Sky-high pricing is causing controversy over whether or not the sea is overdrawn

April 23, the Shenzhen stock market of the listed enterprises Shenzhen Hai-A-Puri Pharmaceutical Co., Ltd. announced the issue price: 148 Yuan, created a a-share in the history of the highest issue price.　　Hepalink Actual control of Li Lithium, hepalink couple, total holding 288.037 million shares of the sea, to the price of the calculation, its worth of 42.629 billion yuan, more than 39.6 billion yuan BYD boss Wang, become the new richest man in mainland China.　　A number of agencies in the interview with The Times, said that the issue of the research report, the price of the difference is relatively large.　　The most expensive stock prospectus in history shows that Hepalink is currently the world's largest supplier of heparin sodium, but also the only domestic access to the United States FDA (Food and Drug Administration) and the European Union CEP (European Pharmacopoeia applicability) certified heparin sodium raw materials production enterprises, known as the industry's "invisible Champions." Company since 2008 "Baxter incident" after rapid development, 2009 operating income of 2.224 billion yuan, net profit of 809 million yuan, 2007-2009, the annual growth rate of business income of 172.56%, the annual growth rate of business profits of 262.12%,　　Net profit annual composite growth rate of 244.53%.　　In recent years, the international market for heparin sodium raw materials demand is very strong, experts predict that by 2012, the global heparin market sales will reach 9.102 billion U.S. dollars, the annual compound growth rate is expected to be 11.03%. The unique profit model, which combines the dual characteristics of biopharmaceutical and raw materials, makes hepalink more and more concerned by institutions. In the previous three-way roadshow, some institutions reported the highest number of inquiries for 230 yuan, the average price is about 170 yuan.　　In Beijing Road Show, Huaxia fund manager Wang Yawei said it was rare to see such a good pharmaceutical enterprises. After the inquiry, Hepalink determined that the issue price is 148 yuan, corresponding to the distribution of 73.27 times times P/E.　　In a newspaper, the industry people have exclaimed "Sky-high price", "too crazy", because the total market value before the issue reached 60 billion yuan, almost equivalent to the first major market value of medicine Plate Heng Rui Medicine (42.78,-1.19,-2.71%) The total market value of twice times, and even more than all the medical stock is big! Ye Shi, an analyst at the higher prices of Hunan Securities, said to The Times Reporter: "First, Hepalink is the only one through the two major international certification, the quality of the world's leading, while other domestic enterprises have declared but a long cycle; second, the Price, China is the largest pig production country, the international raw materials face capacity crisis, Company unit profit will continue to rise, the amount of price Zisheng; third, the ' Baxter incident ' led to some domestic enterprises out of the market, there is room. "To give 62.1-76.5 yuan of the countries of the Securities Correlation Division, said:" The industry profits, will inevitably bring competitors into the market, such as other enterprises also pass certification, will inevitably bring market prices lower. "Hongyuan Securities (18.69,0.37,2.02%) analyst Sun Weina to the Times weekly reporter said:" The price is for nearly 2-3 yearsGiven, long-term look at prices will return to rationality. "The Shenzhen South China Sea growth venture investment Personage told The Times weekly reporter, they also inspected the sea, but thought there is uncertainty, so missed," the current sky-high price is the market recognition. Health Network general Manager, chief researcher Wu Huifang also thought: "Heparin sodium in recent years the market is very good, is the market gave them a chance." "However, the market is more of a questioning voice."　　Focus on several aspects: the company's varieties have a single, huge source of raw materials can be guaranteed, over 6 times times more than 5.065 billion yuan to raise huge sums of money will be used, the company's high growth how to maintain ... Reporters in many ways to contact the sea, the company's PR people to the Times weekly reporter said: "The road after the phone call people too much, a little overwhelmed, is not convenient to accept the interview."　　"Entrepreneurial twists in addition to the legend of stock prices and market capitalisation, the leap of the new richest man Li, Hepalink couple, is also the market contingency another major focus."　　Li Li, hepalink in 1987, graduated from the Department of Chemistry, Sichuan University, after graduating from the joint venture so far, is twists.　　Data show that Li Li entered Chengdu in July 1987 Rou affiliated Chengdu Biochemical Pharmaceutical Research Institute work, the same year, Hepalink in Anhui Province Petrochemical Industry Office Education Department. Lithium Li left the state-owned unit in October 1992 and contracted with Chongqing Tongda to contract the Heparin sodium project. Li Lithium is directly responsible for business management, has served as chief engineer, chairman and general manager.　　Hepalink also entered the enterprise, as deputy general manager.　　1998, Chongqing Tongda and Southwest Pharmaceutical Industry (12.95,-0.90,-6.50%) cooperation, investment in the formation of Chongqing Huaxing Biotechnology Co., Ltd., registered capital of 50 million yuan, of which the former contribution of 1 million yuan, only accounted for 2% of the proportion.　　Chongqing Huaxing 1998 that is the profit of 3.28 million yuan, Chongqing Tongda Although the proportion can only get less than 70,000 yuan dividend, but it became Li Lithium life's first bucket of gold.　　Since then, because Chongqing huaxing biological follow-up investment and weak operation, no right to speak Li Li decided to withdraw from the Southwest pharmaceutical cooperation, their own. Because of the beginning, Li Li has been looking for Chongqing Capital pharmaceutical company chairman Tangliangping, hope that the other side to provide plant and equipment, by access to provide technology and raw materials, common production of heparin sodium raw materials.　　Tangliangping at that time the concern is heparin sodium at that time curative effect is not optimistic, refused him, to this tang very regret.　　Cooperation without doors, Li Lithium again withdrew from the Chongqing Tongda Biology, in April 1998, registered in Shenzhen Hepalink, registered capital of 2 million yuan, by Li Li, Hepalink and Tanyu (Hepalink brother) three people put into.　　In Shenzhen, the entrepreneurial hot spot, Li Li's project was the source of investment in Shenzhen Yang Xiangyang Fancy, in November 1998 to gain 6 million yuan investment, and with the original shareholders to increase the share, so that the company to increase the capital to 20 million yuan. 2000 years later, Chongqing Tongda no longer engaged in the production and management of heparin sodium. August 2003 state Food and Drug Administration approves drug approvalThe text number changed to the sea of Puri.　　Thereafter, Hepalink began to enter the rapid development phase. July 22, 2005, Shenzhen Pharmaceutical Co., Ltd. was successfully approved by the U.S. Federal Food and Drug Administration (FDA) to sell heparin to its only American client APP.　　By 2007, the company's net profit had reached 10 million yuan. 2007, Hepalink introduced the investment of Goldman Sachs, by its wholly-owned subsidiary GS Pharma to the company additional capital of 4.9176 million U.S. dollars, GS Pharma accounted for 12.5% of the equity.　　Goldman Sachs investment in less than three years, will float 6.589 billion yuan, profit 93 times times.　　However, Hepalink can become the domestic heparin sodium raw material drug faucet, benefit from "Baxter incident". At the beginning of 2008, the standard heparin produced by Baxter in the United States caused serious adverse drug reactions, and then completely withdrew from the high dose standard heparin preparation market.　　Subsequently, Hepalink to the "zero defect" results through the United States FDA on-site review, and with the company signed an exclusive supply and exclusive procurement contract, so that Hepalink became the United States a large dose of standard heparin preparation of the only raw material drug suppliers.　　Enne's richest man, others who have been exposed to Li Li, then said the other side of the richest people. According to Professor Xu Feng, who worked with him, in the 80 's, our country mastered the technology and international standards for the production of heparin is almost the same, but the foreign prices, poor domestic management, combined with heparin sodium and other raw materials will cause environmental pollution, and so on, can always adhere to the few people,　　Ultimately, the entire drug market is shrinking. Professor Xu believes that Li lithium can go to today, you insist: "He is not pompous, although not talkative but sharp thinking, in addition to serious practical, he is good at learning and study." "Li Li left most people with the impression that he was a very serious scientist," said a former staff member who worked in the sea-quality Management department. Indeed, as he has said, "I have been working most of the time for 25 years except sleep and eat." The company's key technology is his research and development, for technical security considerations, in the critical batch he will also go to the production site to personally feed.　　The company's quality requirements are very strict, such as the supervision of raw materials is traced to raw materials-each pig, a lot of details of the standard level even more than foreign companies. Another impression is Li Lithium is very patriotic. He has been wearing a pair of old Beijing cloth shoes in the company. In addition, the company often organizes staff to watch patriotic movies, such as "Assembly No." and "Nanjing!" Nanjing！ 》。 In the aftermath of the 2008 "Baxter Incident", in the face of the FDA's surprise quality check, Li Lithium has been humble and courteous, and in the meeting said: "The ' Baxter Incident ' Why the FDA will suspect China?" "The richest couple in the staff's eyes is very affectionate:" The boss into the laboratory may work until 2 o'clock night, the boss often late will wait for him. Another annual meeting, the boss even kissed the owner in public. "The richest man can be as long as the price of the top of the sea, also make a sharesThe market's "Equity Championship Scramble" is almost three easy to master. First in the middle of March, the Shenzhou Thai Yue exerting force, from the old powerhouse Guizhou Maotai hand won the throne. Just one months later, the position of "first share" was temporarily won by the company's shares in Yanghe.　　And only after two trading days, gem listing of the green water to defeat Yanghe shares win, and the upcoming listing of the Sea as soon as the listing of the first day of the rise reached about 14%, it is expected to become a-share market price and market prices "double champion." Behind the title war is an increasingly obvious market bubble. The famous financial commentator Ye tan on this evaluation: although the texture is very good, but mainly based on the concept of hype and texture of the hype.　　Its current price has overdrawn the next few years, even the next more than 10 years of growth space. Famous analyst Zhou Haitao also said: "Is by the high share price issue becomes the richest man, this richest man estimate when not long, if after the international board launches, many enterprises can return the listing, this list of rich list is afraid to change bigger." "More market participants believe that the stock market is now the most bubble is the SME board and the gem, the next period of time there will be a return on the value of the process." The decline is likely to be worse than today's banking stocks and property stocks.