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現代中藥集團
Modern Chinese Medicine Group
Nominal: 0.840 RT Quote
Open-offer-subscription Rate: 30.66x One Lot Success Rate: 10%
COMPANY PROFILE

Modern Chinese Medicine Group principally engages in the production of proprietary Chinese medicine (the “PCM”), in particular, it offers both OTC and prescribed medicines intended for use by the Middle-aged and the Elderly in the PRC. The Group had 59 types of PCM products. Its major products (in terms of revenue) are Vigour and Vitality Supplement Pill, Circulation Enhancement Pill, Cardiotonic Enhancement Capsule, Kidney Invigoration Pill, Heart Wellness Capsule, Menstrual Discomfort Relief Pill, Liver Detox Tablet, Additional Ingredient Huoxiang ZhengQi Pill and Feverremoving and Detoxification Pill.

According to the Euromonitor Report, the Group was one of the leading non-listed companies engaged in the production of PCM in 2019 in terms of the sales of Qi-deficiency and blood-stasis PCM pills and cardio-cerebrovascular PCM(2) capsules in Northeast, the PRC.

The Group products are sold mainly under its brand "Yushi". All of pharmaceutical products were sold to distributors, who onsold to retailers such as drugstores, pharmacies and clinics, where end-users could purchase its products.

Generally, during the FY2017, FY2018, FY2019 and 9 months period of 2020, the overall gross profit margin of OTC medicine was relatively lower than that of prescribed medicine. This was mainly due to the higher nominal selling prices of prescribed medicine compared to that of OTC medicine. Northeast contributed more than 50% of revenue, and it gradually developed Huadong and Huanan markets with the aim to broaden its distribution network.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureHealth Care
Websitewww.cdysjdyy.com
Board Lot3,000
Registrar & Transfer OfficeTricor Investor Services
GLOBAL OFFERING
No. of Offer Shares150m shares
No. of International Placing Shares135m shares
No. of HK Offer Shares15.00m shares
Offer Price$0.92 - $1.47
Nominal ValueHK$ 0.01 each
Stock Code1643
Sole SponsorSoochow Securities International Capital
Joint Global Coordinators, Joint Bookrunners and Joint Lead ManagersSoochow Securities International Brokerage, Wealth Link Securities
Joint Bookrunners and Joint Lead ManagersSPDB International Capital, BOCOM International Securities, Yue Xiu Securities, Shanxi Securities International, Shenwan Hongyuan Securities (H.K.), Elstone Securities
Joint Lead ManagersZMF Asset Management, DL Securities (HK), Forthright Securities
Co-Lead ManagersCNI Securities, Fuyuan Securities
TIME TABLE
Application PeriodDec 31 (Thu) - Noon, Jan 7 (Thu)
Price Determination DateOn or Before 5pm, Jan 7 (Thu)
Result Announcement DateOn or Before Jan 14 (Thu)
Dispatch of Shares and Refund ChequesOn or Before Jan 14 (Thu)
Dealings in Shares commence onJan 15, 2021. (Fri)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveXie Wei (Chairman), Zhang Hongli, Li Jinglian, Jiang Zhendong
Independent Non-ExecutiveLiu Ling, Leung Tsz Wing, Chan Kam Leung
MAJOR SHAREHOLDERS
Chairman Xie Wei75%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue218,838218,767173,512
Gross Profit98,23499,06973,657
Pre-Taxed Profit72,87465,25664,507
Attributable Profit for the period52,77146,23748,237
* For the six months ended June 30, 2020.
OFFER STATISTICS (HK$)
Offer Price$0.92 - $1.47
Capitalization$552m - $882m
Unaudited pro forma adj NAV / share$0.40 - $0.52
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $1.20, the net proceeds raised would be HK$120.0m, of which:
* $51.7m (43.1%) for enhancing and expanding production capacity;
* $19.7m (16.4%) for broadening distribution network in Huanan and Huadong;
* $12.0m (10.0%) for raising brand awareness through media marketing and promotion efforts;
* $23.4m (19.5%) for further raising R&D efforts;
* $4.0m (3.3%) for upgrading IT system;
* the balance of $9.2m (7.7%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
00570TRAD CHI MEDunchange4.5600.0000.000%
00874BAIYUNSHAN PHup19.1400.1200.631%
00897WAI YUEN TONGunchange0.3300.0000.000%
01643MODERN CHI MEDup0.8400.0202.439%
01666TONG REN TANGup5.9800.1903.282%
02877SHINEWAY PHARMunchange5.4400.0000.000%
03613TONGRENTANGCMup12.5000.3202.627%
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
  Quote data is at least 15-min delayed,last updated: 14/04/2021 09:19
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