When facing thousands of listed company announcements every day, which ones should you read? What are the key points to take away from the dozens or hundreds of pages of material announcements? Are the many professional terms in the announcements bullish or bearish? Check out Caixin's "Quick Read Announcement" column, where our reporters across the country will provide you with accurate, fast and professional interpretations on the night of the announcement.

On September 24th, Caixin reported (by reporter Lu Aifeng) that the leading enterprise in the domestic anesthetic drug industry, Humanwell Healthcare (600079.SH), and its controlling shareholder, Tianjin Technology, are currently facing a challenging period. The controlling shareholder has applied for asset restructuring, sparking widespread industry attention on whether Humanwell Healthcare will have a new owner.

On the evening of the 24th, Humanwell Healthcare issued an announcement stating that the company received a notice from its controlling shareholder, Wuhan Contemporary Technology Industry Group Co., Ltd. (referred to as 'Contemporary Technology' below) regarding the application for restructuring. It was informed that Wuhan Credit Risk Management Financing Guarantee Co., Ltd. and Tianjin Shengzhao Law Firm have applied to the Intermediate People's Court of Wuhan, Hubei Province for the restructuring of Contemporary Technology on the grounds of 'failure to repay due debts by Contemporary Technology and obvious lack of repayment capacity.'

Humanwell Healthcare was established in 1993 and went public on the Shanghai Stock Exchange in 1997. It is a leading pharmaceutical industry in Hubei Province, ranking among the top 30 in China's pharmaceutical industry. The company has established a leading position in various niche areas in China, including anesthetic and psychotropic drugs, steroid hormones, among others.

Humanwell Healthcare emphasized that the company has not yet received the documents related to the acceptance by the Wuhan Intermediate People's Court of the application for restructuring of Contemporary Technology. There is significant uncertainty regarding whether the court will accept the application and whether Contemporary Technology will subsequently enter the restructuring process. This will not have an impact on the company's daily operations.

As of the date of this announcement, Humanwell Healthcare's controlling shareholder, Tianjin Technology, holds approximately 0.387 billion shares of the company, all of which have been judicially marked and placed under provisional freeze, accounting for 100% of the total shares held and 23.70% of the total share capital of the company.

According to Tianyancha, Contemporary Technology was established in 1988 and is located in Wuhan, Hubei Province. It is an enterprise primarily engaged in professional technical services. As of now, Contemporary Technology has invested in 41 external companies. It is a large private conglomerate focusing on the pharmaceutical and healthcare industry, with investments in sectors such as tourism, real estate, film and culture, and finance, while holding stakes in multiple listed companies.

Contemporary technology has long been in the view of regulatory authorities. As early as September 3, the Shanghai Stock Exchange website published a "Disciplinary Decision," pointing out that Contemporary Technology and its actual controller, Ai Luming, deliberately concealed the relationship, causing Humanwell Healthcare to fail to truthfully and accurately disclose related transaction information, affecting the right to know of investors. Many related transactions did not undergo review procedures and information disclosure obligations. The Shanghai Stock Exchange decided to publicly criticize Contemporary Technology and Ai Luming, publicly rebuke Li Jie, former chairman and president of Humanwell Healthcare, as well as president Deng Xiafei and other relevant personnel, and record it in the integrity file of the listed company.

Earlier, in February 2023, the Shanghai Stock Exchange disclosed in a disciplinary decision issued to Humanwell Healthcare the non-operational fund appropriation by the controlling shareholder and its related parties, the large-scale improper reduction of shareholding by the controlling shareholder, failure to conduct board review procedures and information disclosure obligations for major transactions, inaccurate financial data disclosure in regular reports, and other four major violations. Humanwell Healthcare, its controlling shareholder, actual controller, and other relevant personnel were publicly criticized, publicly rebuked, and disciplined.

According to media reports, in recent years, influenced by changes in the external market environment and their high leverage expansion, Contemporary Technology has gradually faced debt risks. In April 2022, Contemporary Technology's first tranche of medium-term notes issued in 2019 experienced a substantial default, leading to subsequent cross defaults, eventually resulting in asset restructuring until now.

It is worth mentioning that this year, Humanwell Healthcare has seen successive shareholding reductions by senior executives. On July 27, Humanwell Healthcare announced that Chairman Li Jie, due to the need to pay personal income tax, planned to reduce no more than 12 million shares within three months after 15 trading days from the disclosure date of this announcement, accounting for 0.74% of the total share capital. On August 20, a director of Humanwell Healthcare planned to reduce no more than 0.9 million shares within three months after 15 trading days from the disclosure date of this announcement, accounting for 0.06% of the total share capital.

In the first half of 2024, Humanwell Healthcare achieved revenue of 12.861 billion yuan, a year-on-year increase of 3.86%. The net income attributable to shareholders of the listed company was 1.111 billion yuan, a year-on-year decrease of 16.07%, continuing the trend of "increased revenue but decreased net income" from 2023.