- 2024,04,27
Editor: Promoting the listing of enterprises is a key move for Wenzhou to create new engines, restructure new driving forces, and enhance new advantages. From now on, Wenzhou All Media, together with Wenzhou Financial Office, Wenzhou Enterprise Listing Promotion Association and others, has launched the column of "New Kinetic Energy · Listing People", focusing on successful cases, sharing experience, looking for new driving forces for development, solving the problem of some enterprises "not daring to go public, unwilling to go public, and unable to go public", helping Wenzhou enterprises run out of the speed of listing, and creating a capital market "Wenzhou plate" commensurate with Wenzhou's "Audio-Technica" status, Further strengthen the real economy.
The journey of Zhejiang Chengyi Pharmaceutical Co., Ltd. (hereinafter referred to as "Chengyi Pharmaceutical"), starting from Dongtou Island and listing on the Shanghai Main Board on March 15 of this year, is legendary.
The enterprise covers an area of over 200 acres, has over 600 employees, an annual output value of 380 million yuan, a profit of 68 million yuan, and a tax revenue of 50.88 million yuan. The transcript of Sincere Pharmaceutical is not dazzling among Wenzhou enterprises, but it is leading the way in the competition for the capital market. The "sincere person" proves through practical actions that going public is not the patent of large enterprises, and "small and beautiful" enterprises like Chengyi Pharmaceutical can also explore the capital market.
'Specializing in the industry' adds points to a company's listing
From the establishment of Tongshan Pharmaceutical Factory in 1966 to the renaming of "Wenzhou Third Pharmaceutical Factory" in 1991, to the restructuring and transformation of Zhejiang Chengyi Pharmaceutical Co., Ltd. in 2001, and then to Zhejiang Chengyi Pharmaceutical Co., Ltd. in 2013... For 50 years, no matter how the name changed, the focus of the enterprise has never left the pharmaceutical industry. As a high-tech enterprise specializing in the production of injections, capsules, tablets, raw materials, and pharmaceutical intermediates, Chengyi Pharmaceutical has been committed to developing high-end small varieties of "marine green drugs" and "large disease drugs".
To go public, a company's products must be competitive. "In the view of Yan Yiyi, the chairman of Chengyi Pharmaceutical, this" specialization "is the foundation of Chengyi Pharmaceutical's listing and also adds a lot of points to the company's listing.
Glucosamine hydrochloride capsules, which are used to treat systemic bone and joint pain, are the main products of Chengyi Pharmaceutical, and their market share has long ranked first in China; The market shares of Torasemi preparations, Gastrodin APIs and other products also rank among the top three in China.
Zhejiang Chengyi Pharmaceutical
Being overtaken "caused him to restart his listing plan
The listing plan of Chengyi Pharmaceutical starts from the successful restructuring in 2001. At that time, few Wenzhou enterprises were aware of going public, and Yan Yiyi had already started planning for the company to go public and carried out targeted and drastic reforms to Chengyi Pharmaceutical.
Unfortunately, due to various reasons, Yan Yiyi has slowed down the pace of Chengyi Pharmaceutical's listing. You should know that at that time, Chengyi Pharmaceutical was already listed as one of the "Top 20 Zhejiang Pharmaceutical Enterprises", and in the following decade or so, many companies became bigger and stronger through listing, which deeply impressed Yan Yiyi: "In the early years, those companies even invited me to visit and provide training for them. Later, they all went public and grew bigger and bigger
In 2013, with the support of the city and county governments, Yan Yiyi finally launched her dust-laden listing plan again.
It is crucial for government departments to provide advanced services
Going public with the enthusiasm of a company alone is not enough, and the full support of government departments is crucial.
In addition to the consent of governments at all levels to go public, proving the legality and compliance of enterprise operations is the most basic condition for a company to be listed. This process involves 17 departments and requires them to provide opinions one by one. Such as taxation, environmental protection, finance, drug supervision, customs, etc.
It can be said that the level of government assistance determines the level of enthusiasm for companies to go public. "Yan Yiyi said that a big tree needs pruning to grow up healthily, and so does a company. There are inevitably flaws in the internal management of a company, as long as the rectification is completed before reporting, it can be smoothly listed. If some departments blindly criticize the company during the initial stage of going public, it is easy for the company to choose to give up.
There is no doubt that both the Party committee and the government hope that enterprises can go public. In Yan Yiyi's view, various functional departments related to enterprise listing work should also strengthen training and learning, and provide advanced and close services for enterprise listing.
Another key point is that there are certain flaws in the historical evolution of some enterprises, especially companies restructured from state-owned, collective, or partnership enterprises, which may have some unclear assets and unclear management. At this time, government support is also needed to help enterprises sort out and clarify.
Successfully launched, giving Chengyi Pharmaceutical the first taste of sweetness
The successful listing has greatly increased the reputation of Chengyi Pharmaceutical. In just six months, Yan Yiyi has been invited to over ten sharing and exchange meetings to discuss her listing experience
Before going public, we were running around for a few dollars. Now, banks are actively lending, even lowering interest rates. "Yan Yiyi said, holding the sign of going public makes corporate financing more convenient, and shareholders' personal financing methods become more diverse.
Even more commendable is that after going public, Sincere Pharmaceutical has successfully raised a net amount of 280 million yuan. Used for the construction of three fundraising projects, including 190 million yuan for the technical renovation of the preparation building, 50 million yuan for the construction of the research and development center, and 40 million yuan for the construction of the marketing network.
Recently, Chengyi Pharmaceutical's entire floor office building under the core business district of Hongqiao in Shanghai will serve as the company's marketing center, paving the way for the company to expand nationwide.
Not only that, after going public, Chengyi Pharmaceutical also established a 1 billion yuan merger and acquisition fund, targeting the domestic big health industry, especially in fields such as marine medicine, biopharmaceuticals, and traditional Chinese medicine, and gaining momentum.
With hardware and projects, attracting talent is even more advantageous, "Yan Yiyi said. Next, Chengyi Pharmaceutical will look nationwide and acquire the pharmaceutical big health industry related to the company's strategic development plan, providing the possibility for enterprises to recruit elite talents.
He has something to say to address the "three no's" for companies going public
Going public is about keeping companies without secrets, "Yan Yiyi believes. Many companies in Wenzhou are afraid or unwilling to go public, ultimately because they are worried about exposing their trade secrets to competitors and becoming public enterprises with open factory affairs. You can see at a glance who the product is sold to, how much it costs, and how much it is sold in quantity
In fact, if we can truly achieve standardized operations from start to finish, the ultimate benefit will still be the company itself. "Speaking of sharing the experience of going public, Yan Yiyi opened up her conversation. He said that some companies will not go public, so it is necessary to hire experienced, experienced, and willing intermediaries to teach them, especially securities firms.
Enterprises are like houses, because of water leaks, it is normal to repair and repair. The key is to use waterproof glue well and fix the leaks, "said Yan Yiyi. In Chengyi Pharmaceutical, internal control is quite strict, with over 1000 systems of all sizes, ranging from company financial systems and production and sales processes to standardized dining in canteens. Sincere Pharmaceutical has also established a complete GMP quality assurance system, with multiple products registered with DMF in developed countries and regions such as the United States, the European Union, Australia, and Canada.
Is it really that difficult to establish a modern enterprise management system? Yan Yiyi shook her head and said, "Many enterprises have been operating for many years, not without regulations, but without written regulations, or with ineffective implementation. No one has refined the corporate culture, rules and regulations into a book. And completing these tasks does not consume as much manpower and material resources as people imagine
Some companies ask, can my company go public even though it is not large in scale? Yan Yiyi smiled and said that the key to a company going public is not its scale, and "small and beautiful" also qualify to enter the capital market. Of course, what needs to be done with the raised funds after going public is also something that companies need to plan in advance.
The threshold for going public is really not high. There are thousands of enterprises in Wenzhou that can be sorted out, and many of them can go public. "Yan Yiyi said, the key to going public is to assess the growth of the enterprise. If small enterprises want to grow, they need to go public even more. Otherwise, relying on the money in one's own business owner's pocket to become a big enterprise requires accumulating for a long time. It's not easy to talk about
When it comes to a table of businessmen eating, none of them are listed, making it easy for them to criticize the difficulty of listing. On the contrary, if two of them have already gone public, 'difficulty in going public' becomes an honor for both of them. In different environments, even if the same subject matter is viewed from different perspectives, the treatment varies.
Due to the limited number of listed companies in Wenzhou, there is no consensus or trend towards going public, which makes people think it is difficult to go public. Going public must be "tall and upward", which has become the ceiling that many companies have created for themselves, and they have been keeping a distance from going public from the beginning. Enterprises may stop at the thought of being small and prosperous, or be troubled by historical burdens, or have concerns about uncertain factors in the future, so that they will not go public, dare not go public, or refuse to go public.
Last Wednesday, "Jinhongshun" embarked on the red carpet of A-shares. The Jiangsu auto parts company's net profit attributable to its parent company in the first half of this year was 54.04 million yuan - but a year-on-year decrease of 17.29%. And Dali Pharmaceutical, which went public a day earlier, has a transcript of a three-year decline in profits. Moving forward, the net profit of "Suzhou Keda" has the highest dependence on tax incentives, reaching 119%. The accounts receivable of "Rongda Sensation" accounts for the highest proportion of operating revenue, reaching 96.58%. "Lyon Technology" exaggerates to the point that "there is a situation where revenue is confirmed without signing a contract with customers"... However, they have all successfully obtained the admission ticket to the listed company.
Undoubtedly, this year's Shanghai and Shenzhen stock markets have a broad mindedness and strong momentum. Previously, according to data from PwC, there were 219 IPOs in the Shanghai and Shenzhen stock markets in 2015 and 227 in 2016, raising 158.6 billion yuan and 150.4 billion yuan respectively. As of September 11th, 324 IPO companies have completed listing this year, raising 163.123 billion yuan. "In the past, we chased the pre examiners to take the initiative to feedback and supplement materials, but now the pre examiners urge us to seal the files." The Securities Times quoted a senior sponsor representative of a large securities firm in Beijing as saying that in the past, it would take a year and a half to two years at the fastest from the declaration to the update of pre disclosure, while now it only takes a few months for individual projects.
At the same time, another air vent is also opening. With the transfer of relevant industrial chains in coastal cities and the implementation of Targeted Poverty Alleviation, the regional distribution pattern of listed enterprises is quietly evolving, and capital is gradually spreading from strong first tier cities to second tier, third tier and even third tier, fourth tier Urban sprawl. As the forefront of reform and opening up and a pilot zone for comprehensive financial reform, the Wenzhou Municipal Party Committee and Government attach great importance to the work of enterprise listing, and clearly adhere to the principles of "government guidance, enterprise entities, institutional follow-up, and market operation". Following the concept of "one batch of restructuring, one batch of guidance, one batch of reporting, and one batch of listing", scientific planning, rolling cultivation, and cascade promotion should be carried out, Create a capital market "Wenzhou plate" that is basically commensurate with Wenzhou's "Audio-Technica" status.
Although this may not necessarily be the best time to go public, it is definitely the best window period for preparing to go public. With good timing, favorable location, and harmonious people, anything is possible with sincerity.
Editor: Jia Junyu
Checked by: Zhou Gongjun
Reviewed by: Zou Lidan