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]