[New Stock IPO]Saisheng Pharmaceutical 6600 IPO starting on Friday, with an admission fee of 9,495 yuan per lot, attracting 11 cornerstone investors-Hong Kong Economic Times-Real Time News Channel-Market News-IPO

Saisheng Pharmaceutical (New Listing Number: 06600)
The IPO will be launched from Friday to next Wednesday (19th to 24th). The offer price of Saisheng Pharmaceutical is between 17.2 yuan and 18.8 yuan, one lot (500 shares), and the entrance fee is 9494.7 yuan. Saisheng Pharmaceutical plans to issue 116 million shares and raise up to 2.18 billion yuan. Morgan Stanley, CICC and Credit Suisse are the joint sponsors. Saisheng Pharmaceutical is expected to be listed on March 3.

Confident that “Nitaxian” will continue to grow well and hope to increase R&D investment in the future

Saisheng Pharmaceuticals focuses on treatment areas with significant unmet medical needs, including tumors and severe infections. The company’s product “Ridaxian” is used in the prevention and clinical treatment of new coronary pneumonia in China, and it sells and promotes products for partner pharmaceutical companies such as Pfizer (US: PFE) and Baxter.

According to the management, the main reason that “Ridaxian” can continue to gain market share is that the company prioritizes its entry into the market and establishes brand awareness; it has accumulated many years of user data and experience; it provides patients with more through online and offline pharmacy channels The feasibility of medicines. Over the past 20 years, the price of “Nitasen” has remained stable, and the effectiveness and quality of medicines have been trusted by doctors and patients. It is believed that although more and more generic drugs are joining the market competition, I believe that the company can maintain good growth with the innovation of new business models.

According to the management, the continued increase in R&D expenditure is mainly divided into two major aspects, namely investment in new product lines and investment in clinical trials of developed products. The investment in clinical trials accounts for 4% to 5% of revenue. ,

That is, the prospectus information of Saisheng Pharmaceutical:

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11 cornerstone investors cited

Saisheng Pharmaceutical has introduced 11 cornerstone investors to subscribe for a total of 1.04 billion yuan in shares, including Shanghai Lingang New Area, Daguan International, China Post Capital International Asset Management, Ding Asset Ltd, Bradbury Global Opportunity Fund SP, Fortune Bright Investment, IDG Capital Investment 2020, Dazhong (Hong Kong) International Coporation, Taiping Asset Management (Hong Kong), JMC Capital HK and Huang Zhanxiong.

The company stated that about 30% of the proceeds from the fund-raising will be used for investment in potential drug acquisition targets in China or other global markets; about 28% will be used to repay existing debt; about 28% will be used for the development and commercialization of candidate products in the clinical stage; about 10% will be used Expansion of sales and marketing network and business and development infrastructure in recruitment; approximately 6% will be used for ongoing clinical research on other clinical applications for the marketed product portfolio

For the nine months ended last year, Saisheng Pharmaceutical’s revenue increased by 22.7% year-on-year to 1.58 billion yuan, and net profit rose 41.6% to 690 million yuan. The gross profit margin was as high as 78.2%, an increase of nearly 1 percentage point year-on-year, mainly due to the increase in demand and usage of Nissan in the first half of last year, and the gross profit of products was also higher than others.

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Big Bank’s valuation is as high as 24 billion yuan, and the P/E ratio in 2021 is expected to be about 20 times

The predecessor of SciClone US, SciClone US, was listed on NASDAQ (stock code before delisting: SCLN). In 2017, a consortium composed of Telford Capital, Bank of China Group Investment Co., Ltd., CDH Investment, Shangda Capital, and Boying Investment Its privatization.

One of the underwriting syndicate’s reports from China Finance Forecast predicts that from 2020 to 2022, the annual net profit will be 740 million yuan (RMB, the same below), 850 million yuan and 985 million yuan, respectively, with a compound annual growth rate of 15.5%. It is estimated that the company’s 2021 forecast price-earnings ratio is 20 to 23 times; the market value ranges from 18.8 billion to 21.7 billion.

According to a report issued by the Bank of China, the company is estimated to be valued at US$2.5 billion to US$3.1 billion (HK$19.38 billion to HK$24 billion), and the estimated price-earnings ratio in 2021 will be between 20 times and 25 times.

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Editor: Yuan Nuoxi, Chen Hua

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