The 100-billion-dollar medical beauty giant Amic is rushing to the Hong Kong Stock Exchange for the second time. If it can successfully log into the Hong Kong stock market, Amic will become the first domestic medical beauty company with "A+H" shares listed. As a domestic medical beauty giant, Amic made a lot of money with hyaluronic acid , and its ultra-high gross profit margin once overtook Moutai. At the same time, excessive reliance on hyaluronic acid for revenue has also become a potential "worry point" for the market.
html On the evening of June 27, Hong Kong Stock Exchange documents showed that Amic Technology Development Co., Ltd. submitted a listing application.
As early as February this year, Amic failed due to invalid listing application materials. This time the company resubmitted the materials and applied to the Hong Kong Stock Exchange. If it can successfully land on the Hong Kong stock market, Amic will also become the first domestic company "A+H" listed medical beauty company.
Previously, in September 2020, Amic had been successfully listed on the GEM , and A-share had been listed for less than a year. In July 2021, it planned to go public in Hong Kong again. Such a tight financing rhythm is relatively rare.
What’s interesting is that just a few months after Aimeike was listed on the GEM, the company paid out generous dividends. The actual controllers, the Jian siblings, took advantage of the situation and made a lot of money. When replying to the reason for the dividend payment by the Shenzhen Stock Exchange, they also said that "there is no shortage of money." In the same year, after paying dividends, he wanted to go public in Hong Kong to "raise money."
Hong Kong Stock Exchange, comparable to Moutai’s ultra-high gross profit margin
On September 28, 2020, Aimeike successfully landed on the GEM. So far, the "three giants of hyaluronic acid" Amic, Huaxi Biotechnology and Haohai Biotech have gathered together.
After two years, the "latecomer" Amic once overtook the two "predecessors" in terms of market value and gross profit margin, becoming the well-deserved "leading hyaluronic acid stock ".
Amic, which now has a market capitalization of hundreds of billions, wants to land on the Hong Kong Stock Exchange again. On the evening of the 27th, Hong Kong Stock Exchange documents showed that Amic submitted an IPO application on the Hong Kong Stock Exchange, and this was not the first time Amic submitted an IPO application for Hong Kong stocks.
As early as July 2021, Amic announced that it had submitted application materials, but later had to resubmit because Amic's listing application materials were "invalid". If the listing is successful, Aimeike will become the first "A+H" listed medical beauty company.
In recent years, as the "appearance economy" has gained momentum, Amic's performance has also increased. The prospectus shows that from 2018 to 2021, Amic’s revenue was approximately 321 million yuan, 558 million yuan, 709 million yuan and 1.448 billion yuan respectively, with a compound annual growth rate of 65.2%; net profits during the year were 116 million yuan respectively. , 298 million yuan, 434 million yuan and 954 million yuan, with a compound growth rate of 102.1%.
In addition to the surge in performance, what is even more striking is that Amic’s gross profit margin is comparable to Kweichow Moutai . From 2018 to 2020, Amic's gross profit margins were 87.2%, 91.7%, and 91.4% respectively. In 2021, Amic's gross profit margin was as high as 93.3%, once overtaking Moutai with a gross profit margin of 91.54%.
Aimeike's ultra-high gross profit margin is the epitome of huge profits in the medical beauty industry. The huge profits also caused chaos in the industry and led to stricter supervision.
Since May 2021, eight departments including the National Health Commission have issued the "Special Rectification Work Plan for Combating Illegal Medical Beauty Services", the medical beauty industry has entered a new round of strict rectification period. In 2022, medical aesthetic supervision will continue to increase in Sichuan, Shandong and other places, and 2022 will surely become the first year of compliance in my country's medical aesthetic industry.
Currently , my country’s Food and Drug Administration has clarified that “ water-light needles ” and “radio frequency instruments” are officially included in the supervision of Class III devices. Under the background of strong supervision, compliant medical aesthetics leaders including Amic will Benefit first.
Financing on the left hand, 40% of the high dividends on the right hand go into the pocket of the actual controller
The listing of Amic in two places further "opens up" financing channels.
Looking back at the previous IPO of Aimeike on the GEM, the company raised funds as high as 3.4 billion yuan, and the stock price rose tenfold in the first year of listing. In the annual report, the company generously gave a "10 to 8 dividends of 35 yuan" high bonus to dividend plan, distributed a total of 421 million yuan in cash dividends, which is almost the full year of 2020 net profit.
After that, Aimeike was also issued a letter of concern by the Shenzhen Stock Exchange. Interestingly, before being listed on the GEM, Aimeike said it was "short of money." However, within a few months of listing, it paid out generous dividends and replied to the Shenzhen Stock Exchange that the reason for the dividend was "Not short of money".
Amic said in reply to the letter of concern that the company currently has sufficient cash flow and has no financing plan and no other major external investment plans and arrangements. However, a few months later Amic disclosed that it would go to Hong Kong for refinancing. plan, this operation can't help but make people puzzled.
Is Amike short of money? Just between the reply to the letter of concern and the disclosure of the listing plan in Hong Kong, Amic made another major move that cost nearly 900 million yuan, which reflects that the current choice of listing on the Hong Kong Stock Exchange actually requires funding to a certain extent.
On the evening of June 24, 2021, Amic announced that it planned to use approximately 886 million yuan of super-raised funds to increase capital and acquire part of the equity in Huons Bio Pharma Co, Ltd. (hereinafter referred to as "Huons BP"). Since then, Amic It will hold a total of 25.4% of Huons BP's equity.
Part of the reason why it is so "expensive" is that this transaction has a premium of nearly 74 times. Huons Bio is a botulinum toxin business unit spun off from a listed Korean pharmaceutical company. After the above news was announced, Amic's stock price rose 9.04% on June 25, hitting a record high, with a market value of 162.82 billion yuan. In May this year, Amic once again signed a botulinum toxin product distribution agreement with the company.
Industry insiders analyze that major shareholders obtain cash from the company in the form of high cash dividends. On the one hand, they can avoid the negative impact of reducing their shareholdings on the company's market value. On the other hand, high-ratio dividends can not only obtain cash but also avoid risks, which is the best of both worlds. .
Overall, Amic’s eagerness for a secondary listing is also related to the “cost” of acquiring toxin companies. Returning to the previous dividend incident, another hotly debated point in the market is that 40% of the dividend actually went into the pockets of the "Jane siblings".
Judging from the shareholding structure of the prospectus, the natural persons who personally hold more than 2% of the shares include Jian Jun, Shi Yifeng, Yuan Feng, Wang Lanzhu and Jian Yong. Among them, Jian Jun and Jian Yong are siblings. Jian Jun personally holds 30.96% of the shares, Jian Jun's younger brother Yong personally holds 2.42% of the shares, and Shi Yifeng personally holds 4.85% of the shares.
(Screenshot from the prospectus)
It should be noted that in addition to individual shareholdings, Zhixingjun Investment Management Partnership, Danrui Investment Management Partnership, and Kezhishang Investment Management Partnership hold 6.41% and 4.85% respectively. and 4.28%, all three of which are controlled by Shi Yifeng and Jian Jun.
Therefore, from the perspective of the shareholding structure, apart from the "Jane siblings", the one with the largest number of shares is Shi Yifeng. Shi Yifeng, who has served as the financial director of large enterprises such as Gome Electric Appliances, Warburg Pincus, , Mobike, and , also served as the financial director of Amic.
In 2017, Amic appointed Tang Shenghe as the company’s financial director. But in March 2018, Tang Shenghe resigned from Aimeike. In September of the same year, Zhao Shuanghong began to serve as the person in charge of finance and resigned in March 2021.
On March 25, 2021, Aimeike announced that Zhao Shuanghong applied for resignation due to personal reasons and would no longer hold any position in the company and its subsidiaries after his resignation.
Since then, Amic said that it will arrange for the appointment of a new financial director as soon as possible. Before the appointment of a new financial director, the company's general manager Shi Yifeng will act as the financial director. It was not until January 7, 2022 that Amic announced the appointment of Zhang Renchao, but Zhang Renchao had actually joined Amic as early as November 2021.
It should be noted that Tang Shenghe resigned and transferred all his shares after less than one year in office. Coincidentally, the time of resignation happened to be after Amic withdrew its listing application materials. This move also attracted the attention of the China Securities Regulatory Commission.
was acquired at a premium, with the intention of getting rid of hyaluronic acid dependence
As of the evening of June 28, Amic’s share price closed at 576.5 yuan per share, with a market value of 124.7 billion yuan.
Judging from the company’s previous revenue segment, more than 98% of the company’s revenue comes from hyaluronic acid dermal filler products. In other words, hyaluronic acid Amic alone has supported a net worth of hundreds of billions.
learned from Amic’s prospectus that according to the Frost & Sullivan Report, Amic is China’s largest supplier of hyaluronic acid-based dermal fillers in terms of sales volume in 2021, with a market share of 39.2%. ; The company is the second largest supplier of hyaluronic acid-based dermal fillers in China in terms of sales in 2021, with a market share of 21.3%.
In addition, the company is also the largest supplier of hyaluronic acid-based dermal fillers among all domestic companies in China, with a market share of 58.9%. As of the end of 2021, Amic's products have been adopted by more than 4,400 medical institutions.
And Amic seems to be aware of the uncertainty of a single product, which is why it has previously acquired a Korean botulinum toxin company at a high premium. In addition, the company has also increased the research and development of three product lines: medical devices, biological drugs, and chemical drugs.
Currently, Amic has 7 products under development, including modified polyvinyl alcohol gel microspheres for medical use sodium hyaluronate gel product under development, liraglutide injection product under development , injectable hyaluronidase product under development and deoxycholic acid drug product under development are all in the independent development stage.
Judging from the company's R&D expenditures, from 2018 to 2021, Amic's R&D expenditures were 33.7 million yuan, 48.6 million yuan, 61.8 million yuan and 102 million yuan respectively, accounting for 10.5%, 8.7% and 8.7% of the revenue in the same period respectively. % and 7.1%. The prospectus shows that Amic's R&D expenditures have grown at a compound annual growth rate of 44.8%, but the proportion has declined year by year.
In contrast, the proportion of sales expenses has increased year by year. From 2018 to 2021, Amic's sales and distribution expenses were 60.4 million yuan, 74.8 million yuan, 70.8 million yuan and 156 million yuan respectively, accounting for 18.8%, 13.4%, 10.0% and 10.8% of the revenue in the same period respectively. are higher than R&D expenditures.
![✨One Step Towards Freedom EP 01 - EP 180 Full Version [MULTI SUB] - DayDayNews](https://i.ytimg.com/vi/zkC1DlEi6d4/hq720.jpg?sqp=-oaymwEcCNAFEJQDSFXyq4qpAw4IARUAAIhCGAFwAcABBg==&rs=AOn4CLBMS803lVcU7Xyf2dOggaqhQjyD6g)
