While the company seeks funding from the market for business development, major shareholders are simultaneously extracting money from the market for personal gain, raising questions about Haisco Pharmaceutical Group Co.,Ltd.'s capital operations.
On September 26, Haisco Pharmaceutical Group Co.,Ltd. released the "2025 Private Placement of A-Share Stocks to Specific Investors Fundraising Prospectus (Revised Version)," advancing the 1.245 billion yuan private placement plan another step forward.
In July 2025, the Shenzhen Stock Exchange accepted Haisco Pharmaceutical Group Co.,Ltd.'s (002653.SZ) 1.365 billion yuan private placement application. However, just 22 days later, Shen Ping, spouse of the company's actual controller Wang Junmin, announced a share reduction plan, intending to cash out nearly 500 million yuan. This was not Shen Ping's first reduction, as she had already cashed out 226 million yuan between December 2024 and January 2025. If this reduction is completed, the total cash-out amount within nearly one year will exceed 700 million yuan. This "fundraising followed by cashing out" operation has caused significant controversy in the capital market.
On July 26, Haisco Pharmaceutical Group Co.,Ltd. announced that Shen Ping, a person acting in concert with the controlling shareholder (spouse of controlling shareholder and actual controller Wang Junmin), planned to reduce her holdings of company shares totaling no more than approximately 10.3734 million shares through block trading or centralized bidding due to personal funding needs, representing no more than 0.926% of the company's total share capital. Based on the stock price of 48.2 yuan on the announcement date, Shen Ping's intended cash-out amount was approximately 500 million yuan.
In fact, between December 2, 2024, and January 24, 2025, Shen Ping cumulatively reduced 6.08 million shares at a price of 37.10 yuan, cashing out approximately 226 million yuan. If Shen Ping successfully completes the 500 million yuan cash-out this time, the total cash-out amount within one year will exceed 700 million yuan.
Notably, the reduction activities continued to ferment in September. Between September 1 and 12, Shen Ping reduced 1.25 million shares through centralized bidding. Although specific transaction prices were not disclosed, considering the closing price of 56.45 yuan on September 15 and the phase high of 58.8 yuan on August 22, the average reduction price was likely in the 56-58 yuan range.
According to the private placement plan, Haisco Pharmaceutical Group Co.,Ltd. intends to invest 965 million yuan in innovative drug research and development projects, with 280 million yuan used to supplement working capital.
This timing and price misalignment is reminiscent of events in 2023: after the company completed an 800 million yuan private placement that year, it immediately distributed 464 million yuan in dividends in 2024, with a dividend payout ratio as high as 117%. The cumulative dividends of 687 million yuan from 2023-2024 before this private placement almost covered the net profit of 690 million yuan during the same period. After the large dividend distribution, the company immediately launched the 1.365 billion yuan private placement plan. This "dividend first, then fundraise" capital operation has been questioned by the market as major shareholders cashing out through high dividends, then "replenishing" from minority shareholders through private placement.
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