两轮股东询价转让均折价三成，科兴制药“补血又摊薄”直指港股IPO

Core Viewpoint - The recent share transfer by Kexing Pharmaceutical's controlling shareholder, Koyi Medicine, indicates a strategic move towards an IPO in Hong Kong, with significant capital raising activities and a notable reduction in shareholding percentage [2][9][12]. Group 1: Share Transfer Details - Koyi Medicine transferred 10.0628 million shares at a price of 30.88 CNY per share, totaling approximately 311 million CNY, which represents 5% of Kexing Pharmaceutical's total share capital [2]. - The transfer price reflects a nearly 30% discount compared to the 20-day average price of 43.556 CNY per share, indicating a significant reduction from previous transfer prices [3][5]. - The effective subscription multiple for the participating institutions was 1.01 times, barely covering the transfer amount [2][5]. Group 2: Financial Dynamics - Koyi Medicine has raised a total of 754 million CNY through various methods, including concentrated bidding and block trading, indicating a strong liquidity need [3][12]. - Kexing Pharmaceutical is preparing to issue up to 800 million CNY in sci-tech bonds to support its core business activities, including new drug development and overseas commercialization [12]. Group 3: Market Context and Comparisons - The average discount for share transfers in the A-share pharmaceutical sector this year is approximately 21.35%, making Kexing Pharmaceutical's transfers significantly higher at around 30% [5][6]. - Koyi Medicine's shareholding has decreased from 59.5% to 54.5% following the recent transfers, reflecting a strategic move to enhance liquidity and meet IPO requirements [10][12]. Group 4: IPO Strategy - The series of share transfers and the planned bond issuance are seen as necessary steps to prepare for a potential IPO in Hong Kong, aligning with market expectations for a more dispersed shareholding structure [10][12]. - The recent changes in Hong Kong's IPO regulations emphasize the importance of institutional investor participation, which Kexing Pharmaceutical is actively pursuing through these share transfers [11][12].