Sprint for A shares!

In the past two days, many pharmaceutical companies have ushered in new progress in entering the A-share market

Screenshot from: China Securities Regulatory Commission official website

Science and Technology Innovation Board

The cumulative loss of Haichuang Pharmaceutical may exceed 800 million yuan

May also face delisting risks after listing

On February 15, Haichuang Pharmaceutical's IPO registration on the Science and Technology Innovation Board was approved by the China Securities Regulatory Commission

Founded in 2013, Haichuang Pharmaceutical is an innovative drug company based on technology platforms such as deuterated technology and PROTAC (Protein Degradation Targeted Chimera) targeted protein degradation

According to the prospectus, Haichuang Pharmaceutical plans to issue no more than 24.

Previously, the China Securities Regulatory Commission inquired about Haichuang Pharmaceuticals on four aspects: share-based payment, HC-1119, industry policy impact, and share lock-up

In response to the above inquiries, on February 15, Haichuang Pharmaceutical replied that after verification, the sponsor and the issuer's lawyer believed that: the issuer's research and development concept, research and development project approval, clinical research, and clinical trial program design are in line with the "Guiding Principles" ” in accordance with the spirit, recommendations and requirements

It is worth noting that the core products of Haichuang Pharmaceutical are still in the clinical stage and have not yet achieved commercial production

At present, Haichuang Pharmaceutical is not only not yet profitable, but also has accumulated unrecovered losses

In terms of financial data, Haichuang Pharmaceutical has accumulated losses of more than 800 million yuan in recent years

From 2018 to 2020, the operating income of Haichuang Pharmaceutical was 3.

From January to June 2021, Haichuang Pharmaceutical's operating income was 0 yuan; the net profit attributable to shareholders of the parent company was -148 million yuan; the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was -162 million yuan

In addition, one of the actual controllers of Haichuang Pharmaceutical is American

gem

On February 16, the China Securities Regulatory Commission approved the registration of the initial public offering of shares by Prius (Shanghai) Pharmaceutical Technology Development Co.

Price raised 702 million yuan in doubt

Prius is an SMO company that focuses on providing clinical trial site management services, providing customers with SMO full-process services to ensure the efficient and standardized implementation of clinical trials

In October 2020, Prius submitted a listing application to the GEM of the Shenzhen Stock Exchange.

During the reporting period, all of Prius' main business income came from SMO services

In the first half of 2021, Price's performance began to grow rapidly, with revenue of 225 million yuan and net profit of 27.
33 million yuan in the current period, a year-on-year increase of 61.
51% and 184.
77%
.

It is worth noting that public information shows that Prius was formerly a wholly-owned subsidiary established by the SMO department of the original controlling shareholder Priusen.
Prius's main business is clinical research outsourcing services, while Prius is a subsidiary of Prius.
After Sheng became independent, it only operated the clinical trial site management service business
.

In addition to Prius, SMO companies with a certain scale in the industry also include WuXi Jinshi (a subsidiary of WuXi AppTec), Hangzhou Simo (a subsidiary of Tigermed), Sisbia, and Linkstar (Kangzhou).
Longhuacheng subsidiary) and San Lange (Northroc subsidiary),
etc.

In addition, the rationality of the huge capital raised by Prius is also open to question
.
As of the first half of 2021, Prius' net assets were only 193 million yuan; even in terms of total assets, it was a huge amount.
At the end of the reporting period, the company's total assets were 342 million yuan, and the total amount of funds raised even exceeded twice the total assets
.

Fujilai Pharmaceuticals: Has the IPO been sprinted again and where does it go?

In this listing, Fujilai Pharmaceutical plans to raise 250 million yuan to supplement working capital
.

Fujilai Pharmaceuticals is a research and development company of raw materials and health food.
It mainly provides users with three major products: lipoic acid series, carnosine series, and phosphatidylcholine series, which are used in medicine, dietary supplements, cosmetics and other fields.
Aging, improve blood sugar and other effects
.

According to the prospectus, during the reporting period, the main export countries and regions of Fuji-ray's APIs and intermediates include Europe, India, South Korea and other countries and regions
.

It is worth noting that the road to the listing of Fujilai Pharmaceuticals was not smooth, and its IPO was unfortunately rejected in 2018
.
The main reasons for the rejection at that time were: first, the net profit deducted from non-return to parent company was 73 million yuan in 2017, which was slightly thin; second, the United States was the first sales market for Fuji-Lay Pharmaceuticals.
Coupled with the evasion of foreign exchange and the illegal trading of foreign exchange, the IPO failed to pass
.

The IPO on the GEM is regarded as Fujilai Pharmaceutical's revival and charging again
.

According to the prospectus, from January to June 2021, Fujilai's main business income was 257 million yuan, and the net profit attributable to the parent was 62.
9805 million yuan, down 1.
43% and 30.
07% respectively compared with the same period last year
.

In 2015-2020, Fujilai's operating income was 246 million yuan, 322 million yuan, 375 million yuan, 375 million yuan, 452 million yuan, and 477 million yuan respectively
.
During the same period, Fujilai's net profit was RMB 48.
6063 million, RMB 58.
5825 million, RMB 77.
3608 million, RMB 93.
2685 million, RMB 145.
7119 million and RMB 141.
0528 million respectively
.

In addition, the rationality of the fund-raising of Fuji-Lai Pharmaceuticals is also questionable, and its information disclosure is also accused of being "half-covered"
.
The asset-liability ratio has also been decreasing year by year, even lower than the peer average
.
Sprinting for the IPO again, as a "re-examination candidate" for listing, let's wait and see where Fujilai Pharmaceuticals will go
.

The trend of pharmaceutical companies getting together to prepare for listing and sprinting for A shares is continuing
.

In addition, on February 18 (tomorrow), Hualan Vaccine, the largest influenza vaccine research and development and production company in China, will officially land on the GEM IPO
.
It is worth mentioning that, similar to the above-mentioned companies, Hualan Vaccine has a concentrated source of income, a single product structure, and the track where it is located is facing increasingly fierce competition
.
Although the fundraising will be used for a number of projects, including the research and development of a new crown vaccine, to alleviate the predicament, the final market performance will be seen tomorrow
.