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Why did the major shareholder of Jingjie Bio, who lives in the United States, cash out 65 million yuan, but lied that he had no RMB in China to lend to employees, and chose to borrow money from "veteran in health care products" Lv Songtao? Is there a lie about the identity of the actual controller behind Lv Songtao's efforts to promote Jingjie Bio's listing?

Hangzhou Jingjie Bio disclosed its prospectus on the Shenzhen Stock Exchange's ChiNext in June 2022 and passed the review in January 2023. As of now, it has not been registered. The last update date of its prospectus and reply letter was September 28, 2023.

The prospectus shows that Jingjie Bio intends to issue no more than 40.1 million shares in this listing, accounting for no less than 10% of the issued share capital. The total investment amount of the company's proposed investment projects is 514 million yuan, and the main fundraising projects are the proteomics technology service platform upgrade project, the high-end scientific research and diagnostic antibody reagent production project, and the comprehensive R&D platform project based on proteomics technology. Based on this calculation, Jingjie Bio's IPO valuation is about 5.1 billion yuan.

The prospectus shows that Jingjie Bio's valuation after financing in April 2020 was 830 million yuan; the valuation after the last round of financing in October 2020 was 2.8 billion yuan; the valuation soared 337% in less than half a year. From 2020 to June 2022, the valuation increased by 82% again in less than two years, which is amazing.

However, during the short-term valuation surge, Jingjie Bio's performance did not show the same "acceleration".

In 2019, 2020, 2021, and January-June 2022, Jingjie Bio's operating income was 116 million yuan, 153 million yuan, 221 million yuan, and 89.3254 million yuan, respectively. The net profit attributable to the parent company after deducting non-recurring items in the same period was 21.3 million yuan, 33.2 million yuan, 52.78 million yuan, and 8.29 million yuan, respectively. In the first half of 2023, Jingjie Bio achieved operating income of 112 million yuan and a net profit attributable to the parent company after deducting non-recurring items of 16.31 million yuan. Although it has improved compared with 2022, its performance is not good compared with the past few years. Calculated at a valuation of 5.1 billion yuan, it corresponds to a PE of nearly 100 times in 2021. Such a high valuation is obviously too exaggerated.