On March 4, Shanghai Haoyuan Chemexpress Co.Ltd(688131) ( Shanghai Haoyuan Chemexpress Co.Ltd(688131) . SH) announced that it planned to issue shares and pay cash to Wang Yuan (Wang Yuan), Shanghai Yuanmeng, Qidong Yuanli and Ningbo Jiusheng to purchase 100% equity of pharmaceutical drugs held by them, and the transaction price is expected to be no more than 420 million yuan.
In addition, Shanghai Haoyuan Chemexpress Co.Ltd(688131) also plans to issue shares to the controlling shareholder Anshu information at the issuing price of 151.33 yuan / share to raise supporting funds, with the total amount of funds raised not exceeding 50 million yuan. The supporting funds raised this time are used to pay the expenses related to the reorganization, investment in new projects and supplementary working capital. Due to the planning of this restructuring transaction, Shanghai Haoyuan Chemexpress Co.Ltd(688131) shares have been suspended since the opening of the market on February 21, 2022 and will resume trading since the opening of the market on March 7P align = “center” Image Source: Shanghai Haoyuan Chemexpress Co.Ltd(688131) official website
Upon completion of the acquisition, Shanghai Haoyuan Chemexpress Co.Ltd(688131) main business will extend to the field of preparations
It is understood that Shanghai Haoyuan Chemexpress Co.Ltd(688131) is mainly engaged in the research and development of molecular blocks and tool compounds in the field of small molecule drug discovery, as well as the process development and production technology improvement of small molecule drug APIs and intermediates, and provides relevant products and technical services from drug discovery to large-scale production of APIs and pharmaceutical intermediates.
According to Shanghai Haoyuan Chemexpress Co.Ltd(688131) announcement, the drug source drug of the target company to be acquired this time is a high-tech enterprise that provides one-stop pharmaceutical R & D, registration and production services of APIs and preparations to new drug developers. It has been deeply cultivated in the business field of CMC (process information, production information, quality research and control, etc., which are a very important part of drug application materials) for many years, CMC has certain competitive advantages in the business field.
Shanghai Haoyuan Chemexpress Co.Ltd(688131) said that through this transaction, the main business of the listed company will further extend to the field of preparations, and create a cro / cdmo / CMO industrial service platform integrating “intermediates, APIs and preparations”, so as to provide customers with more comprehensive services and enhance the competitiveness of the industry, which is in line with the company’s future development strategy.
Shanghai Haoyuan Chemexpress Co.Ltd(688131) also disclosed the financial data of the drug source drugs of the target company in the announcement. In 2020 and 2021, the operating revenue of drug source drugs was 562507 million yuan and 816748 million yuan respectively, the net profit attributable to the parent company was 1.7069 million yuan and 105474 million yuan respectively, and the total assets were 848717 million yuan and 132 million yuan respectively.
According to the relevant agreements signed by the parties to this acquisition transaction, the performance commitment party intends to promise that the net profit of the target company in 2022, 2023 and 2024 will be no less than 20 million yuan, 26 million yuan and 38 million yuan respectively, with a total of no less than 84 million yuan. According to the calculation of Huajin securities, if the transaction price is no more than 420 million yuan, the acquisition PE corresponding to the promised net profit of the underlying asset from 2022 to 2024 is 21x, 16.15x and 11.05x respectively. Huajin Securities said it is “significantly lower than the industry valuation level”.
Last year, the net profit increased by nearly 50% year-on-year, but the stock price “fell endlessly”
On February 25, Shanghai Haoyuan Chemexpress Co.Ltd(688131) released the annual performance express of 2021. During the reporting period, the operating revenue was 967 million yuan, with a year-on-year increase of 52.29%; The net profit attributable to the parent company was about 191 million yuan, a year-on-year increase of 48.34%. At the end of the reporting period, the owner’s equity attributable to the parent company was about 1.823 billion yuan, an increase of 247.80% over the beginning of the periodP align = “center” Image Source: Announcement screenshot
Shanghai Haoyuan Chemexpress Co.Ltd(688131) disclosed that the reasons for performance growth include strong demand in cro and cdmo (Pharmaceutical outsourcing) industries; The R & D service capacity has been enhanced, the product lines that can be supplied by tool compounds and molecular blocks have been accelerated, and the service capacity of the R & D market has been rapidly expanded; The continuous improvement of brand awareness, the substantial increase of orders during the reporting period, and the significant increase of operating revenue.
However, similar to many CXO companies, Shanghai Haoyuan Chemexpress Co.Ltd(688131) ‘s share price shows a very different trend from its performance. Based on the historical high of 425 yuan / share on August 13 last year, the market value of Shanghai Haoyuan Chemexpress Co.Ltd(688131) has shrunk by nearly half.
It is worth noting that this is not the first foreign acquisition since Shanghai Haoyuan Chemexpress Co.Ltd(688131) listing. On October 26 last year, Shanghai Haoyuan Chemexpress Co.Ltd(688131) announced that it planned to increase the capital of Hefei ouchuang gene Biotechnology Co., Ltd. (hereinafter referred to as “ouchuang gene”) by 144 million yuan at the price of 1 yuan / registered capital to obtain 90% equity of ouchuang gene, and the investment funds were used for ouchuang gene’s construction of pharmaceutical R & D and biological reagent R & D industrialization base project.
According to the information disclosed by Shanghai Haoyuan Chemexpress Co.Ltd(688131) at that time, ouchuang gene is a national high-tech enterprise with a number of patented technologies in the field of Bioscience, and has certain R & D strength in the field of gene testing product R & D and technical services in China. Meanwhile, the announcement also said that the latest audited net assets of eurogene were -102382 million yuan, the operating income was 2.6263 million yuan, the net profit was -6.2156 million yuan, and the assessed value of net assets was -9.6853 million yuan.
Obviously, compared with the drug source drugs of the target company acquired this time, the book data of eurogene is much inferior, which is not only insolvent but also in a state of loss Shanghai Haoyuan Chemexpress Co.Ltd(688131) also received the inquiry letter from the Shanghai stock exchange because of the transaction at that time.
Now, more than four months later, Shanghai Haoyuan Chemexpress Co.Ltd(688131) again mentioning the merger and acquisition, whether it can recover the decline of its share price still needs to be tested by the market.
