| 作者 |
 安氏案例分析：买壳上市转板成功的例子——科通集团COMTECH GROUP (NasdaqGS: COGO) |
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| 所跟贴 |
Yup.. that will do.. -- Now_or_Never - (0 Byte) 2007-4-07 周六, 08:28 (445 reads) |
conker
头衔: 海归准将
声望: 学员
加入时间: 2005/01/20
文章: 492
海归分: 101109
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作者：conker 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
the file is too long. Here is only a very small part, which may give you an idea on this company. It is a nutritioanl supplment company, not a bio-tech per.se. according to the standards.
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OVERVIEW OF BUSINESS
American Oriental Bioengineering Inc. ("AOBO", the "Company", or as used in the context of "we", "us" or "our"), together with its wholly owned subsidiaries, is a leading pharmaceutical and Traditional Chinese Medicine ("TCM") company which develops, manufactures and commercializes both plant-based pharmaceutical ("PBP") and plant-based nutraceutical ("PBN") products with a mission to improve people's health.
PBPs are based on non-synthetic medicinal compounds that are extracted from leaves and roots of one or more plants. Each PBP has certain medicinal functions and proven efficacy in the treatment of at least one or more illnesses or symptoms of illnesses. Our PBP products are approved by the Chinese State Food and Drug Administration (the "SFDA") and are being sold both as prescriptions and over-the-counter medicine. PBNs, also frequently referred to as "dietary supplements" or "nutritional supplements", are prophylactic or preventive, in contrast to our PBP products which are used to treat an illness or symptoms of an illness. PBNs represent a different approach to medicine as they are supplementary to nutrition taken from a normal diet and help improve health or wellness of the whole body. Our PBN products are approved by local government agencies to be labeled as nutraceutical products.
We currently offer over 20 PBP and PBN products in China. Our core products include Shuanghuanlian Lyophilized Injection Powder, a leading anti-viral injection effective in treating respiratory diseases, Cease Enuresis Soft Gel and Patch, a prescription medicine specially formulated to help alleviate bed-wetting and incontinence and other over-the-counter drugs, such as Jinji Capsule to treat gynecological inflammations and pre-menstrual symptoms. Our PBN products include a line of health supplements including soybean peptide products and nutritional beverages.. All of our core products enjoy branded market leadership in China in the segments in which they compete. Because of the significance of these brands to our business, we concentrate our sales and marketing efforts in promoting them in our target markets.
We have built our business by executing a four-part growth strategy:
o promoting existing core brands;
o developing new products and important product line extensions;
o expanding distribution networks; and
o acquiring complementary products, technologies and businesses.
Our philosophy is to cultivate a formidable and tangible presence in the nutritional, pharmaceutical and TCM sectors by leveraging our PBP and PBN products across our widespread distribution network and through our well defined acquisition strategy. Our goal is to provide high quality and affordable pharmaceutical and nutraceutical products that are accessible to everyone.
OUR HISTORY
Our company was found in 1970 in the State of Nevada. In June 2002, through a share exchange, Harbin Three Happiness Bioengineering Co., Ltd. ("Three Happiness"), a company organized under the laws of the People's Republic of China, merged with us and our company then changed its name to American Oriental Bioengineering, Inc.
In February 2003, we acquired a soybean protein peptide biochemical engineering project (the "Project"). The Project focus on derivatives and extractions of soybean protein peptides, substances derived from soybeans, through a biochemical engineering process, which involves cutting, decomposing, converting and synthesizing of soybean proteins that can be absorbed by the body.
In November 2004, we acquired Heilongjiang Songhuajiang Pharmaceutical Limited, ("HSPL"), a Chinese state-owned pharmaceutical company. HSPL manufactures and commercializes an anti-viral injection power, which is a prescription PBP product.
On July 18, 2005, our common stock commenced trading on the American Stock Exchange under the ticker symbol "AOB." On November 14, 2005, our common stock commenced trading on the Archipelago Exchange ("ArcaEx"), a facility of the Pacific Exchange.
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In April 2006, we acquired Guangxi Lingfeng Pharmaceutical Company Ltd. ("GLP"), a pharmaceutical company specializing in gynecological medicine, and in July 2006, we acquired Heilongjiang Qitai Pharmaceutical Company Ltd. ("HQPL"), a pharmaceutical distributor that owns a license to distribute pharmaceutical products in China.
On December 18, 2006, we voluntary elected to delist our common stock from the American Stock Exchange and ArcaEx. Our common stock commenced trading on New York Stock Exchange under the ticker symbol "AOB" on the same day.
INDUSTRY OVERVIEW
The pharmaceutical and nutraceutical market in China has experienced significant growth in the past few years. According to trade sources such as, Access Asia and National Statistics, expenditures on medicine, including western pharmaceuticals and TCM, reached approximately $36.4 billion, by the end of 2005. Expenditures on western pharmaceuticals remains higher than TCM due to the higher prices western pharmaceuticals tend to command. For the year ended December 31, 2005, expenditures on TCM reached approximately $15.3 billion representing 40.4% of total expenditures on medicine. Expenditures on nutraceutical products reached approximately $6.2 billion, in 2005 which was up considerably from 2004. Growth in sales of TCM and western medicines in the PRC outpaced growth in GDP between 2000 and 2004, with aggregate sales increasing at a Compound Average Growth Rate ("CAGR") of approximately 15.4%, which is higher than the CAGR of approximately 11.2% for GDP over the same period.
We believe that the rapid growth of the Chinese pharmaceutical industry has primarily been driven by improving standards of living, the increase in disposable income, population growth, the aging population, the increasing participation in the State Basic Medical Insurance System, and the increase in government spending on public health care. We believe that the factors that drive growth in the nutrition industry are the general public's heightened awareness and understanding of the connection between diet and health, the aging population (particularly the baby-boomer generation, which tends to use more nutritional supplementation as it ages); rising health care costs, and the trend toward preventive health care.
We are positive about the long-term outlook for TCM and especially PBP products in light of:
o China's longstanding preference for TCM remedies o Consumer preference for green products
o Strong brands supported by a long history
o The rapidly growing over-the-counter (OTC) market, in which TCM makes up more than half of the market
o Relative invulnerability to regulatory risks due to policy protection
The Chinese pharmaceutical and nutraceutical markets are highly fragmented, comprising a large number of small enterprises (over 4,000 across China). Management believes that this fragmentation provides opportunities for better managed and more financially sound companies to gain market share by using their comparatively strong technical, manufacturing and marketing abilities. Moreover, China's regulatory agencies have introduced a series of new regulations to control the standards and quality of manufacture and distribution in the pharmaceutical and nutraceutical industry. The new regulations require companies to obtain government recognized manufacturing and distributing licenses (Good Manufacture Practice, or "GMP" and Good Sales Practice, or "GSP" certificates) , which has resulted in the elimination of many small and/or poorly managed competitors. We believe that this new legislation presents consolidation opportunities and a generally more favorable competitive environment.
OPERATIONAL STRENGTH
We have consistently shown strength in our efficient operations and in the integration of acquired companies. Our strengths include:
o Diverse portfolio of marketed products
o Nationwide China sales network
o High-quality proprietary manufacturing processes with significant cost advantages
o Operational efficiency and a track record of growth and profitability
o Experienced and market-oriented management team
o High level of discipline backup by corporate culture
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GROWTH STRATEGY
We have built our business by executing a four-part growth strategy which we anticipate will continue in 2007. This strategy consists of:
o PROMOTING EXISTING CORE BRANDS. We will continue to build our core brand name and increase brand awareness. We believe that significant growth opportunities continue to exist in markets where we currently conduct business.
o DEVELOPING NEW PRODUCTS AND IMPORTANT PRODUCT LINE EXTENSIONS. We believe we have adequate pipeline and product reserves at this time and will introduce them to the market at the right timing. Our established distribution network allows us to quickly and effectively leverage new products into new areas and markets.
o EXPAND DISTRIBUTION NETWORKS. We will expand our distribution channels throughout China. An expanded distribution network will drive sales for both existing products and for new product launches.
o ACQUIRING COMPLEMENTARY PRODUCTS, TECHNOLOGIES, AND BUSINESSES. We believe that attractive acquisition opportunities may arise in the future. We intend to pursue strategic acquisition opportunities that would grow our customer base, expand our product lines, enhance our manufacturing and technical expertise, allow vertical integration, or otherwise complement our business or further our strategic goals.
作者：conker 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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