On the evening of June 10, Suzhou Zejing Biopharmaceutical Co., Ltd., the first company on the Science and Technology Innovation Board to adopt the fifth set of listing standards, was accepted by the Shanghai Stock Exchange and plans to raise 2.384 billion yuan. So far, Zejing Pharmaceutical has become the only company among the 120 accepted companies on the Science and Technology Innovation Board to choose the fifth set of listing standards.
It is reported that Zejing Pharmaceutical focuses on the research and development of new drugs in the treatment of major diseases and rare diseases such as tumors, hemorrhage and blood diseases, aiming to focus on China’s clinical needs and provide treatments that are high quality, safe and accessible to patients. choose. The company is committed to the research and development of innovative drugs. It has currently established a research and development platform for precision small molecule drugs and complex recombinant protein new drugs, and relies on two core technology platforms to develop a diversified product pipeline. Compared with listed companies in the industry such as Betta Pharmaceuticals and BeiGene, the number of late-stage R&D pipelines exceeds the average level, the advantages of independent R&D are obvious, and it has a complete R&D system and continuous innovation capabilities.
With its core technology platform and product pipeline as its guarantee, Zejing Pharmaceutical has accumulated rich experience and professional knowledge in the research and development of new drugs. Data shows that Zejing Pharmaceutical has successively undertaken 5 national "major new drug creations" and 1 national science and technology small and medium-sized enterprise technology innovation fund. It has 20 domestic invention patents and 34 overseas invention patents, and its independent intellectual property system is relatively complete. In addition, the company has built a production workshop for small molecule and recombinant protein drugs in accordance with GMP standards and obtained a drug production license. The production supply capacity and cost control efficiency are further guaranteed.
However, because it is still in the product research and development stage, the initial investment is huge and the recovery cycle is long. Most of the products have not yet obtained commercial sales approval and have not yet formed a stable source of income. They have been in the red for three consecutive years. This also means that Zejing Pharmaceutical has not met the minimum standards for operating income or cash flow from operating activities in the first four sets of standards for listing on the Science and Technology Innovation Board. Judging from the fifth set of listing standards, the valuation of Zejing Pharmaceutical after its latest investment is 4.75 billion yuan, which meets the requirements of an estimated market value of no less than 4 billion yuan. Its core products also meet the requirements of large market space and obvious technical advantages. condition.
The author believes that the Science and Technology Innovation Board is different from the main board listing. In addition to the standards of operating results such as operating income, net profit and cash flow from operating activities, it also sets a third level for estimated market value, product space and core technology. The five sets of standards are a concrete reflection of its scientific and technological innovation positioning and can truly play an inclusive and complementary role in making up for the shortcomings of the capital market and protecting the growth of scientific and technological innovation enterprises. Take Zejing Pharmaceutical as an example. It focuses on the research and development of cutting-edge new products. It has invested huge amounts in the early stage and has obvious technical advantages. However, due to industry characteristics and product cycles, it has not been reflected in the company's operating performance indicators in a timely manner. In addition, artificial intelligence and chip research and development Other high-tech industries also face similar financing difficulties. Compared with mature companies that have already obtained a stable source of income, companies with "premium accumulation" may be in more urgent need of capital infusion to strengthen R&D investment, build product production lines, expand sales networks, and realize the industrialization and scale of technology as soon as possible to support the company. rapid development and healthy operation.
The acceptance of the listing of the first fifth-set standard enterprise truly shows that in the process of steady advancement, the Science and Technology Innovation Board is not "talking on paper". It combines tolerance and supervision and breaks away from the limitations of rigid financial indicators. , paying more attention to the technological attributes of the enterprise. The more flexible listing standards fully take into account the characteristics of the industry with large investment, long cycle but huge growth potential, give companies to be listed more financing opportunities and development space, adhere to the direction of market-oriented and legal reform, and accurately grasp the positioning of the Science and Technology Innovation Board , truly realizing the function of making up for institutional shortcomings and enhancing inclusiveness in the capital market that is constantly fed back and improved.
As a major reform measure for the capital market to implement the strategy of innovation-driven and scientific and technological power, the Science and Technology Innovation Board gives priority to supporting core technology enterprises that are in line with market expectations and national strategies through differentiated arrangements in terms of financial indicators, industrial tendencies, etc. , enhancing the inclusiveness of technological innovation enterprises can add new impetus to the continuous breakthroughs in core technologies, help the capital market and high-tech to better serve the real economy, and drive high-quality economic development.
From acceptance, review, deliberation, registration, and listing, it is still unclear whether Zejing Pharmaceutical can pass the numerous assessments of the Science and Technology Innovation Board and reach the final step.
But being able to truly transform the fifth set of standards from documents to actual acceptance, the inclusiveness and complementarity of the Science and Technology Innovation Board can be seen. Its representative significance also brings capital market benefits to enterprises that have invested heavily in early R&D and construction. Gospel. It is believed that in the future, more emerging companies with key core technologies and outstanding technological innovation capabilities will grow into high-quality famous enterprises facing the world's technological frontiers and major national needs under the inclusive mechanism of the Science and Technology Innovation Board.
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