"Yunchuang Finance" Text/Zhang Yan Founded in 2016, Capital Pharmaceutical Holdings (Beijing) Co., Ltd. (hereinafter referred to as "Capital Pharmaceutical Holdings") is an innovative small molecule drug company in the clinical research stage, with a research and development pipe

"Yunchuang Finance" Text/Zhang Yan

Founded in 2016, Capital Pharmaceutical Holdings (Beijing) Co., Ltd. (hereinafter referred to as "Capital Pharmaceutical Holdings") is an innovative small molecule drug company in the clinical research stage, with a research and development pipeline covering It covers key tumor indications such as non-small cell lung cancer, lymphoma, hepatocellular carcinoma, pancreatic cancer, thyroid cancer, ovarian cancer, and leukemia, as well as other important disease areas such as type II diabetes.

Shoudao Holdings has been established for six years, but the company still has no drugs approved for sale, and its cumulative losses during the reporting period have reached 388 million yuan. However, it is such a company that cannot yet foresee its future prospects. , but to sprint towards the Science and Technology Innovation Board, this is undoubtedly a "big gamble" for the market.

The IPO research team of "Yunchuang Finance" noticed that during the reporting period, Shoudao Holdings continued to suffer losses, but strangely, the company's valuation soared nearly four times in less than a year. In addition, Shoudao Holdings also There is a series of abnormal operations of acquiring loss-making assets at a premium.

The valuation behind the continued "blood loss" has skyrocketed.

The prospectus disclosed that from 2018 to 2020, the net profit attributable to the parent company of Capital Pharmaceutical Holdings was -12.3485 million yuan, -39.6082 million yuan, and -330 million yuan respectively, with a cumulative loss of three years. The amount is nearly 400 million yuan. As of the end of 2020, the cumulative uncompensated losses of Capital Pharmaceutical Holdings have reached -301 million yuan. In the first quarter of 2021, Capital Pharmaceutical Holdings achieved a net profit attributable to the parent company of -34.6864 million yuan, net profit attributable to the parent company after deduction of non-compliance. -34.7309 million yuan, the loss margin expanded compared with the same period last year. During the reporting period, Capital Pharmaceutical Holdings continued to suffer losses.

It should be noted that Shoudao Holdings is mainly engaged in the research and development of innovative drugs. The company's products are currently in the research and development stage, and there are no drugs approved for sale yet. Research and development of innovative drugs is a long process with long development cycle, huge investment, low success rate, and high risks. From the small molecule stage of drug screening to the lead compound stage to the preclinical research stage, the probability of success is less than one-third. From the clinical stage to the market, the success rate is only about one-tenth. Taking drug research and development in European and American countries as an example, the investment in the successful development of a drug often reaches billions of dollars.

Shoudao Holdings is still in the clinical stage. According to reports, the launch time of its products is still far away and there is great uncertainty about whether it can be successfully launched. This also means that the company will likely continue to lose money for a long time in the future. , however, surrounded by countless uncertain factors, the valuation of Capital Pharmaceutical Holdings has been soaring. For many investment institutions, it can be described as a "big gamble."

In 2019, Yizhuang State Investment and Shuanglu Pharmaceutical invested in shares through subscription of registered capital and equity transfer. The capital increase price at that time was only 20.64 yuan per investment amount. However, in the capital increase one year later in September 2020, Jiaxing Lingqi subscribed for 991,000 shares for 45 million yuan, and Chunlin Investment subscribed for 440,400 new shares for 20 million yuan. The capital increase price at that time had reached 45.41 yuan/share.

calculated based on the capital increase price as a standard, the valuation of Shougang Holdings in 2019 was only about 1 billion yuan, but by 2020, the valuation had reached nearly 5 billion yuan, an increase of more than 4 times. Returning to the previous article, the current products of Shoudao Holdings are in the research stage, and it is uncertain whether they can be commercialized. The company is likely to be unable to make profits for a long time in the future. Against this background, Shoudao Holdings The valuation of the holding has been rising again and again. Whether investment institutions are willing to "gamble" or someone is deliberately making a high valuation, investors need to be vigilant.

Purchased loss-making assets at a premium

In addition to abnormally high valuations, Capital Pharmaceutical Holdings also engaged in abnormal operations of purchasing loss-making assets at a premium.

In December 2018, Shougang Holdings transferred the 10.5 million yuan investment in Beijing Selintai Pharmaceutical Technology Co., Ltd. held by Liu Peichang for a consideration of 20 million yuan. The equity transfer price was 1.90 yuan/investment amount. However, in December 2018, Selintai Net assets at the end of the month were -10.4526 million yuan, and net profit was -21.8148 million yuan. Capital Pharmaceutical Holdings acquired a loss-making company at a high price. However, the prospectus did not disclose the evaluation and pricing basis for the acquisition, nor did it disclose Specific information about Liu Peichang.

After Capital Pharmaceutical Holdings acquired Serintai, related transactions began between them. The prospectus shows that Cerintai’s main source of income after the acquisition was the internal technology transfer income to Capital Pharmaceutical Holdings.

In fact, Shoudao Holdings’ move was not just because of drunkenness. After acquiring Serintai, Shoudao Holdings owned a number of patents in a short period of time, enabling it to meet the requirements for applying for an IPO on the Science and Technology Innovation Board. qualifications. Perhaps to outsiders, Shoudao Holdings just acquired a company, but in fact, Shoudao Holdings just purchased patented technology under the guise of acquiring a company.