Two impact IPOs, how many more than music creatures?

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Two impact IPOs, how many more than music creatures?

2021-11-24 22:41:44 24 ℃

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Since the epidemic, the bio-pharmaceutical field has ushered in the new opportunities, while the Hong Kong Stock Exchange, Kechuang Panel has gradually gradually "open the door" to the biopharmaceutical enterprise, which leads to a batch of pharmacists impact IPO, focus on tumor treatment. The music creatures are no exception.

According to the Hong Kong Stock Exchange disclosed on October 29, Le Pu Biotechnology Co., Ltd. once again submitted a listing application to the Motherboard of the Hong Kong Stock Exchange.

In fact, this is not the first time I tried to go to the Hong Kong Stock Exchange for the first time, and I went to Hong Kong on April 28 this year to submit a listing application, but I didn't pass the hearing by the application for more than 6 months.

This also means that the time limit for the previous application is just now, and it will try to attack the port stock, and the attitude of Le Pu's "listed" is undoubtedly.

The reason, there can be approximate judgment from the present invention.

Lepu's organism was established in 2018, his predecessor is a subsidiary of the medical device manufacturer "Lepu Medical". It is reported that Chau Zhongjie, Chairman, Le Pu Zhongjie passed Beijing Houdeyi, Ningbo Houyi Min and Lepu Medical Direct or indirectly owned 43% of the issued share capital of Lepu Biology.

Disclosed Through acquisition, shareholding related companies, self-developing research, etc., the company has three core technical platforms: ADC platform with advanced coupling and CMC technology; antibody discovery platform with 1011 natural all humanized antibody library; Analyze the development platform.

On this basis, Leponoma built a plurality of tumor product lines.

According to the prospectus, there are 8 clinical stage candidate drugs in the music biological product line, and there are 4 core products that are targets for EGFR and HER2, anti-PD-1 candidate drugs, and anti-PD-L1 candidate drugs.

At present, two listing application indications that Lepi creatures are subject to melanoma and MSI-H solid tumor.

According to Fris Tsariwen data, my country's PD-1 market for melanoma is about 400 million yuan a year, and there is already a relevant drug listing. China's annual new MSI-H tumor patients is approximately 300,000, but consider the permeability of drugs, the market size is not clear.

So, what is the development of Lepu's creatures? How much is its second impact port stock?

1. The prospect of huge investment is unknown

As we all know, medical research and development requires a lot of capital investment, and the famous "Double Ten" law is circulated in the industry. The measures that can be taken in the face of huge funding are not unrestricted - open source or throttling.

For pharmaceutical companies, product research and development is essential, and throttling is not a feasible option.

According to statistics, the Establishment of Le Puchi completed 3 rounds of financing, raising funds of 2452 million yuan. In addition to the medical treatment of Old East, it has also introduced investors who pick up jade capital, Suimotou, Guofa, Haitong Securities, Sunshine Life, Ping An Capital, Viwut Capital and Shanghai Biomedical Fund. Input investigation data shows that the estimate of the company's last round of financing is over 10 billion yuan.

According to the prospectus, Le Puo's business loss is RMB 455.5 million, 2020 is 520 million yuan. The main reason for the company's huge losses is high R & D expenditures. Due to the clinical trial expenditure, preclinical research costs and employee benefits related to R & D employees have increased, 2019 R & D expenditure is 249 million yuan, 2020 is 354 million yuan.

However, the consequences of huge research and development are - as of now, Le Puo has no product listing, and there is no product income.

According to the present invention, the music creature is 0 in the past few years in the product sales revenue. The only thing that can be said is other income other than products in 2019 and 2020, with 55.53 million yuan and 7.964 million yuan.

Of course, this part indicates according to the content of the presentation, in fact, it is a subject subsidy given by the national and local science and technology departments. It is because the prospect is unclear, the market acceptance is unclear, which also makes music creatures at the Hong Kong Stock Exchange after the Hong Kong Stock Exchange got a result of no hearing.

In the present invention, Le Pi will establish a sales team in the first quarter of 2022. It is expected to dispatch 5-10 members to each province, and the product line will be introduced to international.

However, what kind of market performance is there, and how the market is in the market, and the market is unknown. This is equivalent to picking a "empty check" to the stock exchange, it does not have securities investment. The recognition of people.

Perhaps, the management team of Lepu is known to this matter, or they may be a bit "clear and installing".

Lepi Biological Aspect, is currently funded primarily through shareholders, private equity financing and bank loans are allocated for operational funds. As of August 31, 2021, the company held cash and cash equivalents were 261 million yuan, and unused bank financing 352 million yuan.

According to the cash consumption rate of Lepu Bios, its existing funds can be maintained for 3.7 months; and if it is possible to finance financing, it is expected to increase to 17.4 months. This is, why is it for the additional application in April this year, and after the adoption of the music, music creature has quickly submitted the second application.

Because if you don't finance, you will be available for money.

In fact, according to the current development progress of Lepu, it is impossible to develop product sales revenue, still need external funds to maintain their own drug research and development behavior, and the company has urgent IPO to obtain financing for more. IPO can also make products get more exposure before listing, which has huge boosting future promotion.

Of course, this is based on the development of drugs in the successful development of drugs. The pharmaceutical industry has a lot of uncertainties. Once the R & D fails, the investment will pay the east.

2, financing "old" players

The name "Le Pi Bi" may listen to the ear born, but the name "Le Pu Medical" is very familiar with the old players of the domestic capital market.

In 1993, Pu Zhongjie engaged in the research of special metal materials in Beijing Iron and Steel Research Institute, with visiting scholar, studying in Florida International University, exposed to cardiac stent research and development. Since then, he has been engaged in the development and development of biomaterials and interventional medical devices in the United States, and there are 15 national patents.

In June 1999, Pu Zhongjie returned to China, and established Beijing Lepu Medical Device Co., Ltd. In the exploration and drilling, Lepu Medical launched the bracket system Partner.

Coronary artery bracket is a common medical device commonly used in cardiac intervention. With the development of domestic medical technology and the level of refinement of mass medical needs, domestic patients have higher accepted acceptions, related products in domestic market demand The amount is getting bigger and bigger.

For patients with disease torture, although the price of single item is high, after all, it is a "life-saving artifact" in surgery, and Lepu Medical has also been rapidly developed - 2009, Le Pu medical success in the GEM Listed, ranking 28 companies that landked in the GEM.

Subsequently, Lepu Medical gradually constructs cardiovascular disease full-ecological industry chain platform, including medical devices, drugs, medical services and new medical age, including medical devices, medicines, medical services and new medical agents, once considered to be fine The field medical device industry is second only to the existence of Ma Rui medicine.

In China, high-value medical consumables production and rapid dosage are rapid, but the prices in actual surgery have been maintained at a high level, and there is a huge difference between the cost. According to Lepu Medical 2019, the company revenue 7.754 billion yuan, gross profit margin is 72.23%; the coronary bracket contributes 1791 billion yuan of income and Nearly 1.4 billion yuan of gross profit.

The condition of the price of medical equipment has made the patients suffer, and the society called on the manufacturer's price cut, a wave of high waves.

Figure / Tibet, based on the VRF protocol

Medical is a field that is closely related to people's livelihood. In July 2019, the State Council issued the "Governance High-value Medical Consumables Reform Program", the high-value consumables fees at the national level were officially opened, the coronary bracket became the first "moving knife" purchased by the national consumables. .

In November 2020, the national organization's high-value medical consumables concentrated ribbon procurement was announced, and 8 selected coronary stent products were 93%. Lepu Medical Cobalt-Based Golden Pis Pis Pis Metamycin eluting bracket system is proposed to be 645 yuan, the lowest hanging network priced at this time is 8,400 yuan, and the price drop is as high as 92.32%.

This is actually killing the "lower egg chicken" of Lepu medical care, stewed a chicken soup, and now start selling the raw materials of chicken soup.

Collecting the patients have been subjective, and pharmaceutical companies have to adjust their operating strategies to deal with revenue. Some of the stock people even joked: "Every drug collection results will be announced, there will be an excellent medical stock."

Lepu medical nature has also been impacted. Chau Zhongjie, Chairman of Lepu, said that there is no quarter in the history of Lepu, but the entire group company has lost tens of millions of people in the fourth quarter of 2020.

This sentence makes many people who really know the inside by thinking. In fact, the profitery of the cardiovascular bracket has always been a matter of life in the industry. Loss of Lepu Medical, can see more than a new profit growth point to make up the expenditure of the ticket .

In February of this year, Lepu Medical said that since 2018, Le Tu's gradual normalization has been deeply recognized, and the company has proposed a long-term strategy of collecting collection - the "innovation, service, internationalization", tactical "Integration, Ehallence, Steady Development".

The impact of national min min is gradually transforming to the situation of the real business.

Even related people believe that the price of collecting cuts is mostly the profit of the original intermediaries. For medical enterprises, the gross profit margin will only have 30%. Collecting helps the coronary bracket further open the market, may also benefit the company's related products and drug sales.

The data shows that the number of cardiovascular patients in my country is approximately 2490 million, and the prospect of the intensive blood vessel business market is still broad. Not only that, Sandy Data Prediction, my country's medical equipment market will reach 1061.9 billion yuan in 2023, and vascular intervention will still be the largest market segment with 8%. Due to the irregularities of people in contemporary living and work, cardiovascular incidence will maintain an upward trend. Even if the price of related items has a clear ceiling, long-term demand is required or maintained, and can be heeded.

3, steering from the instrument is not fun

In the context of global outbreak, biomedicine, medical health companies continue to be sought after in the capital market, and some companies are eager to obtain "second opportunities", and the delivery is a great way.

The split list helps to increase the stock price of the parent company and the subsidiary, attract more small and medium-sized investors, and re-estimate the company's growth business.

In addition to the second submission of Lepu, Lepu Medical launched a number of business split listings. At the end of 2020, Lepu Medical Demolition Diagnosis and to the Boarding Board of the Board, but the listing plan was terminated in June this year. In June this year, Lepu Medical Subsidiary Cartai Technology also submitted to the Hong Kong Stock Exchange, and did not have passed the hearing.

On October 29, Lepu Medical released the third quarter of 2021, the third quarter achieved business income of 2114 million yuan, a year-on-year decrease of 1.64%. The net profit attributable to the shareholders of listed companies were about 195 million yuan, down 76.54% year-on-year. Affected by this news, Lepu medical stock prices fell to the lowest point in more than two years.

The report pointed out that the third quarter of 2020 is the best quarter, the performance of the company is high, the performance is higher. The main reason for the decline in net profit this quarter is that the company's monograms have a market price fluctuations, and the loss is approximately 2.3 billion yuan, resulting in a significant deficit of the profit level.

In addition, the summation process of Xintai Technology splits is unconventional business expenditure of 35 million yuan, and the increase of Lepi biological research and development and the cost of the listing process have increased by about 22 million yuan.

Although Lepu Medical is a reasonable interpretation of this quarter, it has found a reasonable explanation, but investors have not completely relieved.

Figure / Tibet, based on the VRF protocol

Biological absorbable brackets are the future development direction of coronary brackets, and the global absorbable bracket market has increased from $ 800 million in 2014 to $ 2.65 billion. In March 2019, Lepu Medical "Biological Absorbable Coronary Rasmithine Elution Bracket System (neovas) became the first degradable product that was allowed to list the listing.

As a bracket, a drug balloon called a "invisible bracket" is used to increase significantly after the coronary stent is included in the country.

This year's first, second quarter, Lepu medical intervention is incorporated into an innovative product portfolio (degradable bracket, drug balloon, cutting balloon, etc.) have obtained rapid growth.

However, in the third quarter, the drug balloon sales have a weak potential, and the industry believes or has been influenced by the recent recent collection of relevant collection and mining policies, so that the outside world can achieve long-term "blood transfusion" on the coronary product line to achieve long-term "blood transfusion" in other products.

Despite the overall accounting of domestic coronary brackets more than 70%, domestic enterprises have a large improvement in the product line, innovation capabilities and technology compared to global medical faucets. Le Pu multi-drug products are mainly obtained by acquiring, stocking, and how the self-research strength is still awaiting.

On November 7th, at the 4th China International Import Expo, the National Medical Insurance Bureau and the imported drugs and supplies purchase orders worth up to 47 billion yuan in foreign companies such as Novarta, Bayer, Sanfi, and Shi So, released. Supporting imported pharmaceutical products into the vivid signal of the Chinese market, the price war and competition of the market will further exacerbate.

In this background, the days of my parent company is not very good, and the subprime music creature will look like, and it is still an unknown.

The only thing that can be determined is that if the research and development of the drug does not have a city, write the IPO application and look good, and the time window of the moment, the time window of the moment, this is only less than 4 months, this is coming to a biopharmaceutical company It is equivalent to "imminent".

Everything has to wait for the time to prove, but for the music creature, the most urgent still hurry to pursue the listing of the product, but now seems to be inverted, the financing of the capital market is also important, but the product is available after listing Clear your own business stories, and you can have a stable cash flow.

After all, the strong intensity of the pharmaceutical field is strong, the hard strength of research and development and product is the foundation of development.

* Text question map From: Tibet, based on the VRF protocol.