In the past, the tough Maoye Department has begun to gradually shrink its position in A-shares, and the latest example is relay reduction heavy Drug Holdings (000950). Maoye A-share "return" heavy Pharmaceutical Holdings disclosed on the evening of November 11 that due to the demand for funds, Shenzhen Maoye, a key shareholder, planned to reduce its holdings of no more than 52.3 million shares in the company in the next three months, accounting for 3 per cent of the company's total share capital. At present, Maoye Commercial and Shenzhen Maoye hold 12.14% of the total share capital of heavy Pharmaceutical Holdings, and the two shareholders are controlled by the same actual controller, forming a relationship of concerted action; the reduced shares come from the fixed increase of Maoye Commercial participation in listed companies in 2017. On the same day, heavy Pharmaceutical Holdings also disclosed that the previous reduction plan of Shenzhen Maoye and concerted action Maoye Commercial was completed, that is, on August 23 and 31 of this year, 17.4296 million shares, accounting for about 1% of the company's total shares, were reduced, and the cash out was estimated to be about 85.4 million yuan according to the average price of the reduction. "Maoye Department" has made a strong move in the capital market through the two major investors Maoye Mall and Zhongzhao Investment. In 2008, it heavily branded listed companies such as Huangting International (formerly Shenzhen Merchants), * ST Mall, Zhongjia Bochuang (former Maoye Logistics), etc., in addition to holding retail commercial assets such as shares of big merchants and Ginza shares, as well as shares of other listed companies such as heavy Pharmaceutical Holdings and Caihong Group. However, in recent years, the Maoye Department has kept a relatively low profile, and has repeatedly reduced its holdings this year, reducing the A-share investment plate. According to Wind, in addition to heavy Pharmaceutical Holdings, Maoye has continued to reduce its holdings through Zhongjia Investment since the first quarter of this year, reducing its shareholding from 11.18% to 6.21%. According to Maoye International, a Hong Kong-listed platform, it made a profit of 183 million yuan last year. As of the first half of this year, Maoye International has operated and managed 48 stores in 21 cities across the country, with a total floor area of about 3 million square meters, of which the operating area of its own property accounts for 77.2%, and the proportion of leased floor space including related parties reaches 83.8%. However, affected by the epidemic, Maoye International's revenue and net profit declined in the first half of this year. The company's total operating income reached 3.274 billion yuan, down about 10 percent compared with the same period last year, and its net profit was 107 million yuan, down about 16 percent from the same period last year. On April 25, heavy Pharmaceutical Holdings signed a "property share transfer contract" with the actual controller Chongqing Chemical Medicine Holdings (Group) Co., Ltd. (hereinafter referred to as "Chemical Medicine Group"). It is agreed that the company will purchase 36% of the partnership shares of Chongqing and Achuang Investment held by the Chemical Medicine Group for no more than 125 million yuan. Recently, the parties to the transaction completed the registration of industrial and commercial changes in accordance with the contract and obtained the "Business license" issued by the Market Supervision and Management Bureau of Liangjiang New area of Chongqing. Chemical Medicine Group is a business model that integrates three main business sectors: chemical industry, pharmaceutical manufacturing industry and commercial circulation industry. the business scope of pharmaceutical manufacturing enterprises controlled by Chemical Medical Group involves chemical raw materials, pharmaceutical preparations, proprietary Chinese medicines, medical devices and so on. Among them, the representative enterprises are Chongqing Corey Pharmaceutical (Group) Co., Ltd., Chongqing Qianye Health Management Co., Ltd., Chongqing Heping Pharmaceutical Co., Ltd. For this related transaction, the explanation of heavy Pharmaceutical Holdings is to promote and implement the strategy of extending the industrial chain, to enter the manufacturing of high-tech equipment products, to jointly cultivate, develop and declare new drugs, and to strive for a breakthrough in biological products. The project not only helps to receive first-hand information and cutting-edge developments in the industry, but also relevant high-quality projects can be integrated into the company's system to promote the strategic landing of the industrial chain extension; and Asia Venture Capital invested in 10 projects, there are 9 belong to medical, biomedical-related industries, the company believes that there are good development prospects, the operation is in line with expectations. However, according to media reports, when heavy Pharmaceutical Holdings planned to take over the offer and AVC, the target was in a state of loss, and the proceeds due to its withdrawal from the two assets also involved legal proceedings, one of which had not been fully recovered for five years. In the first three quarters of this year, heavy Pharmaceutical Holdings achieved a net profit of 682 million yuan, an increase of about 10% over the same period last year, but the company's net profit in the third quarter reached 244 million yuan, down about 20% from the same period last year, and its financial expenses increased by nearly 90% over the same The company pointed out that due to the rapid growth in revenue and the impact of new mergers and acquisitions last year, interest-bearing liabilities increased, resulting in a corresponding increase in financial expenses, coupled with the corresponding increase in financial expenses in the current period as a result of the company's issuance of accounts receivable securitization products; on the other hand, in Chongqing, where the company is headquartered, the prices of some varieties declined in the third quarter, which had a certain impact on the company's profitability. Judging from the trend of the share price, the share price of heavy Pharmaceutical Holdings has fallen nearly 20% since its high in May this year, even hitting the lowest level of the year on November 2, and rebounded in the following few days.