Alibaba Network continues to "exit" more companies.
On December 3rd, Meinian Health Industry Holdings Co., Ltd. (Meinian Health, 002044) announced that it had recently received a notice from its shareholder Alibaba (China) Network Technology Co., Ltd. (referred to as "Alibaba Network") that Alibaba Network had decided to implement a separation of existence into Alibaba Network (the surviving company) and newly established companies Hangzhou Haoyue, Chuanbin Technology (Hangzhou) Co., Ltd., and Chuanhang Technology (Hangzhou) Co., Ltd, All of the shares of Meinian Health held by Alibaba Network will be inherited by the newly established company Hangzhou Haoyue after separation. On November 30, 2023, Alibaba Network signed a Share Transfer Agreement with Hangzhou Haoyue, agreeing to transfer its 313937797 million shares of Meinian Health to Hangzhou Haoyue, with over 300 million shares accounting for approximately 8.02% of the total shares of Meinian Health.
Meinian Health emphasized that the transfer of shares in this agreement still requires compliance confirmation from the Shenzhen Stock Exchange, and the registration procedures for the transfer of shares must be completed at the Shenzhen branch of China Securities Depository and Clearing Corporation Limited. There is uncertainty regarding the relevant matters. This equity change has not resulted in a change in the actual controller of the company, and will not have an impact on the actual control, corporate governance structure, and going concern of the company.
On the 3rd day, Focus Media (002027), Qianfang Technology (002373), and Surprise Home (000785) also announced that Alibaba Network will transfer their shares to Hangzhou Haoyue. Earlier, Yuantong Express (600233), Macalline (601828), and Liren Beauty (605136) also announced that in order to highlight their main business and implement a separation of existence, Alibaba Network will transfer their shares in the listed company to the newly established concerted action company Hangzhou Haoyue. After the transaction is completed, Alibaba Network will no longer directly hold shares in the listed company. So far, 7 companies have announced that Alibaba Network has "exited".
Alibaba Network transfers all of its equity in Meinian Health to a newly established company
According to the 2023 semi annual report, Alibaba Network holds 8.02% of the company's equity and is the largest shareholder of Meinian Health.
The shareholding situation of ordinary shareholders holding more than 5% or the top 10 ordinary shareholders disclosed in the 2023 semi annual report
According to the announcement, the reason for the existence and separation of Alibaba Network is to achieve independent development of Alibaba Network's main and non main businesses, perform their respective duties, improve operational efficiency, further achieve asset preservation, appreciation, and sustainable development, and create a competitive enterprise. After the separation, the shareholders and shareholding ratios of the surviving companies and each newly established company are consistent with those of Alibaba Network before the separation: Hangzhou Haoyue and Alibaba Network have the same equity structure, with Taobao (China) Software Co., Ltd. holding 57.5947% of the shares; Zhejiang Tmall Technology Co., Ltd. holds 35.7470% of the shares; Alibaba. com China Limited holds 6.6583% of the shares.
According to the announcement, Alibaba Network is the controlling shareholder of Hangzhou Xintou. Prior to this equity change, Alibaba Network held 31393779.7 million shares of Meinian Health, accounting for approximately 8.02% of the total company shares. Hangzhou Xintou held 1959964.9 million shares of the company, accounting for approximately 5.01% of the total company shares. Alibaba Network and its concerted action person Hangzhou Xintou held a total of 50993384.6 million shares of the company, accounting for approximately 13.03% of the total company shares. After the completion of this equity change, Hangzhou Haoyue holds 8.02% equity of Meinian Health, which was originally held by Alibaba Network. As Hangzhou Haoyue and Hangzhou Xintou are both companies within the Alibaba Group, they form a concerted action relationship, holding a total of 13.03% equity of Meinian Health.
Introduction to Hangzhou Haoyue
According to the above information, Alibaba Network and Hangzhou CITIC jointly held 13.03% of the shares in Meinian Health. After Alibaba Network's shares were transferred to the newly established company Hangzhou Haoyue, Hangzhou Haoyue and Hangzhou CITIC jointly held the same proportion of shares in Meinian Health. After the equity transfer, the largest shareholder will become Hangzhou Haoyue. Hangzhou Haoyue is an Alibaba based enterprise, and Alibaba still maintains a connection with Meinian Health.
According to the information disclosed in the announcement, Hangzhou Haoyue was established on October 24, 2023, just 10 days after its establishment, with a registered capital of 4.264 billion US dollars.
It is worth noting that according to the Meinian Health Announcement, Alibaba Network also holds more than 5% equity in Zhongxin Tourism (002707), Aojie Technology (688220), Lianhua Supermarket (00980. HK), Hongjiu Fruit (06689. HK), and Huitongda Network (09878. HK). At present, the equity has not changed.
The continuous withdrawal of Alibaba's network or related to Alibaba's organizational reform. On March 28th, Alibaba launched a 1+6+N organizational transformation, establishing six major business groups and multiple (N) business companies, including Cloud Intelligence Group, Taotian Group, Local Life Group, Cainiao Group, International Digital Business Group, and Da Wen Yu Group, with the aim of making the organization more agile, shortening the decision-making chain, and making responses faster.
Meinian Health's net profit for the first three quarters was 226 million yuan
According to official website information, Meinian Health was founded in 2004, headquartered in Shanghai, and its core business is physical examinations. It has four health examination brands: "Meinian Health", "Ciming", "Ciming Aoya", and "Meizhao". As of the end of 2022, Meinian Health has established 611 medical examination centers in over 300 cities across the country.
The association between Meinian Health and Alibaba began at the end of 2019. According to the announcement of Meinian Health on December 7, 2019, the transfer of shares between shareholder Shanghai Tianyi Industrial Holdings Group Co., Ltd., concerted action persons, and other shareholders through Alibaba Network Agreement has been completed at the Shenzhen branch of China Securities Depository and Clearing Corporation. After the completion of the securities transfer registration, Alibaba Network directly held 36793039.7 million shares of the company, accounting for 9.39% of the total share capital at that time, becoming the largest shareholder of the company. After the completion of the transfer registration of this agreement, Alibaba Network and its concerted action person Hangzhou Xintou held a total of 563926446 million shares of the company, accounting for 14.39% of the total share capital at that time.
One year later, Meinian Health disclosed Alibaba's reduction in holdings. On November 5, 2020, Meinian Health announced that the company received a notice on November 3, 2020 from Alibaba Network, a shareholder of more than 5% of the company, regarding changes in its holdings of Meinian Health shares. As of November 3, 2020, Alibaba Network has cumulatively reduced its holdings of 53.9926 million shares in the company through the bulk trading system of the Shenzhen Stock Exchange, accounting for 1.3794% of the total share capital of the company at that time. Affected by this news, the stock price of Meinian Health fell to the limit.
In the investor relationship record form dated November 6, 2020, Meinian Health mentioned that the company introduced Alibaba China Network Technology Co., Ltd. as a strategic investor in the company at the end of 2019 and signed a strategic cooperation agreement. Afterwards, both parties conducted multiple rounds of multi-dimensional and multi-level discussions and exchanges, and dispatched the Chief Financial Officer and Medical Information Team to the company. The Chief Financial Officer joined the listed company as a member, and although the Medical Information Team was an employee of Alibaba, they signed a contract with the listed company to customize the development of 21 medical information system software involving four platforms. After a year of adjustment, both employees got along well and made some progress in their work. Although there are certain genetic differences between internet companies and offline chain medical institutions, the teams of both sides actively discuss the company's future strategy, and the management of both sides will continue to communicate, hoping to learn from each other's strengths and make up for their weaknesses. Through the upgrading of medical information technology, the intelligent, refined, and professional management of the company's middle platform can be achieved.
Meinian Health also emphasized in the above record table that the reduction plan was a strategy made by Alibaba based on the market situation at that time. As an important investor in the company, Alibaba has a consistent understanding of the digital future of the health industry.
Alibaba's equity situation after reducing its holdings of Meinian Health shares in November 2020
According to the announcement at the time, after Alibaba Network reduced its holdings, it held 31393779.7 million shares of Meinian Health, the same number as before the equity change. That is to say, Alibaba has not reduced its holdings in Meinian Health since then.
In terms of performance, in 2022, Meinian Health's revenue was 8.5328 billion yuan, a year-on-year decrease of 7.41%, with a net loss attributable to the parent company of 533 million yuan, which turned from profit to loss year-on-year. Over time, since its listing in 2004, Meinian Health's largest net loss occurred in 2019, with a loss of 866 million yuan for the entire year. According to the 2023 semi annual report, the health situation in the United States has improved, with a revenue of 4.405 billion yuan in the first half of the year, a year-on-year increase of 49.87%; The net profit attributable to the parent company turned losses into profits, reaching 10.1447 million yuan, a year-on-year increase of 101.52%. The third quarter report of 2023 shows that the company's operating revenue in the first three quarters reached 7.217 billion yuan, a year-on-year increase of 24.81%; The net profit attributable to the parent company was 226 million yuan, a year-on-year increase of 158.1%.
As of the close on December 1st, the US Health Report was 6.18 yuan per share, down 0.16%, with a market value of 24.19 billion yuan.