Termination of Creed's IPO: Originally planned to be listed on the Growth Enterprise Market (GEM), in which OrbiMed was a shareholder.
Recently, the Shenzhen ** Stock Exchange disclosed that Sichuan Keruide Pharmaceutical Co., Ltd. is hereinafter referred to as"Creed"or"Creed Pharmaceuticals") has requested the withdrawal of the application documents for the initial public offering**, and the sponsor GF** has withdrawn the sponsorship opinion. As a result, the Shenzhen ** Stock Exchange has decided to stop analyzing its initial public offering** and listing on the GEM.
According to Bedo Finance, Creed submitted a prospectus in June 2022 to prepare for listing on the GEM. On the eve of the listing, Crete initially plans to raise funds 74.5 billion yuan will be used for production base construction projects (formulas), R&D platform projects, marketing network modernization projects and replenishment of working capital.
Recently, CoreTech System also updated a version of the Prospectus (Filing) in January 2024 to provide additional information on the results for the first three quarters of 2023 and better explain the risks of profit growth in 2023 and 2024 as well as the risk of declining gross margins.
According to eyewitness information, Creed was established in April 2000 and is located in Luzhou City, Sichuan Province, which is an enterprise mainly engaged in the production of pharmaceutical products. At present, the registered capital of the company is 33 million yuan, the legal representative is Chen Gang, and the shareholders include the management of Creide, Luzhou Yunzhi, Chen Gang, etc.
According to the prospectus, Coretech is a global diagnostic and ** solutions provider centered on central nervous system diseases, integrating the research, development, production and sales of chemical APIs, chemical preparations and medical devices. In the prospectus, Coretech noted that it is focused on providing high-quality diagnostic and ** products to patients with central nervous system disorders.
Kelun Pharmaceutical currently has 19 drug production approvals, 13 API registration certificate numbers, 5 medical device registration certificates and 18 major R&D projects around central nervous system diseases, including 7 new and improved drugs and 11 top generic drugs, covering anxiety disorders, epilepsy, dystonia, depression, ADHD, mental **, Alzheimer's disease, etc.
In 2020, 2021, 2022 and the first half of 2023, Cogobuy posted revenue of 5., respectively5.7 billion yuan, 68.8 billion yuan, 90.8 billion and 56.7 billion yuan, net profit was 10.7 billion yuan, 14.8 billion yuan, 20.9 billion and 12.9 billion yuan, net profit after deducting non-profit was 11.2 billion yuan, 13.8 billion yuan, 19.5 billion and 1$2.3 billion.
Bedo Finance understands that Krede's main revenue** is from the sale of pharmaceutical chemicals. During the reporting period, the company's main products sold were tanduspirone citrate capsules, sodium valproate for injection and tizanidine hydrochloride tablets, with the total sales revenue accounting for respectively. 89% and 8705%。
During the reporting period, the gross profit margin of Kerui's core business was as follows: 89% and 9276%, which remained at a high level. Kerui said in the prospectus that according to the current composition of the main products, the gross profit margin of the company's core business will face a certain risk of decline.
In addition, according to CoreTech System's 2023 and 2024 revenue simulations, the global sales of its sodium valproate varieties (including lyophilized powder injection, water injection, and oral solution, which will be newly launched in 2023) in 2023 are likely to increase from 2$7.8 billion to $1. in 2023300 million to 1400 million yuan, which may be reduced to 10 million yuan in 2024.
At the same time, if the tandospirone citrate variety is included in the scope of national recall and procurement, it is expected that the recall and procurement will be officially implemented in the third quarter of 2024 at the earliest. According to Kelun Pharmaceutical's 2024 revenue simulation, global sales of its tanduspirone citrate varieties, including capsules and tablets, are likely to increase from 4400 million yuan to 3700 million to 3$800 million.
Xineng Technology said in the prospectus that although the sales of products such as tizanidine hydrochloride tablets, miculoconium injection, and milnacipram hydrochloride tablets have grown rapidly, as well as the successive listing of products under development such as peropilone hydrochloride tablets, which is expected to help the company improve its performance to a certain extent, the company's revenue and profits may still decline to a certain extent due to the impact of the above-mentioned product risks.
Prior to the listing, Creed Management held 5376%, Luzhou Yunzhi holds 1155%, and Orbimed Asia (Orbimed Capital) holds 1034%, Tianfeng Juyi holds shares, Duan Jidong and Tianfeng Yaquan hold 364%, Tianfeng Qihang holds 262%, Xia Jun holds 204%, Tianfeng Yangfan holds 179%。