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Hepalink Sets the Highest Issue Price in A-Share Market

May. 5, 2010

Shenzhen Hepalink Pharmaceutical Co Ltd (“Hepalink” - 002399.SZ) has achieved a record-high A-shares IPO price when listing on the Shenzhen Stock Exchange (China’s Nasdaq-style market) on May 6. The company raised a total of RMB 5.9 billion from selling 40.1 million of its shares, representing a company value of RMB 42.6 billion ($6.2 billion), which is 73 times the company’s reported earnings in 2009.
Hepalink’s IPO price of RMB148 per share rose to the intraday high of RMB 188 per share, putting the company's value at about 70 billion renminbi (US$10 billion).
Hepalink manufactures cGMP-certified blood-thinning Heparin API (active pharmaceutical ingredient) with Sanofi-Aventis and Novartis as its clients. While Hepalink’s IPO prospectus claimed Hepalink was the only Chinese FDA-accredited Heparin API manufacturer, it was clarified later by the FDA that in fact some 5 other Chinese companies are FDA-certified manufacturers of Heparin API.