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Jiankang Yuan officially landed on the overseas securities market on the evening of September 26, setting a precedent for domestic biopharmaceutical companies issuing GDRs and taking another big step in internationalization.
Published Time：
2022-09-26
“Ding—ding—ding—ding—ding—ding—” At 9:01 pm on September 26, Beijing time, with six bell rings, the Global Depositary Receipts (GDRs) issued by Joincare Pharmaceutical Group Industry Co., Ltd. were successfully listed on the SIX Swiss Exchange, becoming the first biopharmaceutical company in China to issue and successfully list GDRs in Switzerland.
Yu Xiong, President of Joincare, stated at the listing ceremony held in Shenzhen: ， Internationalization is a long-term strategy for the company's development. Various production enterprises under the company are actively promoting international certification, and the internationalization process will further accelerate. Taking advantage of this overseas GDR issuance, on the one hand, it can enhance Joincare's multi-channel financing capabilities, providing sufficient financial resources for the company's internationalization strategy; on the other hand, it will help the company smoothly carry out international business, enhance its overseas brand awareness, and thus improve the company's overall profitability and comprehensive competitiveness.
"Joincare Pharmaceutical Group Industry Co., Ltd., as an innovation-driven integrated pharmaceutical company, integrates pharmaceutical R&D, production, and commercialization, and is also a pioneer and leader in complex formulations. Through today's listing, we believe Joincare will take an important step in further promoting its internationalization strategy and global brand awareness," said a SIX Swiss Exchange representative at the listing ceremony held at the exchange.
In July this year, the interconnectivity of the China-Switzerland securities markets' depositary receipt business was officially launched, opening a new chapter in cooperation between the two countries' capital markets. Under the favorable policy, issuing GDRs has gradually become one of the most popular ways for domestic companies to obtain overseas financing. As one of the most important stock exchanges in Europe, SIX Swiss Exchange was formed by the merger of three Swiss stock exchanges with a century of history, making it a powerful institution. At the same time, SIX Swiss Exchange's open and inclusive attitude also provides opportunities for international innovative companies to enter the Swiss capital market.
Joincare completed a book-building offering of 6,382,500 GDRs on the SIX Swiss Exchange, at a price of $14.42 per GDR, raising approximately $92.04 million. After deducting issuance expenses, the proceeds will be used to expand the company's main business, steadily advance its international layout, and supplement operating capital.
According to reports, in 2021, Joincare achieved overseas operating income of 2.572 billion yuan, accounting for 16.17%. At the same time, the group has also strengthened the market access and promotion of products in respiratory, assisted reproduction, antifungal, antiviral, and digestive systems in Pakistan, Indonesia, and the Philippines. In terms of preparations, in 2021, Joincare's Haibin compound ipratropium bromide inhalation solution production line passed the Philippine GMP certification, Lizhu kanamycin injection passed international certification and obtained WHO pre-qualification certificates, and obtained special import licenses in Indonesia. In terms of raw materials, 3 new products were added to international registration in 2021, including: daptomycin approved for registration in Portugal, Japan, India, Singapore, Brazil, and South Africa; cefuroxime sodium approved for registration in Pakistan, East Africa, Colombia, and Vietnam. The successful overseas expansion of R&D products also demonstrates Joincare's steady and accelerating progress in internationalization.
It is worth noting that while continuously strengthening independent innovation, Joincare is also actively carrying out innovative business cooperation models in the global market. Through various methods such as collaborative development and licensing introduction, it actively seeks opportunities for frontier technology expansion and product internationalization layout globally, strengthening its commercialization and integration capabilities. In 2021, Joincare Bio-Research Institute reached a strategic cooperation agreement with Tencent Quantum Laboratory to jointly promote the application of quantum computing + artificial intelligence in microbial synthetic biology research and related drug research, and to conduct research on genome gene cluster and functional element sequence prediction and metabolic pathway optimization using AI technology.
Industry insiders believe that in the face of the country's higher requirements for high-quality development of the pharmaceutical industry and the fierce competition in the market, domestic biopharmaceutical companies must directly face the challenges of innovation and upgrading and international development. This year, the China Securities Regulatory Commission issued the "Regulations on the Supervision of Interconnected Depositary Receipt Business between Domestic and Overseas Securities Exchanges," expanding the "Shanghai-London Stock Connect mechanism" to the "China-Europe Stock Connect mechanism," which also reflects China's strong policy support for companies' overseas financing. Previously, Jos Dijsselhof, CEO of SIX Swiss Exchange, stated that SIX Swiss Exchange is the main listing place for European healthcare companies, and pharmaceutical, life science/biotechnology, medical technology, and supplier-related companies account for about one-third of the European life science market. In such an environment, overseas biopharmaceutical companies can more efficiently contact large international investors and more easily attract exchanges and cooperation with industry peers.
More and more Chinese companies are choosing to go global and issue GDRs in overseas markets. These listed companies that have successfully issued GDRs on the Swiss Exchange also provide a better reference model for other Chinese companies to "go global" and "attract investment". (Zhang Gong )
From: "Du Chuang"
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