Hualan Biological Engineering Inc(002007) vaccine Co., Ltd
Initial public offering and listing on GEM
Special announcement on investment risk
Sponsor (lead underwriter): Huatai United Securities Co., Ltd
The application of Hualan Biological Engineering Inc(002007) vaccine Co., Ltd. (hereinafter referred to as “Hualan vaccine”, “issuer” or “company”) for the initial public offering of 40.01 million common shares (A shares) (hereinafter referred to as “this offering”) has been examined and approved by the GEM Listing Committee of Shenzhen Stock Exchange (hereinafter referred to as “Shenzhen Stock Exchange”), It has been approved to register by China Securities Regulatory Commission (hereinafter referred to as “CSRC”) (zjxk [2022] No. 2). After negotiation between the issuer and the sponsor (lead underwriter) Huatai United Securities Co., Ltd. (hereinafter referred to as “Huatai United Securities” and “sponsor (lead underwriter)”), the number of shares issued this time is 40.01 million, accounting for 10.00% of the total share capital after issuance, all of which are new shares issued to the public, and the issuer’s shareholders will not transfer their old shares. The shares issued this time are planned to be listed on the gem of Shenzhen Stock Exchange.
The issuer and the recommendation institution (lead underwriter) specially draw investors’ attention to the following contents:
1. This issuance adopts directional placement to strategic investors (hereinafter referred to as “strategic placement”) Offline inquiry placement to qualified investors (hereinafter referred to as “offline issuance”) and online pricing issuance to social public investors holding non restricted A-share shares in Shenzhen market and the market value of non restricted Depositary Receipts (hereinafter referred to as “online issuance”).
The strategic placement of this offering shall be organized and implemented by the sponsor (lead underwriter); The preliminary inquiry and offline issuance shall be organized and implemented by the sponsor (lead underwriter) through the offline issuance electronic platform of Shenzhen Stock Exchange; Online issuance is carried out through the trading system of Shenzhen Stock Exchange.
2. After the preliminary inquiry, the issuer and the recommendation institution (lead underwriter) shall, in accordance with the exclusion rules stipulated in the announcement on initial public offering and listing on the gem of Hualan Biological Engineering Inc(002007) vaccine Co., Ltd. (hereinafter referred to as the “announcement on preliminary inquiry and recommendation”), after excluding the preliminary inquiry results of investors who do not meet the requirements, Eliminate all placing objects whose proposed purchase price is higher than 90.00 yuan / share (excluding 90.00 yuan / share); The proposed subscription price is 90.00 yuan / share, and the placing objects whose subscription quantity is less than 13 million shares (excluding 13 million shares) are eliminated; The proposed subscription price is 90.00 yuan / share, the number of subscription is equal to 13 million shares, and the subscription time is the same as 14:34:18:312 on January 26, 2022 (T-4), which will be removed from the placing objects automatically generated by the offline issuance electronic platform of Shenzhen Stock Exchange from the back to the front. A total of 148 placing objects were excluded in the above process, and the total number of shares to be purchased was 745.4 million, accounting for 1.0039% of the total number of 74247.7 million shares to be purchased after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription.
3. According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively consider the issuer’s fundamentals, industry, valuation level of comparable listed companies, market conditions, demand for raised funds, effective subscription multiple, underwriting risk and other factors, and negotiate to determine that the price of this issuance is 56.88 yuan / share, and the offline issuance will not conduct cumulative bidding inquiry.
Investors are requested to make online and offline subscription at this price on February 8, 2022 (t day), and there is no need to pay the subscription fund at the time of subscription. The offline issuance and Subscription Date and online subscription date are the same as February 8, 2022 (t day). Among them, the offline subscription time is 9:30-15:00, and the online subscription time is 9:15-11:30 and 13:00-15:00.
4. The issuing price of this offering shall not exceed the median and weighted average of the quotations of offline investors after excluding the highest quotation, as well as the Securities Investment Fund (hereinafter referred to as “public fund”), the National Social Security Fund (hereinafter referred to as “social security fund”), the basic old-age insurance fund (hereinafter referred to as “pension”) established through public offering after excluding the highest quotation The enterprise annuity fund (hereinafter referred to as “enterprise annuity fund”) established in accordance with the measures for the administration of enterprise annuity fund and the insurance fund (hereinafter referred to as “insurance fund”) in accordance with the measures for the administration of the use of insurance funds, whichever is lower, so the relevant subsidiaries of the sponsor need not participate in the follow-up investment.
The special asset management plan for senior managers and core employees of the issuer Huatai Hualan vaccine home No. 1 gem employee stock ownership collective asset management plan has a final strategic placement of 4001000 shares, accounting for 10.00% of the number of shares issued this time.
The initial strategic placement quantity of this issuance is 6001500 shares, accounting for 15.00% of this issuance quantity. The final number of strategic placement is 4001000 shares, accounting for 10.00% of the number of shares issued this time. The difference between the initial strategic placement quantity and the final strategic placement quantity of 2000500 shares will be transferred back to offline issuance.
5. The issue price is 56.88 yuan / share, and the corresponding P / E ratio is:
(1) 22.78 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before the issuance);
(2) 22.14 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before this issuance);
(3) 25.31 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital after this issuance);
(4) 24.60 times (earnings per share shall be calculated by dividing the net profit attributable to shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital after this issuance).
6. The issue price is 56.88 yuan / share. Investors are requested to judge the rationality of the issue price according to the following conditions.
(1) According to the industry classification guidelines for listed companies (revised in 2012) issued by China Securities Regulatory Commission, the industry of Hualan vaccine is “C27 pharmaceutical manufacturing industry”. As of January 26, 2022 (T-4), the static average p / E ratio of “C27 pharmaceutical manufacturing industry” released by China Securities Index Co., Ltd. in the latest month is 39.05 times. The issuance price of 56.88 yuan / share corresponds to the lower diluted P / E ratio of the issuer’s net profit attributable to the parent before and after deducting non recurring profits and losses in 2020, which is 25.31 times, lower than the average static P / E ratio of “C27 pharmaceutical manufacturing industry” released by China Securities Index Co., Ltd. on January 26 (T-4) 2022.
(2) As of January 26, 2022 (T-4), the valuation levels of comparable listed companies are as follows:
T-4 closing price 2020 deduction 2020 deduction 2020 deduction 2020 deduction securities code securities abbreviation (January 2022 non front EPS non rear EPS non front P / E non rear P / E 26, people’s (yuan / share) (yuan / share) ratio
Currency)
300601.SZ Shenzhen Kangtai Biological Products Co.Ltd(300601) 81.55 0.9886 0.9031 82.49 90.30
300122.SZ Chongqing Zhifei Biological Products Co.Ltd(300122) 107.94 2.0633 2.0768 52.31 51.97
300142.SZ Walvax Biotechnology Co.Ltd(300142) 48.84 0.6305 0.4494 77.47 108.68
300841.SZ Chengdu Kanghua Biological Products Co.Ltd(300841) 218.99 4.5338 4.4773 48.30 48.91
688739.SH Liaoning Chengda Biotechnology Co.Ltd(688739) 69.77 2.2048 2.0280 31.64 34.40
688276.SH Changchun Bcht Biotechnology Co(688276) 55.90 1.0131 0.9735 55.18 57.42
688670.SH Jiangsu Gdk Biological Technology Co.Ltd(688670) 64.45 1.7611 1.8396 36.60 35.03
Average 54.86 60.96
Source: wind data, as of January 26, 2022 (T-4)
Note 1: if there is mantissa difference in the calculation of P / E ratio, it is caused by rounding; Note 2: EPS before / after deduction of non recurring profit and loss in 2020 = net profit attributable to the parent before / after deduction of non recurring profit and loss in 2020 / total share capital on T-4 day;
The issuance price of 56.88 yuan / share corresponds to the lower diluted P / E ratio of the issuer’s net profit attributable to the parent before and after deducting non recurring profits and losses in 2020, which is 25.31 times lower than the static P / E ratio of comparable listed companies and lower than the average static P / E ratio of “C27 pharmaceutical manufacturing industry” published by China Securities Index Co., Ltd. on January 26 (T-4) 2022, However, there is still a risk that the decline of the issuer’s share price will bring losses to investors in the future. The issuer and the recommendation institution (lead underwriter) remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
(3) According to the issue price determined in this offering, 320 investors have submitted valid quotations in this offline offering, and 7376 placing objects have been managed, accounting for 81.12% of the total number of placing objects after excluding invalid quotations. The corresponding total number of effective proposed subscriptions is 555831 million shares, accounting for 74.86% of the total number of subscriptions after excluding invalid quotations, The corresponding effective subscription multiple is 1903.04 times of the initial offline issuance scale after the strategic placement callback and before the online and offline callback mechanism is started.
(4) Investors are reminded to pay attention to the difference between the issue price and the quotation of offline investors. For the quotation of offline investors, please refer to China Securities Journal, Shanghai Securities News, securities times, securities daily and cninfo (www.cn. Info. Com. CN) published on the same day Announcement on initial public offering and listing on gem of Hualan Biological Engineering Inc(002007) vaccine Co., Ltd. (hereinafter referred to as “issuance announcement”).
(5) The fund-raising demand amount disclosed in the letter of intent for the initial public offering of Hualan Biological Engineering Inc(002007) vaccine Co., Ltd. and its listing on the gem (hereinafter referred to as the “letter of intent”) is 249527400 yuan. The issue price is 56.88 yuan / share, and the corresponding total fund-raising is 2275768800 yuan, which is lower than the above-mentioned fund-raising demand amount.
(6) This offering follows the market-oriented pricing principle. In the preliminary inquiry stage, offline institutional investors quote based on the real subscription intention. The issuer and the sponsor (lead underwriter) comprehensively consider the issuer’s fundamentals, industry, market conditions, valuation level of Listed Companies in the same industry, demand for raised funds Effective subscription multiple, underwriting risk and other factors, and negotiate to determine the issue price. The offering price does not exceed the lower of the median and weighted average of the offline investors’ quotation after excluding the highest quotation, and the median and weighted average of the quotation of public funds, social security funds, pensions, enterprise annuity funds and insurance funds after excluding the highest quotation. If any investor participates in the subscription, it shall be deemed that it has accepted the issue price. If there is any objection to the issue pricing method and issue price, it is suggested not to participate in this issue.
(7) Investors should pay full attention to the risk factors contained in the pricing marketization, know that the stock may fall below the issue price after listing, effectively improve the risk awareness, strengthen the value investment concept, and avoid blind speculation. Regulators, issuers and recommendation institutions (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing. 7. Based on the issuance price of 56.88 yuan / share and the issuance of 40.01 million new shares, the issuer expects the total amount of funds raised to be 2275.7688 million yuan. After deducting the issuance cost of 31.5657 million yuan (including value-added tax), the net amount of funds raised is expected to be about 2244.2031 million yuan. If there is a mantissa difference, it is caused by rounding.
There is a risk that the net asset scale will increase significantly due to the acquisition of raised funds, which will have an important impact on the issuer’s production and operation mode, operation management and risk control ability, financial status, profitability and long-term interests of shareholders.
8. Among the stocks issued this time, the stocks issued online have no circulation restrictions and limited sales period arrangements, and can be circulated from the date when the stocks issued this time are listed on the Shenzhen Stock Exchange.
The offline issuance part adopts the proportional sales restriction method, and the offline investors shall promise that the sales restriction period of 10% (rounded up) of the number of shares allocated to them is 6 months from the date of the issuer’s initial public offering and listing. That is, among the shares allocated to each placing object, 90% of the shares are sold indefinitely and can be circulated from the date when the issued shares are listed and traded on the Shenzhen Stock Exchange; The sales restriction period of 10% of the shares is 6 months, and the sales restriction period starts from the date when the issued shares are listed and traded on the Shenzhen Stock Exchange.
When offline investors participate in the preliminary inquiry and quotation and offline purchase, they do not need to fill in the arrangement of the restricted sale period for the placing objects under their management. Once the quotation is made, it is deemed to accept the arrangement of the online restricted sale period disclosed in this announcement.
In terms of strategic placement, the issuer’s senior management
