Changjiang Commercial Daily News ● Changjiang Commercial Daily reporter Xu Jia
The sprint science and technology board and the main board of the Hong Kong Stock Exchange within four years are average.Until success, Beijing Tianguang Shi Biotechnology Co., Ltd. (hereinafter referred to as "Tianguang Shi") Databases IPO.
Recently, the Beijing Stock Exchange officially accepted Tian Guangshis first application application. The companys proposed fundraising scale was 349 million yuan. Compared with the IPO of the science and technology board four years ago,It has shrunk 78%.
As a biopharmaceutical company focusing on innovative antibody -targeted drug research and development and industrialization, the core and main products of Tianguangshi are in the R & D stage.Realize profitability.
Data show that from 2021 to the first half of 2024, the cumulative loss of Tianguangshi net profit was 950 million yuan.During the period, the companys R & D cost was 696 million yuan.
The reporter from the Yangtze River Commercial Daily noticed that due to continuous losses, Tianguangshi relied on external creditors rights or equity financing to maintain normal business operations.After listing the New Third Board, Tian Guangshi has implemented a fixed increase twice, with a total funding of 368 million yuan.
The IPO IPO
A shares launched an impact.
Data show that Tianguangshi was established in 2003 and completed the joint -stock system in 2008.In September 2020, the Shanghai Stock Exchange officially accepted Tian Guangshis first application.According to the plan, Tianguang is intended to be listed on the Science and Technology Board, with a fundraising scale of 1.59 billion yuan.
However, it was only half a year in line. In March 2021, Tian Guangshi withdrew the listing application.The counseling filing report shows that the reason for Tianguangshi to withdraw the IPO of the Science and Create Board is that the regulatory agencys requirements for the verification of previous equity transfer during history are high, and the company and intermediary agencies cannot meet the regulatory requirements in a short period of time.
In July 2021, Tian Guangshi once again impacted the IPO. The company handed a table to the Hong Kong Stock Exchange and plans to list on the main board of the Hong Kong Stock Exchange.
The IPO of Hong Kong stocks has not been moved. In March 2023, Tianguang was listed on the New Third Board.Until a few days ago, the Beijing Stock Exchange officially accepted Tian Guangshis first application.
The prospectus shows that the numberInnovate biopharmaceutical research and development and clinical project investment and supplementary funds.
The reporter from the Yangtze River Business Daily noticed that compared with the IPO of the sprint science and technology board four years ago, the scale of fundraising today has shrunk by 78%.
Behind the IPO three times, Tianguang is not yet profitable as an innovative pharmaceutical company.It is understood that Tianguang is a biopharmaceutical company focusing on the development and industrialization of innovative antibody -targeted drugs.
At present, Tianguangs core and main products are in the R & D stage, and the sales have not yet been listed., Transfer research and development results have obtained a small amount of income.
During the IPO period of the Innovation Board IPO, from 2017 to 2019, Tianguangs operating income was 49.4231 million yuan, 11.641 million yuan, and 88,200 yuan, and the net profit lost 2074.28, respectively.10,000 yuan, 265 million yuan, and 123 million yuan, the net profit after deducting non -recurring profit or loss (hereinafter referred to as "deducting non -net profit") lost 27.1787 million yuan, 93.905 million yuan, and 157 million yuan, respectively.
This time the Tianguang Real Prospectus disclosed that from 2021 to the first half of 2024, the company realized operating income of 14.0727 million yuan, 18.9893 million yuan, 63.883 million yuan, and 1.4645 million yuan; Net profit lost 318 million yuan, 260 million yuan, 241 million yuan, and 131 million yuan, and the deduction of non -net profit lost 339 million yuan, 267 million yuan, 185 million yuan, and 126 million yuan.917 million yuan, the losses have expanded significantly compared with the past.As of the end of June 2024, Tian Guangshi had not made up to -1564 billion yuan.
Because it has not yet been profitable, Tianguang is intended to adopt the fourth set of listing standards in the Beijing Stock Exchange."Be less than 50 million yuan."
Total 696 million in three and a half -year -old R & D investment
As the product has not yet realized commercialization, the long R & D cycleThe continuous high -intensity research and development investment has become the core reason for Tianguangs failure to make a profit.
The prospectus shows that from 2017 to 2019, Tianguangs research and development costs were 64.111 million yuan, 267 million yuan, and 119 million yuan, respectively.From 2021 to the first half of 2024, Tianguangs research and development costs were 219 million yuan, 181 million yuan, 199 million yuan, and 970.90 million yuan, totaling 696 million yuan.
Due to the continuous losses, the net outflow of cash flow, Tianguang Relying on external creditors rights or equity financing to maintain the companys normal business operations.
The reporter from the Yangtze River Commercial Daily noticed that although the science and technology board and the Hong Kong stocks IPO failed to make a run, after the listing of the New Third Board, Tian Guang completed the two fixed increases in the past year, two years,The total fundraising scale reached 368 million yuan.
Among them, in August 2023, Tianguangshi raised 150 million yuan from Beida Pharmaceutical.The reporter from the Yangtze River Business Daily noticed that as early as March 2017, Tian Guangshi reached a cooperation with Beda Pharmaceutical, and the two sides cooperated to develop the "MIL60 Berg monoclonal anti -antibiotic drug" project.Based on the aforementioned cooperation, from 2021 to 2023, Tian Guangshi authorized MIL60 to confirm the acquisition amount of MIL60 product rights and interests of 10 million yuan, 4.227 million yuan, and 19.675 million yuan, respectively.
In December 2023, the two parties reached an agreement again, agreed that Beida Pharmaceutical paid 25 million yuan to Tianguang as a buyout fee for product commission.Pay any fare or other amounts in accordance with the 2017 cooperation agreement.
It is also because of the above cooperation that Beida Pharmaceutical, which is a related partner of Tianguangshi, is also one of the two major customers in the company.
In addition, in March 2024, Tianguangshi once again implemented a fixed increase to include the Beijing Economic and Technological Development Zone Industrial Upgrade Equity Investment Fund (limited partnership), Shaoxing Binhai New DistrictThe four specific objects including the biomedical industry equity investment fund partnership (limited partnership) (hereinafter referred to as the "Industrial Upgrade Fund and Binhai Fund") raised 218 million yuan.Behind the Industrial Upgrade Fund and Binhai Fund are Beijing State -owned Assets and Shaoxing State -owned Assets.
At present, Huatai Junshi directly holds Tianguang Shishi 1.4048 million shares, holding a shareholding of 18.6557%, which is the controlling shareholder of the company;, For the companys actual controller.Beida Pharmaceutical and Industry Upgrade Fund holding 2.956 million shares, respectively, holding a share of 2.7915%.
With the completion of the two fixed increases, Tianguang solid debt ratio has decreased.From 2021 to the end of June 2024, the companys asset -liability ratio was 24.40%, 34.41%, 47.10%, and 42.68%, respectively.
