In the past two years of stalemate, the privatization of Ikang Guobin has finally made the latest progress. Ma Yun has become the white knight who saved the Ikang national guest. The heart of the acquisition is not dead.

On the evening of March 12, Ikang Guobin issued an announcement saying that it had received the acquisition proposal from Yunfeng Fund and Alibaba, and proposed to acquire it at a price of US$20 per American depositary share.

Last Friday (March 9), the closing price of Ikang Guobin was 17.92 US dollars, which calculated the premium rate was about 11.6%. After the announcement of the news, the stock price of Aikang Guobin rose 11% before the market.

The hot news related to Ikang Guobin is still in 2016. It was listed in the US in April 2014, and it was announced to be privatized in Nasdaq in August 2015. Three months later, it issued a privatization offer in the health care industry's biggest competitor, Mei Nian Da Health, and then Aikang Guobin threw out equity dilution. To the acquisition plan, the fierceness of the confrontation is no less than the battle of Wanbao that year.

After 10 months of stalemate in the privatization war, Ma Yun’s Yunfeng Fund broke into the confrontation. Today, Ma Yun still plays the role of "Lone Ranger", and this privatization acquisition war has finally become dusty.

"Poison Pill Plan" set off a runaway shareholding battle

Two years ago, the domestic medical examination industry staged an acquisition and anti-acquisition drama, I believe many people in the industry are no strangers. The two major rivals, Aikang Guobin and the United States, have been competing in the capital market on the same stage, so they are not terrible.

In 2014, when Ikang Guobin had successfully landed on Nasdaq to become the first medical check-up, the plan for the US health and landing of A shares was also eye-catching. In August 2015, the company’s main business was to transform its clothing business into a health check-up service industry.

At this time, Ikang Guobin announced the privatization on the Nasdaq. Three months later, the US Health Day issued a privatization offer, and then Ikang Guobin threw out a divestment of shareholding anti-acquisition measures, namely the “poison pill plan”. This capital war and public opinion war broke away the historical sore between the two private giants. The healthy and reliable image that the health checkup industry should have is also under the guise of both sides. A tasteful war of words is rapidly consuming the patience of the people.

The situation gradually evolved into a personal confrontation between Yu Rong, the chairman of the US Health Council, and Zhang Ligang, the chairman of Aikang Guobin. Just after New Year's Day in 2016, after the "poison pill plan" was thrown out, Zhang Ligang's buyer group joined the support group and introduced new capital parties such as Alibaba and China Life Insurance to deal with the privatization offer last year. Raise the price twice. But it is worth noting that the new buyer group did not raise the offer for privatization.

On the second day of Aikang's introduction of capitals such as Ali and China Life, the US dollar raised its price to US$25/ADS again, which is 40.4% higher than the bid of Zhang Ligang's buyer group. This represents that the United States and the United States have always been trying to maliciously acquire.

This is the most intense privatization dispute in the history of China's health care industry. This has remained stalemate. Zhang Ligang's buyer group did not offer further quotations. However, the United States did not mean to win the battle, and both sides were still standing.

After the capital attack and defense in the process of privatization, the two giants burned the war to the court and the Ministry of Commerce. At that time, Ikang Guobin sued the United States for health reasons on the grounds of infringement of trade secrets, and demanded compensation for all losses totaling 50 million yuan. Later, the United States publicly responded: "The United States is healthy and resolutely opposed to defaming the industry and maliciously speculating on unfair competition."

At this point in time, the lawsuit and report of the Ikang Guobin, the sword refers to the health of the United States, which shows Zhang Ligang's resolute attitude.

"Terminator" Ma Yun

It is Ma Yun who breaks the deadlock and confrontation. Ma Yun, with his Yunfeng Fund, has steadily entered the privatization battle of the United States and the United States.

According to the letter of recommendation for the privatization of Yunfeng Fund, Yunfeng Fund intends to acquire all Class A and Class C issued by Aikang Guobin at a price of US$20 to US$25 per ADS or US$40 to US$50 per common share. Common stock. This offer is a premium of 24.5% to 55.6% over the transaction price proposed by Ikang Guobin in August 2015, which is basically consistent with the US Health Insurance.

The power of Ma Yun lies in the fact that Yunfeng Fund’s intervention has not only broken the confrontation between the two major buyers of the United States and Zhang Ligang, but also caused the two sides to make statements before and after the privatization of the Ikang Guobin. .

On June 8, 2016, Zhang Ligang announced through the official WeChat official WeChat: withdrawal of the privatization proposal for the company. A few hours later, Mei Nian Da Health also issued a notice saying that the binding offer will no longer be presented and the company withdraws from the buyer group.

After Zhang Ligang and Yu Rong have withdrawn from the privatization of Ikang Guobin, what role will Yunfeng Fund play in the privatization of Aikang Guobin? Now finally have the answer.

Yu Rong has publicly stated that the domestic health check-up industry is still in the second stage, which is the stage of climbing, measured by the four stages of industrial development. In the next five to ten years, this market will still maintain rapid growth.

The competition for leading enterprises in medical examinations is only a drop in the sea of ​​Alibaba and Ma Yun in the layout of the big health industry.

Ali's "Future Hospital" Dream

The patient used Alipay to make an appointment, use Alipay to take a taxi to the hospital, use Alipay to pay the bill, buy medicine at Tmall Medicine, and use the takeaway order when the hospital is in use. If the money is not enough, use the ant to spend money and borrow money. Commercial Bank. Maybe in the future, we can see such a picture.

In the 2014 Peking University Forum, Ma Yun once said: "I think very clearly. After 10 years, China will have two problems: physical problems and ideological problems." And Alibaba proposed the "double H" strategy big picture ( Health and Happy) are to solve these two problems.

As the most powerful competitor of Ma Huateng and Tencent in the Chinese market, Alibi has been involved in the medical industry earlier. At the beginning of 2014, Alibaba invested HK$1.327 billion to acquire CITIC in the 21st century, and later changed its name to Ali Health and entered the industry. But in fact, since 2011, Ma has already begun to lay out.

At the hospital, Alibaba invested in Hang Seng Electronics, an Internet medical subsidiary of Hang Seng Electronics, strategically invested in Huakang Medical, and built Alipay Future Hospital. In the health management side, the strategy invested in U medicine U medicine, seeking medical advice network. On the smart device side, we have cooperated extensively with listed medical and pharmaceutical companies, including cooperation with Yuyue Technology in smart mobile medical equipment, and invested in China Resources Wandong in the field of medical imaging, and strategic cooperation with Dean Diagnostics in the field of physical examination and testing. The O2O field of medicine is centered on Tmall Medicine and Alibaba Health APP. It explores prescription circulation with Weining Health and cooperates with the pharmaceutical business company Baiyun Mountain...

Medical services, doctor-patient relationship, big data, medicine O2O... Ma Yun's investment involves all aspects of the industry, and these all lay the foundation for building a smart hospital in the future.

Unlike Tencent, Ali has a relatively clear body of medical-related investment, namely Ali Health, which is also the most important part of Ali's future medical ecosystem. Ali Health has taken on most of the work, but not all of them, Yunfeng Fund, Ant Financial, Alibaba Cloud and Rookie Logistics are involved in the medical and health fields.

In addition to Alibaba, the offer party also has Yunfeng Fund. Yunfeng Fund was established in 2010. In the pharmaceutical industry layout, it has invested in companies such as GPHL, WuXi PharmaTech, and Huada Fund.

Mali’s vice president of health, Ma Li, once said that Ali’s health business plan includes medical services, health management and insurance in addition to traditional e-commerce drugs. "Pharmaceuticals and medicines are inseparable. Patients from health management, medical treatment to medication are a set of processes. When they are taken apart, they are also in line with our business layout."

In the fast-growing market of physical examination, there is a lot of gold-like health data, which is the entrance to preventive medicine. Behind the entrance are many promising tracks.

In this way, Ali's acquisition of Aikang Guobin is also an important step for Ma to realize the dream of “future hospital”.

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