-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
Since November 2021, new shares have been broken intensively, and in 2022, with the substantial adjustment and downward adjustment of the A-share secondary market, new shares are still breaking
.
In the pharmaceutical industry, as of the close on February 16, the newly listed pharmaceutical companies this year, including Asieris Pharmaceuticals, Maiwei Bio and other companies, broke the market on the first day of listing
.
On January 7, Asieris Pharmaceuticals, which has not yet made a profit, landed on the Science and Technology Innovation Board with an issue price of 22.
98 yuan and a total fundraising of 2.
528 billion yuan.
It broke at the opening and closed down 23.
41% on the first day of listing
.
As of the close on February 16, the stock was down 33.
12% from the issue price
.
On January 18, Maiwei Biotech, which was also unprofitable, landed on the Science and Technology Innovation Board with an issue price of 34.
8 yuan and raised 3.
476 billion yuan
.
As of February 16, Maiwei Bio has fallen 38.
76% compared to the issue price
.
According to industry statistics, from the beginning of 2021 to February 16 this year, the stock prices of 11 pharmaceutical companies listed on the A-share market fell below the issue price
.
Among them, Maiwei Bio decreased by 38.
76% compared with the issue price, BeiGene decreased by 38.
11%, Dizhe Medicine decreased by 37.
98% and Chengda Bio decreased by 37%
.
Judging from the situation of these broken companies, it is not difficult to find that unprofitable innovative drug or innovative medical device R&D companies account for the majority
.
In this regard, some analysts pointed out that there are two main reasons for the intensive breakout of unprofitable new pharmaceutical stocks.
First, centralized procurement has changed the valuation logic of the secondary market; second, the primary market has a serious bubble, and many projects exist.
Inflated valuations
.
In September 2021, the China Securities Regulatory Commission issued the "Decision on Amending the Special Provisions on the Issuance and Underwriting of Securities for Initial Public Offerings on the Growth Enterprise Market".
After the promulgation of the new regulations, the pricing rules have been optimized, and institutional investors can normally make quotations according to market conditions.
, which is also an important reason for many unprofitable companies to go public
.
Shanghai Securities once pointed out that the break of new shares led to a decline in the yield of new shares, forcing institutional investors to take the initiative to improve their pricing power
.
At the current point in time, some institutions have adjusted their own quotation strategies, and are paying more and more attention to the fundamental research on IPOs.
The IPO pricing is truly shifting towards a market-oriented direction, and "brainless" new listings will gradually withdraw from the market
.
From a long-term perspective, institutions that participate in offline IPOs in the future will rely on their own fundamental research capabilities, and price quotations reasonably based on the fundamentals of IPOs from the perspective of value.
In the future, brokerage investment banks with strong pricing capabilities will still obtain higher revenue from IPOs
.
For unprofitable pharmaceutical companies, although the capital market has opened the door to these companies in the past two years, more and more innovative pharmaceutical companies have entered the capital market, but with the evolution of time, how do these listed pharmaceutical companies realize their commercialization? Value promise has become one of the core issues for investors
.
Some market participants pointed out that if an innovative pharmaceutical company wants to succeed in commercialization in the market, it needs to have three major elements: product pipeline, commercialization capability, and production capacity building.
It is difficult for a single product pipeline to be recognized by investors.
Therefore, it is not profitable.
The company also needs to cultivate real power and create excellent products
.
As the IPO of unprofitable innovative pharmaceutical companies has become the new normal, the industry believes that the entire market will gradually mature
.
In the future, with the continuous optimization of IPO pricing rules, the frequency of IPO breakouts may be stable, and the market will further move towards a state of regulated, orderly and healthy development
.
Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice to anyone
.
.
In the pharmaceutical industry, as of the close on February 16, the newly listed pharmaceutical companies this year, including Asieris Pharmaceuticals, Maiwei Bio and other companies, broke the market on the first day of listing
.
On January 7, Asieris Pharmaceuticals, which has not yet made a profit, landed on the Science and Technology Innovation Board with an issue price of 22.
98 yuan and a total fundraising of 2.
528 billion yuan.
It broke at the opening and closed down 23.
41% on the first day of listing
.
As of the close on February 16, the stock was down 33.
12% from the issue price
.
On January 18, Maiwei Biotech, which was also unprofitable, landed on the Science and Technology Innovation Board with an issue price of 34.
8 yuan and raised 3.
476 billion yuan
.
As of February 16, Maiwei Bio has fallen 38.
76% compared to the issue price
.
According to industry statistics, from the beginning of 2021 to February 16 this year, the stock prices of 11 pharmaceutical companies listed on the A-share market fell below the issue price
.
Among them, Maiwei Bio decreased by 38.
76% compared with the issue price, BeiGene decreased by 38.
11%, Dizhe Medicine decreased by 37.
98% and Chengda Bio decreased by 37%
.
Judging from the situation of these broken companies, it is not difficult to find that unprofitable innovative drug or innovative medical device R&D companies account for the majority
.
In this regard, some analysts pointed out that there are two main reasons for the intensive breakout of unprofitable new pharmaceutical stocks.
First, centralized procurement has changed the valuation logic of the secondary market; second, the primary market has a serious bubble, and many projects exist.
Inflated valuations
.
In September 2021, the China Securities Regulatory Commission issued the "Decision on Amending the Special Provisions on the Issuance and Underwriting of Securities for Initial Public Offerings on the Growth Enterprise Market".
After the promulgation of the new regulations, the pricing rules have been optimized, and institutional investors can normally make quotations according to market conditions.
, which is also an important reason for many unprofitable companies to go public
.
Shanghai Securities once pointed out that the break of new shares led to a decline in the yield of new shares, forcing institutional investors to take the initiative to improve their pricing power
.
At the current point in time, some institutions have adjusted their own quotation strategies, and are paying more and more attention to the fundamental research on IPOs.
The IPO pricing is truly shifting towards a market-oriented direction, and "brainless" new listings will gradually withdraw from the market
.
From a long-term perspective, institutions that participate in offline IPOs in the future will rely on their own fundamental research capabilities, and price quotations reasonably based on the fundamentals of IPOs from the perspective of value.
In the future, brokerage investment banks with strong pricing capabilities will still obtain higher revenue from IPOs
.
For unprofitable pharmaceutical companies, although the capital market has opened the door to these companies in the past two years, more and more innovative pharmaceutical companies have entered the capital market, but with the evolution of time, how do these listed pharmaceutical companies realize their commercialization? Value promise has become one of the core issues for investors
.
Some market participants pointed out that if an innovative pharmaceutical company wants to succeed in commercialization in the market, it needs to have three major elements: product pipeline, commercialization capability, and production capacity building.
It is difficult for a single product pipeline to be recognized by investors.
Therefore, it is not profitable.
The company also needs to cultivate real power and create excellent products
.
As the IPO of unprofitable innovative pharmaceutical companies has become the new normal, the industry believes that the entire market will gradually mature
.
In the future, with the continuous optimization of IPO pricing rules, the frequency of IPO breakouts may be stable, and the market will further move towards a state of regulated, orderly and healthy development
.
Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice to anyone
.
