根据标的公司的管理层报表（合并口径、未经审计），截至2024年12月31日，标的公司的总资产为89.36亿元；2024年，标的公司实现营业收入33.24亿元。① FOSUN PHARMA's subsidiary plans to sell 6.6% of the equity of the target company for 0.124 billion USD; ② The connection between FOSUN PHARMA and United Family dates back to 2009; ③ After the completion of this Trade, FOSUN PHARMA will completely exit United Family.
According to the Financial Associated Press on March 13 (Reporter Lu Afeng), after more than ten years, FOSUN PHARMA completely exits United Family.
Today, FOSUN PHARMA (600196.SH) announced that its subsidiary FOSUN Industrial plans to transfer 9.4 million shares of common stock of the target company to Calcite Gem for a Cash consideration of 124.08 million USD, with a corresponding price per share of 13.2 USD.
According to the management's financial statements of the target company (consolidated and unaudited), as of December 31, 2024, the total Assets of the target company will be 8.936 billion yuan; in 2024, the target company will achieve revenue of 3.324 billion yuan.
According to the announcement, the main Assets of the target company consist of the 'United Family' hospitals and clinics operated and held through its holding subsidiary NFH (Newwind Medical). The Company Valuation corresponding to this Trade price (i.e., approximately 1.881 billion USD) corresponds to about 4.0 times the target company's 2023 revenue (P/S ratio) and 4.1 times the 2024 revenue (P/S ratio).
It is understood that Calcite Gem was established in July 2021 and is registered in the Cayman Islands. Calcite Gem is an investment holding company wholly owned by several Warburg Pincus investment funds. As of the announcement date, Calcite Gem Investments Ltd holds 100% equity of Calcite Gem.
United Family, the core asset, is one of the earliest private Medical institutions in China positioned as 'high-end comprehensive + international services', consistently ranking among the top three in foreign/ joint venture hospitals, and has long maintained the top position in the domestic market targeting foreigners and high-net-worth individuals.
The connection between FOSUN PHARMA and United Family can be traced back more than a decade. In November 2009, FOSUN PHARMA purchased stocks of United Family's parent company, Meizhong Huli, on the Nasdaq secondary market through FOSUN Industrial, reaching an ownership ratio of 11.18%. In 2014, FOSUN PHARMA formed a buyer group with private equity fund TPG and United Family founder Li Bijing's team to complete a privatization acquisition of Meizhong Huli. After this transaction was completed, FOSUN PHARMA held nearly 43% of the shares in Meizhong Huli through FOSUN Industrial.
In the following years, FOSUN PHARMA gradually sold its Assets in United Family Hospitals, and after this Trade is completed, it will no longer Hold equity in the symbol company.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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