Stock abbreviation: fujilai Stock Code: 301258 Suzhou fujilai Pharmaceutical Co., Ltd
SUZHOU FUSHILAI PHARMACEUTICALCO., LTD.
(address: No. 16, Haiwang Road, Changshu new material industrial park, Jiangsu Province)
Initial public offering and listing on GEM
Listing announcement
Sponsor (co lead underwriter)
(address: 24th floor, Oriental International Financial Plaza, 318 Zhongshan South Road, Huangpu District, Shanghai) Co lead underwriter
March, 2002
hot tip
The shares of Suzhou fujilai Pharmaceutical Co., Ltd. (hereinafter referred to as "fujilai", "issuer" or "company") will be listed on the gem of Shenzhen Stock Exchange on March 29, 2022. 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 have the same meanings as those in the prospectus of the company's initial public offering of shares and listing on the gem.
If there is a discrepancy between the total number of items in the listing notice and the total number of items in the listing notice, it is usually caused by rounding to two decimal places.
Section I important statements and tips
1、 Important statement
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（ http://www.cn.info.com.cn. ）, China Securities Network (www.cs. Com. CN.) China Securities (www.stock. CN.) 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 48.30 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 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 (revised in 2012) issued by the CSRC, fujilai belongs to the "pharmaceutical manufacturing industry" (classification code: C27). As of March 11, 2022 (T-4), the static average p / E ratio of "pharmaceutical manufacturing (C27)" industry released by China Securities Index Co., Ltd. in the latest month was 35.42 times.
As of March 11, 2022 (T-4), the valuation levels of comparable listed companies are as follows:
Securities on behalf of T-4 day stocks in 2020 deduction non 2020 deduction non 2020 deduction code deduction securities in 2020 abbreviation EPS before closing price EPS after EPS non front P / E (yuan / share) (yuan / share) (yuan / share) ratio
Xiamen Kingdomway Group Company(002626) Xiamen Kingdomway Group Company(002626) 28.72 1.56 1.43 18.41 20.08
Zhejiang Garden Bio-Chemical High-Tech Co.Ltd(300401) Zhejiang Garden Bio-Chemical High-Tech Co.Ltd(300401) 13.64 0.49 0.41 27.84 33.27
Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) 48.06 1.92 1.70 25.03 28.27
Jiangxi Synergy Pharmaceutical Co.Ltd(300636) Jiangxi Synergy Pharmaceutical Co.Ltd(300636) 22.25 0.34 0.33 65.44 67.42
Qianjiang Yongan Pharmaceutical Co.Ltd(002365) Qianjiang Yongan Pharmaceutical Co.Ltd(002365) 9.51 0.36 0.28 26.42 33.96
Zhejiang Shengda Bio-Pharm Co.Ltd(603079) Zhejiang Shengda Bio-Pharm Co.Ltd(603079) 14.76 1.15 1.22 12.83 12.10
Average 29.33 32.52
Data source: as of February 2023, 2024
Note 1: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding;
Note 2: EPS before / after deduction of non recurring profit and loss in 2020 = net profit attributable to parent company before / after deduction of non recurring profit and loss in 2020 ÷ total share capital on T-4 day.
The issuance price of 48.30 yuan / share corresponds to the lower diluted P / E ratio of the issuer before and after deducting non recurring profits and losses in 2020, which is 32.67 times, lower than the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. on March 11 (T-4) 2022; It is 32.52 times higher than the arithmetic average value of the static P / E ratio of comparable listed companies in the same industry in 2020, with an excess range of 0.46%.
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 co 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 the company's IPO include but are not limited to the following:
1. Stock trading risk caused by the 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 ratio is 44%, the decrease limit ratio is 36%, and the increase and decrease limit on the next trading day is 10%. Gem further relaxed the restrictions on the rise and fall of stocks in the initial stage of listing, and increased the trading risk.
2. Risk of a small number of circulating shares
After this issuance, the total share capital of the company is 91.67 million shares, of which 21735883 shares are tradable without restrictions, accounting for 23.71% of the total shares. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.
3. The risk that can be regarded as the subject matter of margin trading on the first day of listing
GEM stocks can be used as the subject of margin trading on the first day of listing, which may produce certain price fluctuation risk, market risk, margin call 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 joint lead underwriters cannot guarantee that the stock will not fall below the issue price after listing. 3、 Special risk tips
The company reminds investors to carefully read the "risk factors" part of the prospectus and pay special attention to the following matters: (I) market competition risk
Since its establishment in 2000, the company has been engaged in the R & D, production and sales of lipoic acid series products. With years of accumulation, the company has become an important supplier of lipoic acid series products in the world. If competitors continue to pour into the company's product field, it may lead to intensified market competition. If the company fails to continuously improve its technical reserves, sales network, management and internal control in time, the company will gradually lose its existing competitive advantage and have an adverse impact on its future production and operation. (II) concentration risk of main products
During the reporting period, the company's sales revenue of lipoic acid series products accounted for 77.41%, 75.44%, 75.37% and 78.24% of the main business revenue respectively, accounting for a relatively high proportion, making a great contribution to the company's operating revenue and gross profit. The company has the risk of concentration of main products. If the downstream market environment changes or there are major changes in technology updates that are not conducive to lipoic acid series products, it will have an adverse impact on the profitability of the company. (III) sales risk of traders
During the reporting period, the sales of the company's main business income to traders accounted for 71.16%, 65.01%, 65.14% and 66.47% respectively, accounting for a relatively high proportion. At present, pharmaceutical raw materials and intermediates are generally sold by pharmaceutical manufacturers. However, too much sales through traders affects the company's in-depth understanding of end customers to a certain extent, and makes itself lack of necessary direct maintenance of customer relations. In the future, if the cooperative relationship between the company and traders or between traders and terminal manufacturers deteriorates, it will have a negative impact on the company's sales. (IV) environmental protection risk
The production process of the company is mainly chemical synthesis, and the production and operation are faced with the problems of "three wastes" emission and comprehensive treatment. The pharmaceutical industry of the company is a national key environmental protection monitoring industry, which has relatively high requirements for environmental protection. Enterprises need to continuously increase environmental protection investment to meet the requirements of national environmental protection policies. With the increasing improvement of national environmental pollution management standards, the entry threshold of the industry is also increasing. If the company fails to meet the corresponding requirements in time when the environmental protection policy changes, it may be limited, discontinued or face the risk of environmental punishment; At the same time, the improvement of relevant environmental protection standards will further increase the company's investment in environmental protection and increase the company's operating costs, thus affecting the company's operating performance. (V) safety production risk
The products produced by the company are not hazardous chemicals, but some raw materials used in the production process are flammable, explosive, corrosive or toxic hazardous chemicals, which have high requirements for transportation, storage and use. If the company fails to continuously improve and effectively implement the safety production system in the process of expanding the production scale in the future, or the company neglects the safety management link, improper operation of employees, equipment problems, natural disasters, etc., it may lead to major safety accidents, affect the normal production and operation of the company, and may cause large economic losses. (VI) risks related to international trade environment
During the reporting period, the company's products were mainly exported to developed countries such as Europe, America, Japan and South Korea, as well as emerging developing countries such as India and Egypt. The company's export business was affected by changes in the international trade environment.
On May 10, 2019, the U.S. government announced an additional 25% tariff on about $200 billion of goods imported from China. The company's main products lipoic acid series are not listed in the above list, but phosphatidylcholine series and carnosine series are listed in the above 200 billion commodity surcharge list. During the reporting period, the company's total exports to the United States were 782265 million yuan, 729152 million yuan, 787728 million yuan and 286295 million yuan respectively, accounting for 21.01%, 16.36%, 16.87% and 11.35% of the current main business income respectively, of which the total sales amount of phosphatidylcholine series and carnosine series were 15.453 million yuan, 107617 million yuan, 172058 million yuan and 4.9957 million yuan respectively, accounting for 4.15%, 2.41%, 3.69% and 1.98% respectively.
The company's related products subject to tariffs account for a relatively small proportion of sales revenue in the United States, and the Sino US trade friction has not had a significant adverse impact on the company. However, if the trade friction between China and the United States is further intensified in the future, the tariffs on the company's main products are increased, or there are significant adverse changes in the trade regulations and tariff levels of other major exporting countries or regions of the company, which may have an adverse impact on the profitability of the company.
Section 2 stock listing
1、 Review of stock issuance and listing (I) legal basis for preparing listing announcement
This listing announcement is prepared in accordance with the securities law of the people's Republic of China, the company law of the people's Republic of China, the Listing Rules of Shenzhen Stock Exchange gem (revised in 2020) and other relevant laws and regulations, and the guidelines on the content and format of Shenzhen Stock Exchange GEM Listing announcement, It aims to provide investors with basic information about the company's initial public offering of A-Shares and listing on the gem
