The pharmaceutical company officially went public on the Shanghai Stock Exchange's Kechuang board, opening up more than five times

[pharmaceutical network pharmaceutical stock market] on August 12, Shenzhen microchip Biotechnology Co., Ltd (hereinafter referred to as "microchip biotechnology") was officially listed on the science and Technology Innovation Board of Shanghai Stock Exchange, with a large opening increase of 511.85% and a share price of 125 yuan This is the first innovative drug enterprise listed on the science and technology innovation board According to the public information, microcellular organism is a biomedical enterprise, and its main product on the market is the first class of national original new drug xidaban, which is the first approved oral drug for the treatment of peripheral T-cell lymphoma in the world Micro core bio A shares have a share capital of 410 million shares, of which 40.5783 million shares have been listed and traded since August 12 The fund-raising scale of this issue of micro core biology is 1.0125 billion yuan, and the net amount of fund-raising is about 945 million yuan The industry said that due to the relatively small number of shares and relatively large amount of funds in the scientific and technological innovation board, it is not surprising that the opening of the third batch of shares only has one micro core biology It is reported that the issue price earnings ratio of micro core biology is 467.51 times, which is the record of high price earnings ratio of science and technology innovation board Looking back at the way that the Sci-tech Innovation Board of micro core biology went on the market, it can be said that it was a "twists and turns" Micro core biology was accepted on March 27, and was once regarded as the "seed player" of science and technology innovation board It submitted for registration on June 5 and June 11, but due to the long registration process, although the registration took effect on July 17, it missed the first listing of science and technology innovation board Among them, the capitalization of R & D costs has been repeatedly asked According to the documents disclosed by the CSRC, micro core biology received two rounds of feedback in the registration process, three of which were related to the capitalization of the R & D cost of the company's main product sidaban As of the end of 2018, the cost of three R & D projects, including micro core organism xidaban (breast cancer), xidaban (non-small cell lung cancer) and ciglitazidine sodium, has been capitalized The time points are phase III clinical trials starting in October 2014, phase II / III clinical trials starting in July 2010 and phase III clinical trials starting in December 2012, which have not been completed so far In terms of R & D expenses, the prospectus shows that from 2016 to 2018, the R & D investment of micro core biology was 51.66 million yuan, 68.53 million yuan and 82.48 million yuan respectively Among them, the capitalization amount is 22.64 million yuan, 33.31 million yuan and 40.38 million yuan respectively It can be seen that the capitalization ratio of microcellular organisms is increasing year by year In addition, in terms of the proportion of R & D investment, the proportion of R & D investment of micro core biology in the recent three years from 2016 to 2018 in the operating revenue is 60.52%, 62.01% and 55.85% respectively, ranking first among all listed companies in the scientific and technological innovation board However, according to the financial data, the growth of micro core biology is good in recent years In 2018, the operating revenue is 148 million yuan, and the net profit attributable to the parent is 31164800 yuan In the first half of 2019, the net profit attributable to the parent company was 17.6121 million yuan, down 1.76% year on year Micro core said that in response to the new value-added tax rate, the recognition of operating income was pushed back to save tax costs According to the company's forecast, the first three quarters of 2019 will be reported as a continued profit, and it is expected that the operation from January to September 2019 will be in good condition The industry also expects that the micro core biological revenue and net profit will grow rapidly from 2019 to 2022 It is worth mentioning that there is a certain trend in science and technology innovation board stocks, for example, there will be a big rise on the first day, and then the rise will fall, and some stocks will even show a trend of fluctuation, which are normal phenomena As of August 12, there are 151 enterprises accepted by science and technology innovation board, 9 of which are in the stage of registration submission Due to the issuance needs 10-12 working days, and after the completion of the issuance, there is still a period of time to go public As a result, even in the near future, it is difficult for companies to go public in August.