Shimei Pharmaceuticals' IPO on the Shenzhen Stock Exchange ChiNext board has been terminated, with an original plan to raise 600 million yuan.

On November 9th, Jiangxi Shimei Pharmaceutical Co., Ltd. (referred to as Shimei Pharmaceutical) terminated its IPO on the ChiNext board of the Shenzhen Stock Exchange. The termination was due to Shimei Pharmaceutical and the sponsor withdrawing their application for listing, in accordance with Article 62 of the Shenzhen Stock Exchange Stock Issuance and Listing Review Rules (revised in 2024). According to the prospectus, Shimei Pharmaceutical is an innovative pharmaceutical enterprise with research and development at its core, focusing on the research, production, and sales of generic drugs during the reporting period. The company has made significant progress in the research and development of improved innovative drugs and innovative drugs, providing customers with comprehensive services such as technology transfer, contract research, customized production, and contract manufacturing. The core businesses include pharmaceutical research and customized production, and chemical drug formulation production and sales. In terms of providing pharmaceutical research and customized production, the company offers comprehensive services to clients ranging from pharmaceutical CRO from pharmacology to clinical trials, and from raw materials to formulation CDMO. The chemical drug formulation production and sales business mainly involves the commercial production and sales of the chiral antihypertensive drug amlodipine besylate tablets. Starting from 2023, the company has also begun commercial production of the antihypertensive drugs perindopril tert-butylamine tablets and perindopril arginine tablets. With years of technological accumulation, the company has established a good brand image in the industry, gaining wide recognition and praise from customers, including pharmaceutical listed companies and the top 100 pharmaceutical companies such as SINOPHARM, Huadong Medicine, C.Q. Pharmaceutical Holding, Shanghai Pharmaceuticals Holding, Cachet Pharmaceutical, CHINARES PHARMA, CMS, Chongqing Pharscin Pharmaceutical, Ningbo Menovo Pharmaceutical, J&J, Shanghai Fosun Pharmaceutical, Huang Hai Pharmaceutical, Shandong Lukang Pharmaceutical, and Jiangsu Sinopep-Allsino Biopharmaceutical. The funds raised from this new stock issuance will be used for the development of the company's core business. The specific allocation of funds after deducting issuance expenses is as follows: Financially, in the fiscal years 2021, 2022, and 2023, Shimei Pharmaceutical achieved revenues of approximately 148 million, 184 million, and 403 million RMB respectively; with net profits of approximately 51.53 million, 75.58 million, and 208 million RMB respectively.