Yaoming Kant was planned to be reduced by 9 billion.

An announcement of reducing holdings directly pushed the "Chinese Medical Outsourcing Giant" Yao Ming Kant on the cusp of public opinion.

On the night of June 10, Yaoming Kant announced that due to its own capital needs, the company's actual controller controlled shareholders and shareholders who signed an agreement with the actual controller planned to be based on the market conditions. In the future, the A -share shares with a total reduction of within 90 days not exceeding the company's total share capital of 3%.

If the closing price of June 10 is calculated at 102.83 yuan/share, the total amount of the shareholding reduction of Yao Ming Kangde this time exceeds 9 billion.

Investors are inevitable that this reduction announcement announcement. After all, a few days ago, Yao Ming Kangde announced the good news-although it experienced the Shanghai epidemic, it is expected that the income in the second quarter of 2022 will still achieve 63- 65%of the growth; under the influence of favorable influences, Yin Ming Kant also ushered in a short -term increase, from nearly 90 yuan to a maximum of 107.18 yuan, an increase of nearly 20%.

On the second trading day disclosed by the reducing holding announcement, Yaoming Kant's stock price opened significantly by 7.41%, and once touched the daily limit, eventually closed down by 9.56%, the stock price closed at 93 yuan/share, and fell back to the original point again; as of 6, 6; On the 14th, the stock price of Yaoming Kant closed for 94.5 yuan/share. Compared with the highest point in July last year, its stock price fell 45%in less than a year, and the market value evaporated more than 200 billion.

On the one hand, there is a continuous performance, but on the other hand, the major shareholders can't wait to reduce their holdings on a large amount. Why would Yaoming Kangde "abandon"? After the market value has evaporated over 200 billion, where will the "Chinese pharmaceutical outsourcing giant" go?

Medical outsourcing giants from 650 Ping Lab

To understand the company of Yin Kangde, we need to understand what "CXO" is.

CXO, all named "Medicine Outsourcing Service", mainly provides medical research and development services for major pharmaceutical companies.

There is a well -known "double ten law" in the pharmaceutical industry, that is, a innovative drug from being proposed to research and development to the final listing usually takes decades and billions of costs. Even for a large pharmaceutical company, In the case of, these costs are difficult to bear; so in order to improve efficiency and save research and development costs, many pharmaceutical companies will outsourcing the research and development links, and the CXO industry has emerged in this background.

In addition, people in the CXO industry are also called "selling watermen". Because companies engaged in CXO do not need to guarantee the final result, they belong to the role of "stable and not compensation" in the chain. Therefore The market is pursuing; and CXO has different segments based on the service links provided, such as CRO (contract research organization), CMO (contract production organization), CDMO (contract production research organization), CSO (contract sales organization), etc. Yaoming Kang is mainly engaged in CRO and CDMO.

Regarding the history of Yaoming Kant, the earliest traces of 2000 years ago in 22 years. At that time, the opinion of "transferring the R & D center to China" was rejected by the PDD, and the founder Li Ge resolutely submitted his resignation and returned to the country and several friends to jointly create Yaoming Kangde.

Because of the shortage of funds, Yao Ming Kant's start is only in a 650 -square -meter laboratory, and because the domestic pharmaceutical technology was backward at that time, Yao Kangde could not even be equipped with many necessary instruments. However, the difficulty of Yao Ming Kant did not last a long time. With the experience and connections accumulated in the United States in the United States, Yin Ming Kant gradually came out of the predicament.

On June 4, 2003, the "Specifications for the Management of the Quality Management of the Clinical Test of Drugs" was released, which made clear regulations on the clinical trials of the drug. The domestic CRO market ushered in the rapid development stage. Kant even accelerated the development of policies, successfully ranked among the forefront of international CRO manufacturers, and successfully landed on the New York Stock Exchange in 2007, becoming the "one brother" in the domestic CRO field.

However, it was not long before Yao Ming Kant, which was successfully listed in the United States, suddenly broke out in 2008.

Affected by the financial crisis, the stock price of Yin Ming Kant fell sharply, from the highest 45.65 US dollars/share to 3.67 US dollars per share, and directly fell 10%. Due to the poor performance in U.S. stocks, in the last 2015, Yao Kangde delisted from US stocks and listed from A shares three years later.

From a sharp rise to a plunge, he was reduced to "push down the cliff"

On May 8, 2018, Yaoming Kangde, who was delisted from US stocks for 3 years, successfully landed on the A -share market.

Yao Ming Kant, who was first established, was sought after by funds. After listing, 16 daily limit boards were directly collected, and the market value was close to 100 billion yuan.

Of course, Behind the rise of Yaoming Kant's stock price, it is inseparable from the prosperity and development of the CXO industry -with the continuous advancement of the pharmaceutical supply side reform and the assessment of the consistency of generic drugs, and the accelerated approval policies of innovative drugs have been implemented, many pharmaceutical companies have begun to add additional additions Investment in large R & D, major CXO companies have continued orders, and the entire CXO industry is prosperous. Naturally, Yao Ming Kant, the leading CXO leader, naturally ate this round of policy dividends.

After 2018, with the implementation of the procurement policy of the pharmaceutical industry, many pharmaceutical companies began to fall into the altar, but the CXO industry has become the immortal bird in the pharmaceutical industry. Ming Kant rose from about 30 yuan/share to the highest 171.97 yuan/share, and the stock price directly turned more than 5 times, and the market value reached the pinnacle of 508.3 billion. However, the glory of Yao Ming Kant has not been long before it lasted, and it fell to the crazy reduction of shareholders.

In fact, during this period of rising Yaoming Kant, it has "reduced its holdings". In April 2019, when Yaoming Kangde was not listed for less than a year, the seven primitive shareholders of Yao Ming Kangde could not wait to disclose the announcement of the reduction of holdings; and 4 months later, on August 14th, Yaowao, Yaowao Ming Kant once again issued an announcement saying that 7 shareholders including Glorious Moonlight Limited planned to reduce their holdings of not more than 10.74%of listed companies, reduced their holdings of 176 million shares, and reduced their holdings, causing heated market debate.

By 2021, with Yaoming Kant's stock price to the top, shareholders have accelerated the reduction of holdings. After crazy reduction, in the third quarter of last year, Li Ge, Zhao Ning and his two partners with equity associated with the actual controller of Yin Ming Kanto, and his two partners had a equity associated with equity. The ranks of major shareholders, and Gao Ying Capital "disappeared" from the list of shareholders as early as the semi -annual report.

By this year, Yaoming Kangde's shareholders have not yet "stopped". First, Shanghai Yizhen reduced its holdings by 0.6962%from May to June. The total amount was 2.894 billion yuan. Fined fines; and on June 10, Yao Ming Kant announced that due to its own capital needs, the company's actual controller controlled shareholders and shareholders who signed an agreement with the actual controller planned to plan to act with the actual controllers. After 15 trading days, within 90 days, within the 90s, a total reduction of A -shares with a total shareholding of 3%of the company's total share capital is not exceeded.

Under the influence, Yin Ming Kant's stock price continued to decline. As of the closing of June 14, Yaoming Kant's stock price closed at 94.5 yuan/share, compared with the highest point last year's highest point of 171.97 yuan/share, Pharmaceutical Kant's stock price has fallen by 45%, and the market value has evaporated more than exceeded more than more RMB 200 billion.

Where will the pharmaceutical outsourcing giant go?

For Yao Ming Kant, the uncertainty faced by the entire CXO industry is its biggest risk in the future.

In fact, the reason why such CXO companies such as Yaoming Kant can achieve high -speed development in recent years, in addition to policy dividends, the rapid development of domestic new innovative pharmaceutical companies in recent years is also a key. After all, as a "selling waterman" Without the existence of these "water buyers" of new innovative pharmaceutical companies, the business of "selling watermen" will not be too easy to do.

However, with the continuous intervention of capital, the research and development of domestic innovative drugs has been obviously overheated. The problem of homogeneity of innovative drug targets has become increasingly fierce, and the issues such as excessive investment in R & D and investment are very prominent.

In this context, on July 2, 2021, the CDE issued a notice entitled "The Principles of the Principles of the Clinical R & D Guidance of Anti -tumor Drugs with Clinical Value", which emphasized that the drug research and development should be emphasized " Patient interests are core and are guided by clinical value. " On the day when the notice was released, the entire CXO industry fell collectively, of which the stock price of Yao Kangde plummeted by 7.71%.

It is foreseeable that in the future, with the decline in the development of domestic innovative drugs, the investment of domestic new innovative pharmaceutical companies will gradually decrease, and CXO companies such as Yin Kangde will also decline in the future number of orders.

In addition, with the continuous improvement of domestic labor costs, compared with foreign CXO giants, Yin Ming Kant's competitiveness is also weakening. For the CXO industry, the biggest cost is the cost of labor. It was because of the high labor cost of the United States that year that Li Ge would propose to transfer the R & D center to China, and then did it be the current Yin Ming Kangde.

But now, with the improvement of domestic salary levels, the competitiveness of Yin Ming Kant is constantly weakening.

Of course, from the perspective of financial report data, the current performance of Yaoming Kant is still excellent. According to the announcement disclosed recently, in the case of experiencing the Shanghai epidemic, it is expected to achieve a growth of 63-65%in the second quarter of 2022; Under the circumstances, Yaoming Kant's prospects are obviously not as optimistic as performance.

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