The company raised 1.286 billion yuan to go through IPO again, and Chenxin pharmaceutical went public with ups and downs

Recently, Chen Xin Pharmaceutical disclosed the prospectus on the website of the CSRC The company plans to issue no more than 100 million shares on the Shanghai Stock Exchange, with a total share capital of no more than 453 million shares The IPO is planned to raise 1.286 billion yuan This is Chenxin pharmaceutical's application for IPO again after voluntarily withdrawing IPO application materials and terminating the listing process in January 2016 Chenxin pharmaceutical seems confident in this a share sprint   none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; color: rgb(62, 62, 62); font-family: 'Hiragino Sans GB', 'Microsoft YaHei', Arial, sans-serif; font-size: 16px; line-height: 25.6px; border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); Box sizing: border box! Im portant; word wrap: break word! Im portant; "> the operating revenue is 2.565 billion yuan, and the infusion accounts for half of the total Chenxin pharmaceutical is a comprehensive enterprise engaged in research and development, production and sales of pharmaceutical products, with leading product research and development capabilities and market development capabilities At present, the company is able to produce 202 varieties and 330 specifications of 5 dosage forms including large volume injection (including non PVC soft bags, plastic bottles, glass bottles), freeze-dried powder injection, small volume injection, tablets, capsules, etc Figure 1: Chenxin pharmaceutical's revenue from 2014 to 2016 According to the data disclosed in the prospectus, in recent years, Chenxin pharmaceutical's market position and core competitiveness have been continuously enhanced and maintained a good growth From 2014 to 2016, the company's scale of production and marketing increased year by year In 2016, the operating revenue reached 2.565 billion yuan, and the net profit attributable to the owners of the parent company was 247 million yuan The comprehensive gross profit rate in the past three years exceeded 36%, and in 2016, it reached 41.54% Figure 2: Sales of transfusion in Chenxin pharmaceutical from 2014 to 2016 Since leaving Lukang group, Chenxin pharmaceutical's main business has always been infusion preparations From Figure 2, it can be seen that from 2014 to 2016, Chenxin pharmaceutical's sales revenue of infusion was 1.382 billion yuan, 1.513 billion yuan and 1.511 billion yuan respectively, accounting for about 58% of the company's business revenue, of which the highest in 2015 was 60% and 58.93% in 2016   none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; color: rgb(62, 62, 62); font-family: 'Hiragino Sans GB', 'Microsoft YaHei', Arial, sans-serif; font-size: 16px; line-height: 25.6px; border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); Box sizing: border box! 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Im portant; "> it is planned to raise 1.286 billion yuan, of which 110 million will be used for" blood replenishment "Table 1: the purpose of funds raised by Chenxin pharmaceutical industry According to the prospectus, the total investment of this project is 1285.9149 million yuan, and it is planned to use the raised funds to invest in the whole department, and the insufficient part of the raised funds will be supplemented with own funds If all or part of the projects in which the above raised funds are invested must be invested in advance before the raised funds are put in place due to business needs or market competition, the company plans to invest in advance with self raised funds After the raised funds are put in place, the company can choose to replace the self raised funds with raised funds Among the 1.286 billion yuan to be raised in the IPO of Chenxin pharmaceutical, 110 million yuan will be used to supplement the working capital, and the rest will be invested in six major projects, namely, the construction of 150 million bags of non PVC soft bag infusion production line, the construction of international cGMP solid preparation workshop, 200 million pieces of freeze-dried powder injection production line, 50 million pieces of sub packed powder injection production line, the construction of R & D center and the construction of marketing network none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; color: rgb(62, 62, 62); font-family: 'Hiragino Sans GB', 'Microsoft YaHei', Arial, sans-serif; font-size: 16px; line-height: 25.6px; border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); Box sizing: border box! 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Im portant; "> Chen Xin Pharmaceutical has been listed for many years In 2011, Chen Xin Pharmaceutical completed the share reform, but its listing process has been delayed It was not until 2014 that Chenxin pharmaceutical officially began to make pre disclosure In January 2016, the dawn of Chenxin pharmaceutical's listing appeared, and it entered the "pre disclosure and update" link from the "feedback" process which had been hovering for a long time However, just before the door, Chenxin pharmaceutical took the initiative to withdraw the application It turns out that there are problems in the information disclosure of Chenxin pharmaceutical The CSRC found three major problems in Chenxin pharmaceutical industry in the review and 2015 IPO information disclosure quality inspection: first, from 2011 to 2013, it issued four commercial acceptance bills with no trade background to AIA Weiye, totaling RMB 50 million, which were used for capital turnover, none of which were recorded or registered for future reference, nor disclosed in the prospectus Second, in 2012, there was a related capital transaction of RMB 71.11 million with its controlling shareholder Hong Xinchuang, which was not approved by the board of directors or disclosed in the prospectus Third, in 2012, there was a current account of 15.2 million yuan with related party Chenbang real estate, which was not disclosed in the prospectus Chenxin Pharmaceutical Co., Ltd did not stop the IPO process after taking the initiative to cancel the order The company's IPO application was accepted by the CSRC in June 2016 On June 9, this year, Chenxin Pharmaceutical Co., Ltd released the pre disclosure update In the view of insiders, the pre disclosure update means that it has been "infinitely close to the meeting" Can Chenxin pharmaceutical go on the meeting smoothly this time? none="shifuMouseDown('shifu_t_002')" style="margin: 1em auto; padding: 0.5em 0px; max-width: 100%; color: rgb(62, 62, 62); font-family: 'Hiragino Sans GB', 'Microsoft YaHei', Arial, sans-serif; font-size: 16px; line-height: 25.6px; border: none; text-align: center; width: 670px; box-sizing: border-box !im portant; Word wrap: break word! Im portant; "> conclusion: A-share listed pharmaceutical enterprises mainly engaged in infusion business mainly include Kelun pharmaceutical, China Resources Shuanghe, Huaren pharmaceutical and Jimin pharmaceutical Chenxin pharmaceutical ranks first in the industry in terms of revenue, net profit or asset scale, only next to Kelun pharmaceutical and China Resources Shuanghe Once Chenxin pharmaceutical is listed successfully, it will bring certain pressure to the above enterprises In addition, in 2016, all provinces increased their efforts to limit transportation, and the volume of infusion market shrank dramatically At the same time, the impact of bidding and price negotiation made infusion enter the era of low profit In the cold winter of the industry, a group of pharmaceutical enterprises mainly engaged in infusion business are constantly seeking transformation What clever measures will Chenxin pharmaceutical industry take to deal with this cold winter? We will wait and see!