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Sinco Pharmaceuticals Holdings

Sinco Pharmaceuticals Holdings provides integrated MPCM (marketing, promotion and channel management) services to small- and medium-sized overseas pharmaceutical manufacturers that do not possess independent marketing and promotion capabilities in China. It is the third largest provider of marketing, promotion and channel management, or MPCM, services in the PRC pharmaceutical industry with a market share of 6.4% based on revenue in 2014, according to the Frost & Sullivan Report. It is also China's only MPCM services provider for plasma-based pharmaceuticals.

The Group's services include (i) formulating and executing marketing and promotion strategies; (ii) channel management services, including warehousing and delivery services, the tender processes, appointing and managing distributors, and inventory management; (iii) coordinating and managing product registration renewal and first-time product registration.

The best selling product in the Group's portfolio is Human Albumin Solution, a human albumin product manufactured by Octapharma. It is used to remedy hypovolemia and hypovolemic shock, abnormally high intracranial pressure, edema and ascites, and to prevent and cure hypoalbuminemia and neonatal hyper-bilirubinemia. Human Albumin Solution is the only human albumin product that can be used on premature infants. It has been the sole service provider with respect to Human Albumin Solution to 24 provinces, municipalities and autonomous regions in China since November 2012. In August 2015, Octapharma confirmed its exclusive right to service Human Albumin Solution in these regions.

Axetine and Medocef are antibiotics manufactured by Medochemie. Axetine is used for the treatment of bacterial infections, including respiratory infections, urinary tract infections, soft tissue infections, gynaecological and obstetrical infections, gonorrhoea and other infections, as well as the prevention of post-surgery infections. Medocef is used for the treatment of bacterial infections, including infections of the lower respiratory tract, such as pneumonia, urinary tract, bile duct, peritoneum, skin, soft tissue, pelvic area and sepsis. The Group added three new products to its portfolio in 2014, namely Taurolite, TAD and Esafosfina. Taurolite is manufactured by Bruschettini. Taurolite is used for the treatment of gallstone diseases, or cholelithiasis. TAD and Esafosfina are manufactured by Foscama. TAD is used for the treatment and prophylaxis of intoxications from ethyl alcohol, organophosphorus and several groups of drugs, as well as cell damage from ionising radiations and liver damage. Esafosfina was the only imported injectable fructose 1,6-diphosphate approved by the CFDA for treating hypophosphatemia and chromic diseases including alcohol intoxication, malnutrition and hypophosphatemic respiratory failure.

The Group entered into a collaboration agreement with Liaoning Wanjia to become the exclusive service provider for its seventh product, Xinneng Q10, a dietary supplement in China in September 2015. Xinneng Q10 is composed of Coenzme Q10, an oil-soluble antioxidant used to improve basic cell functions and is especially beneficial for the liver, kidney and pancreas.

MarketHong Kong (Main Board)
Business NatureHealth & Personal Care
Board Lot4,000
Registrar & Transfer OfficeComputershare Hong Kong Investor Services
No. of Offer Shares400m shares
No. of International Placing Shares360m shares
No. of HK Offer Shares40.00m shares
Offer Price$0.80 - $1.11
Nominal ValueHK$ 0.0001 each
Stock Code6833
Sole Sponsor, Sole Global Coordinator, Sole Bookrunner and Sole Lead ManagerChina Merchants Securities (HK)
Application PeriodFeb 29 (Mon) - Noon, Mar 3 (Thu)
Price Determination DateOn or Before 5pm, Mar 3 (Thu)
Result Announcement DateOn or Before Mar 9 (Wed)
Dispatch of Shares and Refund ChequesOn or Before Mar 9 (Wed)
Dealings in Shares commence onMar 10, 2016. (Thu)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
ExecutiveHuang Xiangbin (Chairman), Zhang Zhijie
Independent Non-ExecutiveChow Siu Lui, Wang Qing, Liu Wenfang
Director Huang Xiangbin65.625%
(Year ended Dec 31)
2015 *20142013
Gross Profit113,414129,77061,119
Pre-Taxed Profit63,39993,81250,919
Attributable Profit for the period51,08069,36736,539
EPS - Basic (cents)
* For the ten months ended October 31, 2015.
Attributable Profit (not less than)67.8m
Unaudited pro forma EPS4 cents
Offer Price$0.80 - $1.11
Capitalization$1,280m - $1,780m
Unaudited pro forma adj NAV / share$0.23 - $0.31
Assuming the offer price being at the mid-point of $0.96, the net proceeds raised would be HK$324.8m, of which:
* $146.2m (45%) for acquisition of sales and distribution rights of new products; and acquisition of businesses in the pharmaceutical industry with proprietary intellectual property or growth potential;
* $107.2m (33%) to repay loans and bank trade credits;
* $45.5m (14%) to develop cold chain facility and research and development base located in Sichuan Shuangliu Bonded Area;
* the balance of $26.0m (8%) as additional working capital.
No related information.
Code Name Nominal Change %Change
01345PIONEER PHARMdown1.040-0.010-0.952%
06833SINCO PHARMAup0.6100.0305.172%
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: 05/05/2021 17:59
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