Kailaiying Is Set To Increase Its Sales Volume After Twists And Turns, Doubling The Issue Price And Firmly Laying Out A-Share Pharmaceutical Territory

On October 13, Carling's shares jumped 4.45%. After three months of tightening up the financing plan, the Bank of Laiying was finally closed down.

According to the "fixed increase report" disclosed the previous night, Hillhead did not "flinch" due to the change of refinancing policy. According to the public information, Hillard capital invested 1 billion yuan and allocated 4.4552 million shares, accounting for 43.28% of the total issued shares, but the cost of equity acquisition doubled compared with the previous lock price fixed increase scheme.

"It should be said that Hillard is very optimistic about the company. No matter it is the track or the quality of the company itself, it has not given up its subscription in the face of such a high premium. It is also a good signal for other concept stocks that are expected to obtain Hillard investment." On October 13, a partner of a large private equity firm in Beijing was interviewed.

Hillock's subscription shares shrink

As early as February 14 this year, the SFC's new regulations on refinancing were officially implemented, and Carlyle immediately launched a 2.3 billion yuan fixed increase plan, which was fully subscribed by hillhood capital.

According to the fixed increase plan at that time, Hillhouse capital contracted no more than 18.7 million shares (including 18.7 million shares) of Carlin to be privately issued, with the issue price of 123.56 yuan per share (the issue price should not be lower than 80% of the average price of the company's shares in the 20 trading days before the pricing benchmark date). The total amount of raised funds is expected to be no more than 2.311 billion yuan, and the lock-in period is 18 months.

However, after that, the fixed increase of war investment was pressed by the supervision, and Carlyle changed the fixed price increase scheme to bidding fixed increase.

According to the updated plan, the non-public offering of Carlyle will add 10.1877 million shares and raise a total of 2.3105 billion yuan, with a total of 9 issuers. Among them, Hillhouse Capital Management Co., Ltd. will receive 4.4553 million shares, accounting for 1.82% of the total share capital of the company after the issuance, with a allocation amount of 1 billion yuan and a lock-in period of 6 months.

In terms of the total amount of raised funds, the amount of capital raised by Carlyle this time did not change, but the issue price was finally determined to be 227 yuan / share, which was 83.72% higher than the previous "all in price" of higher strategic capital. However, as of the end of October 13, the latest closing price of Carlyle was 286.86 yuan / share, and Hillard capital still had a floating profit of 26.37%.

"It's a good thing that listed companies get the same capital with less shares. However, for institutional investors, the higher cost of equity participation may dampen the enthusiasm of some institutional investors. However, from the perspective of medium and long-term investment, as long as the company is optimistic, it is acceptable to pay a high price within the acceptable range." The above-mentioned private partner pointed out.

In fact, in the view of many industry insiders, it is optimistic about the cdmo (contract R & D and production organization) industry track that the strategic choice to firmly invest in carling. Carlin's business scope covers a wide range of new drugs, from early clinical stage to commercial CMC services, including research and development of advanced intermediates, APIs, preparations and cGMP production.

In the first half of this year, Carlin achieved a total operating revenue of 1.266 billion yuan, a year-on-year increase of 15.81%; net profit attributable to shareholders of listed companies was 316 million yuan, up 37.63% year-on-year; The net profit after deducting non recurring profit and loss attributable to shareholders of listed companies was 277 million yuan, with a year-on-year increase of 36.82%. In the second quarter, the total operating income was 790 million yuan, with a year-on-year increase of 28.20% and a month on month growth of 66.23%; the non net profit was 184 million yuan, with a year-on-year increase of 50.28% and a month on month increase of 96.70%.

Hillhead A-share pharmaceutical industry

As a matter of fact, investment in Carlin is only one corner of Hillhouse's A-share territory. Previously, Hillard has participated in the refinancing plans of several listed companies and signed strategic investment agreements with enterprises. However, due to the influence of regulatory policies, this scheme has not been implemented. In the face of the sharp increase in costs, Hillhouse capital still resolutely took a stake in Klein, which injected a dose of strength into the market.

According to the incomplete statistics of 21st century economic report, in addition to Carlyle, Hillard capital had planned to spend about 393 million yuan to participate in the fixed increase of kailitai, and the lock-in period was also 18 months; it invested about 10 billion yuan into Ningde era, planned to take part in Jiankang's fixed increase of 2.173 billion yuan, participated in the 18 month fixed increase of Guanglianda, and planned to invest 645 million yuan to subscribe for the fixed increase of guoci materials Tickets.

However, due to the "18 + 8" war investment has not broken the ice, the aforementioned investment opportunities have also been stranded so far.

In the face of ambiguity, Hillard capital is also trying other possibilities. In mid September, after the strategic investment in guoci materials was blocked, Hillhouse capital once designed a plan to invest in Sinochem materials subsidiary aerchuang technology, which provided a new feasible path for Hillhouse to expand its A-share pharmaceutical territory.

On the evening of September 15, guoci announced that its wholly-owned subsidiary, Shenzhen aierchuang Technology Co., Ltd (hereinafter referred to as "airtrong") plans to introduce two strategic investors, Hillard capital and Songbai investment, and sign the "investment framework agreement". The latter two will invest in Shenzhen airtrong technology in the form of no more than 500 million yuan of capital increase and no more than 200 million yuan of shares held by the company.

In the newly revised plan, the amount of capital that Hillhouse plans to invest in aerchuang is roughly equal to the amount of investment in guoci materials (645 million yuan), which is also regarded as a "curve" strategy for equity investment by many industry insiders.

However, in the view of industry insiders, this curvilinear share taking method is not universal. This way of taking shares in the subsidiaries of listed companies is not acceptable to most of the war investment. Exit is the biggest problem, followed by the uncertainty of the quality of the subsidiary itself.

Zehao investor partner Cao Gang pointed out to reporters: "first of all, from the perspective of convenience, investment subsidiaries are only consolidated statements, but can not be circulated. However, most of the listed companies' subsidiaries need time cycle to be listed, and the uncertainty is strong. Hillhouse can choose this way to invest in guoci. The first is to avoid the previous supervision on war investment, which is the way to save the country in a curve. Secondly, based on the full communication between the two sides in the early stage, the cooperation promoted by Hillhouse especially favors the company is the subjective will of both sides. "

In fact, by contrast, the fixed increase of inquiry is a more feasible scheme for enterprises in urgent need of financing. Among the many listed companies that Hillhouse is "interested in", in addition to Guanglianda and Ningde era, other companies have not yet announced the next step of progress.

However, according to the 21st century economic reporter's calculation, if these enterprises choose to issue by bidding, the cost of equity participation will be greatly increased.

According to the statistics of the reporter, in the strategic investment plan announced earlier, the price of the shares of kailitai and jiankangyuan is 18.73 yuan / share and 12.83 yuan / share respectively. As of October 13, the closing prices of kailitai and jiankangyuan were 23.01 yuan / share and 18.05 yuan / share, respectively, which were 22.85% and 40.68% higher than the previous pricing, which means that if we continue to participate in the subscription according to the same shares, the equity cost of Hillard capital may increase by more than 20% and 40% respectively.

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