A股协议转让终止潮

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千万级私募竟接盘1.6亿股权?瑞康医药天价转让告吹
Xin Lang Zheng Quan· 2025-06-05 01:34
Core Viewpoint - The proposed equity transfer of 5.05% stake in Ruikang Pharmaceutical by controlling shareholder Zhang Renhua to Yanquan No. 8 private equity fund has been terminated after nine months due to "significant changes in the objective environment," despite an initial transaction value of 162 million yuan [1][2]. Group 1: Transaction Details - The transaction was initially valued at 162 million yuan, with an unusually lenient payment structure: only 5 million yuan (3.1%) was required as the first payment, followed by 50 million yuan within 15 working days after the transfer, and the remaining 106.9 million yuan allowed to be deferred for 90 days [2]. - The Yanquan Wealth management scale was less than 500 million yuan, with all seven operating funds marked as having a "surviving scale of less than 10 million yuan," indicating a significant funding gap for the transaction [3]. Group 2: Obstacles to Completion - Three main obstacles were identified that typically lead to the failure of such agreements: fundraising difficulties, potential undisclosed issues with the equity, and speculative market behavior [4]. - The mismatch between the capital strength of Yanquan Fund and the scale of the transaction was a substantial barrier to completion [4]. Group 3: Market Context - The termination of this agreement is part of a broader trend, with over ten A-share companies announcing similar terminations in May 2025 alone, surpassing the total from the previous four months and accounting for 25% of such cases in 2023 [5]. - The ongoing weak market environment has made it increasingly difficult for buyers to raise funds, particularly for large equity transfers of companies trading below net asset value [5]. Group 4: Shareholder Dynamics - The background of this transfer reflects the difficulties faced by controlling shareholders, as Ruikang Pharmaceutical's stock price has been persistently below net asset value since 2023, limiting their ability to reduce holdings in the secondary market [6]. - The failed transaction was initially seen as a potential solution to the shareholder's predicament, but the design flaws in the transaction ultimately led to its collapse [6].