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192.6元/股!年内第二只高价股来了,还是高瓴头号重仓股,值得申购吗?

192.6 yuan per share! The second high-priced stock of the year has come, and it is still the number one heavy stock in Hillhouse. Is it worth applying for?

證券之星 ·  Dec 1, 2021 22:40

The world's first biotechnology company listed on NASDAQ, Hong Kong Stock Exchange and Shanghai Stock Exchange is about to be born!

As the largest stock in Hillhouse, BeiGene, Ltd. ranks the second highest-priced stock this year. How its listing will perform, especially whether it can be broken, has become the focus of the market.

  The first biotechnology company listed in three places

According to the data, BeiGene, Ltd. is a global commercial biomedical company rooted in China, committed to becoming a global leader in the research and development of molecular targeted drugs and immune oncology drugs, as well as commercial innovation.

Since its inception, the company has 11 independently developed drugs into clinical trials or commercialization stage, including 3 products approved to market. Blockbuster products were included in the new national health insurance drug catalogue at the end of 2020 and are highly recognized in the US market.

It is reported that BeiGene, Ltd. has been listed on NASDAQ and Hong Kong Stock Exchange successively. If the company successfully enters the Kechuang board this time, the company will become the first biotechnology company listed in "A+H+N" in the world.

BeiGene, Ltd. listed in the United States in 2016, rose 18% on his first day of listing, and has risen more than 11 times since the listing, which is a well-known ten-fold stock. Although the stock price on the first day of listing in Hong Kong in 2018 is poor, it will nearly double so far. It can be said that it is Daniel stock. BeiGene, Ltd. was also included in a number of FTSE Russell indices in November 2021.

It is worth mentioning that BeiGene, Ltd. was sought after by investors after the listing of US and Hong Kong stocks. BeiGene, Ltd. 's US stock has long been the largest position in Hillhouse; in the Hong Kong stock market, "Hillhouse" is also a heavy position in BeiGene, Ltd..

The process of BeiGene, Ltd. landing on the Shanghai Stock Exchange Kechuang Board has attracted a lot of attention. If "enrollment" is successful, it will promote the overall development of China's biotechnology industry. According to the prospectus, BeiGene, Ltd. 's A-share IPO fund-raising scale may refresh the record of biotech enterprises since the opening of the board.

In addition, according to the 149initial public offerings of Science and Technology Innovation Board during the year, the average increase on the first day of listing was 199.69%. According to this estimate, BeiGene, Ltd. can earn 192300 yuan in the first grade of junior high school. The average increase in the opening price of the 149new shares on the first day was 246.41%. Based on this average increase, BeiGene, Ltd. can earn 237300 yuan in the first place.

Previously, the most profitable new stock in A-share history was Kanghua Bio, which could earn 243700 yuan in the first lottery. BeiGene, Ltd. is expected to surpass Kanghua Biology to become the new "most profitable new stock".

  High-priced stocks are more likely to become "meat signatures".

According to BeiGene, Ltd. 's announcement, its issue price is 192.6 yuan, setting a new high for internal medicine, ranking fourth among all Science and Technology Innovation Board enterprises, behind Stone Science and Technology, Foxin Software and CANSINOBIO. BeiGene, Ltd. also created the second highest number of new shares issued by A shares this year, second only to Yiqiao's initial offer price of 292.92 yuan.

The announcement also shows that the market value of the corresponding company before the exercise of the over-allotment option is about 230.5 billion yuan, and the total market value of the company after the full exercise of the over-allotment option is about 233.8 billion yuan.

According to historical experience, new shares with high offering prices are more likely to become "meat signatures", while BeiGene, Ltd. may have the characteristics of "meat signatures" because of his high offering price.

Data show that since the restart of IPO in 2014, excluding the unlisted BeiGene, Ltd., there have been a total of 23 new shares with an initial public offering price of more than 100 yuan. According to the average transaction price on the first day of listing, in addition to Chengda Bio sign a loss, the other 22 shares are profitable, and there are more than 10,000 new materials that earn the least. The most extreme rice technology, the first lottery can earn more than 200000 yuan.

Among them, the highest offering price is Yiqiao Shenzhou, with an offering price of 292.92 yuan per share, and its opening price is at 599.9 yuan, which is also the highest price of the day. According to this calculation, the first lottery can theoretically earn 150000 yuan.

Although the share price has been falling since then, it has not fallen below the offering price as of today. It is worth mentioning that Yiqiao China's IPO price-to-earnings ratio of 17.76 times, far lower than the latest reference industry price-to-earnings ratio of 147.21 times.

Recently, market sentiment has warmed up. Among the new shares listed since November, only Hualan shares, Zhengguang shares and Xindian Software have been broken on the first day of trading, with the proportion of breaking on the first day less than 1/10. The new army has also gradually returned to the market, and the number of new share applicants has rebounded by nearly 500000 compared with the beginning of the month.

In addition, or in order to "maintain stability", BeiGene, Ltd. also introduced the "green shoes" mechanism, in which issuers grant investment banks an over-allotment option of no more than 15 per cent of the initial number of shares issued.

  There are great uncertainties in the future development.

However, it should be noted that BeiGene, Ltd. has been in huge losses in the past three years.

According to the prospectus, BeiGene, Ltd. 's revenue in 2018, 2019 and 2020 was 1.31 billion yuan, 2.954 billion yuan and 2.12 billion yuan respectively, and the net profit was-4.748 billion yuan,-6.928 billion yuan and-11.407 billion yuan respectively.

By the end of June 2021, BeiGene, Ltd. had a cumulative loss of 30.076 billion yuan, which means that BeiGene, Ltd. is still unable to make a profit.

At the same time, BeiGene, Ltd. has more than 50 preclinical projects and 96 planned or ongoing clinical trial projects, which makes BeiGene, Ltd. generate a lot of expenditure and the company's losses continue to expand.

If BeiGene, Ltd. 's drugs are unable to obtain and maintain market recognition, and the limited experience in launching and selling independent research and development and authorizing the introduction of drugs leads to less-than-expected commercialization results, the company's losses may persist, and the accumulated unmade-up losses may continue to expand.

It is more important to point out that although BeiGene, Ltd. has not yet made a profit, the loss in the early stage is the current situation of the innovative drug industry all the time, not a single stock problem.

In addition, BeiGene, Ltd. has been in a state of no controlling shareholder and actual controller. According to the prospectus, BeiGene, Ltd. 's equity is relatively scattered, no single shareholder holds more than 30 per cent of the shares or voting rights, and there is no concerted action relationship among the major shareholders who directly hold more than 5 per cent of BeiGene, Ltd. 's shares.

Generally speaking, although BeiGene, Ltd. 's offering price is high and the issue scale is huge, as a favorite stock of Hillhouse, and has introduced the "green shoe" mechanism, so its probability of breaking in the short term is not high. In the long run, it depends on whether it can give the market a satisfactory answer.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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