On December 19, WuXi PharmaTech issued a notice stating that it intends to increase the capital of Shanghai Yaoming in cash, that is, to pay 2 billion yuan of new registered capital of Shanghai Pharmaceuticals for 2 billion yuan. After the completion of this capital increase, the registered capital of Shanghai Yaoming has increased from 1 billion yuan to 3 billion yuan. Shanghai Yaoming is still a wholly-owned subsidiary of WuXi PharmaTech.
The capital increase was based on the “Proposal on Capital Increase for Subsidiaries†adopted by WuXi PharmaTech on the same day. According to the relevant information of Yiou Health Inspection, this is not the first capital increase of WuXi PharmaTech. The earlier increase in capital comes from the “Proposal on the Use of Raised Funds to Increase Capital to Subsidiariesâ€, which was approved by WuXi PharmaTech on May 14.
On May 8, WuXi PharmaTech was listed on the Shanghai Stock Exchange. The issue of about 104 million shares was issued at a price of 21.60 yuan per share. The total amount of funds raised was about 2.251 billion yuan, after deducting the issuance expenses. The net proceeds raised were approximately RMB 2.13 billion. According to the prospectus, the above amount will be used for the expansion of the Suzhou Drug Safety Evaluation Center, the Suzhou Drug Safety Evaluation Center Expansion Project, the WuXi PharmaTech Headquarters Base and the Analytical Diagnostic Service R&D Center, and the supplementary liquidity.
In order to ensure the smooth implementation of the fund-raising investment project, WuXi PharmaTech decided to use the raised funds to increase capital to Suzhou Pharmaceutical, Tianjin Pharmaceutical and Shanghai Pharmaceutical, respectively, for the construction of fund-raising investment projects. In the capital increase plan at that time, the registered capital of Shanghai Yaoming was increased by 200 million yuan, and the registered capital was changed to 1 billion yuan after the capital increase.
In contrast, WuXi PharmaTech subscribed for 2 billion yuan of new registered capital of Shanghai Pharmaceuticals for 2 billion yuan. The main purpose is to supplement Shanghai Pharma's liquidity, repay bank loans and daily business operations.
Shanghai Yaoming was established in 2002. Its business scope includes the research and development of new drugs and pharmaceutical intermediates, and the synthesis of drug-based small molecule compounds and compound libraries in the region. In 2017, Shanghai Pharmaceuticals received revenue of 2.25 billion yuan and net profit of 1.723 billion yuan. As of September 30 this year, Shanghai Pharmaceuticals had revenue of 1.971 billion yuan and net profit of 650 million yuan.
According to WuXi PharmaTech's semi-annual report for 2018, the cash flow pressure of Shanghai Yaoming is still not small. In the first half of this year, the net cash flow generated by WuXi PharmaTech's business activities was 498 million yuan, a decrease of 13.25% from the same period of the previous year of 574 million yuan, mainly due to the payment of the 2017 Pharmaceuticals to Shanghai Pharmaceuticals. Part of the tax on the entire assets and liabilities of the formulation development services department held by the company is approximately 125 million yuan.
In addition, in the first half of this year, the construction expenditure of Shanghai Yaoming Comprehensive Office Building was 78 million yuan, and the construction expenditure of Shanghai Drugs Analysis and Diagnosis Service R&D Center was 56.76 million yuan.
In recent years, with the continuous growth of global pharmaceutical R&D investment, the proportion of R&D service outsourcing has also been continuously improved. On the other hand, domestic incentives for innovation policies have been introduced one after another, and the pharmaceutical R&D production service industry has entered a period of rapid development. As one of the few platform companies in the world that provides one-stop services for drug research and development and production, this capital increase will help consolidate WuXi PharmaTech's group development advantages and reduce the capital turnover pressure faced in the development of new drugs.
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