On the evening of July 13, the China Securities Regulatory Commission issued an announcement, and Kang Delai and Buchang Pharmaceutical were first approved. Both companies are in the health care sector with considerable market position, and their listing process has received much attention. It is worth noting that the two companies have listed private equity investment institutions behind them, and they have staged wonderful capital dramas around the two companies.
CCB International waited for six years to participate in the market
According to the prospectus disclosure, from January to June 2015, Kantele realized an operating income of 515 million yuan and a net profit of 49 million yuan. In 2014, the operating income was 980 million yuan and the net profit was 72 million yuan.
The Kantele IPO intends to issue no more than 52.6 million shares, including the company's public offering of new shares and the company's shareholders' public offering shares. The number of shares issued this time is not less than 25.00% of the total issued share capital.
In fact, the road to market for Kantley is not going well. CCB International invested in 2010 and finally completed its positive results in 2016. It has been waiting for six years.
In July 2010, Kantele introduced an equity investor headed by CCB International with a post-investment valuation of 630 million yuan. CCB International invested 94.61 million yuan, accounting for 15% of Kantley's shares. Also participating in this investment are Zhangjiang Hi-Tech, Zichen Investment, Hongyuan Huifu, Hongyi Investment and so on. In 2011, Condella made a share reform and started the listing process. Based on a 30-fold P/E ratio, investors such as CCB International will receive a 400% return after the listing. Sanxin Medical, a similar A-share listed company, has a current P/E ratio of approximately 90 times, which is equivalent to a 12-fold return on CCB International.
Prior to this, Kantley had an unsuccessful listing attempt. Kantele was originally prepared to be listed on the subsidiary of Zhejiang Kangdeli. As early as 2008, Zhejiang Kangdelai appeared in Wenzhou's list of listed companies. In November 2007, Zhejiang Kangdelai shareholders transferred their 35% shares to Zhangjiang Hi-Tech and Zichen Investment, respectively. The transfer price was 4.16 yuan per share, and the transfer price totaled 87.427 million yuan. However, the following year, Zhejiang Kangdelai failed to be listed successfully. In 2009, it paid a total of 7.723 million yuan for investment refunds to Zhangjiang Hi-Tech.
Kantele is one of the largest medical device manufacturers in China. It is mainly engaged in the production and sales of medical puncture devices, as well as medical products and services in the fields of medical polymer consumables, interventional consumables, medical packaging, and medical device market supply chain. In the medical needle production industry, Condella has a large and stable market share. According to the research data of Frost & Sullivan, in 2012, the domestic market share of the needle products produced by Kantele reached 22.9%, ranking first in the market; the total output of the company's puncture needles accounted for 22.3% of domestic enterprises. , the first in the country. In the medical puncture market, according to the research data of Frost & Sullivan, the domestic market share of the Kantele brand medical puncture device terminal products is 2.3%, ranking sixth in the country. From January to June 2015, the total export volume of medical puncture devices of Kantley reached 30 million US dollars, accounting for 3% of the total exports of similar products in China.
Buchang Pharmaceutical has 48 “shared†PE listed shareholders
The PE lineup behind Buchang Pharmaceutical can be described as “massiveâ€. Many equity transfer institutions have been introduced before the listing, and many private equity investment institutions have been introduced at home and abroad, with 48 shareholders.
Buchang Pharmaceutical was founded in 1993 and has since grown and developed. Its founder, Zhao Buchang, became the richest man in Shaanxi Province in 2011. At present, Buchang Pharmaceutical is the eldest son of Zhao Buchang and the current chairman of the step group, Zhao Tao. As the company gradually introduced external investors and optimized the shareholding structure, Zhao Tao indirectly held the company's equity before the IPO was issued, which was diluted to about 55%.
In April 2008, Shenzhen CEIBS invested 10 million yuan in step-by-step pharmaceuticals with a ten-fold net profit in 2007, and obtained about 1% of the shares. The post-investment valuation was 1.1 billion yuan.
In September 2010, Shenzhen shared investment with a post-investment valuation of 16.9 billion yuan, and invested 30 million yuan in step pharmaceutical, accounting for 0.17% of the shares.
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