盟科药业10亿定增易主存疑

Core Viewpoint - The announcement of a strategic investment by Nanjing Haiqing Pharmaceutical Co., Ltd. in Mengke Pharmaceutical Co., Ltd. is expected to enhance the latter's cash flow and operational capabilities, despite concerns raised by a board member regarding the fairness and clarity of the transaction [1][3][8]. Group 1: Investment Details - Haiqing Pharmaceutical plans to subscribe for 164 million shares of Mengke Pharmaceutical for no more than 1.033 billion yuan, which will give it a 20% stake and make it the controlling shareholder [1][3]. - The funds raised will be entirely allocated to daily research and operational investments, significantly improving the company's cash flow [1][3][7]. Group 2: Financial Performance - Mengke Pharmaceutical has not yet achieved profitability, with projected revenues of approximately 48 million yuan, 91 million yuan, and 130 million yuan from 2022 to 2024, and net losses of 220 million yuan, 421 million yuan, and 441 million yuan during the same period [6]. - As of mid-2023, the company's cash balance was 269 million yuan, and its debt-to-asset ratio has been increasing, reaching 59.45% [6]. Group 3: Market Reaction - Following the announcement of the investment, Mengke Pharmaceutical's stock price surged, closing at a limit-up price of 9.71 yuan per share, reflecting a 20.02% increase on September 23 [3][4]. - The trading volume reached 1.01 billion yuan, with a turnover rate of 20.43%, indicating strong investor interest [3]. Group 4: Board Member Concerns - Board member Zhao Yachao voted against the investment, citing concerns about the fairness of the transaction, the lack of direct experience of Haiqing Pharmaceutical in the infection field, and the vague fundraising usage plan [8][9]. - Zhao emphasized the need for more thorough investigation and negotiation with other potential investors who have a stronger background in the infection sector [8][9]. Group 5: Future Outlook - Mengke Pharmaceutical aims to leverage the investment to enhance its research and commercialization capabilities, particularly in the field of antibiotic resistance, with sales revenue targets set for 2026-2028 at 260 million yuan, 388 million yuan, and 600 million yuan respectively [7][9].