Clarification of the prospectus false question thousand Red Pharma insists no problem

Wang Zhooming "To see the media out of question, we feel compelled to clarify."　　January 27, Changzhou thousand Red Biochemical Co., Ltd. Securities affairs representative Zheng Lin wry smile said. The previous December 2010, the Red Pharmaceutical (002550) announced the prospectus, then there are comments that the red pharmaceutical has the EU CEP certification information is not true, and deliberately conceal the product due to quality problems were recalled.　　With the recent days of thousands of Red Pharma started roadshow, the various doubts in its prospectus have become the object of concern.　　In addition, because the forerunner Hepalink in the capital market performance is not good, the red Pharmaceutical's performance is expected to be widely questioned, the alleged gross margin fell sharply, subject to overseas markets. January 26, Red pharmaceutical on the company's website on the "false prospectus" made a clarification and provided the EU CEP certificate. Zheng Lin said: "Changzhou local Drug Administration to the company to investigate various types of documents and documents, did not find problems." The attribution of CEP certification is only a misunderstanding, the quality of the product has long been proved that there is no problem. "The issue is clarified according to plan, February 9, the Red Pharma will start." Since the roadshow has just been completed, the final issue price has not yet been given, but the general heat is not high.　　There are even reports that some agencies have asked for a downgrade to their IPO. "The valuation of the Reds is not going to be very high because many organizations are not involved," said one person involved in the inquiry. At present, the first-line preparation Enterprise's P/E ratio is thirty or forty times times, as raw materials enterprises should not be so high red. "With a 30 times-fold price-to-earnings ratio, the price of thousand-red pharmaceuticals is about 40 yuan, which is less than a fraction of the 148 yuan in the start of the sea. "It's good that markets return to rationality," says Zheng. "The much-maligned CEP certification is a basis for the" rationality "of the thousand-red stock price.　　Thousand Red Pharmaceutical July 2003 commissioned the German helm company to apply to the EU COS certification (after upgrading to CEP certification), this "commissioned certification" is considered to be false disclosure, not a red pharmaceutical all. The European Drug Quality Administration has issued a total of 15 heparin sodium certification, of which, Hepalink, Yantai Dongling, Nanjing Kin, Changshan biochemical and other domestic enterprises are direct applications, while the Red Pharmaceutical is commissioned by the German helm company application. Zheng Lin explained: "Commissioned this is only a way to apply for CEP certification, as with the direct application effect." "The current thousand red pharmaceutical heparin sodium products also to the mountain, Otis and other European enterprises supply." Zheng Lin said: "Not through the helm to supply them, but thousand red directly to their sales." Europe is accredited by the CEP certification, we are not helm of the foundry. "2008 years after the Baxter incident, China's heparin enterprises were generally suspended exports, and thousands of products in Germany to be recalled to investigate." March 24, 2008, a German laboratory test results showed that the thousand-red heparin is not contaminated. Accordingly, Zheng that the company did not intentionally conceal the product quality dispute andSecurity issues.　　It is still doubtful. Even if the question of clarifying the fraud, the growth of the red pharmaceutical has been criticized a lot. Like Hepalink, raw material sources and sales are the bottleneck of thousand red.　　Main raw material heparin average annual purchase price from 2007 of 6159.52 Yuan/billion units rose to 2009 of 22804.71 yuan/billion units, the end of June 2010, this price rose to 36865.76 yuan. Despite rising costs, the company's gross profit margin for heparin sodium has slipped from 2008 to 14% in the first half of 2010.　　By contrast, the gross profit margin for the first half of 2010 was 44.4%. In this respect, Zheng Lin explained: "We are integrated pharmaceutical enterprises, not only the production of raw materials, as well as preparation products, so the bright spot will be more." Domestic heparin enterprises are also changing to the direction of preparation.　　"But from the nearly three years of company sales composition, the proportion of heparin sodium raw materials increased year in, from 2007 57.39% to 82.72% in the first half of 2010, and the Thousand Red Pharmaceutical declared" integration "diversified development seems to run counter. The market for heparin sodium in the United States is the secret behind it. After the Baxter incident, the United States stopped all the brand of heparin products, only Sanofi-Aventis company's enoxacin heparin can be sold, creating a temporary monopoly situation.　　Hepalink is the biggest supplier of race-Ann. But at the end of 2012, the patent protection of the enoxacin was due to expire, and on July 23, 2010, the company's GM-heparin generic drug was approved by FDA. "Zheng estimates that the patent expires will be about 43% of the U.S. market," said Lin. "It is said that the red Pharmaceutical is the first supplier of heparin sodium.