Lisheng Pharmaceutical is a chemical and biopharmaceutical company under the Tianjin Pharmaceutical Group. After listing, it will serve as a development platform for Tianjin Pharmaceutical Group in chemical drugs and biopharmaceuticals. Tianjin Pharmaceutical Group holds 51.36% of the company's shares after listing. The company mainly deals in generic medicines. Indapamide tablets are the company's most important variety, accounting for more than 40% of sales. The product name “Subiyama” is a well-known brand after many years of advertising. The sales volume of aminophenol capyrine tablets and compound licorice tablets is over 300 million tablets/year. In addition, the company's main varieties include the antifungal drug itraconazole, and its subsidiary biochemical pharmaceuticals produce high-selling varieties such as hormones and heparin. The company's generic drugs are more concentrated in retail channels, and sales channels in hospitals are relatively weak. The financial indicators of the company's current business are good, and the withdrawal of the real estate business will not have a significant impact on the company's performance, and the losses of joint ventures will gradually reverse. The company's fund-raising projects are mainly invested in the construction of production capacity for antiviral APIs and cardiovascular and antiviral agents. Due to the long construction period, uncertainty about obtaining production approvals, and uncertain market prospects, the project is very risky. The company's earnings per share in 2010 and 2011 are expected to be 1.08 yuan and 1.34 yuan, and a reasonable pricing range after listing is 37.80-43.20 yuan.