges established in accordance with the law, and auctions, tendering and bidding, and agreement transfer can be conducted.
The Henan Property Rights Exchange Center is a property rights exchange that mainly accepts the sale or transfer of property rights in whole or in part. The center will transfer the Zhengzhou Pharmaceutical Co., Ltd. by bidding. In a half-hour period, Wan Xi Pharmaceutical, Haiwang Group, and the natural person transferee represented by Wei Huaichang, the companies participating in the bidding, began fierce bidding. After the bid started from the base price of 1 million yuan, the bidders took turns to offer their offers, and the price was higher in one round. Finally, Wei Huaichang successfully bid for 160 million yuan, and set a record for the transfer of State-owned property rights in Henan Province. Wei Huaichang said after winning the bid: “For a company with more than 170 million yuan of debt, the transaction price of 160 million yuan is indeed very high, but it is worth it.†Wei Huaichang’s other identity is the legal representative of Zhengzhou Pharmaceutical Corporation. He said: "I was entrusted by nearly two thousand employees to participate in this bidding. The ownership of Zhengzhou Pharmaceutical Co. will belong to all employees in the future."
The industry generally believes that Zhengzhou Pharmaceutical Co., Ltd. has overcharged from negative assets to 160 million yuan, which can only be achieved through open bidding.
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