The giant Sinopharm is leading a consortium to acquire Chinese medicine (China TCM), located in Hong Kong, and an operation of 2,700 million euros. It has 32%, and together with the other main shareholders, who add up to 18%, will offer at least Hong Kong $ 5.10 per share, a premium of 27%. Operation valued at more than 7 weeks the ebitda forecast for 2021.
The purchase of the rest will give an impetus to the state-owned company, of 5,800 million euros. The changes in the acquisition and fiscal policies of pharmacists have reduced the margins of mayors and minorities like Sinopharm. The new players, such as the online JD Health, have intensified their competence. In enero-junio, China, TCM is compatible with the 17%, and 2.4% advantage of Sinopharm.
Además, the market of traditional Chinese medicine looks attractive. It is controversial: many products have not been tested and have a small scientific passion for animals in extinction. But it predicts that sales in the UK will reach 26,000 million euros in 2024, up from 13,000 million in 2017, according to Daxue Consulting.
Xi Jinping was referred to a traditional medicine department as a treasury of Chinese civilization, but Gobierno had more to say about the rhetoric: it included together with the occidental medicines in the national security plan. También is promoting himself for Covid, and a project of his has proposed to criminalize the critics.
For Sinopharm, volver a sacarla a Bolsa can produce benefits to largo plazo. The valuations in the continent can be much richer than in Hong Kong. For example, Zhangzhou Pientzehuang Pharmaceutical, which contributes to Shanghai, has a value of 24,000 million. It is known for a treatment that, according to the company, was made 500 years ago, elaborated on the secretions of silver and heel wraps. The action is paid for more than 60 weeks the ebitda forecast for this year. This series is better for the computer.
Los autores son columnists de Reuters Breakingviews. The opinions of his son. The translation, of Carlos Gómez Abajo, is the responsibility of CincoDías