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Recently, the Shanghai Stock Exchange issued an announcement stating that it would terminate the review of Zhejiang Heze Pharmaceutical Technology Co.
, Ltd.
(abbreviated as Heze Pharmaceutical) for its first public offering and listing on the Science and Technology Innovation Board
.
According to an announcement by the Shanghai Stock Exchange, on December 21, 2021, Heze Pharmaceuticals withdrew its issuance and listing application or the sponsor withdrew its sponsorship
.
In accordance with Article 67 (2) of the "Examination Rules", the Shanghai Stock Exchange terminated the review of the issuance and listing of Heze Medicine
.
According to the data, Heze Medicine is a professional CRO company with drug R&D as its core.
The services provided cover generic drug development, generic drug consistency evaluation, innovative drug development and other pharmaceutical research, clinical trial services, and technological achievement transformation
.
Before the withdrawal, the company had completed two rounds of inquiries and responses.
In the first round of inquiries on the Sci-tech Innovation Board, the Shanghai Stock Exchange mainly focused on Heze Pharmaceutical’s technical services, technological achievement transformation, market position, revenue composition, R&D activities and R&D investment, and operating costs.
, Share-based payment fees and other 16 questions for inquiries
.
In the second round of inquiries, the Shanghai Stock Exchange mainly inquired about seven aspects of Heze Pharmaceutical's representative R&D projects, revenue composition, technological advancement, income from technology transfer business, shares of subsidiaries, customers, and suppliers
.
In fact, in addition to Heze Pharmaceuticals, many pharmaceutical companies have successively stopped IPOs on the Science and Technology Innovation Board since the second half of the year
.
For example, on September 17, Haihe Pharmaceutical's IPO was rejected
.
And just a few days later (September 22), Jikai Gene IPO also ushered in the same fate
.
Incomplete statistics show that, including the above-mentioned companies, the number of IPO rejections has exceeded 15 this year, and only 6 pharmaceutical companies have made the decision to terminate the listing in 2020
.
In this regard, the industry believes that this is due to the fact that the interpretation of the attributes of the Sci-tech Innovation Board has become clearer, and the evaluation indicators of the attributes of the Sci-tech Innovation Board have also increased
.
According to relevant sources from the Shanghai Stock Exchange's Issuance and Listing Service Center, the Sci-tech Innovation Board application attaches great importance to insisting on hard technology
.
The review principle of the Science and Technology Innovation Board is "substance is more important than form".
In the specific review, it will examine whether the company has the core of independent intellectual property rights and whether it has the conditions for the effective transformation of technological results into business results, etc.
.
As before, the inquiries about Haihe Pharmaceuticals were quite sharp, and many questions asked them to explain whether they "have independent research and development capabilities
.
" It is worth noting that since its establishment, Haihe Pharmaceutical has relied too much on the license-in (authorized introduction) model
.
At present, there are almost no self-developed patents in the 19 projects it owns.
Except for the HH3806 project, the others are from authorized introduction or cooperative research and development
.
In addition, coincidentally, the Shanghai Committee’s inquiries on Jikai Gene also involve technological advancement and substitutability
.
From an overall point of view, the importance of "independent research and development capabilities" to the IPO of the Sci-tech Innovation Board has been revealed
.
In this context, the industry suggests that companies need to accelerate their technological innovation attributes through innovation
.
For companies that lack their own innovation capabilities and want to accelerate their listing through the license-in model, they can first buy some earlier pipelines, such as hit (emergency compound), lead (lead compound), or pcc (preclinical candidate).
Compounds) instead of clinical phase II or later stages, to make a substantial contribution to the introduced pipeline, and to do translational medicine research and clinical trials to improve the level of self-research and prove the ability of scientific innovation
.
, Ltd.
(abbreviated as Heze Pharmaceutical) for its first public offering and listing on the Science and Technology Innovation Board
.
According to an announcement by the Shanghai Stock Exchange, on December 21, 2021, Heze Pharmaceuticals withdrew its issuance and listing application or the sponsor withdrew its sponsorship
.
In accordance with Article 67 (2) of the "Examination Rules", the Shanghai Stock Exchange terminated the review of the issuance and listing of Heze Medicine
.
According to the data, Heze Medicine is a professional CRO company with drug R&D as its core.
The services provided cover generic drug development, generic drug consistency evaluation, innovative drug development and other pharmaceutical research, clinical trial services, and technological achievement transformation
.
Before the withdrawal, the company had completed two rounds of inquiries and responses.
In the first round of inquiries on the Sci-tech Innovation Board, the Shanghai Stock Exchange mainly focused on Heze Pharmaceutical’s technical services, technological achievement transformation, market position, revenue composition, R&D activities and R&D investment, and operating costs.
, Share-based payment fees and other 16 questions for inquiries
.
In the second round of inquiries, the Shanghai Stock Exchange mainly inquired about seven aspects of Heze Pharmaceutical's representative R&D projects, revenue composition, technological advancement, income from technology transfer business, shares of subsidiaries, customers, and suppliers
.
In fact, in addition to Heze Pharmaceuticals, many pharmaceutical companies have successively stopped IPOs on the Science and Technology Innovation Board since the second half of the year
.
For example, on September 17, Haihe Pharmaceutical's IPO was rejected
.
And just a few days later (September 22), Jikai Gene IPO also ushered in the same fate
.
Incomplete statistics show that, including the above-mentioned companies, the number of IPO rejections has exceeded 15 this year, and only 6 pharmaceutical companies have made the decision to terminate the listing in 2020
.
In this regard, the industry believes that this is due to the fact that the interpretation of the attributes of the Sci-tech Innovation Board has become clearer, and the evaluation indicators of the attributes of the Sci-tech Innovation Board have also increased
.
According to relevant sources from the Shanghai Stock Exchange's Issuance and Listing Service Center, the Sci-tech Innovation Board application attaches great importance to insisting on hard technology
.
The review principle of the Science and Technology Innovation Board is "substance is more important than form".
In the specific review, it will examine whether the company has the core of independent intellectual property rights and whether it has the conditions for the effective transformation of technological results into business results, etc.
.
As before, the inquiries about Haihe Pharmaceuticals were quite sharp, and many questions asked them to explain whether they "have independent research and development capabilities
.
" It is worth noting that since its establishment, Haihe Pharmaceutical has relied too much on the license-in (authorized introduction) model
.
At present, there are almost no self-developed patents in the 19 projects it owns.
Except for the HH3806 project, the others are from authorized introduction or cooperative research and development
.
In addition, coincidentally, the Shanghai Committee’s inquiries on Jikai Gene also involve technological advancement and substitutability
.
From an overall point of view, the importance of "independent research and development capabilities" to the IPO of the Sci-tech Innovation Board has been revealed
.
In this context, the industry suggests that companies need to accelerate their technological innovation attributes through innovation
.
For companies that lack their own innovation capabilities and want to accelerate their listing through the license-in model, they can first buy some earlier pipelines, such as hit (emergency compound), lead (lead compound), or pcc (preclinical candidate).
Compounds) instead of clinical phase II or later stages, to make a substantial contribution to the introduced pipeline, and to do translational medicine research and clinical trials to improve the level of self-research and prove the ability of scientific innovation
.
