If a company is actually blacklisted, it is necessary to analyze the proportion of the company’s US business and treat it rationally.
The funds fled in a panic because of news that some Chinese biotech companies may be blacklisted by the US Department of Commerce. However, the authenticity of this information has yet to be verified.
eCompany reporters interviewed a number of industry insiders, all of which indicated that it is unlikely that Chinese biotech companies will be blacklisted. If a company is actually blacklisted, it is necessary to analyze the proportion of the company’s US business and treat it rationally.
Capital stampede and flee
12moon15In the afternoon,AThe innovative drug sector plummeted,Wind CROIndex closed down5.81%，15Only constituent stocks closed down across the board.
WuXi AppTec directly lowers the limit, which is the stock’s2018year5The first falling limit since its listing in May.At the same time, the Hong Kong stocks WuXi Biologics also plummeted in the afternoon, and once fell nearly25%, Finally closed down19.24%。
In the sector, Haoyuan Pharmaceuticals, Tigermed Pharmaceuticals, Kyushu Pharmaceuticals, Kanglong Chemical, Zhaoyan New Pharmaceuticals, Medicilon, and Yaoshi Technology followed the decline.15The market value of the stock has evaporated nearly all day700100 million yuan.
WuXi AppTec’s turnover exceeded64100 million yuan, the net outflow of main funds exceeds14100 million yuan.The main funds of stocks such as Tigermed, Kanglong Chemical, Bo Teng, Zhaoyan New Medicine and other stocks also sold more than1100 million yuan, the entire sector15The stock was sold by the main force over26100 million yuan.
● WuXi AppTec’s post-market ranking data show that today’s Shanghai Stock Connect dedicated seats are bought3.95100 million yuan and sell10.92100 million yuan, net purchase of institutional seats1.48100 million yuan, and there are also net sales by institutions3.35100 million yuan.
The seller sold WuXi AppTec for the top five seats in total20100 million yuan, the business departments of CITIC Securities Shanghai Branch, Zhejiang Branch, and Huatai Securities Shanghai Branch all fled with large amounts of funds.
Industry: need rational analysis
Funds are clearly stampeding off. The industry believes that there are two main reasons. One isCROAfter a period of rise in the sector, the current valuations are relatively high, and the willingness to sell funds is strong; second, bad news that the US Department of Commerce may sanction Chinese biotech companies has spread.
WindData Display,AshareCROPlate15The latest average price-to-earnings ratio of the stock is126Times, the median is129Times.
A senior pharmaceutical industry analyst is righteThe company’s reporter said that stocks cannot only rise but not fall. The overall valuations of these companies are relatively high, and there is a need to “kill valuations”. The current risk of the sector is relatively high.10The leading stocks have undergone several major adjustments since the end of the month, and it is not surprising that they fell sharply today. It is just that today’s listing of BeiGene and the unfavorable news of the US sanctions superimposed, which has accelerated the adjustment of the sector.
● On the news, there is news that the U.S. Department of Commerce will add eight Chinese companies including DJI to the blacklist, including Mining Vision, Sugon Information Industry, Yuncong Technology, Meiya Biotech, Yitu Technology, Leon Technology, East Net Power and other companies. In addition, it will include more than 20 Chinese companies on the entity list, including some biotech companies.
The so-called entity list refers to the export control regulations established by the United States, which are included in theCompanies on the “blacklist” are deprived of trade opportunities in the United States.
At present, the message has yet to be verified. As of press time, no relevant listed company has announced the matter. Many people in the industry expressed doubts about the authenticity of the news.
Jiang Long, a partner of Hanxin Asset Management, told reporters,CXOCompanies are unlikely to be included in the list of entities. The United States does not need to suppress the Chinese market because China’sCXOIndustry innovation is not leading the global market. Domestic related companies generally only provide supporting services for overseas innovative pharmaceutical companies, and their role is to reduce the R&D costs of overseas pharmaceutical companies, similar to the role of “workers”.If it suppresses ChinaCXOEnterprises will undoubtedly increase the cost of overseas pharmaceutical companies.
Several brokerage analysts also expressed the same view:
Dai Wen, a medical analyst at Huatai Securities, believes that as long as relevant companies do not have close ties with the military or threaten the national security of the United States, they should not be sanctioned, and there will not be too many companies affected, especially listed companies.CXOIn principle, the possibility of being included in the list is very small.
Chen Zhu, an analyst at CITIC Securities, said that regarding this matter “Let’s not over-guess”, there have been manyCXORumors of sanctions were about to be sanctioned, but in retrospect, they did not fall.CXOThe business model of the company is a formal market economy model, and there is no government or even military participation. Therefore, it is completely unreasonable to worry about being included in the list of entities.
“If relevant companies are really blacklisted, the impact will definitely be great,” Jiang Long told reporters that mostCXOCompanies are facing a global market, and overseas business accounts for a large proportion.
Take last year’s financial report data as an example,AA lot of sharesCROThe proportion of overseas revenue of leading companies is not low: WuXi AppTec75%Tigermed40%, Kanglong Chemical86%, Proton84%, Medicine Stone Technology69%. Of course, some of this overseas income does not come from the United States.
The above-mentioned pharmaceutical industry analysts believe that even if sanctions are imposed, a rational analysis is needed to look at the proportion of companies’ U.S. revenue. Take WuXi AppTec as an example,2020The annual report shows that in its main income composition, the proportion of income from laboratory services in the United States is9.17%, China’s laboratory service revenue accounted for more than half. If it is actually included in the list of entities by the United States, the actual impact will be limited.
This article is from the Securities Times, and the original title is “A Rumored “Bloodbath” of Pharmaceutical Stocks, WuXi AppTec’s first limit drop! Capital stampede and flee, the industry: Be rational! It is unlikely that related companies will be blacklisted.》
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