Today, biotechnology giant Baiji Shenzhou will officially land on the science and Innovation Board of Shanghai Stock Exchange and become the world’s first biotechnology company listed on Nasdaq, Hong Kong Stock Exchange and Shanghai Stock Exchange.
As the third highest IPO price in the A-share market this year, Baiji Shenzhou’s share price performance on the first day of listing has attracted much attention. It should be noted that Baiji Shenzhou has introduced the “green shoe” mechanism, which can stabilize the share price of new shares.
Data show that since the beginning of the year, 454 new shares have been listed. Based on the closing price on the first day, only 11 new shares have been broken, and the breaking time is concentrated from October 22 to November 17; Since the beginning of the year, 10 new shares have been issued at a price of more than 100 yuan, of which only Liaoning Chengda Biotechnology Co.Ltd(688739) 1 broke on the first day of listing.
At the same time, there are many big meat labels in this year’s new shares. According to the closing price on the first day of listing, there are 7 new shares earning more than 100000 yuan in the first signing, of which 4 are high-priced shares (the issue price is more than 100 yuan). The largest “meat tag” is Chengdu Xgimi Technology Co.Ltd(688696) . The issue price of the stock is 133.73 yuan, up 296% on the first day, and the first batch earned 198100 yuan.
Baiji Shenzhou landed on the science and innovation board to achieve listing in three places
On December 13, Baiji Shenzhou disclosed in the listing announcement on the Shanghai stock exchange that the company’s shares will be listed on the science and Innovation Board on December 15, with the stock code of “688235”, and the company’s issuance price is 192.60 yuan / share. Baiji China has become the world’s first biotechnology company listed on Nasdaq, Hong Kong Stock Exchange and Shanghai Stock Exchange.
Within the first five trading days after the listing of enterprises on the science and innovation board, there is no limit on the rise and fall of the stock trading price; Five trading days after listing, the price limit ratio is 20%.
According to the previously disclosed winning announcement, there are 82839 online winning numbers of Baiji Shenzhou new shares, and each winning number can only subscribe for 500 Baiji Shenzhou shares. After the issuance, the number of A-share shareholders of Baiji Shenzhou was 86486.
The number of shares issued by Baiji Shenzhou in this public offering is 115 million shares, accounting for 8.62% of the total number of shares issued by the company on October 31 and the sum of the number of shares issued in this public offering (before the exercise of the over allotment option). All new shares are issued in public without the transfer of old shares.
In addition, Baiji Shenzhou granted China International Capital Corporation Limited(601995) an over allotment option (or “green shoes”) that does not exceed 15% of the number of shares initially issued. If the over allotment option is fully exercised, the total number of shares issued will be expanded to 132 million, accounting for about 9.79% of the total number of shares issued by the company on October 31 and the total number of shares issued by the public (after the over allotment option is fully exercised). The arrangement of this over allotment option is conducive to promoting the stability of the company’s stock price after listing.
The total amount of funds raised by Baiji Shenzhou in this offering is 22.16 billion yuan (before exercising the over allotment option); 25.48 billion yuan (after exercising the over allotment option in full); After deducting the issuance expenses, the net amount of raised funds is RMB 21.63 billion (before exercising the over allotment option); RMB 24.907 billion (after exercising the over allotment option in full).
In terms of use, the fund-raising will be used for drug clinical trial R & D projects, and the rest will be invested in R & D center construction projects, production base R & D and industrialization projects, marketing network construction projects, and supplementary working capital.
In terms of the price to book ratio of the issue, the price to book ratio of the issue before exercising the over allotment option: 5.71 times; if exercising the over allotment option in full: 5.39 times (calculated according to the net assets per share after the issue).
It is worth mentioning that many well-known institutions participated in the strategic placement of Baiji Shenzhou’s science and Innovation Board IPO, of which the social security fund was allocated 89.02 million yuan, the China Insurance Investment Fund (limited partnership) was allocated 927 million yuan, the central enterprise rural industry investment fund Co., Ltd. was allocated 923 million yuan, and Abu Dhabi Investment Bureau was allocated 464 million yuan.
the cumulative R & D investment in the three years exceeded 20 billion
Public information shows that Baiji Shenzhou is a global and commercial biotechnology company, focusing on research, development, production and commercialization of innovative drugs.
Baiji Shenzhou was listed on NASDAQ in 2016 and on the stock exchange of Hong Kong in 2018. As of the press time of the Chinese reporter of the securities firm, the market value of Baiji Shenzhou in the US stock market is US $26.5 billion and the market value of Hong Kong stock is HK $213.2 billion. Baiji Shenzhou’s previous performance in the capital market was very bright. Since its listing in US stocks in 2016, the company’s share price has not fallen for a year, and the cumulative increase so far is nearly 9 times. At the same time, Baiji Shenzhou is also the largest heavy position stock of well-known investment institutions. In the Hong Kong stock market, Hillhouse also had a heavy position in Baiji Shenzhou. As of the end of the second quarter, Hillhouse held 134 million shares, with a shareholding ratio of 11.13%.
In terms of commercialization, Baiji Shenzhou has achieved the commercial listing of many of its products, including Btk small molecule inhibitor bukinsa (zebutinib capsule), anti-PD-1 monoclonal antibody baizean (tirelizumab injection), PARP inhibitor baihuize (pamipali rubber capsule). The company continues to show strong market competitiveness in terms of global layout and expansion of indications.
As of November 4, 2021, the company has 48 commercial products and clinical stage candidate drugs, including 10 commercial stage drugs, 2 declared candidate drugs and 36 clinical stage candidate drugs. Among them, the company has 3 self-developed drugs on the market, 8 self-developed candidate drugs in the clinical research stage, and 37 cooperative products in the clinical or commercialization stage.
As of November 4, the brukinsa independently developed by the company has been accelerated by the FDA, and has been approved to be listed in the United Arab Emirates, Canada, Israel, Chile, Brazil, Singapore, Australia and Russia, and has obtained a temporary use license in France. At the same time, the company has obtained conditional approval from the State Food and Drug Administration of China for the listing of three drugs in China, brukinsa, baizean and baihuize. The two conditionally approved indications of brookinsa for MCL and CLL / SLL and the two conditionally approved indications of baizean for CHL and UC were included in the national medical insurance catalogue and came into effect on March 1, 2021.
In addition, on December 3, baiyueze (for WM indications), baizean (for squamous NSCLC, non squamous NSCLC and HCC indications) and baihuize (for ovarian cancer, fallopian tube cancer or primary peritoneal cancer indications) independently developed by the company were included in the latest national medical insurance catalogue and will take effect on January 1, 2022.
As an innovative biotechnology company, the company attaches great importance to technological innovation and always takes innovation and R & D as the focus of continuous investment. From 2018 to 2020, the R & D investment of the company was RMB 4.597 billion, RMB 6.588 billion and RMB 8.943 billion respectively, ranking first among China Meheco Group Co.Ltd(600056) enterprises for three consecutive years.
with high R & D investment, the company’s net profit continued to suffer losses. In 2018, 2019, 2020 and January September 2021, the net profits attributable to the shareholders of the parent company were – 4.747 billion yuan, – 6.915 billion yuan, – 11.384 billion yuan and – 5.5 billion yuan respectively.
However, the company’s revenue growth is good. From January to September 2021, the company’s revenue was 6.226 billion yuan, a year-on-year increase of 326.88%. Among them, the revenue in the third quarter was 1.336 billion yuan, a year-on-year increase of 112.21%.
Compared with the same period of last year, the company’s operating revenue increased and its net loss decreased from January to September 2021 and July to September 2021, mainly due to the expansion of the sales scale of the company’s self-developed products and Amgen authorized products, and the one-time technology licensing revenue generated in the first quarter of 2021. However, the company has many R & D pipelines. With the continuous promotion of R & D projects, the company also has the risk of continuous expansion of losses in the future.
Ten hundred yuan shares were listed in this year, and only one broke on the first day
Baiji Shenzhou is the third highest new share issue price of A-Shares this year. The top two are Hemai shares and Sino Biological Inc(301047) with issue prices of 557.8 yuan and 292.92 yuan respectively. Among them, Hemai shares is the most expensive new share in the history of a shares. The final winning rate of online issuance of the shares is 0.0288689%, and there are 6953 winning numbers. According to the first 500 shares signed on the science and innovation board, the full payment amount of the investors of the winning Hemai shares is close to 280000 yuan, and the listing date of the shares has not been determined yet.
Data show that since the beginning of the year, 454 new shares have been listed and traded, and only 11 new shares have been broken on the first day (excluding Jiahe Meikang and Hangzhou Kaierda Welding Robot Co.Ltd(688255) ), and the breaking time is concentrated from October 22 to November 17; From November 18 to December 14, only Dizhe pharmaceutical broke its new shares. Dizhe pharmaceutical was listed on December 10. The issue price of the stock was 52.58 yuan. On the first day of listing, the share price fell 21.83%, the closing price was 41.10 yuan, and the first signing lost 5740 yuan.
Among the new shares listed since the beginning of the year, 10 have an issue price of more than 100 yuan, of which only one broke on the first day of listing, which is Liaoning Chengda Biotechnology Co.Ltd(688739) . The issue price of the shares is 110 yuan, down 27.27% on the first day of listing, the closing price on the same day is 80 yuan, and the first signing lost 15000 yuan.
It is worth mentioning that many big meat labels have appeared in the new shares listed this year. According to the closing price on the first day of listing, there are 7 new shares earning more than 100000 yuan in the first signing, namely Chengdu Xgimi Technology Co.Ltd(688696) , Puya Semiconductor (Shanghai) Co.Ltd(688766) , Zwsoft Co.Ltd(Guangzhou)(688083) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Henan Liliang Diamond Co.Ltd(301071) , Chengdu Rml Technology Co.Ltd(301050) , Sino Biological Inc(301047) . Among them, Chengdu Xgimi Technology Co.Ltd(688696) , Puya Semiconductor (Shanghai) Co.Ltd(688766) , Zwsoft Co.Ltd(Guangzhou)(688083) , Sino Biological Inc(301047) and other four companies are high-priced shares, with issuance prices as high as 133.73 yuan, 148.90 yuan, 150.50 yuan and 292.92 yuan respectively.
Among the new shares listed this year, the largest “meat tag” is Chengdu Xgimi Technology Co.Ltd(688696) . The stock rose 296% on the first day of listing, and the first batch earned 198100 yuan. The second largest “meat stick” is Puya Semiconductor (Shanghai) Co.Ltd(688766) , with a profit of 168100 yuan; In addition, the profits of Zwsoft Co.Ltd(Guangzhou)(688083) and Shanghai Haoyuan Chemexpress Co.Ltd(688131) winning 1 also exceeded 120000 yuan.
(brokerage China)
