biono pharmaceuticals' gem listing "stuck" this year, 23 companies in shandong have proactively applied to terminate ipo review
2024-09-06
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on september 5, the shenzhen stock exchange issued an announcement that due to the withdrawal of the relevant application by the sponsor cicc, the shenzhen stock exchange decided to terminate the review of the initial public offering and listing on the growth enterprise market of shandong bainuo pharmaceutical co., ltd. (hereinafter referred to as "bainuo pharmaceutical"). this also means that after more than a year of queuing, bainuo pharmaceutical's listing plan has failed.
the economic herald reporter noted that as ipo review becomes stricter, companies in the queue are withdrawing their listing applications one after another. including biono pharmaceuticals, 23 companies in shandong have taken the initiative to apply for termination of review this year. currently, there are only 16 companies in shandong, of which 7 are in the post-review stage. this also indicates that the number of new ipos in shandong this year will be significantly reduced compared with the previous two years.
bionano pharmaceuticals' ipo plan shelved
information on the shenzhen stock exchange website shows that bionano pharmaceuticals' ipo application documents were accepted on june 20, 2023, inquired on july 12 of the same year, and issued a second round of review inquiry letters in january 2024. the review was terminated on september 5, with a total waiting time of a little more than 14 months.
the economic herald reporter learned that biono pharmaceuticals is located in the jinan area of the china (shandong) pilot free trade zone, with a registered capital of 39.7432 million yuan. it originally planned to issue no more than 13.2477 million new shares and raise 1 billion yuan to be used for drug development technology and digital platform construction projects, drug research center construction projects and to supplement working capital.
according to reports, biono pharmaceuticals is committed to providing customers with one-stop solutions for pharmaceutical r&d and production services, including cro business, cmo business and api business including entrusted r&d services and transformation of r&d results, throughout the entire life cycle of drug r&d and production.
as of the end of december 2023, bionano pharmaceuticals has obtained more than 200 drug registration certificates or passed the consistency evaluation and raw material drug approvals. in addition, more than 80 preparations or raw material drug products have obtained drug registration acceptance numbers and are in the review stage.
the economic herald reporter noted that bio-pharmaceuticals has won titles such as "top 20 chinese pharmaceutical cro enterprises in 2023" and "most competitive chinese pharmaceutical service enterprise in 2023". in 2023, bio-pharmaceuticals' top five customers are china national pharmaceutical group, shanghai fosun pharmaceutical industry development co., ltd., zhuhai hefan pharmaceutical, enwei pharmaceutical, and beijing shuanglu pharmaceutical.
financial data shows that biono pharmaceuticals has achieved rapid growth in recent years. from 2021 to 2023, the company's operating income was rmb 233 million, rmb 366 million, and rmb 483 million, respectively. net profit attributable to the parent company was rmb 27.9148 million, rmb 72.7447 million, and rmb 134.6211 million, respectively. net cash flow from operating activities was rmb 45.4050 million, rmb 66.2757 million, and rmb 145.3954 million, respectively. in addition, biono pharmaceuticals' r&d investment in the past three years was rmb 107 million, rmb 142 million, and rmb 162 million, respectively.
regarding the reason for withdrawing the ipo application, a reporter from economic herald called the office of the board of directors of biono pharmaceuticals on september 6. the staff said that it was the securities firm that applied for the withdrawal and the company itself believed that it met the listing conditions. regarding the plans for the future capital market, the person said that "it has not been studied yet" and the decision will have to wait until the company studies it.
the number of companies queuing for ipo in shandong has shrunk
the economic herald reporter noticed that the day before biopharmaceuticals terminated its ipo review, shandong baiduan medical equipment co., ltd.'s science and technology innovation board ipo review was also terminated because the company voluntarily withdrew its application; before that, on august 19 and august 17, the gem and shenzhen stock exchange main board ipo reviews of ligao (shandong) new energy technology co., ltd. and qingdao zhonggate electric co., ltd. were also terminated.
wind data shows that since the beginning of this year, 23 shandong ipo queue companies have voluntarily withdrawn their applications for issuance and listing, with a particularly high concentration in april, may and june, reaching 4, 3 and 7 companies respectively. in terms of the proposed listing sectors, the shanghai stock exchange main board and chinext board have the most shandong companies whose review has been terminated, reaching 7 each; relatively speaking, the beijing stock exchange has the fewest shandong companies that have voluntarily withdrawn, with only 1.
as more companies withdraw, the number of companies queuing for ipos in shandong has also shrunk significantly. the economic herald reporter noted that as of september 5, there were only 16 companies queuing for ipos in shandong, namely: shandong yawei software co., ltd., shandong weigao blood purification products co., ltd., qingdao qinghe artificial turf co., ltd., shandong taifeng intelligent control co., ltd., shandong shanda electric power technology co., ltd., qingdao haiwan chemical co., ltd., saikesai biotechnology co., ltd., shandong xintong electronics co., ltd., jinan senfeng laser technology co., ltd., yantai myplex international biomedicine co., ltd., rrs supply chain technology co., ltd., wendoli shading materials (texas) co., ltd., shandong shengruan technology co., ltd., shandong jierui digital technology co., ltd., shandong boyuan pharmaceutical chemistry co., ltd., and xinhenghui electronics co., ltd.
among them, there are 7 companies queuing up for the chinext, 4 companies queuing up for the beijing stock exchange, 3 companies queuing up for the shanghai stock exchange main board, and 2 companies queuing up for the shenzhen stock exchange main board; in terms of the review status, 1 company has been submitted to the china securities regulatory commission, 6 companies have passed the review, 5 companies have been inquired, 3 companies have been responded to, and 1 company has had its review suspended.
regarding the shrinking number of companies queuing for ipos, yan peng, general manager of china securities shandong investment banking headquarters, said that this was mainly due to the fact that the number of new applications in the shanghai and shenzhen markets has dropped significantly since the second half of 2023, and acceptance has been suspended since 2024. only the beijing stock exchange's acceptance speed has remained relatively stable; in terms of review speed, it has slowed down significantly after the "827 new policy", from less than 25 orders in the second half of 2023 to an average of about 10 orders per month. after the end of this year's spring festival holiday, the listing committee meeting was even suspended for 12 consecutive weeks until the listing committee meeting resumed in mid-may.
after the "827 new policy", the number of applications and listings both declined. with the further increase of ipo financial indicators, sector positioning and other listing thresholds, as well as the increase in the proportion of on-site inspections of first-time companies and the strict regulatory requirements of "application and responsibility", ipo projects have been withdrawn on a large scale. compared with 795 companies under ipo review on august 27 last year, there were only 329 companies under review on august 25 this year, a decrease of 466.
looking ahead, yan peng said that ipo acceptance is expected to gradually return to normal, but the wait-and-see sentiment on the application side may be relatively strong in the short term. from the review side, the withdrawal rate is relatively high in the short term, and dividends, improper shareholding and negative public opinion are still the focus of attention. these are all things that shandong companies planning to ipo need to pay attention to.
shandong ipo review queue companies (as of september 5)
(reporter duan haitao of dazhong news and economic herald)
