Ali privatized Aikang Guobin, but a year later to participate in the health of the United States, spending huge sums of money into the medical examination industry, what is Ali intended?
Editor’s note: This article is from WeChat public account “Hygenogens” (ID: Qingyuanzi007), author Ding Zhibin.
On October 27th, the “private medical examination” industry leader Mei Nian Health (002044.SZ) issued an announcement. The company plans to transfer a total of 605 million shares to Ali Network, Hangzhou Xintou and Shanghai Hao, accounting for the company. The total share capital is 16.16%, the equity transfer price is 12.01 yuan/share, and the total transfer price is 7.265 billion yuan. After the completion of the agreement transfer, Alibaba and Hangzhou Xintou acted as concerted parties, holding 10.82% of the shares, which will become the company’s second largest shareholder, and Ali paid a total of 4.864 billion yuan for this purpose.
In January of this year, Aikang Guobin, another big private medical examiner, announced that the three-year privatization was completed. Alibaba indirectly controlled about 23.8% of Aikang Guobin. In just one year, the two medical examinations have been “dead to the head”. Ali’s development of a large health industry is like Sima Zhao’s heart. It has a tendency to kill the situation in the private medical examination industry, and has caused many years of health and love. The discussion of “Chou”, but after eating melon, we can’t help but wonder, why is Ali still not satisfied after the Aikang Guobin is included in the camp? This time, the stock is healthy in the United States. What does Ali want?
01 The private medical examination is filled with smoke,Ali Health “Swordsman”
The so-called love and hate is a benefit.
The conflict between the health of the United States and the interests of the Ikang Guobin began in 2007. Zhang Kangang, the founder of Aikang.com, entered the medical examination industry through the acquisition of Guobin Medical Center. Later, the company changed its name to Aikang Guobin, and carefully arranged business in Beishangguang and other places, and acquired a number of medical examination centers. Inscriptions against the courts. Yu Rong, the founder of Mei Nian Health, as the original shareholder of the State Guest, felt the huge market dividend in the medical examination industry and established Shanghai Mei Nian, which opened the emotional entanglement of the health of Yi Kang Guobin, the health of the United States and the physical examination of Ci Ming.
Listing is the dream of all startups. In September 2014, Ikang Guobin took the lead to go to Nasdaq to achieve the listing. However, with the aura of China’s first medical examination, Aikang Guobin’s share price performance was not good, and it was seeking privatization to delist after less than 18 months of listing. In August 2015, the consortium of Zhang Kangang, founder of Aikang Guobin, and its affiliated entity and Fangyuan Capital proposed a privatization offer for listed companies at a price of US$17.8/ADS, corresponding to a market value of US$1.165 billion. However, what Zhang Ligang did not expect was the “behind the knife” of the health of the United States.This tears the face.
Before the two sides struggled with the wind and drizzle, and then recruited deadly. Mei Nian Health purchased a large number of shares of Aikang Guobin in the secondary market, and even threatened Zhang Ligang at one time. Zhang Ligang was forced to offer a “poison pill plan” to dilute the US holdings of shares through the issuance of new shares. Until June 7, 2016, Ali’s Yunfeng Fund filed a privatization offer, and acquired all the shares issued by Ikang Guobin for 20-25 US dollars per share. It was forced to withdraw from the acquisition the next day.
The privatization of Ikang Guobin has been delayed, and the health of the United States and the medical examination of Ci Ming have been “darkness” because of the common enemy. At the end of 2014, Meinian Health acquired 27.78% of the shares of Ciming Medical Examination. In 2015, after the listing of Jiangsu Sanyou in the A-share market, the company issued shares to acquire the remaining 72.22% of the shares of Ciming Medical Examination and completed the acquisition at the end of 2017. In 2015, the market share of Aikang Guobin and Mei Nian Health in the domestic private medical examination market was 14.69% and 14.61%, respectively. The two were roughly equivalent. After the completion of the acquisition of Ci Ming physical examination, Mei Nian was on the throne of the private medical examination.
The “Three Kingdoms Dispute” that once loved Kang Koubin, the health of the United States, and the physical examination of Ci Ming transferred to the “two strong hegemony”. Although Zhang Ligang twice reported the “anti-monopoly” to the relevant departments, it did not affect the Aikang Guobin. The beauty of the United States has a different development track since then. From 2015 to 2017, the net profit of Ikang Guobin was 18.32 million US dollars, 111.25 million US dollars and 17.31 million US dollars, and the losses continued to widen. In contrast, the health of the United States, the net profit in 2016-2018 was 452 million, 614 million and 821 million, far more than the Aikang Guobin. Midea Health acquired hundreds of medical examination centers through listed companies, subsidiaries and industrial funds. Its stores increased from 94 in 2014 to nearly 500 at the end of 2017. In June 2018, it reached nearly 80 billion market value and wrote brilliantly. Capital story.
However, the big brother in the industry is not good, and the health of the United States is full of hidden dangers. On July 29, 2018, the American Year of Health broke out the “fake medical door” incident. A retired employee reported that the health checkup doctor of the United States had used the name of the deceased doctor and was undocumented. Subsequently, Guangzhou Tianhe District Health and Welfare Bureau “Responsible for Rectification Notice” confirmed the existence of three major violations such as the imposter doctor in the clinic of the United States, the handwritten signature of the medical examination report, and the CT radiology diagnosis and treatment activities. The next day, the US stocks suffered a daily limit, and the market value evaporated by nearly 6.8 billion yuan a day. The market value of the five trading days evaporated by nearly 17 billion yuan.
And with Ali’s Aikang Guobin and the health of the United States in the order, the medical examination industry will be replaced by the boss, and Ali’s status as the “big brother” is established. It turns out that the last laugh is Ali Capital. Ikang Guobin, the health of the United States, and the bloody hurricane of Ci Ming’s physical examination have faded into the long river, and it is a success or failure. However, in the case of realizing the holding of Aikang Guobin, Ali re-invested 4.864 billion in the US.