大股东“硬刚”创始团队背后，海鲸药业欲“染指”盟科药业

Core Viewpoint - The conflict between Genie Pharma, the largest shareholder of Mengke Pharmaceutical, and the founding team led by Zhengyu Yuan has intensified, particularly regarding a proposed private placement and change of control involving Haijing Pharmaceutical [1][2][3] Group 1: Shareholder Dispute - Genie Pharma holds 71.57 million shares of Mengke Pharmaceutical, accounting for 10.92% of the total share capital, and has voted against multiple proposals related to the private placement [2] - Genie Pharma has proposed to remove three directors, including founder Zhengyu Yuan, and to elect three new directors, highlighting the growing rift between the major shareholder and the founding team [2][4] - The disagreement stems from Mengke Pharmaceutical's recent announcement of a private placement to Haijing Pharmaceutical, which Genie Pharma has publicly criticized [1][3] Group 2: Private Placement Details - Mengke Pharmaceutical plans to issue 164 million shares to Haijing Pharmaceutical, raising up to 1.033 billion yuan, which would give Haijing a 20% stake and make it the controlling shareholder [1][3] - Genie Pharma has raised concerns about the financial stability of Haijing Pharmaceutical, questioning its ability to fund the private placement given its reported total assets of approximately 700 million yuan and total liabilities of about 300 million yuan [6][7] Group 3: Financial Performance and Challenges - Mengke Pharmaceutical has been facing financial difficulties, with cumulative losses of approximately 1.221 billion yuan from 2022 to mid-2025, and has not yet achieved profitability [10] - The company’s only commercial product, the antibiotic Contizolam, has limited market potential due to competition from other established products [9][10] - Mengke Pharmaceutical's cash flow has been negative for several years, with only 237 million yuan remaining as of mid-2025, raising concerns about its ability to fund ongoing research and development [10]