On August 31, 2022, the listed microelectrophysiology achieved the goal of financing expansion, and Xinlitai Biomedical completed the shareholding system change on August 27, 2022. In fact, it has been very fast, and the fifth set of standards was only extended to the medical device sector in June 2022.
On February 1, 2016, MicroPort Electrophysiology Co., Ltd. was restructured. The audited net book assets amounted to RMB 76.98 million. The value of all shareholders’ equity is appraised at RMB 95.08 million. The net book asset is 76.98 million yuan, which is converted into the issuer’s registered capital of 67.5 million yuan and 67.5 million shares according to the ratio of 1.14048:1, and is ready to be listed on the share transfer system.
On August 15, 2017, the electrophysiology stock was officially listed and publicly transferred on the National Equities Exchange and Quotations System. It may be that the 2019 annual meeting of the Science and Technology Innovation Board will open, so Electrophysiology terminated its listing on the National Equities Exchange and Quotations on November 30, 2018. The Science and Technology Innovation Board was finally scheduled to open on July 22, 2019, but at that time, the fifth set of standards only involved innovative pharmaceutical companies.
After coming out of the SME share transfer system, Electrophysiology increased its shares to 400 million shares through the entry of new shareholders. This time, the number of shares publicly issued on the Science and Technology Innovation Board was 70.6 million shares, and the issue price was 16.51 yuan per share, accounting for 15.0021% of the total share capital of 470.6 million shares after the issuance, and the raised funds were 1.166 billion yuan.
Although he currently meets the fifth set of listing standards on the Science and Technology Innovation Board, he has used three years of financial data, which means that he has waited three years, because the early fifth set of standards only supported medicine and did not mention equipment.
The following figure shows the first scientific and technological innovation attribute evaluation standard selected by microelectrophysiology:
On June 30, 2021, it applied for IPO on the Science and Technology Innovation Board. During the period, it went through 2 inquiries. It was approved by the meeting on March 31, 2022, becoming the first medical device to pass the fifth set of standards on the Science and Technology Innovation Board. Enterprises, the electrophysiology after the meeting submitted registration on April 1, it can be described as a race against time.
To be listed on the Science and Technology Innovation Board, you must first meet the science and technology attributes as shown below:
There are only two indicators related to the attributes of scientific and technological innovation
Indicator one:
Remarks: Enterprises applying for listing on the Sci-tech Innovation Board using the listing standards of Article 22, paragraph 2 (5) of the “Review Rules” may not apply the requirements of the above-mentioned indicators (4); software companies do not apply the above-mentioned (3) ), the cumulative R&D investment in the past three years should account for more than 10% of the cumulative operating income in the past three years.
Indicator two:
Note: The company can choose the first related index of science and technology innovation attribute or the second related index of science and technology innovation attribute to explain. If you select the relevant indicator 2 of the scientific and technological innovation attribute, you can choose any one of the situations to explain.
After you have selected the scientific and technological innovation attributes you meet, you can choose the listing criteria. The fifth set of specific listing standards is the listing standard in Article 2.1.2 (5): the estimated market value is not less than 4 billion yuan, the main business or products need to be approved by the relevant state departments, the market space is large, and the stage has been obtained. results. Enterprises in the pharmaceutical industry need to have at least one core product approved for Phase II clinical trials, and other companies that meet the positioning of the Science and Technology Innovation Board must have obvious technical advantages and meet corresponding conditions.
On June 10, 2022, the Shanghai Stock Exchange issued and implemented the “Guidelines for the Application of the Shanghai Stock Exchange’s Science and Technology Innovation Board Issuance and Listing Review Rules No. 7 – Medical Device Enterprises Applicable to the Fifth Set of Listing Standards” (hereinafter referred to as the “Guidelines”). The scope of application of the fifth set of listing standards on the board has been expanded from innovative drug companies to medical device companies, further enhancing the inclusion of hard technology companies on the STAR Market. In fact, Microelectrophysiology applied to the Science and Technology Innovation Board for IPO as early as June 30, 2021, and was the first device to apply for the Science and Technology Innovation Board with the fifth set of standards, which was the first to test the feasibility of the system.
The first index of science and technology attributes selected by electrophysiology, and the fourth item of the first index 1 has been completed (the specific policy requirement is that if the fifth set of listing standards on the Science and Technology Innovation Board is selected, the fourth item and three years of the first index of science and technology attributes can be waived. revenue growth).
The compound growth rate of revenue of micro-electrophysiology in the past three years>20% is mainly due to the fact that there are currently 13 main products of electrophysiology on the market, and the revenue in the past three years has increased from 120 million yuan to 190 million yuan. Revenue reached 180 million to 200 million yuan.
Obviously he can give up the three-year financial data assessment, but micro-electrophysiology still takes three years and data. Personally, it is estimated that he just spent two or three years before the policy came out to increase the share capital to 400 million shares. ) to reach more than 4 billion yuan and also achieved phased results, and the revenue growth rate in the past three years has also reached the fourth requirement of indicator 1, so it is still necessary to show it off.
Microelectrophysiology was restructured on February 1, 2016. Apply for IPO on June 30, 2021. During the period, there were 2 inquiries. It was reviewed and approved by the meeting on March 31, 2022. The IPO was launched on August 11, and the bell was listed on August 31. 14 months in duration, only 20 days from IPO to listing.
The difference is that Zejing Pharmaceutical, the first listed company in the fifth set of standards on the Science and Technology Innovation Board, was established in 2009, and the shareholding system reform was completed on February 27, 2019. After the share reform, the net book asset was 238 million yuan, based on 1:0.7578 The ratio of 180 million shares is equivalent to the share capital of Zejing Pharmaceutical, with a face value of RMB 1 per share, and the remaining net assets of RMB 57.5321 million are included in the capital reserve of Zejing Pharmaceutical. The prospectus was signed on January 6, 2020, and the bell went public on January 23.
Bio-Tech was established on July 28, 2003, and carried out 4 equity transfers and 2 capital increases. The share reform was completed on March 7, 2019. At that time, the net asset value of RMB 728 million was converted into shares at a ratio of 1:0.43941924. The registered capital of the joint-stock company is 320 million yuan, equivalent to 320 million shares, with a face value of 1 yuan per share, and the remaining 408 million yuan is included in the capital reserve. The company officially launched its IPO on January 22, 2020, and went public on February 20.
Frontier Bio was established on January 15, 2013, and the share reform was completed on January 10, 2016. The audited net assets are 180,867,978.60 yuan, which is equivalent to 175 million shares of the share capital of the joint-stock company according to the ratio of 1:0.9676. Before the declaration of IPO, the valuation was raised to 270 million shares through continuous capital increase and equity transactions. come out, just like Sichuan Jinjiang Electronics of Xinlitai). In 2018, 2019 and January-June 2020, the company achieved Aikening sales revenue of 1,911,100 yuan, 20,860,000 yuan, and 6,847,400 yuan respectively, which are not applicable to the fourth revenue growth standard of science and technology attribute one. , and also apply for the Science and Technology Innovation Board. The last IPO was held on September 30, 2020, and the bell was listed on October 16, 2020.
Xinlitai Biomedical’s share reform was completed on August 27, 2022, and it was also in time for the introduction of the equipment that met the fifth set of standards on the Science and Technology Innovation Board. The appraised value of net assets is RMB 1,641,983,100, based on the audited net assets of RMB 1,123,000,000, which is equivalent to the total share capital of a joint stock limited company of 80,000,000 shares, with a par value of RMB 1 per share, and the rest of the net assets of RMB 1,043 million is included in the shares The capital reserve of the limited company, the total valuation is still about 4.4 billion RMB, which meets the fifth set of standards.
The process of listing an enterprise first requires setting up a listing team (intermediary agency), which consists of a law firm, an accounting firm, and a securities firm. They include reviewing the company’s laws, issuing financial reviews and reports, underwriting stock, and more. The law firm and the law firm will jointly draft a registration statement and submit it to the CSRC to apply for an IPO. The CSRC will review the submitted application and put forward many opinions. The applicant will repeatedly revise it until it is approved. Before submitting the listing application, the investment banking department of the securities firm in the team will form a team called the underwriter to underwrite the applicant’s stock. It may be underwritten by one of his brokerages, or it may be underwritten by him in conjunction with other peers. After the underwriting, the securities firm will invite the applicant to do a road show, and introduce the current situation, future, and team profitability of their company on the stage… Then they say how many shares I want to sell and how much I want to raise… A group of investment banks are sitting under the stage to invite At this time, the investment bank department of the underwriter will quietly sit down to record or communicate with investors to see who is interested in your company’s stock, record the approximate share of their purchase, and the psychological willingness to buy. The price is How many. The investment bank will find a group of people who are willing to invest in you through your roadshow, and then they will analyze how many shares will be sold after your company goes public, how many shares will be sold, and at what price. After the company applies for listing review, first buy the applicant company’s stock, and then sell it to these investors. These are the probably smooth process of the company’s listing and IPO.
In order to ensure that the submitted materials can be successfully submitted with the greatest probability, save time, etc., usually the team of the applicant company will take the initiative to find a printing shop. He is Rongda Technology, which is known as the home of the “best print shop in history” (he also submitted for listing on the main board of the Shanghai Stock Exchange and received counseling in May 2021). Rongda Technology lives in Jincan Hotel, which is less than 3 kilometers away from the China Securities Regulatory Commission. , only to provide relevant listing materials printing, consulting, accommodation, leisure, office, conference, etc. related services for companies preparing to go public. The core point is that many lawyers have not found problems or mistakes, but he can actually check or bring them up for you… Therefore, it is estimated that the listing team of biomedical will definitely settle in this print shop, and the listing team will be the listing team in the next few months ( intermediaries), and strive to shorten the stage of the IPO time. $Xin Litai(SZ002294)$
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