Image source: Shanghai Stock Exchange official website

The company develops, produces and sells molecular diagnostic reagents and equipment integrated products based on this, focusing on precise diagnosis, effective prevention and control, and personalized diagnosis and treatment of pathogens in the fields of reproduction, breathing, digestion, blood, food, environmental safety, etc. provide the solution.

Picture source: company prospectus

Financial data shows that the company’s revenue in 2018, 2019, and 2020 were 69,343,400 yuan, 99,168,100 yuan, and 250 million yuan, respectively; during the same period, the corresponding revenues were -32,0512 million, 3,379,200 yuan, and 61,376,500 yuan respectively. After the non-deduction, both 2018 and 2019 lost money.

In 2020, the issuer will realize RMB 249,903,400, net profit of RMB 61,376,500, net profit after deduction of RMB 53,281,600. Based on the company’s latest external situation and the valuation of comparable companies in domestic and overseas markets, the issuer expects the valuation to be no less than RMB 1 billion.

The issuer’s selection criteria for listing is Article (1) stipulated in Chapter 2.1.2 of the “Shanghai Science and Technology Innovation Board Stock Listing Rules”: the estimated market value is not less than RMB 1 billion, and the net profit in the most recent year is positive and operating The income is not less than RMB 100 million. This fundraising is planned to be used for industrialization R&D projects of precision diagnostic reagents and smart equipment, and marketing network construction projects. Picture source: company prospectus Rendu Biotech is backed by Suzhou Qiming, Yida Talent, Jinxin Venture Capital, etc. Rendu Biotech frankly stated that the company faces the following risks: (1) New product development risks The issuer’s in vitro diagnostic industry is a typical technology-driven industry. The research and development of new products has the characteristics of strong technical integration, large capital investment, and long cycle. Whether the company can continuously develop new products that meet market needs is whether the company can One of the key factors for maintaining a leading position in industry competition. Therefore, in the process of new product development, the issuer may face the risk of R&D failure due to deviations in the R&D direction, slow R&D process, and high R&D investment costs. (2) Risk of falling product prices According to the current relevant national regulations, the highest price standards for non-profit medical institutions that enter the “Clinical Testing Project Catalog” are set and adjusted by the local price authorities. With the deepening of the national medical reform and the further adjustment of relevant policies and regulations, the relevant competent authorities may lower the prices of some test items. With the further deepening of my country’s medical treatment, the company’s product sales prices may be affected by policy factors such as bidding policies and hospital procurement regulations. In addition, with the increase of market participants and the intensified competition, the price of corresponding diagnostic reagent products will also be lowered. If the company cannot continue to increase R&D investment and launch new products in the future, or is affected by factors such as government price adjustments, bidding policies, and market competition, the company will face risks related to product prices. (3) New technology market acceptance risk During the reporting period, the issuer focused on RNA molecular diagnostic technology and products, and its main business was R&D, production and sales of molecular diagnostic reagents and equipment integrated products based on the RNA real-time fluorescent constant temperature amplification technology (SAT) platform. Compared with the DNA molecular diagnostics that appeared in the 1980s and 1990s, RNA molecular diagnostics appeared later, and the current market awareness is low. The proportion of RNA in the field of infectious molecular diagnostics in China is only 6%, and the penetration rate is relatively low. 25% in developed markets in the United States is lower. At the same time, unlike the development path of DNA molecular diagnostics used by comparable listed companies in the same industry, the issuer focuses on RNA molecular diagnostics. If the company’s market development and academic promotion are insufficient in the future, the market structure and needs change, the company cannot successfully achieve market promotion, or the clinical market fails to be more familiar with and accept the company’s RNA molecular diagnostic products, this will result in the company’s market development, which may affect the company. The future and sales growth will have certain adverse effects. (4) The risk of performance fluctuations caused by the new coronavirus epidemic At the beginning of 2020, the new coronavirus epidemic broke out in my country. The issuer successfully developed a new coronavirus 2019-nCoV nucleic acid detection kit with high-throughput automatic detection equipment based on a systematic technology platform and an efficient R&D system. And through the emergency approval of the State Drug Administration, the registration certificate was obtained on March 26, 2020. Combined with the company’s fully automatic nucleic acid detection and analysis system, it can realize the automatic, integrated, and on-the-go detection of new coronavirus detection. It is an enterprise that realized the automatic detection of new coronavirus early in China, and it is rapidly mass-produced for the prevention and control of new coronary pneumonia. make a contribution. The company’s new crown detection kit revenue in 2020 will be 68,507,400 yuan, accounting for 27.41%. With the advent of the new crown vaccine and the effective control of the epidemic by government departments, the company’s new crown detection kit income is at risk of decreasing. Hospitals at all levels across the country actively responded to the call of the state in the early stage of epidemic prevention and control, and invested a large number of medical staff and health resources in the epidemic prevention and control battle, causing their normal diagnosis and treatment business to be suspended. Since the company’s reproductive tract and intestinal products are mainly used in hospital reproductive departments, pediatrics and other departments, during this epidemic, in order to concentrate efforts to fight the epidemic and reduce the risk of cross-infection in the hospital, the above departments were partially or completely closed, resulting in The sales of related products of the company will be affected to a certain extent in the short term. At present, the new coronavirus epidemic has been effectively controlled nationwide, but the impact of foreign epidemic outbreaks, imported cases and virus mutations may lead to greater uncertainty in the epidemic, which will cause fluctuations in the company’s business performance growth. (5) Risks of investment projects with raised funds The funds raised by the company this time are mainly used for industrialization R&D projects of precision diagnostic reagents and intelligent equipment and marketing network construction projects. The construction of the above-mentioned fund-raising investment projects will enhance the company’s in vitro diagnostic reagent product structure, and at the same time, through the update and upgrade of instruments, it will effectively enhance the market competitiveness of the company’s products, increase the company’s sales scale and thereby enhance the company. Although the company has conducted a prudent feasibility demonstration for the raised funds investment projects, due to the large amount of funds raised, if the raised funds are not in place as scheduled, the project implementation organization is poorly managed, or the downstream market demand changes adversely, the raised funds will be affected. The construction progress and investment benefits of capital investment projects have an adverse impact. In addition, the issuer’s raised funds investment project will significantly increase R&D investment and marketing team building expenses in the early stage of construction. There is a risk that the company’s profitability will decline due to increased expenses. At the same time, the company’s net assets will increase significantly. Since it takes a certain amount of time from the beginning of the implementation of the fund-raising investment project to produce the expected benefits, the company has the risk of a decline in the return on net assets

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The site is located at the corner of a junction with views of the park and the square. However, the two sides of the building receive direct sunlight from morning to afternoon, heating the interior spaces. Architect TAA Design said, the design team came up with the idea of ​​a green block to create an intermediate layer to shade the sun, but still exploit the open vision for the interior space. According to architects TAA Design, the green block is a possible solution to increase the quality of working space for buildings in urban centers in tropical climates like Vietnam. The work is built on the land located at the junction, located in District 4, Ho Chi Minh City. The design team came up with the idea of ​​a green block to create an intermediate layer of sunshade, but still exploit the open vision for the interior space. At the same time, this green block idea also creates an outdoor garden space with green patches by cutting blocks. The system of square louvers effectively shading the sun from diagonally into the building. The square frames also help the building bring aesthetic value and create a highlight in the heart of Saigon. Inside the squares, the design team arranged green trees to reduce the amount of heat entering the building. With green trees surrounding the building, every space in the office overlooks a fresh green area. Each floor is associated with an outdoor garden, people can see the gardens on each floor. At the same time, the large glass system receives scattered light, helping the building to save electricity costs for lighting and cooling. Office space becomes airy and connected with nature.

When the sales of developers such as China Merchants Shekou, China Shipping, Poly, and China Resources, which are also central enterprises, have reached hundreds of billions in sales, CCCC Real Estate’s 100 billion progress bar has just passed halfway.

In 2020, under the leadership of then President Li Yongqian, CCCC Real Estate achieved contracted sales of 53.3 billion yuan, fulfilling its sales target for that year. Due to the desire for scale, CCCC Real Estate will be quite aggressive in 2020. The company added 30 new land in the whole year, twice the amount in 2019, and its floor space has increased by 176.90% year-on-year to 6,355,900 square meters.

After a brief victory, the plight of CCCC Real Estate became more and more obvious. Even if the scale exceeds 50 billion yuan, the company’s profitability continues to fall, and the debt indicator has stepped on two red lines in a row. How to balance the scale and debt has become a difficult problem for CCCC Real Estate.

Three delays in accounts payable

After the transfer of assets to return funds, borrowing from the parent company’s real estate group, and the transfer of surplus funds from affiliated companies, CCCC Real Estate has launched a new round of financing measures.

On June 14, CCCC Real Estate disclosed that the company plans to carry out non-standard supply chain financial asset securitization business with Ping An Wealth Management and Centennial Asset Management, with a total financing of no more than 3 billion yuan, mainly for payment of the project company’s accounts payable .

CCCC Real Estate said that this non-standard supply chain financial asset securitization business can extend the payment period of the company’s accounts payable, effectively alleviate the company’s short-term cash flow pressure, and optimize the liability structure.

This is not the first time that CCCC Real Estate has adopted this method to extend the payment time of accounts payable.

On January 14, CCCC Real Estate announced that in order to speed up capital turnover and increase capital utilization, the company and its subsidiaries intend to cooperate with the Bank of East Asia in refactoring business. The latter will provide CCCC Real Estate with a total of 400 million yuan. The re-factoring limit, the subject of the transaction is the accounts payable of the subsidiary of CCCC Real Estate, that is, the accounts receivable of the corresponding supplier.

The specific business content is that the supplier transfers the accounts receivable to the factor. The Bank of East Asia agrees to accept the transfer of the accounts receivable from the factor after confirming that the accounts receivable meets the agreed conditions, and the Bank of East Asia will guarantee the transfer of the accounts receivable. The manager provides non-recourse re-factoring services, and CCCC Real Estate acts as the co-payer of its subsidiaries.

Guan Rongxue, an analyst at the Zhuge Housing Data Research Center, told reporters that the cooperation between real estate companies and insurance companies to carry out non-standard supply chain financial asset securitization business is one of the ways that companies often use to ease short-term cash flow pressure. But the same operation three times in a row in six months can’t help but make people question, is the short-term cash flow of CCCC Real Estate already so tight?

According to data, as of the end of 2020, the amount of CCCC Real Estate’s accounts payable was 8.961 billion yuan, an increase of 48.45% from the 6.036 billion yuan in 2019, all of which must be paid within one year.

The “International Finance News” reporter noted that the substantial increase in the accounts payable of CCCC Real Estate that year was mainly due to the increase in land payables. In 2020, CCCC Real Estate added 2.577 billion yuan in land payables, and the company did not have such expenditures in 2019.

In the same year, CCCC Real Estate’s short-term loans amounted to 2.239 billion yuan, and non-current liabilities due within one year were about 5.819 billion yuan. If the accounts payable of 8.961 billion yuan are included, the company’s short-term debt level reaches 17.019 billion yuan, and the corresponding monetary capital in the same period is only 11.534 billion yuan, which is obviously out of balance.

From this point of view, it is understandable that CCCC Real Estate has extended the payment time of accounts payable many times.

Dilemma

But it is obviously not enough to relieve financial pressure in this way.

On June 14, CCCC Real Estate also disclosed an announcement on providing counter-guarantees to related parties for the issuance of corporate bonds. According to the announcement, CCCC Real Estate intends to publicly issue corporate bonds of no more than 1.2 billion yuan. The controlling shareholder of the real estate group will provide joint liability guarantee guarantee, and CCCC Real Estate will provide counter-guarantee for it.

After several rounds of financing, it is not clear how much breathing space China Communications Land has to compete for. However, from the current situation, reducing debt is quite important for the company.

According to data from the Shell Research Institute, in 2020, CCCC Real Estate’s debt-to-asset ratio after excluding advance receipts is 83.4%, exceeding the 70% red line; the net debt ratio is 296.4%, an increase of approximately 146.2 percentage points year-on-year; the cash short-term debt ratio is 1.43 , Step on two lines.

According to the “three red lines” financing rules, real estate companies that stepped on the two “red lines” will be classified as “orange files”, and the annual growth rate of the scale of corporate interest-bearing liabilities shall not exceed 5%. Therefore, if the debt level is not optimized, the already weak CCCC Real Estate will be restricted in financing, and it will be more difficult for the company to move closer in scale.

Guan Rongxue told reporters that the current dilemma of CCCC Real Estate is that, on the one hand, the company is inefficient in the process of resource integration, and on the other hand, it is because the company pursues large-scale acquisition of mergers and acquisitions projects and large-scale expansion of land reserves.

According to Guan Rongxue, although the development of non-standard business has extended the debt period, CCCC Real Estate’s long-term cash flow pressure still exists.

As of the first quarter of 2021, CCCC Real Estate’s short-term borrowings have fallen to 890 million yuan, but the bills payable in the same period has increased by 57.523% compared with 2020 to 37.054 million yuan, and long-term borrowings have increased by 43.5% compared with 2020 to 35.678 billion yuan. Bonds have also increased from 5.011 billion yuan in 2020 to 8.144 billion yuan.

In addition, due to the increase in short-term loans payable to shareholders, other payables of CCCC Real Estate also increased by 217.93% from 2020 to 6.93 billion yuan. With the continuous support of the parent company, the amount of this part of the funds may remain high in the short term.

Under the high pressure of debt, CCCC Real Estate continues to provide guarantees for its holding subsidiaries and shareholding companies. As of May 31, the balance of guarantees between its holding subsidiaries and holding subsidiaries was 12.357 billion yuan, accounting for 403.64% of the net assets attributable to the parent at the end of 2020; the balance of guarantees for participating companies that were not in the scope of the consolidated statement was 2.107 billion yuan , Accounting for 68.82% of the parent’s net assets at the end of 2020.

Product of the 4th generation V-NAND memory chip of Samsung Electronics. Photo: Yonhap/VNA Specifically, Samsung – the world’s largest memory chip manufacturer and Hyundai – South Korea’s leading automobile manufacturing group have signed a cooperation agreement with the Institute of Automotive Technology and the Institute of Electronic Technology under the Ministry of Trade and Industry. Korea Trade, Industry and Energy (MOTIE) to strengthen cooperation in the automotive chip manufacturing industry. Details of the contract between Samsung and Hyundai were not disclosed. However, an unnamed government official said: “We do not rule out the possibility that Hyundai will receive automotive chips from Samsung.” South Korea boasts a world leader in memory chip production, but is relatively weak in the logic chip business. According to data from the Korea International Trade Association, the country accounts for only 2.3% of the automotive chip manufacturing market. Leading in this field are the US (31.4%), Japan (22.4%), and Germany (17.7%) respectively. Major Korean chipmakers such as Samsung and SK hynix Inc. focuses on manufacturing high-performance memory semiconductors because automotive chips are seen as less profitable, while requiring complex testing processes and strict quality requirements. Korean automakers are being hit hard by a global shortage of automotive chips, especially electronic control chips in cars, leading to production halts. output many times. The move comes as the Korean government aims to establish an automotive chip supply chain to solve the global shortage of semiconductors. The government plans to roll out tax incentives and subsidies worth a total of 510 trillion won ($453 billion) to semiconductor companies between now and 2030. The Korean government hopes that the agreement between Samsung and Hyundai can strengthen the country’s autonomy in the field of automotive chip production and enhance Korea’s competitiveness in the production of world cars. next generation in the future. While chipmakers will be at the forefront of research and development of core semiconductor technology, auto manufacturers will focus on providing platforms for testing new automotive chips and components. related department.

This is a new vaccine, not much data is available on the post-injection response. Therefore, vaccination sites need to strictly ensure vaccination safety conditions, including vaccination practice and follow-up and timely management of adverse reactions after vaccination. Below is the Recommended Thing to Know for COVID-19 Vaccination, jointly implemented by the Ministry of Health and UNICEF. Things to know when getting COVID-19 (For vaccinating people) vaccination. According to the Ministry of Health: The vaccination process in Vietnam is implemented at the highest safety level and is different from other countries in the world, including in advanced countries. COVID-19 vaccination establishments must ensure the standards of their facilities, equipment and human resources; conduct screening, counseling before vaccination and organize safe vaccination sessions under the guidance of the Ministry of Health; vaccination users must stay at the vaccination site for at least 30 minutes after vaccination to monitor health status; instructed to follow up at home for at least next 24 hours and to continue follow-up for up to 3 weeks after injection; Hospitals are always ready, standing up for emergency work to prevent severe reactions after vaccination to ensure maximum safety for the person being vaccinated. At the same time, the object of contraindications to vaccination in Vietnam is also wider than that of other countries.

250 front-line medical staff of Can Tho Central General Hospital were vaccinated against Covid-19 in phase 1 At the injection site, in order to ensure the safety of vaccination, the hospital has arranged all parts and facilities from pre-injection screening, injection area, post-injection monitoring room and first aid facilities. necessary. The hospital is fully equipped with one-way facilities, ensuring 5K, emergency manpower by a team of doctors and nurses, Department of Active Rehabilitation – Anti-poison regularly during the vaccination. ensure emergency management for cases with post-injection reactions during vaccination. Health workers (HCWs) are instructed to complete information disclosure procedures to help ensure safety in pre-vaccination screening. The stage of vaccination is done by staff specializing in vaccination practice. The immunization officer also gives detailed instructions about abnormalities that need to return or immediately go to the nearest medical facility for treatment. Health-care workers are monitored in the follow-up room 30 minutes after vaccination, to promptly handle immediate reactions occurring after vaccination. If there are no abnormal symptoms, the health worker will be issued a certificate of vaccination against Covid-19 and continue to monitor the health for updates according to regulations of the Ministry of Health. 100 frontline health workers in Bac Lieu were also vaccinated against Covid-19 in phase 1 In Bac Lieu, Bac Lieu General Hospital also organized AstraZeneca vaccination for Covid-19 prevention phase 1 for 100 people who are the frontline medical team.

Then tears can no longer drain down the nose as usual and will cause live tearing symptoms, irritating or causing chronic eye infections.

The pupil is a tubular system, with a special structure that begins with a scale in the inner corner of the eyelid and ends at the lower nasal slit.

Due to the anatomical feature of the tubular system, the most common pathology in the tears is obstruction. When there is an obstruction, tears are not drained down the nose, so it will flow out. Therefore, the most common symptom is watery eyes. If the obstruction process lasts for a long time, then the tear can build up in the tear duct, which can cause an infection in the tear duct. Religious practice can cause inflammation, pain …, if left for a long time, it will lead to complications in the eye.

Anyone can get sick

Pathology that causes morbidity can be found in all ages, from infants to teenagers, and the elderly. Babies after birth (especially premature babies) can also have a blocked religion, called congenital obstruction. The principle is usually caused by the process of forming the vagina in the fetus is incomplete, so the lower end of the nasal tear duct remains the obstructive membrane. Most of these cases go away on their own as they get older.

The cases of obstruction are often caused by trauma to the eye, sinuses or after surgery in the jaw sinus. Chronic eye infections such as trachoma, conjunctivitis can cause tears narrowed. Religious practice is more common in women than in men.

Image of rule of law.

Common complications

When there is an obstruction, especially an obstruction of the nasal tear duct, it can cause chronic cholecystitis. Patients often have watery eyes, accompanied by purulent discharge. The corner area in the eye can be lighter and tighter. Pressing into this area has pus oozing at the corner of the eye. If left untreated, chronic inflammation can progress to acute inflammation, causing a tear abscess, even leakage, drainage of pus. The patient often aches a lot, the corner in the eye is swollen and red.

The methods of rule of law

Many cases of congenital obstruction will improve on their own within a few months after birth when the baby’s tear drainage system is more complete or when the nasal tear duct opens. In some cases, the ophthalmologist will show you how to press the edge of your baby’s nose to dislodge the membrane.

Most cases of obstruction after a facial injury will not require supportive treatment because the tear drainage system usually takes several months to start working on its own. Therefore, the ophthalmologist will likely suggest the patient wait several months before considering surgery.

In children where the blockage does not improve on its own, or in cases of adults with semi-morbid obstruction, the doctor will intervene with a traditional method. An instrument will be used to dilate the ratio before inserting the catheter into the tear duct through this scale. The stick will be threaded down to the nose and withdrawn. After that, the religion will be pumped with normal saline to flush away the stuffy stagnant substances.

For cases where the vagina is blocked due to inflammation or scar tissue, the doctor will use a small tube thread inserted into the canal down to the nasal tear duct, inflating the balloon at the tip of the tube to expand into a narrow space. , then blow off the ball. This method requires general anesthesia.

Another method, which also requires general anesthesia, is called intubation. The doctor will insert a small piece of the tube into the tear duct through 1 or both of the tear points in the inner corner of the eye, then insert it completely down the nose and remain there for 3 – 4 months. The tip of the tube at the rate is knotted to keep the wire from falling off. This constriction will not cause discomfort.

Surgery is often the option of progressive obstruction. This method is also quite effective for young children with congenital morbidity. However, it is applied after the above methods have failed.

Nasal tear bags are often used to treat most cases of obstruction. The doctor will create a junction between the tear bag and the nose. Therefore, tears will no longer flow down the nasal tear duct, where the obstruction, as before, but flows straight into the nose with a new route. To stabilize the connection, the doctor will put the tube in and save the tube for 3 – 4 months before taking it out.

To prevent postoperative infection, nasal vasoconstrictors and eye drops will be needed. After 3-6 months, the tube placed inside is removed.

If the obstruction is caused by a compression of the tumor, surgery to remove the tumor or other methods to reduce the size of the tumor will be performed to address the cause.