Hengrui pharmaceutical market value of the 200 billion – 10 years over 200 billion times Growth concerns

time weekly reporter Wu Mianjiang from guangzhou

the deepening medical innovation research and development for more than 20 years with great concentration, 59 piao-yang sun ushered hengrui pharmaceutical (600276. SH) in the capital markets.

on November 3, in all good policy under the guidance of hengrui pharmaceutical shares, continue to rise, closed at 71.95 yuan per share, total market value of 202.7 billion yuan, 32 become a-share market value of more than 200 billion yuan of listed company, is also A shares of the more than 200 first listed pharmaceutical companies.

after more than 20 days of sustained concussion, hengrui pharmaceutical’s share price fall is peak. As of November 20, closed at 68.92 yuan per share, total market capitalization of $194.14 billion, but is still A shares pharmaceutical & other; Throughout the first &; Market value, the top.

although is A listed company, but hengrui pharmaceutical medical circle is indeed A shares A & other Wonderful work & throughout; , its very low profile in operation of the capital, focus on doing innovative research and development in recent years, the company’s main business product lines cover antineoplastic agent, anesthesia drugs, special infusion, contrast, cardiovascular drugs, and many other fields.

hengrui pharmaceutical investment accounted for 10% of sales each year, used in medicine research and development, the innovation of the enterprise continuously in recent years harvest, bring to the company growth. But at the same time, the company’s competition concerns.

hengrui pharmaceutical headquarters is located in lianyungang city, jiangsu province (5.320, & have spent 0.10, & have spent – 1.85%), the port city at the same time another influential enterprise in jiangsu howson pharmaceutical group co., LTD. (hereinafter referred to as & other; He pharmaceutical & throughout;) . The outside world refers to the piao-yang sun wife hui-juan zhong control of enterprise.

he pharmaceutical and hengrui pharmaceutical has high contact ratio in the lines of business, particularly in the field of anti-tumor. Previously, there is news from howson pharmaceutical industry in Hong Kong independent of the IPO, but carried no below.

value 10 years over one hundred times on

in the pharmaceutical industry in the industry point of view, the hengrui pharmaceutical shares rise, associated with the current pharmaceutical industry policy is good. In October this year, my, state issued the “on deepening the review for examination and approval system reform to encourage pharmaceutical medical equipment innovation opinion” (hereinafter referred to as & other; “Opinion” throughout the &;) .

the length of more than 6700 words “opinion”, respectively, from the reform of clinical trial management, speed up the review for examination and approval, promote the development of drug innovation and generic drugs and so on six aspects puts forward some specific measures to article 36, promote pharmaceutical medical equipment industry structure adjustment and technical innovation, improve the industrial competitiveness, meet the needs of the public clinical.

the policy of the good, strong reactions in capital market. Top Chinese innovation medicine first halo hengrui pharmaceutical, rising share prices, and the peak on November 3rd day.

hengrui pharmaceutical shares rise, that advantage is directly behind the shareholders and the shareholders. Hengrui pharmaceutical sequence of the top 10 shareholders, both the actual controllers piao-yang sun family and a few original shareholders, there are several & other; State & throughout; And local state-backed shareholders and fund, etc.

as of the third quarter of 2017, the big shareholders in jiangsu hengrui pharmaceutical group co., LTD. (hereinafter referred to as & other; Hengrui group throughout the &;) Holding 685 million shares, accounting for more than 24.31%; The second largest shareholder of Tibet as far investment co., LTD. (hereinafter referred to as & other; Reach far throughout the investment &;) Holding 446 million shares, accounting for more than 15.84%; Lianyungang city heng and pharmaceutical technology co., LTD. (hereinafter referred to as “&” other Constant throughout the pharmaceutical &;) Holding 138 million shares, accounting for more than 4.90%, is the fourth largest shareholder. The three shareholders hengrui pharmaceutical shares, in 2003.

on March 22, 2003, lianyungang tianyu pharmaceutical co., LTD. (original hengrui group, hereinafter referred to as & other; Tianyu pharmaceutical & throughout;) , China and Thailand trust and investment co., LTD. (hereinafter referred to as & other; Throughout China and Thailand trust &;) , constant at $3.10 per share of science and technology () after adjustment of 3.26 yuan, respectively, the transferee hengrui pharmaceutical 69.252 million shares, 48.4637 million shares, 25.5072 million shares, held three hengrui pharmaceutical equity ratio of 27.15%, 19% and 10% respectively. Just at the beginning of calculation, at a cost of 226 million yuan and 158 million yuan respectively, 83.1535 million yuan.

in July 2005, China and Thailand trust will be 19% of the shares held, for the price of 3.86 yuan/share, transferred to reach far lianyungang investment co., LTD. (check industrial and commercial information refers to the inner eye, in 2014 changed to reach far investment), the price of 187 million yuan.

looking back on it, a decade ago, equity investment, its value has now gone up one hundred times. According to the current 68 yuan/share price calculation, hengrui group holdings has a market value of up to 46.58 billion yuan, the market value of shareholding far investment of 28.968 billion yuan, constant and pharmaceutical holdings value of 9.384 billion yuan.

in the top 10 shareholders hengrui medicine, there are several & other; State & throughout; Institutional shareholders, including the third-largest shareholder Hong Kong securities clearing co., LTD. (hereinafter referred to as & other; Throughout Hong Kong & clearing company) Holding 340 million shares, accounting for more than 12.06%; & other; National team & throughout; China securities finance co., LTD. (hereinafter referred to as & other; Throughout the golden company &;) Holding 73.9482 million shares, accounting for more than 2.63%, ranks the seventh largest shareholder; The first ten big shareholders huijin asset management co., LTD. (hereinafter referred to as & other; Throughout central huijin &;) Holding 26.3172 million shares, accounting for more than 0.93%.

in addition, there are the state-backed Chinese medicine (28.160, & have spent 1.10, & have spent 4.07%) investment co., LTD. (hereinafter referred to as “&” other Throughout Chinese medicine cast &;) Holding 127 million shares, accounting for more than 4.52%, is the fifth largest shareholder; Lianyungang city financial holding group co., LTD. (hereinafter referred to as & other; Lianyungang golden & control throughout;) Holding 97.9907 million shares, accounting for more than 3.48%, is the sixth largest shareholder.

hengrui pharmaceutical shares rose, these shareholders larger profit. Calculated according to 68 yuan/share, & other; State & throughout; Institutional shareholder, the HongKong clearing and central huijin’s holdings, the gold market value of 23.12 billion yuan, 5.028 billion yuan and 1.79 billion yuan respectively.

in addition, the state-backed Chinese medicine for holding $8.636 billion in market value, lianyungang an ownership value of 6.663 billion yuan.

& other; Environmental changes the whole big pharmaceutical innovation country is encouraged, many pharmaceutical companies, such as Hong Kong shiyao, etc., are all in this less than one year’s time, continue to rise in value. Throughout the &; East shenzhen qu rong told time weekly reporter, director of Goldman sachs, the entire industry, the direction of the big more and more obvious, especially to the quality of enterprise is more and more good.

in qu rong’s view, the current capital market awareness of innovative drug is higher and higher, stronger, such as beida pharmaceutical (64.200, & have spent 0.00, & have spent 0.00%) south auspicious acquisition card, the recent market (24.150, & have spent 0.00, & have spent 0.00%) acquisition of liaoning boao biological strong insulin market, etc., & other; When we were doing the acquisition at present, some companies don’t want to buy some generics firms, are more willing to buy some medicine enterprise focusing on innovation. Throughout the &;

growth remained concern

hengrui pharmaceutical market, greatly inspired the Chinese medicine group of entrepreneurs. For a long time, the constraints of the development of Chinese pharmaceutical industry is too much, lead to many medical listed company valuations have been suppressed.

from a book on the verge of bankruptcy the small factory, until now the Chinese medicine capital market worthy of a big MAC, piao-yang sun and his team had waited for more than 20 years. Hengrui pharmaceutical formerly lianyungang pharmaceutical factory was founded in 1970, operation for material processing.

public record shows that piao-yang sun, a former pharmaceutical factory technician, lianyungang lianyungang city pharmaceutical company division deputy section chief, lianyungang pharmaceutical factory, deputy director of science and technology and so on. In 1990, piao-yang sun reimbursing, chosen, lianyungang pharmaceutical factory director.

hengrui medicine into the share reform orbit, in 1997 the introduction of China’s pharmaceutical industry, pharmaceutical industry in lianyungang union, medicine purchase plant in lianyungang, kang pharmaceutical co., LTD as a shareholder. Hengrui pharmaceutical market in 2000, when the 42-year-old piao-yang sun was elected chairman of the board of directors of the company.

2003 & other; The DPP back & throughout; After the share reform of piao-yang sun still chairman of hengrui medicine, but it was not until 2006 that truly become the company’s actual control. In 2003, 2004 and 2005, the actual control of man-made the annual report disclosure, its now hengrui pharmaceutical, vice chairman of the board of directors.

consult hengrui pharmaceutical bulletin, the once is tianyu pharmaceutical (original hengrui group) one of the biggest natural person shareholders (14% stake, is also the company’s largest shareholder), chairman of tianyu medicine in 2003. Hengrui pharmaceutical 2006 annual report disclosure, tianyu piao-yang sun for medical largest shareholder with a 89.22% stake.

in the past 11 years, in hengrui group’s shareholding structure, piao-yang sun owns a 89.22% stake in the individual, still remain the same. The remaining 10.78% of the equity held by wuxi grand investment co., LTD, after the penetration, the company controlled by piao-yang sun wife hui-juan zhong.

hengrui medicine is known as A share of & other; Market value of a brother & throughout; And & other Develop a brother & throughout; . In terms of market value, hengrui pharmaceutical several key nodes.

in 2006, piao-yang sun just become actual controllers, hengrui pharmaceutical value reached ten billion yuan for the first time. Two years later, in 2008, its market value of 20 billion yuan, 40 billion yuan in 2010. After three years after the adjustment, hengrui pharmaceutical value is close to $100 billion in 2015.

in the research and development, hengrui medicine really willing to give up, adhere to the research and development into sales of around 10% a year. In the past three years, for example, hengrui pharmaceutical research and development of cash continues to climb. On research and development funds in 2015, the company is 2015 yuan RMB, a 36.76% growth year, r&d spending accounts for the proportion of revenue by 9.57%; On research and development funds, amounting to 1.18 billion yuan in 2016 year-on-year growth 32.82%; In the first half of 2017, hengrui pharmaceutical r&d investment in 780 million yuan, a year-on-year growth of 60% over the same.

A huge research and development team, is also the a-share unmatched by other pharmaceutical listed companies. After years of development, with hengrui pharmaceutical form a has more than 2000 research and development team, successively in lianyungang, Shanghai, chengdu, and the United States and other places set up a research and development center. Drug development in innovation, hengrui pharmaceutical has basically formed the innovation medicine application for clinical from year to year, every 2 to 3 years has innovation medicine market development momentum.

time weekly reporter noticed that hengrui pharmaceutical performance also continues to rise. In 2015, the company implemented revenue of 9.316 billion yuan, up 25.01% from a year earlier. Net profit attributable to shareholders of listed companies of 2.172 billion yuan, up 43.2% from a year earlier. In 2016, the realization of revenue of 11.094 billion yuan, up 19.08%; Attributable to shareholders of listed companies net profit of 2.589 billion yuan, up 19.22% from a year earlier. In the first three quarters of this year, hengrui achieve revenue of 10.066 billion yuan, net profit attributable to shareholders of listed companies of 2.328 billion yuan.

it seems to outside observers, hengrui in earnings growth at the same time also face concern, this concern is not from the outside, but from within. Hengrui medicine and howson pharmaceutical associations continued attention.

public information, he director for hui-juan zhong pharmaceutical co., founded in 1995, is the domestic antitumor and psychiatric drugs research and development and production of leading enterprises, at the top of China’s pharmaceutical industry’s top 30, its antitumor with hengrui pharmaceutical business overlap.

he pharmaceutical in lianyungang hengrui pharmaceutical headquarters also have visibility. Refers to, according to he pharmaceutical website on November 16 morning, the & other; 2017 China (lianyungang) throughout the conference & international medical technology; During the meeting, in jiangsu province and the CFDA related leadership inspection, pharmaceutical, and other Group chairman hui-juan zhong howson leadership introduced to visit throughout the development of pharmaceutical &; .

hengrui medicine and howson pharmaceutical ongoing related party transactions. In the first half of 2017, he pharmaceutical and hengrui pharmaceutical goods on sale of related transactions, up to 45.6068 million yuan. In recent years, he pharmaceutical industry sustainable development, from independent IPO in Hong Kong, but so far no below.

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