Stock abbreviation: Hualan vaccine stock code: 301207 Hualan Biological Engineering Inc(002007) vaccine Co., Ltd
（Hualan Biological Bacterin Inc.）
(No. a-1-1, Hualan Avenue, Xinxiang City, Henan Province)
Announcement on initial public offering and listing on GEM
Sponsor (lead underwriter)
(401, building B7, Qianhai Shenzhen Hong Kong fund Town, 128 guiwan fifth road, Nanshan street, Qianhai Shenzhen Hong Kong cooperation zone, Shenzhen)
February 2022
hot tip
Hualan Biological Engineering Inc(002007) vaccine Co., Ltd. (hereinafter referred to as "Hualan vaccine", "the company", "issuing company")
The shares of "person" or "company") will be listed on the gem of Shenzhen Stock Exchange on February 18, 2022. This market has high investment risk. GEM companies have the characteristics of unstable performance, high operation risk and high delisting risk, and investors are facing greater market risk. Investors should fully understand the investment risks of the gem and the risk factors disclosed by the company, and make investment decisions prudently.
The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, avoid blindly following the trend of "speculation" in the initial stage of IPO, and make prudent decision and rational investment.
Unless otherwise specified, the abbreviations or terms in this listing announcement shall have the same interpretation as the prospectus of the company's initial public offering of shares and listing on the gem.
Section I important statements and tips
1、 Important statements and tips
The company and all directors, supervisors and senior managers guarantee the authenticity, accuracy and completeness of the listing announcement, promise that there are no false records, misleading statements or major omissions in the listing announcement, and bear legal liabilities according to law.
The opinions of Shenzhen Stock Exchange and relevant government authorities on the listing of the company's shares and related matters do not indicate any guarantee to the company.
The company reminds investors to carefully read the information published on cninfo.com.cn China Securities Network (www.cs. Com. CN.) China Securities Network (www.cn. Stock. Com.) Securities Times (www.stcn. Com.) Securities Daily (www.zqrb. CN.) The contents of the "risk factors" chapter of the company's prospectus should pay attention to risks, make prudent decisions and make rational investment.
The company reminds the majority of investors to pay attention to the relevant contents not involved in this listing announcement. Please refer to the full text of the company's prospectus.
2、 Special tips on investment risk at the initial stage of gem IPO
The offering price is 56.88 yuan / share, which does not exceed the median and weighted average of offline investors' quotations after excluding the highest quotation, as well as the securities investment fund, national social security fund, basic old-age insurance fund, etc. established through public offering after excluding the highest quotation The enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund and the insurance fund quotation median and weighted average in accordance with the measures for the administration of the use of insurance funds, whichever is lower. According to the industry classification guidelines for Listed Companies formulated by the CSRC, the industry of the issuer is "C27 pharmaceutical manufacturing industry", and the static average p / E ratio of "C27 pharmaceutical manufacturing industry" published by China Securities Index Co., Ltd. in the latest month is 39.05 times (as of January 26, T-4, 2022). The valuation levels of comparable listed companies are as follows:
Closing price on day T-4 deducted in 2020, not deducted in 2020, not deducted in 2020, deducted in 2020
Securities code securities abbreviation (EPS before January 2022) (yuan / post EPS (yuan / non former P / E non post P / E)
On the 26th, the people's share rate
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
T-4 closing price 2020 deduction non 2020 deduction non 2020 deduction 2020 deduction securities code securities abbreviation (EPS (yuan / post EPS (yuan / non pre P / E, non post P / E 26, people's shares) ratio before January 2022
Currency)
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 average static P / E ratio of "C27 pharmaceutical manufacturing industry" published by China Securities Index Co., Ltd. on January 26, 2022 (T-4), and lower than the average static P / E ratio of comparable companies after deducting non recurring profits and losses in 2020, However, there is still a risk that the decline of the issuer's share price will bring losses to investors in the future.
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.
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.
The company reminds investors to pay attention to the investment risks in the initial stage of IPO (hereinafter referred to as "new shares"), and investors should fully understand the risks and rationally participate in the trading of new shares.
Specifically, the risks at the initial stage of listing include but are not limited to the following:
1. Relaxation of price limit
The competitive trading of GEM stocks is subject to a wide range of rise and fall limits. For stocks that are IPO and listed on the gem, there is no rise and fall limit in the first five trading days after listing, and then the rise and fall limit is 20%. On the first day of listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit is 44%, the decrease limit is 36%, and the increase and decrease limit is 10% from the next trading day. The gem further relaxed the limit on the rise and fall of stocks in the initial stage of listing, and improved the trading risk.
2. The number of tradable shares is small
At the initial stage of listing, because the lock up period of the original shareholders is 36 months or 12 months and the lock up period of the online lower limit is 6 months, the company's non tradable shares after this issuance are 33806340 shares, accounting for 8.45% of the total share capital after issuance. At the initial stage of listing, the company has a small number of tradable shares and there is a risk of insufficient liquidity.
3. Margin trading risk
The stock can be used as the subject matter of margin trading on the first day of listing, which may produce certain price fluctuation risk, market risk, margin increase risk and liquidity risk. Price fluctuation risk refers to that margin trading will aggravate the price fluctuation of the underlying stock; Market risk refers to that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the change of the original stock price, but also the risks caused by the change of the stock price of new investment, and pay the corresponding interest; Margin call risk means that investors need to monitor the level of guarantee ratio in the whole process of trading to ensure that it is not lower than the maintenance margin ratio required by margin trading; Liquidity risk refers to that when the price of the underlying stock fluctuates violently, the financed purchase of securities or the repayment of securities, the sale of securities or the repayment of securities may be blocked, resulting in greater liquidity risk.
4. This offering may have the risk of falling below the offering price after listing
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 sponsors (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing. 2、 Special risk tips
(I) risks of industrial technology upgrading iteration
Vaccine industry is a typical technology and R & D driven industry. Since its establishment, the company has been focusing on the research and development of vaccines and the improvement of production technology. Especially in the aspect of influenza vaccines, the company's R & D and technical advantages are in a leading position in China. The company has four core technology platforms, namely "influenza virus vaccine R & D and large-scale production technology platform", "multi linked and multivalent vaccine technology platform", "genetic engineering vaccine technology platform" and "large-scale mammalian cell culture and vaccine general preparation technology platform", which constitute the company's core technology system. In 2009, the company developed the first batch of split vaccine of influenza A (H1N1) virus in the world; In 2018, the tetravalent influenza virus split vaccine developed and produced by the company was exclusively listed in China. With the rapid development of biotechnology, the research and development of vaccine industry and related technology are also making continuous progress. Due to the rapid development of biomedical related technologies, biomedical R & D and related process technologies are also making continuous progress. If the company cannot continue to increase R & D investment and carry out forward-looking R & D and process technology research, if there is breakthrough technological progress in the industry or related fields of the company's core technology in the future, If the company fails to follow up the development trend of new technology in time and maintain its technological leadership, the company's products may face the risk of being replaced by new technology, thus losing the current technological leadership, which will have an adverse impact on the company's competitive advantage, and then affect the company's future production, operation and profitability.
For the influenza vaccine products that have been listed and sold by the company, if there are revolutionary new technologies in the vaccine field in the future, such as new prevention methods, mechanisms, the number of serotype antigens covered, and the company fails to respond to the trend of new technologies in time, there is a risk that the company's products will be replaced, which will have an adverse impact on the company's market competitiveness.
(II) risk of relatively single product structure
In 2018-2020, the company's operating revenue mainly came from the production and sales of influenza vaccine, acyw135 meningococcal polysaccharide vaccine and recombinant hepatitis B vaccine (Hansen's yeast); Among them, the sales revenue of influenza vaccine accounted for 86.87%, 99.42% and 99.81% of the operating revenue respectively, accounting for a relatively high proportion and showing an upward trend year by year; In 2018, the company's tetravalent influenza virus split vaccine was exclusively listed in China, and the revenue of tetravalent influenza virus split vaccine accounted for 74.73% of the operating revenue of that year; Compared with 2018, the sales revenue of tetravalent influenza virus split vaccine in 2019 increased by 371356600 yuan, accounting for 92.59% of the company's operating revenue in that year; Compared with 2019, the company's sales revenue of tetravalent influenza virus split vaccine increased by 1374541300 yuan in 2020, accounting for 96.68% of the company's operating revenue in that year. The company's vaccine product structure is relatively single. If there are adverse fluctuations in market demand, or other competitors produce influenza vaccines with higher quality, or there are adverse situations in the company's product sales and promotion, such as changes in vaccine regulatory policies, changes in vaccination willingness of vaccinators, and product promotion strategies cannot adapt to market changes, and the market demand does not rise or the above adverse effects are difficult to eliminate, Then the company has the risk that the existing market share will be reduced and the sales volume will decline due to the single product structure, which will affect the sustainable profitability of the company. At the same time, due to the long R & D cycle and complex R & D process of vaccine products, if the trial progress of vaccine products under research is less than expected or cannot be successfully listed and sold, the situation of single product structure of the company will be further exacerbated, which will have a great adverse impact on the business and operating performance of the company.
(III) risk of increasing competition
In 2018, the tetravalent influenza virus split vaccine developed and produced by the company was exclusively listed in China. In 2019, the number of tetravalent influenza virus split vaccine batches issued by the company accounted for 86% of the total number of tetravalent influenza vaccine batches issued in China, with obvious competitive advantage. From 2018 to 2020, the number of batches of tetravalent influenza virus split vaccine issued by the company was 5.122 million, 8.361 million and 20.624 million respectively, with a compound growth rate of 100.66%. According to the experience of developed countries such as Europe and the United States
