Core Viewpoint - The IPO of Xuan Zhu Bio-B (02575.HK), a subsidiary of Sihuan Pharmaceutical, is a significant step in the company's innovative research and development strategy, attracting market attention amid a favorable environment for the pharmaceutical/biotech sector [1] Business Positioning and Pipeline Layout - Xuan Zhu Bio focuses on innovation-driven drug development and commercialization, targeting areas such as digestive system diseases, oncology, and NASH (non-alcoholic steatohepatitis) [2] - The company has over ten drug assets at various stages, including three products with NDA approval, one project in NDA registration, one in Phase III clinical trials, and several in Phase I or with IND approval [2] - Core products include: - KBP-3571: An innovative proton pump inhibitor for digestive diseases, already commercialized - XZP-3287: A CDK4/6 inhibitor for breast cancer (HR+/HER2−), NDA approved - XZP-3621: An ALK inhibitor for non-small cell lung cancer (NSCLC), NDA approved [2] Financial Status and Operating Conditions - In 2022, the company had negligible revenue, with revenue starting to appear in 2023 at approximately several tens of millions of RMB, and a slight increase expected in 2024, but still not profitable [3] - The company is experiencing significant losses, with high R&D expenditures contributing to the losses, and cash flow issues evident with a negative operating cash flow of -95.76 million RMB as of June 2025 and only about 8.558 million RMB in cash [3] IPO Highlights and Fundraising Arrangements - Key IPO details include: - Offering price: HKD 11.60 per share - Total shares offered: 67.33 million H-shares - Public offering ratio: 10% (approximately 6.73 million shares) - Total fundraising amount: approximately HKD 781 million - Market capitalization post-listing: approximately HKD 6.008 billion [5][6] Valuation Levels and Comparative Perspectives - The IPO pricing corresponds to a total market capitalization of approximately HKD 6.008 billion, indicating a potentially aggressive valuation in the current high-risk/high-expectation environment for new drugs [6][7] Industry Trends - The pharmaceutical sector is increasingly driven by themes and expectations, with new stocks often experiencing significant speculative trading on their debut [8] Competitive Landscape and Barriers - The innovative drug development process is characterized by high risks, long cycles, and high costs, with a high failure rate; delays or failures in pipeline projects can lead to significant expectation risks [9] Summary of Risks - The company is currently unprofitable, and its future profitability remains uncertain, which is critical for market valuation acceptance [10] - The company faces cash flow risks due to weak cash reserves and negative operating cash flow, which could hinder operational progress if financing becomes difficult [12] - There are risks associated with pipeline advancement, clinical trials, and regulatory approvals, as many projects are still in early to mid-stages [12] - The company operates in a highly policy-dependent environment, where changes in healthcare negotiations and pricing policies could impact profit margins [13]

四环医药(00460.HK)旗下中国生物制药公司轩竹生物-B(02575.HK)10月6日至10月10日招股。截至周三 （8日）晚上10时多，轩竹生物获券商借出至少858亿港元孖展，较下午的350亿港元增1.5倍；以公开发 售起初集资额7811万港元计，超额认购1097.5倍。轩竹生物每手500股，一手入场费为5858.5港元，轩竹 生物预期将于10月15日挂牌买卖，中金公司为独家保荐人。 ...

经观健康 于2023年、2024年以及截至2024年及2025年3月31日止三个月，公司的研发开支分别为人民币239.06百 万元、人民币186.40百万元、人民币38.89百万元及人民币53.04百万元。 该公司处于亏损状况。于2023年、2024年以及截至2024年及2025年6月30日止六个月，亏损净额分别为 人民币300.6百万元、人民币556.4百万元、人民币111.0百万元及人民币110.9百万元，主要归因于商业化 战略处于初期阶段及于往绩记录期间产生经营开支。 经济观察网 据港交所信息，轩竹生物-B(02575.HK)2025年10月6日至10月10日招股，该公司拟全球发售 6733.35万股，其中香港发售占10%，国际发售占90%，另有15%超额配股权，每股发售价11.6港元。每 手500股，预期股份将于2025年10月15日在联交所开始买卖。 免责声明：本文观点仅代表作者本人，供参考、交流，不构成任何建议。 轩竹生物是国内极少的同时具备小分子化药、大分子生物药开发及产业化、商业化能力的高新生物医药 科技企业，主要聚焦肿瘤、消化、NASH等领域的创新药开发，目前有超过十种药物资产在积极开发 中 ...

Market Overview - The Hong Kong stock market opened slightly lower on October 6, with the Hang Seng Index at 27,003 points, down 137 points, a decline of 0.50% [1] - The Hang Seng Technology Index reported 6,548.80 points, down 74.05 points, a decrease of 1.12% [4] New IPO - Xuan Bamboo Biotechnology-B (02575.HK) is conducting an IPO from October 6 to October 10, planning to globally offer 67.335 million shares, with 10% allocated for Hong Kong and 90% for international sales, plus a 15% over-allotment option, at a price of HKD 11.6 per share [3] - The stock is expected to start trading on the Hong Kong Stock Exchange on October 15 [3] - Xuan Bamboo is an innovative Chinese biopharmaceutical company with over ten drug assets in active development, targeting digestive diseases, tumors, and non-alcoholic fatty liver disease (NASH) [3] Sector Performance - Technology stocks generally declined, with NetEase opening down over 2% but later recovering; Bilibili, Lenovo, Alibaba, JD.com, and Baidu all fell over 1%, while Tencent saw a rise of over 1% [3] - Gold stocks experienced gains, with China Silver Group up over 10% and Zifeng Gold up over 5% [3] - Semiconductor stocks were active, with Hongguang Semiconductor rising over 1% [3] - Automotive stocks weakened, with Xpeng Motors down over 4% [3] Market Sentiment and Forecast - According to Industrial Securities, the current Hong Kong market is driven by three favorable factors: rising policy expectations, bottoming earnings recovery, and a loose liquidity environment, which may enhance market risk appetite [5] - The Federal Reserve has entered a rate-cutting cycle, with expectations for further cuts in October, creating a more favorable external environment for Hong Kong stocks [5] - Guosen Securities noted that the Fed's dovish stance improves overseas liquidity, and the unusual rise in Hong Kong stocks amid earnings downgrades in August and September indicates a systematic change in risk premium, opening up further upside potential for the market [5] - The weighted risk premium assessment has led to an upward revision of the 2025 Hang Seng Index target to 29,000 points [5]

（一家於中華人民共和國註冊成立的股份有限公司） 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Xuanzhu Biopharmaceutical Co., Ltd. 軒竹生物科技股份有限公司 全球發售 獨家保薦人及保薦人兼整體協調人 聯席整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本招股章程全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本招股章程，連同本招股章程「附錄七－送呈公司註冊處處長及展示文件」所述的文件，已按照香港法例第32章公司（清盤及雜項條文）條例第342C條的規定由 香港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上述任何其他文件的內容概不負責。 發售價將為11.60港元。香港發售股份申請人於申請時須支付發售價每股香港發售股份11.60港元，連同1.0%經紀佣金、0.0027%證監會交易徵費、0.00015%會 財局交易徵費及0 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 除非本公告另有界定，否則本公告所用詞彙與軒竹生物科技股份有限公司（「本公司」）日期為 2025年10月6日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。 潛在投資者在決定是否投資發售股份前，應細閱招股章程以了解下文所述有關全球發售的詳細 資料。投資者應僅依賴招股章程所載資料作出有關發售股份的任何投資決定。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊 發、派發。本公告並不構成或組成在美國境內或於任何其他司法權區購買或認購證券的任何要 約或招攬的一部分。本公告所述證券並無亦不會根據1933年美國證券法（經不時修訂）（「美國 證券法」）或美國任何州或其他司法權區的證券法登記。該等證券不得在美國境內提呈發售、出 售、質押或以其他方式轉 ...