Yuyue Medical's stock price crashed, and it was reported that the father and son of the company's actual controller were investigated, and the latest response came

Blue Whale Finance

2024-06-05 21:03Posted on the official account of Beijing Blue Whale Finance

Image source: Visual China

Blue Whale financial reporter Wang Jianwen

After 14:14 p.m. on June 5, Yuyue Medical's share price fell rapidly, once falling nearly 7%. As of the close, the company's share price closed at 39.43 yuan per share, down 5.67% from the previous trading day, with a market value of 39.5 billion yuan, evaporating about 2.4 billion yuan from the previous trading day.

On the news side, previously, Jiemian News reported that Chen Fashu, the founder of Xinhuadu, was suspected of being involved in the Yunnan Baiyao "nest case". On June 5, Jiemian News further reported that it was learned from people familiar with the matter that Chen Fashu is still under investigation. The actual controller of Yuyue Medical, Wu Guangming and his son Wu Qun, were also involved in this case and were investigated by the regulatory authorities, but the two have now completed the investigation and are still under border charges. Another source pointed out that Wu Guangming, Wu Qun, father and son had recently gone abroad.

Regarding the relevant matters involved in the above report, Blue Whale Finance also called Yuyue Medical for verification. However, the staff of the company's securities department only said that the company's current operation is stable and orderly. However, he did not respond positively to whether the chairman performed his duties normally.

On the same day, Wu Qun, chairman and general manager of Yuyue Medical, was suspected of responding to the matter in the circle of friends. Wu Qun posted on Moments that "the company has investigated the legal responsibility of the rumor-mongers."

Yuyue Medical was founded in 1998, and in 2008, the company was listed on the Shenzhen Stock Exchange. According to the 2023 annual report, the actual controller of the company is Wu Guangming, and his son Wu Qun is a person acting in concert with Wu Guangming. At present, Wu Qun serves as the chairman and general manager of the company, and Wu Guangming serves as the executive director of Yuyue Technology, the controlling shareholder of the company. Wu Guangming and Wu Qun father and son control a total of 42.58% of the equity of Yuyue Medical.

The entanglement between Yuyue Medical, Xinhuadu and Yunnan Baiyao can be traced back to 2016. In 2016, Yunbai Holdings, the controlling shareholder of Yunnan Baiyao, started the mixed reform, and at the end of that year, Xinhuadu increased its capital to Yunbai Holdings by 25.37 billion yuan and obtained 50% of the company's shares. In June 2017, Yuyue Technology, controlled by Wu Guangming, also joined the mixed reform and spent 5.638 billion yuan to acquire 10% of the equity of Yunbai Holdings. Since then, Yunnan SASAC, Xinhuadu and Yuyue Technology have held 45%, 45% and 10% of the shares of Yunbai Holdings respectively.

At the end of 2018, Yunnan Baiyao reversed the absorption of Yunbai Holdings and achieved the overall listing. Through this transaction, Yunnan State-owned Assets Supervision and Administration Commission, Xinhuadu and Yuyue Technology have changed from holding shares in Yunbai Holdings to directly holding shares in Yunnan Baiyao. After the completion of the transaction, Yunnan SASAC and Xinhuadu respectively hold 25.14% of the equity of Yunnan Baiyao, and Yuyue Technology holds 5.59% of the shares, making it the fourth largest shareholder of Yunnan Baiyao.

Judging from the re-election of the board of directors of Yunnan Baiyao in 2019, Yuyue Technology did not participate in the management of the company. Among the seven non-independent directors on the new board of directors, senior executives of Yunnan State-owned Assets, Xinhuadu and Yunnan Baiyao each won two seats, and Yunnan Hehe, the company's third largest shareholder, occupied one seat.

In June 2023, the ban on Yunnan Baiyao's shares held by Yuyue Technology was lifted, and shortly after the lifting of the ban, Yuyue Technology announced that it would reduce its holdings. As of January 17, 2024, Yuyue Technology's shareholding has dropped to 1.58%. By the end of the first quarter of 2024, Yuyue Medical reduced its holdings again and withdrew from the top ten shareholders of Yunnan Baiyao.

As a veteran player in the capital market, Wu Guangming not only participated in the mixed reform of Yunnan Baiyao, but also acquired the equity of Wandong Medical (formerly known as "China Resources Wandong"), a medical device company. In 2014, Yuyue Technology, controlled by Wu Guangming, spent 1.142 billion yuan to acquire 111.5 million shares of Wandong Medical, with a shareholding ratio of 51.51%, replacing Beijing Pharmaceutical Group as the company's controlling shareholder.

In 2018, Wu Guangming was punished by the China Securities Regulatory Commission for insider trading of Kao shares and short-term trading of Yuyue Medical and Wandong Medical stocks.

According to the announcement of the China Securities Regulatory Commission, between 2015 and 2016, multiple accounts under the control of Wu Guangming conducted short-term transactions on the shares of Yuyue Medical and Wandong Medical. In response to this situation, the China Securities Regulatory Commission gave Wu Guangming a warning and imposed a fine of 200,000 yuan. In addition, Wu Guangming learned of the inside information of the "high transfer" of Kao shares in early December 2016, and between December 12, 2016 and March 3, 2017, he controlled multiple accounts to trade the company's shares, making a profit of 9.191 million yuan. In response to this matter, the China Securities Regulatory Commission confiscated Wu Guangming's illegal gains and imposed a fine of 27.5729 million yuan on him.

As a result of the above-mentioned sanctions, the Shanghai Stock Exchange also publicly reprimanded Wu Guangming and publicly determined that he was not suitable to serve as a director, supervisor and senior manager of a listed company for three years.

Related Reports:

The father and son of the actual controller of Yuyue Medical were investigated, and insiders exclusively responded: false information has been reported to the police

View original image 2.83M

• 

•