On December 6th, Fosun Pharma announced that the application materials for overseas initial public offerings submitted by its holding subsidiary Fuhong Hanlin had received the latest feedback. According to the "China Securities Regulatory Commission Administrative Licensing Application Acceptance Form" received by Fuhong Hanlin on December 5, the CSRC will accept the application for the administrative license for the overseas initial public offering of shares submitted by the China Securities Regulatory Commission. This also means that Fu Honglin, who announced the withdrawal of the application for the listing of the new three board more than two months ago, officially went to Hong Kong to seek overseas listing.
According to industry analysts, Fuhong Hanlin withdrew his application for listing on the New Third Board and went to the Hong Kong Stock Exchange. The main driving factor was the listing system of emerging and innovative industrial companies announced by the Hong Kong Stock Exchange in April this year. This brewing for four years is also known by the industry as "the most significant reform of the Hong Kong stock market system in the past 24 years", allowing unprofitable biotech companies and new economic companies with different voting rights structures to apply for listing on the Hong Kong Main Board. .
Since the implementation of the "New Deal" of the Hong Kong Stock Exchange, apart from the Internet medical technology company, Ping An Good Doctor, as of October 31 this year, there have been 4 such as Gongli Pharmaceutical, Baekje Shenzhou, Hualing Medicine, and Cinda Bio. Unprofitable biopharmaceutical companies are listed on the Hong Kong Stock Exchange. This series of actions naturally provoked the "neural" of Fu Hong Han Lin, who was also plagued by profit problems.
Previously, Liu Honggao, CEO of Fuhong Hanlin, said in an interview with Yiou Health, that pharmaceutical R&D is a field with high investment, high risk and long return on investment. According to the data provided by the management report of Fuhong Hanlin at that time, from January to September 2017, Fuhong Hanlin's revenue was 22 million yuan, and the loss increased to 145 million yuan. Today, Fuhong Hanlin is still not profitable because its products are still in pre-clinical research or clinical trials and no products are on the market.
The importance of funding for pharmaceutical R&D is self-evident. While the loss has expanded, Fuhong Hanlin is also actively seeking the help of external capital. In December 2017, Fuhong Hanlin announced that it plans to raise approximately US$190 million or equivalent RMB through the newly issued 5,534,700 shares for the research and development and daily operations of Fuhong Hanlin. This is another fund-raising plan since Fu Honglin decided to list the new three boards.
In August 2016, Fosun Pharma stated that its subsidiary, Fuhong Hanlin, planned to restructure and apply for listing in the national SME share transfer system. At the same time, Fosun Pharma also disclosed the initial plans for the holding subsidiaries Yaken Bio and Sisram for overseas listing. In response to the spin-off of Sisram's listing, Fosun Pharma said that the move was mainly to “provide funds for its well-established and well-operated subsidiaries,†and “the funds raised were mainly used for technology research and new product development and market expansion. And brand promotion, etc.". Obviously, the application of the listing of the new three boards by Fu Hong Hanlin is also the meaning of Fosun Pharma's strategy. It is only the policy and market trend that allowed it to switch to the Hong Kong Stock Exchange two years later.
On September 27, Fuhong Hanlin's proposal to withdraw the listing of the New Third Board was approved by the board of directors of Fosun Pharma and the shareholders of Fuhong Hanlin. On the same day, Fuhong Hanlin submitted the applications to the National Small and Medium Enterprise Share Transfer System Co., Ltd. In addition, Fosun Pharma also passed the proposal on Fuhong Hanlin's overseas listing plan.
Founded in February 2010, Fuhong Hanlin was established by Fosun Pharma and Hanlin Biopharmaceutical Co., Ltd., mainly engaged in the research and development, production, sales and supply of related technical services for monoclonal antibody drugs. According to its official website, as of now, Fuhong Hanlin's 13 products and 1 combined treatment program have completed 22 clinical trial applications for indications, and have obtained 27 clinical trial licenses worldwide, and its first product HLX01 (profit The clinical phase 3 trial of non-Hodgkin's lymphoma (NHL) has been completed and is expected to be the first biosimilar drug in China to receive regulatory approval.
Recently, PricewaterhouseCoopers screened out the “Global Innovation 1000 Companyâ€, which counted the company's R&D expenditure in FY 2018 (2017.7.1~2018.6.30). In the field of big health, there are 8 companies in China, with a total investment of 1.425 billion US dollars, and Fosun Pharma is also among them. From January to September 2018, Fosun Pharma's research and development expenses totaled RMB 1.114 billion, an increase of 59.13% over the same period of last year; in the third quarter of 2018, research and development expenses were 405 million yuan, a year-on-year increase of 69.65%. Among them, Fuhong Hanlin, as the platform of Fosun's pharmaceutical biopharmaceuticals, has also made progress in research and development.
The application materials for the initial public offering of shares of Fuhong Hanlin were accepted by the China Securities Regulatory Commission, which means that it has gone further to the Hong Kong Stock Exchange. According to the data collected by Tianyue, Fuhong Hanlin has already obtained 6 rounds of financing, and the valuation has broken 10 billion yuan. In addition to the development of the economic level, the development of innovative drugs in China is mainly policy and capital investment. Since the Zhengzhou era in 2007-2008, the State Food and Drug Administration has continuously increased the approval of biopharmaceuticals. And Fuhong Hanlin, who took the Dongfeng of the "New Deal" of the Hong Kong Stock Exchange, can open a new situation for China's biomedicine, which is worthy of industry expectations.
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