Dizhe Pharmaceutical is the first unprofitable enterprise registered on the Shanghai Stock Exchange for refinancing since the issuance of the "Branch Eight Articles".

After the opening of trading on the morning of April 17, the pharmaceutical company Dizhe Pharmaceutical (688192. SH) rose by more than 3.9% intraday, and the night before, the company announced that it had completed a fixed increase of 1.796 billion yuan.

According to the announcement, the issue price of Dizhe Pharmaceutical was determined to be 43.00 yuan / share, a total of 24 subscription objects participated in the issuance and subscription, and a total of 14 were finally allocated to the issuance of objects, including public funds and insurance funds, such as Taikang Assets, Zhuque Fund, Penghua Fund, Nord Fund, Bosera Fund, etc., as well as QFII foreign institutional investors represented by UBS, as well as Wuxi equity investment and biomedical industry fund.

The purpose of this refinancing is to invest in the research and development of new drugs and the industrialization of international standard innovative drugs, and at the same time replenish working capital. At present, the company outsources the production of clinical trial products and commercial products in the form of manufacturing outsourcing services (CMO).

Two of its products, Sulvozhe and Gao Ruizhe, have been marketed in China and entered the new version of the National Medical Insurance Catalogue, and the marketing application submitted by Sulvozhe to the U.S. Food and Drug Administration (FDA) has been accepted and included in the priority review.

According to the company's performance report released in the previous period, in 2024, the company's net loss attributable to shareholders of listed companies will be 857 million yuan, a decrease of 251 million yuan from the previous year.

The reason why the refinancing of Dizhe Pharmaceutical has attracted much attention is that this is the first unprofitable enterprise registered on the Shanghai Stock Exchange since the issuance of the "Branch Eight Articles". On February 7 this year, the China Securities Regulatory Commission approved the company's registration application for issuing shares to specific targets.

Since the beginning of this year, other biopharmaceutical companies on the Science and Technology Innovation Board have also started financing one after another. According to the incomplete statistics of the first financial reporter, there are also 5 pharmaceutical companies (excluding device companies) issued an announcement on requesting the general meeting of shareholders to authorize the board of directors to handle matters related to the issuance of shares to specific objects through simplified procedures, or the announcement that the application for issuing A shares to specific objects was accepted by the Shanghai Stock Exchange, these companies are Sinovac Pharmaceutical (688136. SH), Fudan Zhangjiang (688505. SH), CanSino (688185. SH), Yuekang Pharmaceutical Co., Ltd. (688658. SH), Baili Tianheng (688506. SH）。

Among them, Baili Tianheng announced in April this year that it intends to refinance no more than 3.9 billion yuan, and after deducting the issuance costs, the actual raised funds will be used for innovative drug research and development projects, and the refinancing application has been accepted by the Shanghai Stock Exchange.

Whether the biomedical capital market has a gradual recovery trend has attracted market attention. According to the data of Oriental Fortune Choice financial terminal, since the beginning of this year, as of April 16, more than half of the 110 stocks in the biological industry sector of the Science and Technology Innovation Board have accumulated positive gains, of which 17 have risen by more than 30%.

Recently, some brokerages have been singing about the innovative drug industry, believing that the impact of "reciprocal tariffs" is very low. For example, Guojin Securities believes that most of China's innovative drugs go overseas by BD (Business Development, that is, licensing the overseas development rights and interests of drugs to foreign pharmaceutical companies) and NewCo (setting up new overseas companies, authorizing pipelines and obtaining equity), etc., which are essentially IP (Intellectual Property) transactions, and do not involve the manufacturing and export of specific drugs, and the risk of tariff fluctuations is small.