Core Viewpoint - Paig BioPharma (Hangzhou) Co., Ltd. has listed on the Hong Kong Stock Exchange, opening below its issue price and closing with a significant decline in share price [1][5]. Group 1: Listing and Share Performance - Paig BioPharma's shares opened at 13 HKD, below the final issue price of 15.60 HKD, and closed at 11.56 HKD, reflecting a drop of 25.90% [1][5]. - The total number of shares offered was 19,283,500, with 9,642,000 shares allocated for public offering in Hong Kong and 9,641,500 shares for international offering [2]. Group 2: Financial Details - The total proceeds from the offering amounted to 300.8 million HKD, with estimated listing expenses of 69.1 million HKD, resulting in net proceeds of 231.8 million HKD [5][7]. - The company has not yet received approval for any products for commercial sale and has not generated any revenue from product sales [7]. Group 3: Financial Performance and Projections - Paig BioPharma reported significant net losses since its establishment, with projected losses of 279.2 million RMB and 283.4 million RMB for the years 2023 and 2024, respectively [7][9]. - The company anticipates continued net losses due to expected high sales, marketing, and research and development expenses [9]. - Cash used in operating activities was 233.3 million RMB in 2023 and is projected to be 183.4 million RMB in 2024 [10].

Core Viewpoint - The recent IPOs in the Hong Kong stock market have shown mixed results, with some companies experiencing significant gains while others faced declines on their debut [1][2]. Company Performance - The stock of Pag Biopharma-B (02565.HK) opened significantly lower on its debut, dropping over 28% at one point, and ultimately closing with a decline of more than 21% [2][3]. - Despite the poor first-day performance, Pag Biopharma's IPO attracted substantial interest, with a subscription rate of 743.78 times for the public offering and 1.13 times for the international offering [3]. Product Pipeline - Pag Biopharma focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder sector, with a pipeline that includes one core product and five additional candidates [3][4]. - The core product, PB-119, is a long-acting GLP-1 receptor agonist aimed at treating Type 2 Diabetes Mellitus (T2DM) and obesity, showing promising results in clinical trials [4]. Regulatory Progress - The New Drug Application (NDA) for PB-119 was accepted by the National Medical Products Administration in September 2023, positioning it among the earliest long-acting GLP-1 receptor agonists in China, with potential approval expected by mid-2025 [4]. Financial Overview - Pag Biopharma reported net revenues of RMB 14.635 million and RMB 7.007 million for 2023 and 2024, respectively, with losses of RMB 279 million and RMB 283 million for the same years [5]. - As of the end of 2024, the company had cash and cash equivalents amounting to RMB 28.392 million, indicating a need for funding to support its product development and commercialization efforts [6].

Core Viewpoint - The article discusses the contrasting performances of two newly listed companies on the Hong Kong Stock Exchange: Jihong Co., which saw a significant stock price increase, and Paige Biopharmaceuticals, which experienced a decline on its debut. Group 1: Jihong Co. Performance - Jihong Co. officially listed on the Hong Kong Stock Exchange on May 27, with its stock code being 02603.HK. The stock surged over 60% at opening and maintained a rise of 48.70% at the time of reporting [1][2]. - The company is a dual-driven enterprise with cross-border social e-commerce and paper packaging businesses, established in 2003. It ranked second in China's B2C export e-commerce with a market share of 1.3% and first in paper packaging sales with a market share of 1.2% [6]. - Jihong Co. had a total market capitalization of approximately 6.2 billion CNY (around 62 million USD) at the time of listing, which is relatively small compared to larger companies like Ningde Times [6]. - The company reported a decline in revenue and net profit for 2024, with revenue dropping by 17.41% to approximately 5.53 billion CNY and net profit decreasing by 47.28% to about 181.93 million CNY [8]. - The IPO attracted significant interest, with a subscription rate of 49.4 times for the public offering and 1.6 times for the international offering, leading to a total issuance of 67.91 million shares at a price of 7.68 HKD per share [9][10]. Group 2: Paige Biopharmaceuticals Performance - Paige Biopharmaceuticals also listed on May 27 but faced a disappointing debut, with its stock price dropping over 17% and reaching a maximum decline of 28% during trading [3][4]. - The company had a high public offering subscription rate of 743.78 times, but the international offering only saw a subscription rate of 1.13 times, indicating a disparity in interest between retail and institutional investors [15][17]. - Paige Biopharmaceuticals focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder field, and has faced challenges in its path to listing, including a previous withdrawal of its A-share application [18][19]. - The company reported significant losses, with total losses of approximately 306 million CNY in 2022 and 279 million CNY in 2023, primarily due to research and development expenditures [19].

Group 1 - Livermore Securities reported that the first-day decline of Peijia Medical-B in Hong Kong has expanded to 20% [1]

Group 1 - The company, Pagoda Bio (02565.HK), experienced a decline in its stock price upon listing, opening down by 16.67% at HKD 13, compared to its issue price of HKD 15.6 [1]

Company News - Meituan (03690.HK) reported Q1 2025 revenue of 86.6 billion yuan, up from 73.276 billion yuan in the same period last year, representing a year-on-year growth of 18.1% [1] - Meituan executives stated that the current irrational subsidy competition characterized by low quality and low prices is unsustainable for instant retail in the long run [1] - Xiaomi Group (01810.HK) denied rumors that its Xuanjie O1 chip is customized from Arm, clarifying that no Arm CSS services were used during its development [1] - Three Squirrels has submitted its application materials for overseas listing (H-shares) to the China Securities Regulatory Commission [1] - Pagoda Biopharmaceutical-B (02565.HK) will be listed on the Hong Kong Stock Exchange tomorrow, with its dark market closing down 4.87% today [1] - Jihong Co., Ltd. (2603.HK) will be listed on the Hong Kong Stock Exchange on May 27, with its dark market closing at 9.51 HKD, a 23.83% increase from the IPO price of 7.68 HKD, with a transaction volume of 54.95 million HKD [1] - Country Garden (02007.HK) received approval from the High Court for its extension application on May 26, 2025, with the hearing now postponed to August 11, 2025 [1] Industry News - Zhixing Technology (01274.HK) announced that it has been selected as a supplier for a certain model's combination auxiliary driving solution by a leading independent brand, providing an integrated hardware and software solution based on Horizon Journey® 6M chip [2] - Alibaba (09988.HK) repurchased 662,400 shares at a cost of approximately 9.9878 million USD on May 23 [2] - Tencent Holdings (00700.HK) repurchased 979,000 shares at a cost of 500.4 million HKD on May 26 [2]

Group 1 - The core point of the article is that Pagoda Biopharmaceuticals-B (02565.HK) is set to be listed on the Hong Kong Stock Exchange tomorrow, but its dark market trading today has seen a decline of 4.87% [1] Group 2 - The company is preparing for its debut on the Hong Kong Stock Exchange, indicating a significant step in its growth and market presence [1] - The drop in dark market trading suggests potential investor concerns or market volatility surrounding the company's initial public offering [1]

Group 1: Company Overview - Contemporary Amperex Technology Co., Limited (CATL) has successfully listed in Hong Kong, raising HKD 35.657 billion, making it the largest IPO in the Hong Kong market since Kuaishou [1] - CATL's IPO could potentially become the largest globally by 2025 if the over-allotment option is exercised, raising the total to HKD 41 billion [1] Group 2: Market Dynamics - The innovative drug sector is currently experiencing significant growth, with companies like 3SBio seeing stock price increases of over 60% in recent trading days, driven by positive market sentiment [1] - The global market for Type 2 diabetes (T2DM) and obesity treatments is projected to grow significantly, with T2DM expected to reach USD 106.2 billion and obesity USD 58.5 billion by 2032, reflecting compound annual growth rates of 4.9% and 22.9% respectively [9] Group 3: Company Specifics - Paig Biological - Paig Biological, a biotechnology company focused on chronic disease therapies, is currently in the process of an IPO in Hong Kong, with a subscription period from May 19 to May 22, 2025 [2][5] - The company has undergone multiple rounds of financing, with a post-money valuation of approximately CNY 4 billion as of June 2023 [4] Group 4: Product Pipeline and Competition - Paig Biological's core product, PB-119, is a GLP-1 receptor agonist aimed at treating T2DM and obesity, with its NDA for T2DM accepted by the National Medical Products Administration in September 2023 [9][10] - The competitive landscape for PB-119 is challenging, with 13 competitors in the T2DM space and over 15 in the obesity treatment sector, including established players like Novo Nordisk and Eli Lilly [10] Group 5: Financial Performance - Paig Biological has reported net losses of CNY 306 million, CNY 279 million, and CNY 283 million for the years 2022, 2023, and 2024 respectively, alongside significant R&D expenditures [11]

Group 1: Company Overview - Ningde Times experienced a 9% increase in dark market trading, with 310,000 applicants, significantly surpassing the previous popular IPO, Mixue Ice Cream, which had 260,000 applicants [1] - The total margin for Ningde Times reached HKD 280 billion, while the expected margin for Heng Rui Medicine is HKD 200 billion, indicating a higher chance of winning shares for applicants in comparison to Ningde Times [2] - Paige Biopharma, established in 2008, focuses on innovative therapies for chronic diseases, particularly in the development of GLP-1 receptor agonists [3][4] Group 2: Financial Performance - Paige Biopharma reported no commercialized products, with net losses of RMB 279.18 million and RMB 283.35 million for 2023 and 2024, respectively [5] - The company has completed 10 rounds of financing, raising over RMB 1.3 billion, with a post-investment valuation of RMB 4 billion [7] Group 3: Market Challenges - Paige Biopharma faces significant competition from international giants like Novo Nordisk and Eli Lilly, which hold 90% of the global market share [8] - The company lacks a self-built sales team and relies on partnerships for promotion, with previous collaborations ending, raising concerns about its commercialization capabilities [9] Group 4: IPO Details - Paige Biopharma's IPO will issue shares representing 5% of total shares, aiming to raise approximately HKD 301 million at an offering price of HKD 15.6 per share [10] - The expected oversubscription for the IPO is around 15 times, with a projected 10% chance of winning shares for applicants [11][12]

Group 1: Company Developments - Jihong Co., Ltd. (吉宏股份) has launched its IPO in Hong Kong, with subscription ending on May 22. The share price ranges from HKD 7.48 to HKD 10.68, aiming to raise approximately HKD 725 million at the upper price point [1] - Pige Biopharmaceuticals (派格生物医药) has also initiated its IPO, with a share price set at HKD 15.60 and a global offering of 19.2835 million shares. The company focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder sector [4] - Jianbei Miao Miao (健倍苗苗) expects a significant increase in annual profit, projecting a rise of no less than 50% for the year ending March 31, 2025, driven by effective brand management and strong sales performance in its core brands [5] Group 2: Market Trends - The successful IPOs of Jihong Co. and Pige Biopharmaceuticals may stimulate renewed interest in the cross-border e-commerce and biotechnology sectors within the Hong Kong stock market [1][4] - The strong performance of CATL (宁德时代) in the dark market, with an increase of 8.29% to HKD 284.8, reflects high market expectations for its upcoming IPO, indicating robust interest in the renewable energy sector [3] Group 3: Market Performance - The Hang Seng Index closed at 23,332.72, with a slight decline of 0.05% on May 19, indicating a mixed sentiment in the market [6] - The Hang Seng Tech Index and the National Enterprises Index also experienced minor declines of 0.50% and 0.09%, respectively, suggesting a cautious market environment [6]