Core Viewpoint - The company has abruptly terminated a financing plan involving nearly 500 million yuan, citing changes in market conditions, but the underlying issue is the significant discount in the stock issuance price compared to the market price, raising concerns about potential regulatory scrutiny and shareholder backlash [1][2]. Group 1: Financing and Market Conditions - The company withdrew its application for a private placement of shares, which was intended to raise funds from related parties of the actual controller [1]. - The pricing for the private placement was set at 8.96 yuan per share, which is 73% lower than the market closing price of 15.52 yuan, leading to concerns about the high discount and potential regulatory issues [2]. Group 2: Operational Risks - The company's sales expense ratio has been significantly higher than the industry average, recorded at 37.88%, 41.45%, and 41.20% from 2021 to 2023, raising concerns about its operational health [3]. - The core pharmaceutical business is underperforming, with a projected revenue of only 37 million yuan for the main product in 2024, a decrease of 25.15% year-on-year, and a significant drop in sales volume [3]. Group 3: Disclosure Issues - The company has a troubling history of delayed disclosures, including a lawsuit involving over 100 million yuan, which was not disclosed until July 2023, despite the case being initiated in August 2022 [4]. - A key product from a subsidiary lost its agency rights in May 2022, but the news was not disclosed until August 2022, raising further concerns about transparency [4]. Group 4: Future Challenges - The company has faced substantial asset impairment charges totaling 339 million yuan over the past three years, indicating weaknesses in internal risk management [5]. - Despite the termination of the financing plan, the company claims it will not affect normal operations, but it faces significant challenges in regaining market confidence amid high sales expenses and a trust crisis in disclosures [5].