The three major pharmaceutical central enterprises have all entered the bureau of the blood products field pattern or change

with China Resources Pharma's acquisition of Boya Biological Intentions clear, China's three major pharmaceutical state-owned enterprises have all entered the field of blood products. If this merger is finally completed, the industry believes that with the help of China Resources Pharmaceuticals' state-owned background and predictable government resources, the blood products field may be changing, Boya Bio is expected to become the fifth "thousand tons" plasma company after Hualan Biology, Temple of Heaven Biology, Shanghai Lais, Taibang Bio.“ Peach lace "deep exchange inquiry" after the public opinion vortex of Boya biological ushered in the "acquisition" of state-owned enterprises.On September 28th, Boya Bio and China Resources Pharmaceuticals simultaneously announced that China Resources Pharmaceuticals intends to take control of Boya Biometrics.The announcement said that China Resources Pharmaceutical Holdings, a whowed subsidiary of China Resources Pharmaceuticals, has entered into a letter of intent to acquire Gao Tejia, the controlling shareholder of Boya Bio. Gao Tejia, which currently owns about 30%, will transfer the shares of listed companies with no less than 16% to China Resources Pharmaceutical Holdings. In addition, Gautejia also entrusted the voting rights of the remaining shares to China Resources Pharmaceutical Holdings.It also means that if the acquisition is finally agreed, Boya Bio, which has claimed no real controller since the listing, will welcome the state-owned enterprises into the market. The cloud of real control doubts hanging over it will also settle in a different way.“ Hot hands" of the targetor will change the owner of the news in the industry has long been the wind.On July 6 this year, Boya Bio announced that it had received a "letter of notification" from the company's controlling shareholder, Gauteja, who was planning major matters related to the company's share changes. In early September, Bloomberg reported that China Resources Capital was considering acquiring a controlling stake in Boya Bio and had held preliminary talks with Boa Bio's majority shareholder, Shenzhen Gautejia Investment Group.Gauteja's side is moving as well.In September, Gautejia and its co-actor, Shanghai Gaote Jiaxuan, completed their investment reduction of Boya Bio, and GaoTeja's senior executive at Boya Bio, Zeng Xiaojun, also resigned as a director of the company and a member of the strategic committee of the board of directors.The news didn't get much attention at first.After all, as an investment institution dominated by strategic equity investment business, it is not unusual for Gauteja to make equity changes to its holding companies. According to its official website information, Gaotejia currently has more than 20 billion funds management, manages 24 medical and health industry funds, has invested in more than 130 enterprises, including more than 70 medical and health enterprises, and promoted the successful listing of 20 enterprises. In addition to Boya Bio's investment map, there are no shortage of well-known pharmaceutical companies such as Murray Medical, Kangfang Bio, Fuhong Hanxuan and so on. In response to inquiries from the Shenzhen Stock Exchange, Cai Dajian, Chairman of Gauteja, also said that Gauteja was committed to making extensive investments in health care, "rather than focusing on acquiring and operating a physical enterprise".In addition, the performance of Boya Bio has also declined. In the first half of 2020, Boya Bio achieved revenue of RMB1.328 billion, down 3.47% YoY, and net profit of RMB161 million, down 24.42% YoY. In August, Boya Bio announced that it had terminated some of the projects it had raised at the time of the 2015 IPO and used the remaining funds permanently to replenish liquidity. Since August, Boya Bio's share price has fallen sharply, from a high of 56.52 yuan per share to 35 yuan per share, the largest decline of nearly 40%.For Gauteja, the choice to withdraw from the scene is not entirely unreasonable.But in September an open letter and inquiries from the Shenzhen Stock Exchange put Boya Bio and Gottjadu in the media spotlight, and the "real controller suspect cloud" and "Danxia Bio 800 million yuan transaction" were pushed to the forefront of public opinion. The share changes, which have been watched from the outside world, seem a little more "profound".However, from another point of view, although deep in the vortex of public opinion is quite "hot hand", Boya Bio is still the blood products industry's acquisition of high-quality targets. Hu Boxin, chief pharmaceutical analyst at Dongxing Securities, believes that Boya Bio should also see the strength of Boya Bio as a quasi-leader of blood products than the "noise" from the outside world.In the field of blood products, according to the functional structure of the main divided into albumin, immunoglobulin and coagulation factors and other three categories of products. Boya Bio is not only one of the few domestic enterprises covering all three types of products, but also one of the most complete production enterprises of albumin and static injection human immunoglobulin specifications. Boya Bio currently has 12 single plasma collection stations, the annual collection of raw plasma about 350 tons, although in the number of plasma stations and pulp collection volume and the first echelon of a thousand tons of plasma volume enterprises have a certain gap, but its revenue and net profit per ton of plasma in the industry among the best. Boya Bio is also one of the few companies in China that has the qualification to build a new pulp station. Hu Boxin said that the strength of the pulp station is the core competitiveness of the blood products field, "the construction of new pulp station can improve the scale of production and marketing of business." In accordance with the regulations of the Ministry of Health in 2012, the state has restricted the setting of pulp stations, and it is more difficult to build new pulp stations. At present, the domestic has a new pulp station qualification of only 6 enterprises, Boya bio is one of them, in the pulp station resources occupy the upper reaches of the industry. According to the annual report, Boya Bio expects to complete the "thousand-ton intelligent blood products factory construction project" and complete GMP certification in 2021 to achieve the subsequent expansion of plasma production capacity. Danxia Bio, which was jointly acquired by Boya Bio and Gauteja in 2017, will also bring further improvements in pulp harvesting. Danxia Bio has 25 sites, of which 17 are single plasma stations, and is currently the largest number of plasma stations in the single enterprise of blood products. Hu Boxin said that once Danxia biological related approval is resolved, Boya bio is expected to join the thousand tons of slurry ladder, to achieve the domestic blood products thousand tons of pulp enterprise pattern "from 4 to 5". “ Compared with Gautejia, China Resources, as a national state-owned enterprise, is better suited to do these. " seize the advantages of resources layout of the entire industrial chain for the proposed acquirer China Resources Pharmaceuticals, this acquisition will mean? In fact, the acquisition of Boa Bio's stake is part of China Resources' expansion in the "Big Health" sector. Throughout the current domestic volume of large pharmaceutical assets of the state-owned enterprises, China Resources Group is a, as well as China National Pharmaceutical Holdings and China General Technology Group, the latter have in the field of blood products layout. China National Pharmaceutical Holdings owns more than 95 per cent of China Bio, while China Bio owns 49.96 per cent of Tiantan Bio, according to Tianye. Tiantan Bio's main business is blood products, and in 2019 achieved a profit growth rate greater than the revenue growth of the operating results, its 2019 financial results show that there are 51 plasma stations in the country, the annual collection of plasma more than 1,700 tons, can be ranked as a "thousand tons of plasma" company. Similarly, China General Technology Group has also carried out the layout of the blood products business. Emerging Group, a wholly owned subsidiary of China General Technology Group, owns more than 50% of Shanghai Emerging Pharmaceuticals and is suspected to be the owner. Shanghai Emerging Pharmaceutical Co. , Ltd. is a national blood products fixed-point production enterprises, mainly engaged in the production and sale of blood products, because of its production of human immunoglobulin due to HIV antibody positive was discontinued" event, has been discontinued. Then in a similar mass of central enterprises are doing layout of the case, as one of the seven sub-plates of China Resources Group, China Resources Pharmaceuticals of course also "not willing to lag behind." Why do you say that? According to the Forward-Looking Industry Research Institute, in 2018, a total of 25 enterprises nationwide have records of the issuance of blood products, which means that domestic blood products enterprises are also around 25, and the future growth of the number is more difficult. The reason is that the state strictly controls the license plate of blood products enterprises. In 2001, in order to curb the spread of AIDS, China's blood products companies to implement license management, and no longer approve the relevant licensing license, so the scarcity of licenses in the field of blood products is obvious. At the same time, public data show that the size of the domestic blood products market in 2018 is close to 30 billion yuan, and from 2012 to 2018 data show that the size of this market has been growing. Therefore, the acquisition of Boya Bio, a company with obvious growth potential, can undoubtedly be regarded as China Resources Pharmaceuticals timely grasp of the "scarce resources." Dongxing Securities analyst Hu Boxin also believes that "China Resources Pharmaceuticals acquisition of Boya Bio, will be able to form a resource advantage." In addition, it is not difficult to see that the acquisition of Boya Bio is also China Resources Pharmaceuticals to carry out the entire industrial chain layout of a link. As early as 2007, after China Resources Pharmaceuticals was established in Hong Kong, China Resources Group has been through China Resources Pharmaceuticals in a number of medical and health fields layout. As of 2013, China Resources Pharma has owned dozens of pharmaceutical companies such as China Resources Donga, China Resources 39, Beijing Pharmaceuticals and China Resources Zizhu, and has become China's second largest integrated pharmaceutical group for the first time with assets and revenues of more than HK$100 billion. At present, it has up to 54 products with sales of more than 100 million; 4 of the top 10 products in the domestic OTC market in 2018 are Products of China Resources Pharmaceuticals; and 6 of the top 50 Chinese pharmaceutical brands announced by Sipu will be in 2019. After becoming the second largest integrated pharmaceutical group, China Resources Pharmaceuticals did not stop the "acquisition" step, the most high-profile industry last year with 4.2 billion yuan to buy Jiangzhong Pharmaceuticals. In addition to its continued efforts in pharmaceuticals, distribution and retail, China Resources has also been developing biopharmaceuticals and IVD diagnostics in recent years. In 2016, China Resources Pharmaceuticals established China Resources Biopharmaceuticals (Shenzhen) Co., Ltd., and from the sky-eye data, it can be seen that the seven enterprises controlled by the company are related to biopharmaceutical research and development. And just last month, the domestic IVD leading enterprises Di rui medical announcement will be introduced to China Resources as the real controller, which undoubtedly makes China Resources also entered the field of equipment.
(E drug manager)