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Reporter Li Wenshan and trainee reporter Liu Xiaoyi.
On the evening of December 25, Xiangxue Pharmaceutical announced that the company received the "Civil Complaint" and other relevant legal documents issued by the People's Court of Wuhua County, Guangdong Province, as the plaintiff of the Agricultural Bank of China Co., Ltd. Wuhua County Branch, due to the company's subsidiary Guangdong Xiangxue Wisdom Traditional Chinese Medicine Industry *** hereinafter referred to as "Xiangxue Wisdom") and its financial loan contract dispute, it filed a lawsuit against the company and its subsidiaries, involving an amount of 24.6 billion yuan.
Xiangxue Pharmaceutical said that due to the company's liquidity contraction, the company failed to fulfill its repayment obligations on time, and the Wuhua County Branch of Agricultural Bank of China filed a lawsuit against the company in accordance with the regular process. The company is actively seeking a reasonable handling plan, and has hired a professional team of lawyers to respond to the lawsuit, assert its legitimate rights and interests in accordance with the law, safeguard the legitimate interests of the company and shareholders, and at the same time, the company will also strengthen communication and negotiation with relevant parties to strive to properly resolve the litigation matters as soon as possible.
At present, the company has applied to local ** departments and regulatory agencies to assist the company in debt restructuring. Xiangxue Pharmaceutical said in an interview with the ** reporter that the lawsuit did not have a significant adverse impact on the company's operation.
In the above-mentioned lawsuit, the plaintiff, Agricultural Bank of China Co., Ltd. Wuhua County Branch, stated that it and Xiangxue Wisdom signed the "Agricultural Bank of China Co., Ltd. Fixed Asset Loan Contract" on March 27, 2020, and then the two parties signed 5 supplementary agreements. In November 2023, the defendant was required to repay part of the principal as agreed, but failed to repay it on time, which constituted a fundamental breach of contract, and the contract between the two parties has been terminated.
In fact, Xiangxue Pharmaceutical is currently in high debt and riddled with lawsuits. According to the Tianyancha APP, Xiangxue Pharmaceutical has become the person subject to execution 8 times, and the total amount of execution is as high as 7100 million yuan. The company has twice become a historical dishonest person subject to execution, and twice has been restricted from high consumption. Of the 297 judicial cases involved in litigation, the company 791% of the cases were as defendants.
As of the end of September this year, Xiangxue Pharmaceutical's short-term borrowings amounted to 15100 million yuan, and the book currency fund is only 13.1 billion yuan. The debt-to-asset ratio also reached a new high of 7079%。In the three years from 2020 to 2022, the company's asset-liability ratio increased from 565% to 6987%。In the first three quarters of this year, the company's net profit attributable to the parent company was 14.6 billion yuan.
In order to get out of trouble, Xiangxue Pharmaceutical has made many attempts. In July this year, Xu Li, secretary of the board of directors of Xiangxue Pharmaceutical, said in an interview with the reporter that the company is confident in resolving relevant disputes, whether it is through asset disposal or with the help of ** coordination.
In terms of asset disposal, in August this year, Xiangxue Pharmaceutical transferred 1887% equity. From a long-term perspective, from 2021 to 2022, Xiangxue Pharmaceutical will "sell" the diversified assets that have been greatly expanded, and successively share the assets of Zhaoyang Biotechnology, Xiangxue Biotechnology, Xiangxue Asia Beverage, Jiuji Daily Health Products, Maoming Hengyi and other assets, plus the equity transfer of Tianji Pharmaceutical, with a cumulative return of nearly 1 billion yuan.
At the same time, Xiangxue Pharmaceutical also "returned blood" through fixed increases, loans, etc. At the same time as the transfer of Tianji Pharmaceutical's equity, the company also announced the proposed increase of 9600 million yuan plan, of which there are 1800 million yuan to supplement liquidity;In April, Xiangxue Pharmaceutical and its subsidiaries applied to Guangdong Nanhai Rural Commercial Bank for 3700 million yuan and 75.5 million yuan of loans, and applied to Guangzhou Rural Commercial Bank Huangpu Branch and China Construction Bank Guangzhou Development Zone Branch respectively500 million yuan, 4$5.7 billion of borrowings extended.
In addition, Xiangxue Pharmaceutical focuses on its main business and focuses on the field of TCR-T cells. Wang Yonghui, chairman of Xiangxue Pharmaceutical, said at the company's recent national distributor conference that Xiangxue Pharmaceutical will build 20 knowledge operation industry closed loop. The Guanzhou headquarters is an important part of the closed loop, and Xiangxue's precision medicine center has laid out the T-CRT pipeline and immunology center here to empower the closed loop of the industry.
As a new type of cancer, tumor cells have made outstanding progress in hematological tumors, and the effect is obvious to all. However, as a new technology, there are still many unknown potentials, and more time is needed to fully prove the safety. Lai Yankun, the person in charge of business cooperation at home and abroad, said in an interview with the reporter that at present, the efficacy of tumor cells on solid tumors is not ideal, and the cost is also high, and it still takes a lot of time to improve the technology in order to usher in the real market dividend harvest period.