Highland capital increases Carlyles true love at a high price of 227 yuan per share

 Highland capital increases Carlyles true love at a high price of 227 yuan per share

Insist on to the end by Hillhouse capital

According to the announcement released by Carlyle, the total amount of capital raised this time is 2.31 billion yuan. After deducting 35.6113 million yuan of expenses related to the issuance, the actual net amount of fund raised is 2.275 billion yuan. As of September 23, all the funds raised have been received.

Looking back on the investment of Hillhouse capital in carling, it can be said that there are twists and turns. Now, kaleyin finally got her wish and was regarded as the true love of high capital.

In February this year, the CSRC promulgated new regulations on refinancing of listed companies. On February 17, carlinee disclosed its plan for non-public offering of shares under the new rules of refinancing. According to the plan, Hillhouse capital will hold more than 5% of Carlyles shares after completing the fixed increase as a strategic investor, with the fixed increase price of 123.56 yuan per share.

However, some changes occurred in July, and the 18 months + 20% discount new regulation of war investment and refinancing was pressed the pause button, and a number of listed companies, including Yaoshi technology and Kangchen pharmaceutical, successively revised their fixed increase plans. On July 22, Carlyle announced that the fixed increase plan was revised, the issuing object was changed from Hillhouse capital to no more than 35 specific investors, and the issue price was changed to bidding method. As the share price of Carlyle has risen to 232 yuan / share, some people in the industry believe that Hillhead capital may withdraw from the fixed increase.

A relevant person from a large private equity firm in Beijing told the Securities Daily that Hillhouse eventually participated in the subscription at the issue price of 227 yuan / share, which was 103.44 yuan higher than the initial fixed increase price of 123.56 yuan / share disclosed by Carlyle, which is enough to prove that Hillhead capital is optimistic about the long-term development of carreyin, and also reflects Hillard capitals concept of value investment Adhere to and firmly optimistic about the layout strategy of the pharmaceutical track.

A good track to watch

High capital is willing to spend high price

In order to participate in the fixed increase of Carlin, Hillard capital can be said to be at all costs. Why?

In fact, behind the firm investment in Carlin, there is a driving force for in-depth research on the pharmaceutical and medical industry from the perspective of strategic capital. According to the relevant personnel of Hillhouse capital, the pharmaceutical and medical industry has a strong consumption attribute and scientific and technological attribute, a huge market, high barriers to entry, growth, profitability and anti cyclical characteristics. It has shaped a very long-term investment track, and has built a dynamic moat of deep, wide and sustainable innovation. Since 2014, the company has widely supported innovative enterprises in many fields, including PD-1 innovative medicine, cro / cdmo, ophthalmology, orthopedics, Stomatology, assisted reproduction, etc., and has deeply participated in and witnessed the golden moment of the development of the pharmaceutical and medical industry.

According to the public data, as a one-stop integrated service provider for new drug R & D and production, its core business covers clinical commercial customized production and technology development services of new drugs. At present, it has established long-term cooperation with some of the top 15 multinational pharmaceutical enterprises in the world, and its core customers include Merck, Bristol Myers Squibb, Novartis, Aberdeen and Pfizer.

According to the semi annual report, in the first half of this year, Carlyle achieved a total operating revenue of 1.266 billion yuan, a year-on-year increase of 15.81%; net profit attributable to shareholders of listed companies was 316 million yuan, with a year-on-year increase of 37.63%. Among them, the total operating revenue in the second quarter was 790 million yuan, with a year-on-year growth of 28.20% and a month on month growth of 66.23%; the non net profit in the second quarter was 184 million yuan, with a year-on-year growth of 50.28% and a month on month growth of 96.70%.

Zhang Lei, CEO of Hillhouse capital, said that as a long-term supporter of Carlyle, Hillhouse capital will continue to provide assistance to its medical industry platform and invested enterprise ecology, enhance the breadth and depth of its service for innovative pharmaceutical enterprises, and carry out in-depth strategic cooperation in new business fields such as small molecule, nucleic acid, biological drug cdmo and innovative drug clinical research service.

As for the fixed increase of Klein, CICC believes that it will help to expand the production capacity of Listed Companies in the field of biological drugs, especially antibody drugs, and strategically expand the cdmo business of biological drugs. The listed companies are expected to further improve the R & D and production capacity of preparations, expand the production capacity scale of preparations, and improve the one-stop service of API + preparations.

According to Zhang Lei, the concept of value investment in the capital market has changed from discovering static value to discovering dynamic value and helping invested enterprises create value. Value investment needs continuous innovation and development combined with the background of the times. The simple static value discovery has developed into two new stages: one is to discover dynamic value; the other is to continuously create value. Taking carreyin as an example, the strategic significance of the fixed increase fund-raising investment is to consolidate the original small molecule cdmo business of listed companies, and help the company expand its business to the field of biological drugs and preparations cdmo.

Source of this article: Ren Hui, editor in charge of Securities Daily_ NBJ9607