2020 inventory: What has changed in the layout of "biomedicine" of Gao's capital, and what is the investment logic?

Hillhouse Capital, a capital firm focused on long-term structured value investments founded by Mr Zhang Lei, has developed into one of the largest asset management investment funds in Asia.
The biopharmaceutical industry has always been favored by Gao Wei Capital, invested in dozens of well-known enterprises, including Hengrui Pharmaceuticals, Eyre Ophthalmology, Baiji Shenzhou, Pharmaceutical Mingkangde, Tagg Pharmaceuticals, Junshi Bio, Xinda Bio, Ganli Pharmaceuticals, etc.
2020, what are the actions of Gao's capital in the field of biomedicine? What areas deserve attention? This paper explores the exact investment path of Gao's capital in 2020.
(1) Kailaiying (002821) In October 2020, Kailaiying announced that it had raised 2.31 billion yuan in total, and that nine of the target issuers had been raised, of which Gaoyu Capital participated in the increase at an issue price of 227 yuan per share, and was granted 4.453 million shares, with a distribution amount of about 1 billion yuan, the largest buyer.
fact, in The Third Quarter report, Gao's capital ranks ninth among the company's top 10 shareholders, with 1.4 million shares, or 0.6% of the total share capital.
Kailaiying is a leading enterprise of small molecule CDMO in China, relying on continuous technological innovation, the company provides efficient and high-quality research and development and production services for large and medium-sized pharmaceutical enterprises and biotechnology companies around the world, and promotes the clinical research and commercial application of innovative drugs.
As a "water seller" in the biopharmaceutical industry, the company is currently to service model innovation, strengthen technical link services as the starting point, vigorously promote the "light assets" model of innovative pharmaceutical clinical CRO business, and gradually establish a "capital and CMC", "capital and CRO" double-standard development model, to achieve early intervention in innovative drug projects, deep binding.
(2) Health Yuan (600380) In July 2020, Health Yuan issued a communique proposing a non-public offering of shares, raising a total amount of funds is not expected to exceed 2.127 billion yuan.
health meta business covers health care products, raw materials, Chinese medicine, chemical agents, respiratory drugs and other fields.
company in the early years by mrs. oral solution hit the brand, in recent years, the focus of the layout of respiratory products, 2019 compound isopropyl bromide inhalation solution first imitation approved, hydrochloric acid left salbutamol atomized inhalation solution first imitation was approved, Budinide mixed suspension two imitation was approved.
the end of 2020, the company's hydrochloric acid zusaldamine atomized inhalation solution into the national health insurance directory, will further promote the company's performance.
(III) Jia and Bio (6998. HK) In June 2020, Jia and Bio completed a $160 million round B financing, which attracted top international medical investment funds and high-quality institutional investors.
continues to lead the investment, with new investors including Temasek, China Resources Zhengda Life Sciences Fund, Haitong Kaiyuan International and Cavenham PE.
it is worth mentioning that the majority shareholder of Jiahe Bio is GaoYu Capital, HHJH and HMHealthcare are both Companies of Gaoyu Capital.
and Bio focus on the development and commercialization of cancer and autoimmune drugs, the prospecto shows that the company currently has 15 clinical pipelines covering popular tracks such as PD-1, CD-20, VEGF, HER2, TNF-α.
June 2020, the Company reached an exclusive licensing agreement with G1 Therapeutics to obtain proprietary development and commercialization rights in the Asia Pacific region (except Japan).
is a potential "best-in-class" oral CDK4/6 inhibitor that was approved by CDE on December 28, 2020 for clinical trials of the drug to be developed for the treatment of HR-in-class metastases.
(4) Hualan Vaccines (A20641) In March 2020, Hualan Biological Vaccines Co., Ltd. (hereinafter referred to as Hualan Vaccines) jointly invested in a company established by Hualan Biologicals and Hong Kong Cokang, of which Hualan Bio holds a 75% stake in Hualan Vaccines and Hong Kong Cokang holds a 25% stake in Hualan Vaccines.
Hong Kong Cokang intends to transfer its 15 per cent stake in Hualan Vaccines to the transferor of Gao Yuying (9 per cent) and Morningside Qiming (6 per cent).
Hualan Vaccine is a subsidiary of Hualan Bio, is a high-tech enterprise specializing in human vaccine research and development, production and sales, the company's products include influenza virus lysis vaccine, four-price influenza virus lysis vaccine, recombinant coronavirus pneumonia vaccine, hepatitis B vaccine and so on.
December 3, 2020, Hualan Vaccine submitted an initial public offering of shares to the Shenzhen Stock Exchange and listed on the GEM, which has been accepted by the Shenzhen Stock Exchange.
(v) Hegia Medical (6078. HK) In June 2020, Hagia Medical announced that it intends to sell 120 million shares worldwide, of which 12 million will be sold in Hong Kong and 108 million will be sold internationally.
has entered into cornerstone investment agreements with cornerstone investors, including Sorghum Capital, OrbiMed Funds, TigerPacific MasterFundLP, Southern Fund Management Co., Ltd.
Medical group is China's largest oncology medical group, with oncology as its core, dedicated to meeting the unseeded needs of cancer patients in China.
company, which operates in 2009, has established a nationwide network of hospital radiotherapy centers with oncology at its core through endophysic growth, strategic acquisitions, and partnerships with hospital partners.
as of February 2020, the company operates or manages a network of 10 hospitals with oncology as its core, in 7 cities in 6 provinces and 7 cities in China.
(vi) Minimally Invascope Medical (0853. HK) Sorghum Capital 2020 is a favorite of minimally invascopic healthcare.
march 2020, Gaelyn Capital spent HK$645m to increase its stake in Micro-Invasion Healthcare to 6.61 per cent.
, minimally invascope medical investment of 770 million yuan to participate in the fixed increase of micro-invassory medical projects.
addition to investing in the parent company, Gao's capital has also invested in micro-invased medical subsidiaries on several occasions.
, Micro-Creative Healthcare's Micro-Creative Heartcom introduced strategic investors, including Gao Gao Capital, Qingchi Capital, CPE and others.
July, micro-innovation law management, a subsidiary of the company focused on providing solutions for diagnosis, treatment and management of arrhythmics and heart failure, made a round B financing, half of which was subscribed to by Sogo Capital.
Micro-Invasive Medical is an innovative high-end medical device company, has more than 300 products listed, covering cardiovascular and structural heart disease, electrophysiology and heart rhythm management system, orthopaedic medical device business, surgical critical illness and robotics and other 12 business clusters.
It is worth mentioning that in recent years, the capital operation of minimally invasive enterprises is frequent, in 2020, including minimally invasive heart, minimally invasive orthopaedics, minimally invasive heart rhythm, micro-invasive ming Yue, minimally invasive electrophysiology and minimally invasive medical robots, including "minimally invasive" enterprises have chosen to introduce external investors.
2020, Micro-Invasive Physiology and Huatai United Securities signed a listing counseling agreement, to be listed on the Board.
(7) In November 2020, Synjian Technology bought 262 million shares of Synjian Technology through a large in-market transaction, with a 6.05 percent stake.
December, Gao's capital continued to increase its stake in Synjian Technology by 150 million shares, increasing its stake from 6.05 percent to 9.54 percent.
Xianjian Technology is the leading cardiovascular and exovascular minimally invasive intervention medical device enterprises, the company has independent intellectual property rights of innovative product layout, covering structural heart disease, exovascular disease, cardiac rhythm management and other fields, and has the world's first iron-based absorbable biomass platform, in a number of sub-sectors to achieve technological breakthroughs.
summary of gao's capital in the main investment areas of biomedicine, it is not difficult to find that four major areas are sought after: 1. innovative drugs; 2. innovative devices; 3. Pharmaceutical outsourcing CRO, CDMO; 4, medical services.
The four areas have a common special, is the technology-intensive industry, to cancer drugs, for example, in recent years, biotechnology continues to come out, PD-1, CART and other innovative therapies continue to come out, products have a clear mechanism of effect, in clinical real value.
In addition to the field of choice, the second strategy of Gaoxuan Capital is long-term holding, GaoXuan Capital CEO Zhang Lei in the NPC's graduation speech: "To be a friend of time, need a strong self-binding and from the heart of responsibility."
in a world where most people are obsessed with instant gratification, those who understand the truth of "delayed gratification" are already in first place. after
, he shared his long-term logic of betting on biomedicine, "it's hard to find big industry opportunities in other areas outside of medicine, and the success rate of medical projects is much higher than you think, with little chance of success."
30-50 years of investment in health care, our understanding of the human body is only just beginning.
" the third strategy is the layout of the leader, Hengrui, Junshi, Xinda, Jiahe and so on are the leader in the field of oncology drugs, Murray, minimally invasion, KellyTai, etc. are in the field of innovative medical devices, pharmaceutical Mingkangde, Tagg Pharma, Kaileiying and other pharmaceutical outsourcing industry continue to open up territory, Haijia Medical is sailing in the field of cancer hospitals.
, leading companies generally have strong scientific research strength, strong capital and a pool of talent, and are more likely to develop heavy bombs and create huge profits.
with a health-care orientation have once rated it too high: too rich to cover.
choose the track, long-lasting, layout leader, perhaps this is the secret of the high-rise from 20 million U.S. dollars in 2005 to the current tens of billions of dollars butterfly change.