Core Viewpoint - The recent trend of companies withdrawing their IPO applications from the ChiNext board to apply for the Beijing Stock Exchange (BSE) reflects a natural outcome of differentiated financing needs and competitive dynamics within the multi-tiered capital market, with BSE showing a higher tolerance for growth potential compared to the stricter requirements of the ChiNext board [1][4][5]. Group 1: Company Movements - Three biopharmaceutical companies, Beijing Beier Bioengineering Co., Ltd. (Beier Bio), Sichuan Meikang Pharmaceutical Software Research and Development Co., Ltd. (Meikang), and Shanghai Baiying Biotechnology Co., Ltd. (Baiying), have recently shifted their IPO applications from the ChiNext board to the BSE [1][4]. - Beier Bio was the first among these companies to apply for an IPO on the ChiNext board, with its application being accepted on July 13, 2020, but it withdrew its application on February 10, 2021 [4][5]. - Meikang and Baiying also had similar experiences, with their ChiNext IPO applications being accepted in June 2023 and subsequently terminated in mid-2024 [4][5]. Group 2: Market Positioning and Requirements - The BSE is positioned as a primary platform for innovative small and medium-sized enterprises, while the ChiNext board has stricter requirements, such as needing a net profit of over 50 million yuan in the last two years or a market value exceeding 1 billion yuan [5][6]. - In contrast, the BSE requires only a net profit of over 800,000 yuan in the last two years or revenue exceeding 10 million yuan in the most recent year, making it more suitable for high-growth, asset-light companies [5][6]. - The BSE's focus on niche "bottleneck" technologies and its more lenient financial standards make it attractive for companies in the technology breakthrough or market introduction phases [5][9]. Group 3: Fundraising and Financial Performance - Baiying's proposed fundraising amount for its BSE IPO is significantly reduced to 491 million yuan from 1.05 billion yuan during its ChiNext application, indicating a strategic shift in funding needs [6][7]. - Beier Bio aims to raise 537 million yuan for its BSE IPO, which is higher than its previous target of 367 million yuan on the ChiNext board [6][7]. - Meikang plans to raise the least amount among the three, with a target of 385 million yuan, down from 435 million yuan during its ChiNext application [7]. Group 4: Financial Indicators - Beier Bio reported a decline in net profit for 2024, with figures of 441.84 million yuan, 1.49 billion yuan, and 1.4 billion yuan for the years 2022 to 2024, respectively [8][9]. - Meikang also experienced a decrease in net profit, with figures of 71.60 million yuan, 95.12 million yuan, and 91.09 million yuan for the same period [8][9]. - In contrast, Baiying showed continuous growth in net profit, with figures of 57.65 million yuan, 84.02 million yuan, and 124 million yuan from 2022 to 2024 [9].
三家创业板IPO撤单医药相关企业转战北交所，贝尔生物拟募资额最高