As an important financing channel for emerging industries and enterprises in China, NEEQ has attracted much attention. In recent years, many companies in the gene sequencing industry have landed in the new three boards, but these companies also present different status quo.
The genetic sequencing industry has grown at an alarming rate in the global market from 2011 to 2015, and in 2016 it has become the focus of the capital market. In 2015, the leading company in the industry, Huada Gene submitted IPO prospectus officially entered the listing process, but due to the impact of the A-share circulation rhythm, Huada Gene is still under review, but the recent review and issuance speed of the China Securities Regulatory Commission has improved significantly. It is highly probable that Huada Gene will complete its listing in the first half of next year.
However, when people think that Huada Gene is about to become China's "first gene sequencing", Tianxing Instrument, which has been suspended for nearly half a year, disclosed the reorganization draft on December 5, and the company plans to issue it at 21.14 yuan/share. 300 million shares, for a price of 4.3 billion yuan to buy a 100% stake in Berry and Kang, after the completion of the acquisition, the precision medical leader Berry and Kang, which can be linked with Huada Gene, will complete the backdoor listing.
As for the current review of the IPO and major asset restructuring by the China Securities Regulatory Commission, it is difficult to say who will become the first "genetic sequencing of the two companies" in China, but it is foreseeable that if the audit is successful, the two leading enterprises will be in 2017. The listing work was completed in the first half of the year.
The benchmark role of the industry's leading enterprises after landing in the capital market will inevitably exacerbate mergers and acquisitions and listings in the industry. 2017 will become a new starting point for the genetic sequencing industry, and what kind of prosperity will the industry present in the capital market in the future?
Capital carnival in the A-share market, the IPO review road is long
At present, there are more than 200 companies involved in the concept of genetic testing in the country, but the only IPO company in the trial is the Huada Gene Company. According to statistics, as of December 19, 2016, the application for the Shanghai Main Board, Shenzhen SME Board and Entrepreneurship There were 723 queue companies listed on the board, and 631 companies that had passed the review and had passed the issuance and waiting for listing were applying for IPO.
According to the current issuance rhythm, more than 600 companies can be issued in normal one and a half years, which means that even if the formal prospectus is submitted to the CSRC, the fastest time to go public will be two years, for the emerging industry of genetic testing. There are too many variables in the two years.
On the other hand, although the current issuance rhythm of the China Securities Regulatory Commission is approaching the registration system, it is expected that the second revision of the Securities Law will be postponed until or after the "two sessions", and the registration system will not be launched before 2018. At this stage, the relevant requirements for enterprises are still relatively strict, especially in terms of profitability. At present, some enterprises in the industry still have difficulty in meeting the listing requirements of A shares in a short period of time.
Backdoor listing to complete the corner overtaking
Compared with the business of Huada Gene, Berry and Kang are currently focusing on the transformation and application of gene sequencing technology in the medical clinical field. Although Berry and Kang can't compete with Huada Gene on the product line and asset scale, as the two leading companies of NIPT (Non-Creation Screening), Huada Gene and Berry and Kang are not officially listed in A-shares.
On December 5th, the A-share listed company Tianxing Instrument Disclosure and Reorganization Draft was planned to purchase RMB 100 million to purchase 100% equity of Berry and Kang. After the completion of the acquisition, Berry and Kang will complete the backdoor listing to achieve “curve overtaking†in the capital market. After completing the relevant listing work, Berry and Kang will complete the product line around the whole industry chain of gene sequencing, cover the three-level prevention system of birth defects, and promote medical products and services in the field of tumor molecular detection and diagnosis.
This shows that the success of the backdoor will bring huge development momentum to the enterprise, while saving huge time cost, but this listing approach has to pay a high price. The transaction of Berry and Kang's 4.3 billion valuation is basically a discount compared with the 9.096 billion yuan in the financing stage last year. Even before the brokerage forecast, the valuation of the backdoor Tianxing Instrument Berry and Kang will reach 150. Billion level.
However, due to different trading purposes, the purpose of Berry and Kang's several capital increase and equity transfer is to finance the development of the business, but in order to achieve the backdoor listing, it must consider the technical requirements of relevant regulatory laws and regulations to consider the listed company. The protection of small and medium investors, so Berry and Kang are given lower valuations.
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