海南海药二股东1.24亿股流拍即现“股价倒挂”，国资接盘五年积弊难消

Core Viewpoint - Hainan Haiyao's recent auction failure reflects market concerns over its fundamentals and governance issues inherited from former controlling shareholder Liu Xicheng [3][11]. Auction Details - Hainan Haiyao's second-largest shareholder, Nanfang Tongzheng, attempted to auction 124 million shares (9.54% of total shares) on September 22-23, but the auction failed due to no bids [2][4]. - The starting price was set at 5.682 CNY per share, which could have raised at least 700 million CNY if successful [5]. Shareholder Issues - Nanfang Tongzheng has been under high levels of share pledge and has faced multiple court-ordered freezes on its shares since 2021 due to contract disputes, leading to over 90% of its holdings being auctioned [6][7]. - As of now, all of Nanfang Tongzheng's 133 million shares (10.28% of total shares) are under pledge and freeze [7]. Financial Performance - Hainan Haiyao reported a revenue of 450 million CNY in the first half of the year, a decrease of 24.12% year-on-year, with a net loss of 158 million CNY, although this was an improvement from a 200 million CNY loss in the same period last year [15]. - The company's asset-liability ratio is high at 93.01%, indicating significant short-term repayment risks, and its net asset per share has dropped sharply from 1.44 CNY to 0.28 CNY [15]. Governance and Historical Issues - The company has faced governance issues stemming from Liu Xicheng's era, including non-operational fund occupation amounting to 748 million CNY, which has not been adequately disclosed in financial reports [11][12]. - Despite a change in control to the State-owned Assets Supervision and Administration Commission in 2020, the company has struggled to turn around its financial performance, with negative net profits for eight consecutive years [12][13]. Future Outlook - Hainan Haiyao is actively pursuing transformation and reform, focusing on new product development and improving its sales system to address ongoing financial challenges [16].