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    Home > Active Ingredient News > Drugs Articles > What kind of capital smell is behind another enterprise giving up the Hong Kong stock-to-war section?

    What kind of capital smell is behind another enterprise giving up the Hong Kong stock-to-war section?

    • Last Update: 2020-09-27
    • Source: Internet
    • Author: User
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    On the evening of September 3rd, Tiansli announced that its controlling subsidiary, Tiansli Biotech, had accepted the application for listing on the Shanghai Stock Exchange.
    the company's listing process has officially entered the process since it completed its pre-IPO round in July 2018.
    01 After the completion of the pre-IPO round of financing in July 2018, it was reported that Tiansli Bio planned to go public in Hong Kong, and in June 2019, Tiansli Bio submitted a listing application to hkex, which was to be listed on the main board, and was heard by HKEx in November 2019, but the listing process was abruptly interrupted.
    " on the one hand, Hong Kong's recent market is not good, on the other hand, the current valuation of the pharmaceutical sector uncertainty.
    " industry is so speculative about the reasons why Tiansli Bio interrupted the listing of Hong Kong stocks.
    May this year, Tiansli publicly announced its plans to spin off Tiansli Bio into a listed company, and on September 3rd the Shanghai Stock Exchange formally accepted its application.
    A person close to Tiansli said that two years after Tiansli Bio announced its plans to list Hong Kong stocks, this year's choice of the Board for a number of reasons, including the valuation of the Science and Technology Board, liquidity, development situation and so on, on the other hand, but also because of the encouragement and support of local governments, he said Tiansli Bio's choice is "homeopathic and rational."
    , the parent company of Tiansli Bio, is a research and development and manufacturing enterprise of Traditional Chinese medicine, biological medicine and chemical medicine.
    May 2018, Tiansli transformed its Tiansli Bio into a limited company and transferred the company's biopharmaceity-related assets to Tiansli Bio, listing the biopharmace products segment as an independent platform.
    founded in 2001, Tiansli Bio owns 87.75 percent of the company.
    In July 2018, the Company completed the pre-IPO round of financing, introducing four foreign investment institutions, including Hong Kong Huiqiao Capital, The Merrier Group of France, and an international pharmaceutical company, which subscribed for 75.71 million new shares issued by Tianshili Bio, totalling US$133 million, with a valuation of approximately 13 billion yuan (US$1.895 billion) after the financing.
    and its parent company, Tiansli, is now valued at about $29 billion.
    present, Tiansli biological value of more than 10 billion research and development pipeline has a total of more than 20 projects, covering cardiovascular, tumor and autoimmune, digestive and metabolic three areas.
    many of them belong to capital-imported products.
    Has now achieved commercialization of 1 product, for Puyuk, adaptively confirmed as acute ST segment elevated myocardial infarction; Monoants, a high cholesterolemia, and a project for gastrostraphrical solid tumors; the rest of the pipeline assets are in the preclinical stage, including two insulin-absorbing bodies and the recent addition of popular target drugs such as PD-L1/OX-40, PD-L1/VEGF, and CD137 for advanced solid tumors.
    the 10th year of the establishment of Tiansli Bio, Puyuk was approved for use in the treatment of thrombolytic thrombosis of acute ST-stage elevated myocardial infarction.
    but sales have been sluggish for six years since its launch.
    until the end of 2017, when Mr Puyuk entered the national health-care directory with a price cut of about 10 per cent, according to the company's prospecto.
    rely on single-product listings, Tiansli Bio achieved operating income of 117 million yuan, 241 million yuan and 219 million yuan from 2017 to 2019, but in the first three years of this year The month fell to $35.52 million, while losses for the same period amounted to $121 million, $81.0381 million, $366 million and $108 million.
    Currently, the clinical phase III of Puyuk's treatment of acute ischemic stroke is scheduled to be submitted in the fourth quarter of 2020, and the clinical phase II of Puyuk's treatment of acute pulmonary embolism adaptation certificate is in Phase II summary phase, with a pre-application meeting for new drugs scheduled for early 2021.
    this single seedling is also a heavy source of income for Tiansli creatures in the next three years.
    2018 research and development investment reached 470 million yuan, but by 2019, research and development investment fell to 270 million yuan, a decline of 42%.
    fund-raising will also be mainly used for research and development, and some funds will be used for marketing and brand upgrading, supplementary liquidity.
    02 "Can go to the science and technology board, no one will go to Hong Kong stocks" In fact, Tianshili Biological is not the first from the Hong Kong stock exchange science and technology board of enterprises, had planned to go to Hong Kong shares listed Haier Bio is also one of them, in addition to some of the biopharmaceutical enterprises that have been listed in Hong Kong stocks also choose the science and technology board again listed, the first shot is Fudan Zhangjiang, and then Junshi, Concino have "Dengke".
    addition, Shi Medicine, Wei High also said there is the possibility of returning to A-shares.
    less than 14 months after the opening of the board, 164 companies have been listed, including 37 biopharmaceutical-related enterprises, an average of 3 pharmaceutical companies a month listed on the board.
    388 companies that applied for listing as of August 29th, 77 were involved in biopharmaceuticals, far more than Hong Kong stocks.
    can go to the science and technology board, no one will go to Hong Kong stocks.
    " a pharmaceutical industry investor told E Pharmaceuticals managers that there are three good, "more financing, good for the company;
    " For a small number of biopharmaceutical companies that still choose Hong Kong stocks, the above-mentioned investors said that there may be some objective factors, such as the previous preparation of Hong Kong stocks to set up a red chip structure or want to get financing as soon as possible, to avoid re-queuing in the board.
    market capitalization alone, the gap between Hong Kong stocks and the board has also caused industry debate.
    In particular, Junshi Bio, whose current Hong Kong stock market is worth about HK$40bn, has surged to Rmb150bn on the Kotseng board, which has fallen back to Rmb83bn, but is almost twice the value of the Hong Kong stock market, as has Fudan Zhangjiang, who fired the first shot, and Concino, who later made the first shot.
    " this and Hong Kong stocks themselves also have a relationship, relatively low turnover seems to be short-term also can not change, and before a number of enterprises broke, investment institutions suffered from book losses.
    " a private equity fund manager said that the return of Hong Kong stock companies to the board is also a trend, policy-level support is one side, but more importantly, the "attractive power" of the board is really great.
    As to whether the same company will achieve higher expected returns than Hong Kong stocks, the private equity fund manager said it is not necessarily "to judge the circumstances", but a certain spread will always exist. In addition, the above-mentioned pharmaceutical investors also mentioned that some pharmaceutical companies in order to catch up with the dividend period of the board and patchwork pipeline, the introduction of some overseas second- and third-stage varieties of Chinese rights and interests, sprint science and technology board,
    "not to mention the commercial value of the product is not big, (these companies) commercialization capacity is not even", and behind these enterprises on the science and technology board will pass the high premium period of concern.
    .
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