Recently, with the disclosure of listed companies, the accelerated withdrawal of some capital from pharmaceutical companies has attracted the attention of the industry, including many large investment companies
such as Hillhouse.
Pharmaceuticals has been one of Hillhouse's key holdings in the past
.
In the second quarter of this year, Hillhouse Capital held 18 biomedical companies, of which 5 were in the top 20 positions, and BeiGene ranked first in the second quarter
.
However, from the perspective of reducing positions, there are also 3 biomedical companies, accounting for one-third
.
In fact, from the perspective of public information, Hillhouse has frequently reduced its holdings
in the pharmaceutical sector in recent years.
For example, in the CXO (Pharmaceutical Outsourcing) segment, Hillhouse had bought the head of pharmaceutical outsourcing, WuXi AppTec and Gloria Ying, through a fixed increase, of which in October 2020, Hillhouse had participated in the fixed increase of Gloria Ingen at an issue price of 227 yuan per share that was nearly twice as high as in February, when Hillhouse was allocated about 4.
4053 million shares, costing about 1 billion yuan and locking up for 6 months
.
However, in the second quarter of 2021 and the third quarter of 2021, Hillhouse withdrew from the list
of the top ten outstanding shareholders of WuXi AppTec and Gloria Ingen respectively.
In the field of vaccines, in the second quarter of 2021, Hillhouse bought 11.
0599 million shares to become the eighth largest circulating shareholder of Hualan Biologics, with a shareholding ratio of 0.
7%.
However, in the first quarter of this year, Hillhouse has withdrawn
from the top ten circulating shareholders of Hualan Biologics.
It is reported that in the first quarter, Hillhouse reduced its holdings by at least about 5.
5 million shares
.
In addition, BGI Gene in the field of testing was also withdrawn from its top ten outstanding shareholders by Hillhouse
in the first quarter of this year.
In February 2021, BGI's 2 billion yuan fixed increase project landed, with an issue price of 145 yuan per share
.
Hillhouse's Wanren Investment was allocated 3.
47 million shares, plus the 750,000 shares previously held, holding a total of 4.
2195 million shares, becoming the seventh largest shareholder
of BGI.
According to BGI's tenth-largest circulating shareholder holding about 1.
67 million shares in the first quarter of this year, hillhouse sold at least 2.
37 million shares
in the first quarter if it were not liquidated.
According to the data, the average price of BGI's shares in the first quarter was 89 yuan, down nearly 40%
from the fixed increase price of 145 yuan.
According to industry data, Hillhouse has previously reduced its holdings in BGI, of which in the second quarter of 2021, it has slightly reduced its holdings by 182,400 shares, and its shareholding has dropped to 4.
0371 million shares
.
According to the data, BGI's main business is to provide multi-omics big data technical services
such as genetic testing, mass spectrometry detection, and bioinformatics analysis.
On August 24, BGI disclosed its 2022 semi-annual report, achieving revenue of 3.
161 billion yuan, down 13.
30% year-on-year; Net profit was 605 million yuan, down 44.
21% year-on-year; Net profit after deduction of non-net profit was 552 million yuan, down 46.
33%
year-on-year.
Among them, the main source of revenue precision medicine testing integrated solution business achieved revenue of 1.
541 billion yuan, a decrease of 18.
72%
over the same period last year.
In addition, BGI's operating cash flow is under pressure
.
According to the semi-annual report, BGI's net cash flow from operating activities was -225 million yuan, a year-on-year decrease of 133.
90%.
In this regard, BGI said that it was mainly due to
the decrease in cash received from the sale of goods and the provision of services.
The net increase in cash and cash equivalents was -$172 million, mainly due to
a decrease in liquid operating monetary funds.
Industry analysis believes that the withdrawal of capital holdings is mainly due to the blind follow-up of research and development by some pharmaceutical companies at present, and with the shortcomings of the enterprise research and development structure highlighted, the capital withdrawal is reasonable
.
In recent years, policies such as national collection and procurement have guided pharmaceutical companies to develop in the direction of innovation, and emphasized that they should be guided by clinical value and benefit the healthy and standardized development of
the industry in the long run.
