Let's take a look at talking about Celtrion this time. For those who haven't listened to Sparta, the corporate analysis lecture at Sparta Earth Campus is quite different. I think the corporate analysis lecture is better. It's a very basic lecture, so at least Sparta is for those who know a bit about stocks and for those who need to follow the flow. I think it's better to focus more on basic lectures. Because if that's laid as a foundation, you can just watch the morning fiscal and follow it, and then explain it in more detail. I have a lot of concerns about the Sparta lecture. So, if I have the next lecture, I have a lot of concerns about what to do. Actually, when we had an offline meeting back then, everyone said their opinions.

I think that when you pay for it, you listen more attentively. I also think that's true. I aim to pursue details in the fundamental and basic aspects of the content I think about. For those who don't know, they can follow along a bit. When I did an offline event in Busan this time, my parents came. My parents said, Now, even mom listens to my YouTube live every morning. Even though my parents don't watch my broadcasts, they suddenly said, These days, they say something about the U.S. interest rates. So, I, who have never been interested in such things, didn't know how to talk to my parents about U.S. interest rates. While organizing my thoughts about my mom, I wondered if this was right.

So, I mean, that's right. That's what I'm aiming for. Those of you watching my show, I want to put in details like how much to put in, how much to earn, how to manage the charts, and since there are many other contents out there, at least not to fall behind the market trends in macroeconomics. So, while thinking about what investments to make, deciding on that, if you make a decision, it's like heading straight into the mountains. In that sense, it's helpful to know a bit, like what reports are out there, how the current economic indicators are doing, how the U.S. economy is, where it's heading, about those things. Knowing those things will help you make investment decisions there. So, anyway, I think if you just look at those aspects a bit, wouldn't it be enough? Once you have that foundation, the rest is luck, honestly.

Making money through stocks, there are times when it doesn't work out even if you invest, suddenly making a profit, then not making a profit, suddenly making a profit, and then losing it again. That's why I cut my losses on the stocks I had yesterday and bet on Bioepis, and it turned out well. It feels sweet. It's better than me. Congratulations. Yes, that kind of atmosphere. I hope to capture that kind of mood and help you make investment decisions. That's the goal of my content. Everyone seems to be earning more than me. They are better at it than me, and I'm satisfied with that. There are talks about Celltrion and Celltrion Healthcare considering a merger. In the past, Celltrion and Celltrion Healthcare merged, with Celltrion producing domestically, and Healthcare handling overseas sales.

It was a company, so there was a lot of controversy because these two had absolutely no ownership relationship. Celltrion was a private company of Chairman Seo Jung-jin, and Health Care was Chairman Seo Jung-jin's company. So, in that respect, the companies had no financial or accounting connection with each other, so if it turned out like this, they are different companies. Different company representatives from different companies. But in the part where they fiercely traded with each other, the talk came up that these two should merge, and there was opposition to the merger. But now, if you look at Celltrion Pharm from the beginning, Celltrion Pharm's birth is different from the Celltrion group. It is a company that Celltrion acquired. If you look at the business report, the past history is all there. If you look at the company's history, Celltrion Pharm is an old company.

The issue with the boss was that the major shareholder has changed. And then, they merged back into Hanwha Pharmaceuticals and now they are launching a product called Ganhyejin. They are currently doing this with general pharmaceuticals, manufacturing separately in Korea, and selling them separately. So, if you look at them, they are mostly selling these products in Korea that are being sold by Celltrion. The relationship between Celltrion and Celltrion Pharm is very strong. Then, if you look at the products and services they sell, Gedecks accounts for 17.1%, and other products account for 52%. And in terms of Korean standards, Lam Simana, Truxima, and Herzumaria, if you look at these, they are mostly general pharmaceuticals sold domestically.

In this regard, if you ask whether this is closely related to a domestic sales company like Celltrion, it's not that there is no close relationship, but it's not necessarily an issue that Celltrion Healthcare must merge. So, in a way, there were several reasons why a merger had to be done. There were accounting issues, inventory management issues, and when merged, there were clearer financial benefits. So, there were many companies that needed improvement in terms of accounting regarding things like duplicate connections, connected losses, and gains. Therefore, there were many financial commonalities. However, is it really necessary for Celltrion Pharmaceutical to merge in the market as crucially as Celltrion and Celltrion Pharmaceutical think? Well, they are already in a shareholding relationship. They are already in a situation where there is a shareholding relationship.

So, the key point is this: Why are people questioning whether Celltrion and Celltrion Pharmaceutical should necessarily merge like this? The reason people raise this question is, then, at what price will this merger take place? How much will Celltrion and Celltrion Pharmaceutical merge for? It's clear, right? If you look at Celltrion Pharmaceutical now, the PBR is 200 times. Even if you look at the PBR, it's 200 times. Then, controversy arises again. What kind of controversy arises? If you look at Doosan, how about Doosan? Doosan's PBR is currently 2.5 times, but now Celltrion Pharmaceutical's PBR is 11 times. So, in this situation where these two are diverging like this, the difference in asset value, ah, the asset value is 2.5 times, and Celltrion Pharmaceutical is 11 times. So, if you discount Celltrion Pharmaceutical's stocks and merge, Celltrion shareholders will probably be okay with it. But

It's not like that. If you combine a 2.5-fold premium, then Celltrion shareholders will oppose it, right? That's how it was. So, the point that Celltrion Pharm didn't miss out on the merger is clearly there. They didn't miss out. After the merger announcement, the actual increase in stock prices, who will be merged with whom? If Celltrion and Celltrion Healthcare merge, the stock prices keep rising. At this point, they are significantly higher, not missing out. This is about 4 trillion won for Celltrion, and for Celltrion Pharm, it's about 4 trillion won. So, from Celltrion's perspective, they must be furious. Why should Celltrion spend the company's money on absorbing its subsidiary, Celltrion Pharm? But in a way, if you roughly compare this, it exceeds 100 times. Then, the PSR ratio, which is the market capitalization compared to sales, is ten times more expensive. Ten times higher. Will stocks like this not work out? They could.

So, currently, in the United States, when you see these pharmaceutical companies merging like this, oh, there are many mergers and acquisitions happening on a multi-trillion level. But the reason why they are doing these multi-trillion mergers and acquisitions is that there is as much growth potential. However, the growth potential of Celltrion Pharmaceutical is not there. It's just a domestic sales company of Celltrion, a domestic sales distribution network that sells domestically for about 4 trillion. So why would they buy Celltrion Pharmaceutical for 4 trillion won right now? The reason is because of the distribution network. So, in this case, Celltrion's shareholders either buy it at a reasonable price or don't buy it at all. Otherwise, it will become a warning not to buy. In this regard, Celltrion's shareholders have no choice but to listen to the opinions of Celltrion's shareholders, and I have been saying this about Celltrion Pharmaceutical for a long time. I think it's right that Celltrion Pharmaceutical's merger and acquisition doesn't work, and if Celltrion shareholders oppose it, Celltrion.

When it comes to pharmaceutical mergers, no matter how much the shareholders of Celltrion Pharmaceuticals gather and shout, or talk about it in society, ultimately the most important thing is Celltrion's decision-making position. Even after that, can the shareholders of Celltrion Pharmaceuticals go and pick a fight? No, they can't. Why are Celltrion's stocks over 50%? Celltrion Pharmaceuticals' shareholders do not have any incentive to provide opinions once Celltrion makes a decision on that. Therefore, in cases like Celltrion, forming a special committee for review is being done now, but ultimately, I think the issue that will arise here is the price. How much to buy Celltrion Pharmaceuticals for, what would be an appropriate price, and whether the shareholders of Celltrion Pharmaceuticals will approve the tender offer.

Currently, because there is such high anticipation in the market, the stock prices are soaring high. So, if we say that the portion called saju is used to buy the rest of the stocks, when we deduct only the major shareholder's stake, it's 55%, right? Excluding the 55%, I would have to buy almost all the remaining shares, which would require over 2 trillion won. In the current situation, that's how it is. Therefore, injecting 2 trillion won in cash into Celltrion, compensating the shareholders of Celltrion Healthcare in cash, and absorbing them. When absorbed, are there factors that would add value to the stocks of the company Celltrion is running? That's the point. Currently, there are clearly two justifications for the merger. By merging in this way, we will create a company with overseas sales channels to cut costs, reduce operating expenses, right? Also, the costs going to Celltrion Healthcare will...

Because it existed, I will reduce it. Okay, so I merged this, and now the story comes out. For reasons other than this, in terms of domestic sales volume and domestic sales network, by acquiring this, by merging this, what benefit does Celltrion have? What benefit does Celltrion have from this capital allocation? When it comes to the merger of Won Pharmaceutical, I oppose it. There's nothing. From the perspective of Celltrion shareholders, think about it. If you look at their production facilities, what do they have? Other than producing general pharmaceuticals, there is nothing. Why did they buy Jelloton and Gedeox, companies producing general pharmaceuticals, for 2 trillion won? Why didn't they do that? Aren't they buying this now for 2 trillion won to acquire the factory and the employees here?

No, it's not. And what we need to think about again in this part is, when Celltrion Holdings was merging, there was a company next to it, Celltrion Entera, and there are those who make cosmetics related to Celltrion. What is the name of that cosmetic company? There are some that are not included, a skincare company. Originally, they were planning to merge it with Celltrion, to put it under Celltrion Holdings, to merge Celltrion, Celltrion Healthcare, and Celltrion Skincare together at once. However, the shareholders of Skincare opposed it, and then the shareholders of Celltrion opposed it too, so they couldn't be incorporated under Holdings. If you look at this, it's Celltrion Skincare.

There are clearly issues. It is said that during the merger process, Chairman Seo Jung-jin benefited a lot from that deal. If we combine this with Skin Cure, however, if we look at that part, the original investors who invested in Celltrion from the beginning are all against it and have withdrawn, saying not to do it. It's because they can only think about the interests of existing shareholders. The reason I am talking about this is that the biggest problem with this issue is that when Celltrion Pharma merged with Celltrion, the shareholders of Celltrion Pharma will not benefit at all. So, the issue's biggest problem is that when Celltrion Pharma is absorbed by Celltrion, Celltrion's shareholders will gain nothing. Therefore, I hope that Celltrion Pharma and Celltrion Healthcare, which I have often mentioned together, will not be seen together.

Celltrion has also uploaded quite a lot of videos. When Celltrion was talking about the merger last August, if you go into those videos and watch, I said the same thing back then. I said, Is it difficult for Celltrion? Is it difficult for Celltrion? I often made such comments. So, I would like to suggest that you check that part a little. That's about it. When it comes to the Celltrion group, in terms of merger issues, let me summarize it. From the perspective of a Celltrion shareholder, let's just think about this. If Celltrion merges with Celltrion Pharmaceutical, there is no benefit at all. It means they cannot recover the money spent. So, should they spend the money? If the stock price of Celltrion Pharmaceutical drops significantly, it's not known, but in that case, it might be better to buy. Then, Celltrion shareholders would actually be betting against Celltrion.

I hope you have checked to some extent what can be done about that. The bigger issue with Celltrion Group, in the end, I don't know what Celltrion Holdings is. If it's about breast milk, then I don't know, they listed on the Nasdaq. I think they will be listed on the Nasdaq. Maybe this is related to succession. I think this issue might not be a big deal. They are pulling money from the U.S. to invest here and there. They announce it like this. If you think about it in general, wouldn't it be more appropriate to talk about succession issues? This is more of a feeling. This is about pulling money from the U.S. and investing here and there. When they say they are going to invest in startups and such, it's just a show. If they list in the U.S. and then switch to U.S. stocks, well, then maybe taxes are lower or something. Anyway, that's about it. So, I suggest checking it out a bit.

I would like to make a statement, and I will cut the replay for you. Yes, Celltrion Plus, Celltrion Pharmaceutical Agreement [MUSIC] Issue n [MUSIC].

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