At the annual shareholders meeting of Huahai Pharmaceutical (600521) held yesterday, the two temporary proposals put forward by the former general manager of the company, Zhou Minghua, as the second largest shareholder of the company, failed to pass the amendments. The current chairman and general manager, Chen Baohua, once again stated that the promise of an average annual growth rate of 25% for the three-year term will not change.
None of the temporary proposals passed
The temporary proposal put forward by Zhou Minghua, former general manager of Huahai Pharmaceuticals, was "Proposal for Requesting Changes in Mr. Zhou Minghua's Promise to Shareholders" and "Proposal for the Company's 2007 Profit Distribution Preplan."
The result of voting on the proposal was 5,585,348 shares, accounting for 6.75% of the total number of shares with a valid voting rights at the general meeting of shareholders; 8236759 shares, representing 9.95% of the total number of shares with a valid voting rights at the general meeting of shareholders; and 68,918,903 abstentions, accounting for the total number of shares with effective voting rights at the AGM. 83.29%. Proposal 2 agreed 53,469,603 shares, accounting for 39.90% of the total number of shares with effective voting rights at the general meeting of shareholders, 10,804,122 shares, accounting for 8.06% of the total shares with voting rights at the general meeting of shareholders, and 6,731,003 shares abstained, accounting for 52.04% of the total shares with voting rights at the general meeting.
In the voting on the two proposals, Chairman Chen Baohua abstained from voting.
Circulating shareholders have hidden concerns
Yesterday’s meeting took time for questions from shareholders. Zhou Minghua, who received the most attention, first spoke. He elaborated his reasons for making a provisional proposal, and stated that he did not mean to challenge Huahai Pharmaceuticals at all, nor did he intend to undermine the development of Huahai Pharmaceutical. If the bill fails to pass, he will either reduce his holdings or increase his holding or regain control of the company.
Several investors told reporters: "This time, Zhou Minghua's plan has not been passed, and there will certainly be other actions. For Huahai Pharmaceutical, the top of the head has always been a sword, and the problem has always existed, which is detrimental to the company's development. As shareholders in circulation, we hope that both parties can calmly negotiate and negotiate and seek a win-win solution."
“I propose that all shareholders should create a stable business environment for the current board of directors and management layer, let them complete the three-year commitment, and then discuss and solve the existing problems. This is beneficial to all shareholders.†An analysis The division said, "If the dispute continues, it will only be the outcome of many losses."
Regarding the issue of how a voting shareholder will vote, Chen Baohua stated that his judgment criteria are based on the benefits of the future development of Huahai Pharmaceutical and benefit to all shareholders, and expressed his understanding and support for Zhou Minghua’s future career in the pharmaceutical industry. However, Huahai Pharmaceutical has grown stronger in competition and is not afraid of competition.
Performance growth promise will not change
When answering questions from shareholders, Chen Baohua reiterated: “Last year in the company's new board of directors and internal company executives meeting, I made three commitments to everyone: First, there will never be a connected transaction; Second, do not engage in Third, during the three-year term of office, the average annual growth rate of guaranteed performance shall not be less than 25%. These three commitments will not change."
After the meeting, Chen Baohua said in an interview with reporters that from 2008 to 2010, Huahai Pharmaceutical is a rare opportunity for development opportunities, the company will further improve the R & D, sales system, expand and improve the industrial chain, to achieve optimal structural adjustment, the formation of scale and accumulation effect. He said that in 2008 and the next three years, the company will focus on building and constructing two major industrial chains of raw material drugs and preparations, two R&D systems, and sales systems, giving full play to their synergies and realizing the established strategic goals.
He also said that in the next three years, the company will continue to improve the R&D system and sales system of the company's raw material medicines and preparations based on the three R&D platforms. Continue to adjust and improve the two major industrial chains of raw material medicines and preparations, exert the cost advantages brought about by scale effects, and form industrial agglomeration effects. At the same time, reduce and eliminate low-margin products, develop and produce high-margin products; adjust the market structure, vigorously improve the market share of regular sales; optimize the adjustment of the company's overall industrial structure and other measures to improve the quality of development and enhance sustainable development. The company is confident that through the development and adjustment in the next three years, Huahai Pharmaceutical will enter a stage of rapid development.
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