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China's private medical industry giants iKang (NASDAQ: KANG) privatization regeneration changing.
IKang June 6 announced the privatization of the offer received from the cloud front funds. This is the third announced iKang buyer groups since privatization solicitation. Earlier, by the company founder, chairman Zhang Ligang consortium consortium composed of the United States as well as in health Yu, chairman of melt composition, it has initiated the privatization of iKang offer. Between Yu and Zhang Ligang melt, launched a seven-month blocking action.
Today, the United States Healthy Yu melt consortium led by the efforts of more than six months failed to do, and Ma Yunfeng fund a shot, that is immediate. Yu and Zhang Ligang melt were to opt out iKang privatization offer.
"On this matter, this time is not convenient to comment on it over time, mainly to public information, (we) public information has been said, I am sorry." June 11, quit talking about Icahn Ambassador of the bid, the US chairman of health told Die Zeit reporter Yu melt.
If nothing else, the cloud front fund will become the love of Kang Guobin road privatization the only buyer. In the industry view, led by Jack Ma Yunfeng fund once the acquisition iKang bound to help its Internet industrial chain of medical layout formation.
After the completion of the acquisition in the cloud front fund iKang, the most important issue facing this person will be to retain the management of private medical giant, because Zhang Ligang exit open letter pointed out, will quit iKang shareholders and management after the acquisition is completed layer, and this one, there are several years of business management person close to Zhang Ligang, "comrade."
Clearly, the war iKang privatization has been a winner. Most outside doubt is that the US Healthy Why opt out at this time. After the integration of China's high-end private medical industry giant plans come to nothing, the United States and the future direction of health, leaving the outside world to expect more.
At present, Yu melt is on leave, thinking the United States in a healthy future in the medical industry development strategy, "over time I will post something about the strategic level (stuff) in open channels, that time will contact you in advance." Yu melt He told Die Zeit reporter.
Ma involving high-end medical industry
And get involved in unfamiliar street, Youku potatoes and other Internet giants privatization exactly the same, a NASDAQ listed company has become iKang Ma chase the target, the Internet Gangster initiated a private medical Chinese giant acquisitions.
June 6, iKang announced the receipt of an offer from the cloud front fund privatization, ready at a price of $ 20-25 per ADS, the acquisition of 100% of the issued iKang outstanding shares outstanding.
Receipt cloud front fund privatization offer, while the core iKang founder and CEO Zhang Ligang announced its withdrawal, and the withdrawal of privatization proposal for iKang initiated. The end of August 2015, Zhang Ligang spearheaded privatization offer price of 17.8 US dollars / ADS.
November 2015 three months after iKang domestic competitors in the United States health shell company Jiang Susan announced its participation in the privatization auction, after two price increases, privatization will offer up to US $ 25 / ADS.
Subsequently, Zhang Ligang Yu competitors melt sponsored consortium, both for as long as six months of warfare. Cloud front fund incoming apparently accelerated the melting Yu and Zhang Ligang war between the United States and so on health unconditional exit.
June 8, announced that the United States in health, in view of recent changes in the privatization process iKang buyer group of companies involved in all aspects of the comprehensive consideration, decided not to submit to the Special Committee iKang binding offer The company has also decided to withdraw from the buyer group.
Public information, Yunfeng Fund was established in 2010, by the Chairman of the Board Ma Alibaba and Target Media founder Yu Feng led the establishment of the current management of the funds more than 6 billion US dollars.
In fact, Ali Baba is already a buyer group member Zhang Ligang area. January 5 this year, iKang previously announced privatization consortium chairman Zhang Ligang party sources of capital and the composition of the lead added a new member, Alibaba Investment Limited is one of them.
Therefore, it can not help but let the market the association: Cloud front funds or close thereto whether Alibaba is iKang the "white knight." Die Zeit reporter could not be reached to comment Ali Baba.
Official representatives iKang to Die Zeit reporter Zhang Ligang recently sent a open letter. The letter of the head position, with particular reference to the January 5 this year, the expansion of the new consortium, "as previously announced, the I and some well-known investors in the industry together to form a consortium of buyers, in August 31, 2015 to Icahn Group issued a tender privatization in January 5, 2016, the consortium members to expand and strengthen. "
The layout of China Yunfeng fund high-end private medical industry, attracted sustained attention of the outside world, compared to Icahn's management of health and beauty, the cloud front fund a lot more strength.
Industry in this regard that once the cloud front fund successfully completed the acquisition of iKang privatization, which will be the long-term health of the layout of the Internet Ma, in the private medical field an important investment acquisitions.
Stabilize the heart as the biggest problem
In up to 700 words of the "Icahn quits privatization consortium open letter", the Zhang Ligang pointed out that if the investor-friendly manner through alliances or mergers and acquisitions bring value to long-term development Icahn, he will fully cooperate with . Clearly, in the eyes of Zhang Ligang Yunfeng Fund "friendly investors."
In recent years, the cloud front fund has been investing in the layout of major health industry, which is its main investment, because they have Ma and Alibaba's influence, the fund has become quite optimistic about the outside world to touch health care reform "crack."
Die Zeit reporter combing found that, for a long time, the cloud front funds in the pharmaceutical industry, the doctor-patient service entrance, as well as all aspects of medical care, have invested covered.
Investments in pharmaceutical companies, is notable that in January 2015, the cloud front funds involved in the tens of billions of Baiyun Mountain set by the plan, invested 500 million yuan, Guangzhou Yunfeng Capital as the only state-owned assets outside of the system strategic investors to participate in this financing.
In recent years, the online medical field, Ma's growing investment in the territory, through the cloud front funds continue to "lose ground."
B round of financing in April 2015, the cloud front funds to complete the online medical platform "Kangquan Jing Hua network" of 200 million yuan. Since then it has invested 200 million yuan to subscribe for medical imaging equipment maker China Resources Wandong 2.35% of the shares. Resources Wandong Medical will Ali network platform "Medical Butterfly Valley" to provide patients with MRI and CT scan images analysis services.
These investments in the medical field above, perhaps with iKang in the industrial chain has formed, Ma is bound to continue to improve and enrich the medical industry closed loop, the line to get involved in the private medical sector.
In iKang get cloud front fund investment joy moment, this private high-end medical giants employees, so that they also ushered in a painful message, Zhang Ligang will exit the shareholders and management staff.
"As is known, in the past few months, China's capital market and regulatory system has undergone a very big change, after a full assessment of these changes in the market, I was announced June 7, 2016 to the Special Committee Icahn exit founder of the consortium. "Zhang Ligang representation.
In addition, "In order to long-term interests of the company, if I completely withdraw from the love Kanggu Dong level and management level will contribute to the well-known and friendly investor Icahn takeover, I am willing to leave at the completion of the acquisition." Zhang Ligang said.
In the past ten years time, the founding team effort by Zhang Ligang, iKang has become China's leading healthcare providers. As of June 9, 2016, iKang medical center covering the north of Guangzhou-Shenzhen and including Chongqing, Tianjin, Nanjing, Suzhou, Hangzhou and other 27 cities nationwide.
Data show that the United States and Great iKang health together, is China's rapidly growing private preventive health services market, the largest supplier. Wherein iKang a market share of about 13.6%.
Health and Beauty in iKang two giants in China's private medical sector, evenly divided.
IKang data show that in 2015 (calendar year) attributable to the listed company's net profit of about $ 34.36 million, or about 230 million yuan. Millenia health report shows that in 2015 net profit attributable to the listed company of about 260 million yuan.
The primary problem Yunfeng Fund after the completion of the acquisition iKang face will be how to retain existing live iKang founder team.
Die Zeit reporter found, including Zhang Ligang, there are now published iKang management team total of 10 people, including Huang Feiyan iKang Group COO, CFO Yang Chen, senior vice president Zhou Yafang, vice president Liu Mengyi vice president of operations and business cooperation Panjin Feng et al.
Publication history display, a founding member of iKang, deep background, rich experience. IKang CFO Chen Yang in March this year to accept an interview with Die Zeit correspondent, which is quite sensitive to the figures.
And Huangfei Yan, Zhou Yafang and Panjin Feng et al., Follow Zhang Ligang years, some even during the Zhang Ligang founder of eLong had become a cause close "comrades." With the departure of Zhang Ligang, whether these people away with it, the outside world is very concerned about.
Yunfeng Fund admitted that the existing management team and employees critical to the success of the company, hoping to retain key members as much as possible, "Zhang Ligang if the decision to leave the company, we will be prepared to consider this scenario, the company obtained 100% Circulation equity. we are confident that robust management and operational resources necessary to advance iKang continue to move forward. "
Yu melt a sieve
The iKang war privatization, is clearly a winner.
Since November last year, announced its participation in the privatization iKang offer so far, the United States and its love-hate relationship of health, the two giants China confront the private medical industry, more than infighting, at the court, even to the bitter end state.
As iKang rival, the United States and its Healthy eventually missed. However, quite strange it is that the US involvement in health iKang had ambitious privatization offer, but now it suddenly announced its withdrawal.
Why talk about this time in the node to withdraw iKang privatization offer, and exit bid, Millenia health Reply Die Zeit reporter said that if the cloud front accession will make the industry as a whole healthy ecological environment is more active and healthy "we continue to believe that the need for such acquisition bid has been greatly reduced, given the current market environment, related costs and influence the process also need to revisit."
Half a year ago announced its participation in a high-profile privatization iKang completely different it is that the US Healthy chose silence.
June 11, the United States on health-related told Die Zeit reporter, "This relatively sensitive time, just come find many things, there is some information if you pass out, fear of misunderstanding, so just be silent at this time, this is also the communication down results with the broker "
In fact, the United States in health and offer ceiling cloud front fund agreement. IKang according to the news release, the cloud front fund intends to per American Depositary Shares, or 20-25 dollars per common share price of 40-50 dollars, acquisitions love all Class A and Class C common shares outstanding Kang Guobin (including the ADSs on behalf of ordinary shares).
But Yu melting where the beauty of a healthy capital strength, obviously not as Ma led the cloud front funds, "regulators are of concept stocks through IPO, M & A regression affect the A-share market may lead to an in-depth analysis, if restrictions policy introduction shall share the cost of return of a shares will be improved, including the cost of time and financial costs. "securities analysts pointed out.
Thus, if and when the United States on health and Ma Yunfeng fund formed confront the situation, in front of the huge cost, probably not melt can be dragged from the Yu.
In fact, as early as before, there are those securities in the United States acquired iKang health cautious. Golden State Securities analyst Li Jing Lei in May 21 research report pointed out, the United States on health matters of love Kang Guobin acquisition of uncertainty, and shall share in the proposed A-share market through the backdoor or IPO there is also uncertainty .
Good mergers and acquisitions like some good marriage, as Fosun chairman Guo Guangchang said, a good marriage, certainly not by stolen. Yu, chairman of the United States health melting perhaps now the most able to understand this sentence means.
Yu worked for six months melt, but now faces a sieve ending, apparently he did not want to see. April 22 this year, the United States on health released the first annual report takes stock return since the 2015 reporting period, the United States to achieve revenues of 2.101 billion yuan on health (including medical services revenue reached 2.056 billion yuan), after deducting non recurring gains and losses net profit of 2.16 billion yuan.
As can be seen from the figures, compared to public hospitals, private medical Chinese industry market cake, is too small. For the integration of China in the Big Three private medical plans fall occasion (previously acquired Chi-Ming Medical), Yu melt was on leave.
IKang removed acquisition outside the United States in the future will be healthy where to go in the examination and development focus of the medical industry, has become the focus of the outside world.
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