科兴制药控股股东折价三成“急提现”7.5亿，疑为港股IPO铺路

Core Viewpoint - The recent share transfer by Kexing Pharmaceutical indicates a strategic move towards preparing for a potential IPO in Hong Kong, with significant capital operations involving both share reduction by the controlling shareholder and bond issuance by the company [1][2][3] Group 1: Share Transfer Details - Kexing Pharmaceutical's controlling shareholder, Koyi Medicine, transferred 10.0628 million unrestricted shares at a price of 30.88 yuan per share, totaling approximately 311 million yuan, which represents 5% of the total share capital [1] - The transfer price reflects a nearly 30% discount compared to the average price over the previous 20 trading days and a significant drop from the 36.7 yuan per share price in early August [1] - The effective subscription multiple was only 1.01 times, indicating weak demand from institutional investors [1] Group 2: Financial Performance and Future Plans - Koyi Medicine has raised a total of 754 million yuan through various share reduction methods over the past three months [1] - Kexing Pharmaceutical plans to issue up to 800 million yuan in technology innovation bonds, creating a dual funding flow strategy of shareholder reduction and corporate bond issuance [1][2] - The company reported a net profit of 80.3445 million yuan in the first half of the year, a year-on-year increase of 576.45%, with cash flow from operating activities turning positive [2] Group 3: Market Implications and Investor Sentiment - The high discount and rapid pace of share reduction suggest a pressing need for cash by the controlling shareholder and a cautious outlook on short-term stock price movements [2][3] - Koyi Medicine's shareholding has decreased from 66.01% to 54.5%, still above the 25% public holding requirement for Hong Kong listings, indicating that further share distribution will be necessary for a successful IPO [2] - The introduction of 35 institutional investors through the share transfers enhances the diversity and stability of the company's shareholder structure, potentially boosting confidence among international investors for the upcoming IPO [2]