Cathay Biotech (SH:688065) Zhong Guo Jing Ji Wang·2025-07-10 08:52Core Viewpoint - 凯赛生物's stock price has declined and is currently in a state of underperformance since its IPO, with a market capitalization of 33.403 billion yuan [1] Group 1: IPO and Initial Performance - 凯赛生物 was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 12, 2020, with an initial public offering (IPO) price of 133.45 yuan per share [1] - The stock reached a peak price of 198 yuan on its first trading day, marking the highest price since its listing [2] - The total funds raised during the IPO amounted to 556.0621 million yuan, with a net amount of 527.9999 million yuan, exceeding the original plan by 58.1084 million yuan [2] Group 2: Fund Utilization - The funds raised were intended for various projects, including a 40,000 tons/year bio-based dodecanedioic acid project and a bio-based polyamide engineering research center [2] - The total issuance costs for the IPO were 28.0627 million yuan, with the underwriter, CITIC Securities, receiving 26.2293 million yuan [2] Group 3: Shareholder Actions and Future Plans - On July 12, 2022, 凯赛生物 announced a dividend of 4.5 yuan per 10 shares and a stock bonus of 4 shares [2] - In March 2025, the company disclosed a report on a private placement of A-shares to its controlling shareholder, Shanghai YaoXiu, at a price of 42.97 yuan per share, raising approximately 5.926 billion yuan [3] - The net proceeds from this issuance are intended for working capital and loan repayment [3][4]