石药创新IPO前11亿收购巨石生物29%股权，持股比例升至80%

Core Viewpoint - Shiyao Innovation Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, marking a significant step in its corporate development strategy transformation [4]. Company Overview - Established in 2006, Shiyao Innovation focuses on the research, production, and commercialization of biopharmaceuticals, functional raw materials, and health foods [4]. - The company was listed on the ChiNext board in 2019, with a current market capitalization of approximately 48 billion RMB [4]. - Shiyao Innovation has commercialized two antibody drugs and two mRNA vaccines, with a robust pipeline of 15 drugs in clinical or late-stage development, including 9 ADC drugs and 1 mRNA vaccine [4]. Market Position - According to Frost & Sullivan, Shiyao Innovation has maintained its position as the world's largest producer of chemically synthesized caffeine by revenue and shipment volume from 2020 to 2024 [4]. Strategic Developments - In 2024, Shiyao Innovation acquired control of Jushi Biopharmaceuticals, expanding its main business into the biopharmaceutical sector, which is a key milestone in its strategic transformation [4]. - The company plans to acquire an additional 29% stake in Jushi Biopharmaceuticals from Enbipu Pharmaceuticals for a cash consideration of 1.1 billion RMB, increasing its ownership to 80% [5]. Financial Performance - For the fiscal years 2022, 2023, and the first seven months of 2024, Shiyao Innovation reported revenues of 2.838 billion RMB, 2.539 billion RMB, and 1.981 billion RMB, respectively [6]. - The company's profits for the same periods were 293.85 million RMB, 125.67 million RMB, and a loss of 303.71 million RMB [6]. - The revenue and profit trends indicate a decline, with a significant loss projected for 2024 [6]. Shareholding Structure - As of the last practicable date, Enbipu Pharmaceuticals holds approximately 75.30% of Shiyao Innovation's issued shares, with 74.47% directly held and 0.83% indirectly through its wholly-owned subsidiary [7]. - Enbipu Pharmaceuticals is owned by Jiaxi and Shiyao Group, with respective ownership stakes of 45.94% and 54.06% [7].