Wuxi apptec's "one dismantling and three dismantling" successfully completed the total market value or exceeded 150 billion yuan

Source: on March 28, 2018, after Foxconn's 36 day "lightning" meeting record, another medical "unicorn" worthy of attention will be launched According to insiders, on March 27, at the 51st working meeting of the development and Review Commission of the CSRC in 2018, Wuxi apptec passed the meeting smoothly Wuxi apptec is known as the "Huawei" of the pharmaceutical industry and "Foxconn" of the pharmaceutical industry It is the 11th pharmaceutical R & D outsourcing service provider in the world Its meeting also marks the successful completion of the "one break three" landing in the capital market after Wuxi apptec's return from the US stock market However, the overall market value of the three companies of Wuxi apptec may exceed 150 billion yuan The industry where segment market breeds unicorn is cro, CMO / cdmo - contract R & D, contract production / contract production R & D service In the field of medicine, this is a relatively small segment market Cro services include preclinical research, clinical research, transformation of technical achievements, consultation, etc., which run through the whole process of new drug discovery, clinical research and drug registration With the maturity of cro service market, contract production, plant research cooperation and other business forms are also derived Cro has gradually become a very important branch of the pharmaceutical and biological industry According to the data of Nanfang Institute, the global market of cro is only about 30 billion US dollars Data source: from the perspective of competitive formats, the top ranked companies in the world are mainly American manufacturers From the mid-1980s to the 1990s, parexel, PPD, icon, Covance and other companies were successively established and listed, and the U.S cro market entered a period of rapid development After 2000, these leading cro companies in the U.S began to expand globally and integrate mergers and acquisitions among industries, and gradually enriched their business scope, covering the whole process services from new drug discovery to post market consultation The development of cro industry in China is relatively late, and it is also introduced by foreign enterprises In 1996, MDS Pharma service invested and built the first real cro enterprise in China, mainly engaged in clinical research services, marking the beginning of the Chinese cro industry In 2000, Wuxi apptec was founded, and then Shanghua pharmaceutical, Boji pharmaceutical, tag pharmaceutical and other companies were founded, and the domestic cro industry entered the development stage The global cro market is very concentrated, with the top ten service providers accounting for about 50% of the market share Wuxi apptec is the 11th largest cro service provider in the world, with a market share of about 2% Data source of global cro's leading enterprises and market share: as the only top Chinese company in China, Sinopharm Kant really deserves praise Pharmaceutical giants such as Pfizer, Johnson & Johnson, Roche, Lilly and MSD are all important customers After gaining a large market share, Wuxi apptec was listed on the New York Stock Exchange on August 9, 2007 "One demolition three" was successfully completed in the United States for many years, and Wuxi apptec deeply felt that "Wall Street pays too much attention to short-term performance, so large-scale strategic investment becomes more difficult" So they began to plan to return home In April 2015, Hequan pharmaceutical, a contract production and R & D company of Wuxi Wuxi Pharmaceutical Co., Ltd., was listed on the new third board of directors, which launched the first shot of Wuxi Pharmaceutical Co., Ltd.'s return In December 2015, Wuxi apptec announced the completion of privatization, involving 3.3 billion US dollars On March 23, 2017, Wuxi Pharmaceutical Co., Ltd posted the listing guidance announcement on its official website; in June 2017, Wuxi pharmaceutical biotechnology was listed in Hong Kong, and the second step of the spin off and return was successfully completed In July 2017, Wuxi apptec submitted the IPO prospectus, and the third act of "one to three" was officially opened On February 6, this year, Wuxi apptec released the pre disclosure information landing on the Shanghai Stock Exchange, which passed the examination on March 27 It only took 50 days before and after that, which is another IPO queuing record after Foxconn's 36 day "flash" meeting Up to now, the total market value of Hequan pharmaceutical industry is 20.274 billion yuan; the total market value of yaomingbio is 93.984 billion Hong Kong dollars - about 75.2 billion yuan (the market value is calculated based on the closing on March 27) according to the prospectus of Wuxi apptec, it plans to issue 104 million shares, accounting for no less than 10% of the total share capital and financing 5.741 billion yuan, so it is estimated that the market value of the company at the time of listing is about 57 billion yuan 202.74 + 752 + 570 = 1524.74, which means that if Wuxi apptec successfully completes the IPO fundraising, the market value of the three companies with "one break and three breaks" will exceed 150 billion yuan, compared with 3.3 billion dollars at the time of return, the market value will increase more than six times in three years In addition, according to the revenue data of Wuxi apptec, we can judge its growth after listing According to the prospectus, from 2014 to September 30, 2017, Wuxi apptec's operating revenue was 4.14 billion, 4.883 billion, 6.116 billion and 5.678 billion respectively; net profit deducted from non attributable parent was 213 million, 180 million, 878 million and 859 million; net operating cash flow was 713 million, 739 million, 1.757 billion and 1.122 billion; gross margin was 36.78%, 34.55%, 40.76% and 42.76% According to 2016 net profit, the price earnings ratio of Wuxi apptec is about 32 times The average p / E ratio of A-share pharmaceutical sector is about 80 times, and the dynamic P / E ratio of Zhaoyan new drug, a similar enterprise, is more than 78 times, which means that the market value of Wuxi apptec will have a large space to improve after it goes public However, the capital to be raised by Wuxi apptec is the highest in this year's IPO - the other two top ones are Huaxi Securities (raising 5 billion yuan) and Jiangsu financial leasing (raising 4 billion yuan) The higher capital raised also brings challenges to the smooth listing of Wuxi apptec When Wuxi apptec goes public, one day - a share embraces "unicorn", deli - the capital market at home, Renhe - a professional pharmaceutical background team and capital operation team After the IPO of Wuxi apptec, or by using the resource agglomeration effect of listed companies, it can enhance its competitiveness in the global market and drive domestic pharmaceutical innovation.