Stock abbreviation: Chengda Pharmaceutical Stock Code: 301201 Chengda Pharmaceutical Co., Ltd
Chengda Pharmaceuticals Co.,Ltd.
(No. 36, Huanghe Road, Huimin street, Jiashan County, Jiaxing City, Zhejiang Province)
Listing announcement of initial public offering and listing on GEM
Sponsor (lead underwriter)
(No. 1508, Xinzha Road, Jing'an District, Shanghai)
January 2002
hot tip
The shares of Chengda Pharmaceutical Co., Ltd. (hereinafter referred to as "Chengda pharmaceutical", "the company", "the company" or "the issuer") will be listed on the gem of Shenzhen Stock Exchange on January 20, 2022. The company reminds investors to fully understand the stock market risks 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 definitions of abbreviations or terms in this listing announcement are consistent with those in 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 http://www.cn.info.com.cn 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, pay attention to risks, make prudent decisions and make rational investment.
The company reminds the majority of investors that investors are invited to refer to the full text of the company's prospectus for relevant contents not involved in this listing announcement. 2、 Special tips on investment risk at the initial stage of gem IPO
The issue price is 72.69 yuan / share. According to the guidelines for Industry Classification of listed companies (revised in 2012) (CSRC announcement [2012] No. 31), the industry of the company is "pharmaceutical manufacturing industry (C27)". As of January 4, 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 38.90 times.
As of January 4, 2022 (T-4), the valuation level of comparable listed companies with main business and business model similar to that of the issuer is as follows:
T-4 day stock 2020 deduction 2020 deduction corresponding static corresponding static securities code securities abbreviation closing price non front EPS non back EPS P / E ratio (Times) (yuan / share) (yuan / share) (yuan / share) - deduction non front - deduction non back
603259.SH Wuxi Apptec Co.Ltd(603259) 108.80 1.0015 0.8070 108.64 134.82
002821.SZ Asymchem Laboratories (Tianjin) Co.Ltd(002821) 391.50 2.7448 2.4478 142.63 159.94
T-4 stock in 2020 minus the static corresponding static securities code corresponding to the deduction in 2020. The securities are referred to as the closing price. Non front EPS non back EPS P / E ratio (Times) (yuan / share) (yuan / share) (yuan / share) - non front minus non back
300363.SZ Porton Pharma Solutions Ltd(300363) 76.62 0.5959 0.5294 128.58 144.73
603456.SH Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) 51.05 0.4571 0.3871 111.68 131.88
688076.SH Jiangsu Sinopep-Allsino Biopharmaceutical Co.Ltd(688076) 40.50 0.5790 0.4432 69.95 91.38
Average 112.30 132.55
Data source: wind information, data as of January 4, 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 72.69 yuan / share corresponds to the lower of the issuer's net profit attributable to the shareholders of the parent company before and after deducting non recurring profits and losses in 2020. The diluted P / E ratio is 83.10 times, which is 38.90 times higher than the industry's static average p / E ratio in the latest month published by China Securities Index Co., Ltd. and 132.55 times lower than that of comparable listed 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 at the initial stage of IPO listing. 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: (I) the restrictions on rise and fall are relaxed
The first day of listing of new shares on the main board of Shenzhen stock exchange is limited to 44% and 36%, and the next trading day is limited to 10%.
The competitive trading of GEM stocks is subject to a wide range of rise and fall restrictions. For stocks that are IPO and listed on the gem, there are no rise and fall restrictions in the first five trading days after listing, and then the rise and fall restrictions are 20%. Gem further relaxed the restrictions on the rise and fall of stocks in the early stage of listing, and increased the trading risk.
(II) the number of tradable shares is small
This public offering of 24174035 shares has a total share capital of 96.696140 million shares, of which 22.018689 million shares are tradable shares without restrictions, accounting for 22.77% of the total share capital after the issuance. At the initial stage of listing, the company has a small number of tradable shares and there is a risk of insufficient liquidity. (III) risk that can be regarded as the subject matter of margin trading on the first day of stock 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 means that margin trading will aggravate the price fluctuation of the underlying stock; Market risk means that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the changes in the original stock price, but also the risks caused by the changes in the stock price of new investment, and pay corresponding interest; Margin increase risk means that investors need to monitor the guarantee ratio level throughout the transaction process 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. (IV) there may be a risk of falling below the issue 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. 3、 Special risk tips
The company specially reminds investors that before making investment decisions, they must carefully read all the contents of "section IV Risk Factors" in the prospectus of the company, and pay special attention to the following risk factors: (I) innovation risk
With the increasingly complex molecular structure of drugs, the R & D investment in the pharmaceutical industry continues to increase. Pharmaceutical enterprises put forward higher requirements for the process R & D ability and speed of cdmo enterprises. The company needs to be customer-oriented and constantly carry out innovative R & D. However, due to certain uncertainties in the application of new technologies and the research and development of new products, if the company fails to successfully realize the industrialization of the innovation of relevant technologies and products, it may face the risk of innovation failure. (II) technology renewal risk
After years of accumulation, the company has mastered a number of core technologies, such as water-soluble small molecule amino acid separation and purification technology, drug chiral synthesis technology, transition metal catalyzed coupling reaction technology, diversified chemical synthesis production technology and equipment transformation technology in line with the implementation of industrialization. The above technologies have little risk of being replaced and eliminated by other technologies in a short time. However, at the same time, the company still faces the competition from other cdmo enterprises in China and the world, and the downstream customers' requirements for product quality, cost and R & D speed are constantly improving. The company needs to continuously upgrade and improve its core technology, and continuously apply the technology to the development of customers' new projects. If the company cannot continuously track cutting-edge technologies and update its own technical reserves accordingly, resulting in the company's inability to meet the customer's new project development needs in time, it may have an adverse impact on the company's competitiveness and operating conditions. (III) risk of changes in international political and trade environment
The United States is one of the important exporters of the company's products. During the reporting period, the issuer's direct or indirect exports to the United States were 50.7068 million yuan, 85.991 million yuan, 107.3174 million yuan and 40.5973 million yuan respectively, accounting for 24.96%, 29.28%, 28.77% and 20.82% of the issuer's main business income respectively. For the L-carnitine series products directly sold by the issuer to the United States, the tariff will be increased to 25% from May 10, 2019. During the reporting period, the additional tariff was borne by the customer, and there was no case where the customer asked for tariff sharing. However, the increasing friction and conflict between China and the United States has brought some uncertainty to the global macro-economy and enterprise management. If Sino US relations become more tight in the future, and customers ask for tariff sharing or lower product prices, it may have a serious impact on the company's product exports and cooperative relations with customers, thus adversely affecting the company's operation. (IV) drug registration and review risks
The company's main products include pharmaceutical intermediates, L-carnitine series products and APIs. As the quality of pharmaceutical intermediates has a great impact on APIs, multinational pharmaceutical enterprises often formulate strict standards for pharmaceutical intermediates in accordance with the requirements of APIs and the provisions of local drug regulatory departments; The company's API products need to pass the registration audit and quality system inspection of national drug regulatory departments. Therefore, the company needs to manage in accordance with the regulations, guidelines and relevant standards of the pharmaceutical industry of various countries in its daily business activities. At present, the company has obtained relevant qualification documents required for operation according to law, and has passed the review of relevant products by the regulatory authorities of major exporting countries. With the improvement of the technical level and regulatory capacity of the pharmaceutical industry, the drug regulatory requirements continue to improve. If the company fails to obtain the necessary business qualification according to the regulatory requirements in the future or the relevant products fail to pass the registration audit and quality system inspection of national drug regulatory departments, it will have a great impact on the production and operation of the company. (V) environmental protection risk
The company has long attached importance to environmental protection and treatment, equipped with necessary environmental protection equipment and facilities, and treated wastewater, waste gas and solid waste in accordance with national requirements. However, in the actual production process, there may still be non-compliance of waste discharge due to facilities and equipment failure, improper personnel operation and other reasons. In addition, as the state strengthens environmental protection, it may improve environmental protection governance standards or introduce stricter regulatory policies in the future. If the company violates environmental protection laws and regulations in daily operation in the future, it will face the possibility of being punished by relevant national departments, and may affect the cooperation between the company and customers, and then affect the production and operation of the company. (VI) safety production risk
The company attaches great importance to safety production management, establishes and improves the safety production responsibility system of all employees, ensures that safety production education and training are carried out for employees every year, and completes safety inspection and hidden danger investigation and treatment through special inspection and regular inspection. However, because some raw materials used in the production of the company are flammable, explosive and toxic chemicals, there is still a risk of safety accidents caused by equipment failure, improper process operation or natural disasters, which may affect the normal business operation of the company. (VII) risk of performance fluctuation
During the reporting period, the company's main business income was 203169200 yuan, 293730300 yuan, 37296300 yuan and 195012900 yuan respectively. After deducting non recurring profits and losses, the net profits attributable to the company's common shareholders were 7487200 yuan, 50994000 yuan, 84578700 yuan and 47691100 yuan respectively. The company's performance showed high growth during the reporting period. The company submitted an IPO application to the CSRC in 2010 and 2012. Compared with the previous application, the performance of the issuer's pharmaceutical intermediates fluctuated greatly. The operating performance of the company is affected by the superposition of many factors. If there are adverse changes in the company's specific products of pharmaceutical intermediates, R & D progress, technical reserves, customer relations, downstream customers' technical routes and needs, and the company's production resources in the future, it may affect the company's pharmaceutical industry
