Core Viewpoint - The recent surge in stock prices of newly listed biotech companies in the Hong Kong 18A sector marks a significant shift from a previous trend of initial public offerings (IPOs) experiencing price drops, indicating a recovery in market sentiment towards innovative drug companies [1][5]. Company Summary - On June 23, 2023,药捷安康 (02617.HK) debuted on the Hong Kong Stock Exchange, closing up 78.71% on its first day, with a market capitalization exceeding HKD 90 billion, ranking it among the top 20 in the 18A sector [2][4]. -药捷安康's initial offering price was HKD 13.15 per share, opening at HKD 21.65, and reaching a peak of HKD 24 during trading [3]. - The company focuses on developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, with its core product Tinengotinib currently in clinical trials [4]. - The company reported projected losses of HKD 343 million and HKD 275 million for the years 2023 and 2024, respectively [4]. Industry Summary - The 18A sector, which allows unprofitable biotech companies to list, has seen a revival, with 72 companies having gone public since its inception in 2018 [5][6]. - The recent performance of new listings, such as映恩生物, which saw a first-day increase of 116.7%, indicates a shift in investor confidence [6]. - As of June 23, 2023, 76.39% of the 72 listed 18A companies had share prices below their initial offering prices, highlighting the previous struggles of the sector [6]. - The overall market environment for biotech stocks is improving, with over 60 companies in the 18A sector experiencing stock price increases this year, and 27 of those seeing gains exceeding 100% [7]. - By 2024, 65 out of 72 18A companies are expected to generate revenue, with eight projected to achieve profitability, signaling a positive trend for the sector [8]. - The market's recovery is attributed to increased global focus on biopharmaceutical research and favorable market conditions, including ample liquidity and heightened activity [7][9].

智通财经6月23日电，药石科技(300725.SZ)公告称，公司参股公司药捷安康于2025年6月23日在香港联 交所主板挂牌上市，股份代号02617。药石科技（含全资子公司）合计持有药捷安康发行后总股份数约 5.78%。根据《企业会计准则》，药石科技将所持药捷安康股权划分为"以公允价值计量且其变动计入 其他综合收益的金融资产"，并列报在"其他权益工具投资"。药捷安康上市后，药石科技对其会计核算 方法不会发生变化，对公司财务状况的实际影响以审计报告为准。 药石科技：参股公司药捷安康在香港联交所主板挂牌上市 ...

Core Viewpoint - The article highlights the recent IPO of three companies on the Hong Kong Stock Exchange, with a particular focus on药捷安康, which experienced a significant stock price increase on its debut despite being in a loss-making position and lacking approved products for commercial sale [1][2]. Group 1: Company Overview - 药捷安康 is a clinical-stage biopharmaceutical company focused on developing innovative small molecule therapies for cancer, inflammation, and cardiovascular metabolic diseases [1]. - The company was founded in 2014 and had previously attempted to list on the Hong Kong Stock Exchange in 2021 but did not proceed [3]. Group 2: IPO Details - 药捷安康 priced its shares at HKD 13.15, issuing 15.281 million shares, with a public offering oversubscription rate of 3,419.87 times [2]. - The company raised approximately HKD 1.61 billion from the IPO, with plans to allocate 90% of the net proceeds to fund a multi-regional Phase III clinical trial for its core product, Tinengotinib [4]. Group 3: Financial Performance - 药捷安康 reported cumulative losses exceeding HKD 618 million over the past two years, with projected revenues of HKD 1.18 million in 2023 and zero in 2024, alongside significant R&D costs [3]. - The company has utilized about 72% of the funds raised from previous investments prior to the IPO [3]. Group 4: Future Plans - Following the IPO, 药捷安康 aims to accelerate its internationalization and commercialization efforts, including the establishment of an internal commercial team in China [2].

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.67% at 23,689.13 points and a total turnover of HKD 198.59 billion [1] - The Hang Seng Technology Index rose over 1%, indicating a positive sentiment in the tech sector despite geopolitical tensions in the Middle East [1] Blue Chip Performance - Li Auto (02015) led blue-chip stocks with a 5.49% increase, closing at HKD 107.6, contributing 12.27 points to the Hang Seng Index [2] - Other notable performers included Zhongsheng Holdings (00881) up 4.91% and SMIC (00981) up 4.56%, while Xinyi Solar (00968) and Mengniu Dairy (02319) saw declines [2] Sector Highlights - Semiconductor stocks performed well, with Hongguang Semiconductor (06908) up 7.84% and SMIC (00981) up 4.56% [3] - The U.S. plans to tighten semiconductor technology exemptions, which may impact global supply chains and create opportunities in the domestic semiconductor industry [3] Stablecoin Concept - The stablecoin sector showed positive momentum, with companies like Lianlian Digital (02598) and ZhongAn Online (06060) seeing significant gains [4] - The launch of the Cross-Border Payment System is expected to enhance the application of stablecoins, particularly in small and frequent transactions [4] Oil and Gas Sector - Oil and gas equipment stocks rose, with Shandong Molong (00568) up 8.65% and Baqian Oil Services (02178) up 7.14% [4] - The geopolitical situation, including U.S. airstrikes in Iran, has led to increased oil prices, with WTI crude oil rising over 6% at one point [5] Shipping Sector - Shipping stocks performed strongly, with Pacific Basin Shipping (02343) up 19.8% [6] - The potential closure of the Strait of Hormuz due to geopolitical tensions could disrupt global shipping routes, leading to increased interest in shipping stocks [6] New Consumption Trends - New consumption concepts are gaining traction, with companies like Shangmei (02145) and Maogeping (01318) reporting significant growth during the 618 shopping festival [7] - Analysts suggest that sectors meeting emotional value and high-frequency consumption criteria are likely to see long-term growth [7] Notable Stock Movements - China Tianrui Group Cement (01252) saw a significant increase of 14.81% after announcing a recovery in profits [8] - Xiaocaiyuan (00999) rose 10.15% following the lifting of a share lock-up period [9] New Listings - Yaojie Ankang-B (02617) surged 78.71% on its debut, focusing on innovative therapies for cancer and other diseases [10] - Baize Medical (02609) also performed well, increasing 42.18% after its IPO [11] - Sanhua Intelligent Control (02050) saw a slight decline of 0.13% on its first trading day [12]

Core Viewpoint - Yaojie Ankang (Nanjing) Technology Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, with its stock closing at HKD 23.50, representing a 78.71% increase from its initial offering price of HKD 13.15 [1][4]. Group 1: Share Issuance and Financials - The total number of shares issued by Yaojie Ankang is 15,281,000, with 3,057,000 shares allocated for public offering in Hong Kong and 12,224,000 shares for international offering [2]. - The total proceeds from the share issuance amount to HKD 200.95 million, with net proceeds of HKD 161.34 million after deducting estimated listing fees of HKD 39.61 million [4][5]. - The company currently has 396,897,633 shares outstanding at the time of listing [2]. Group 2: Use of Proceeds - Approximately 90% of the net proceeds will be allocated to the research and development of the company's core product, Tinengotinib, while the remaining 10% will be used for general working capital and corporate purposes [5]. Group 3: Company Overview and Financial Performance - Yaojie Ankang is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule innovative therapies for oncology, inflammation, and cardiovascular metabolic diseases [5]. - The company reported no revenue for 2023 and projected revenue of RMB 1.2 million for 2024, with no products currently approved for commercial sale [6]. - The company incurred losses of RMB 343.4 million in 2023 and RMB 274.6 million in 2024, totaling RMB 618 million over the two years, primarily due to high R&D costs and management expenses [6][7].

Core Viewpoint - The Hang Seng Index (HSI) experienced a low opening but rallied to close approximately 0.7% higher, driven by strong performance in the semiconductor sector and a rebound in the pharmaceutical sector [1] Market Performance - The HSI closed at 23,689.13 points, up 0.67%, while the Hang Seng Tech Index rose by 1.05% to 5,187.01 points [1] - The total market turnover reached 1,985.91 million HKD, a decrease from the previous trading day's turnover of 2,224.23 million HKD [1] Sector Performance - The semiconductor sector led the market with significant gains, while the pharmaceutical sector showed a strong rebound [1] - New consumption and automotive sectors also experienced a low opening but managed to recover throughout the day [1] Notable Stocks - Semiconductor company SMIC (00981.HK) saw a rise of 4.56% [1] - Li Auto (02015.HK) increased by 5.49% [1] - Pharmaceutical company Jiateng Pharmaceutical (02617.HK) surged by 78.71% [1] - Sanhua Intelligent Control (02050.HK) experienced a slight decline of 0.13% on its first trading day [1]

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted applications for listing, those that have passed the hearing, and details about their financial performance and market positions. Group 1: New Applications - A total of 19 companies submitted applications to the Hong Kong Stock Exchange from June 16 to June 22 [3] - New Hope Group (600803.SH) is the largest private natural gas company in China, with a market share of approximately 6.1% in 2024 [3] - Wolong Technology (002130.SZ) is the second-largest high-speed copper cable manufacturer globally, holding a 24.9% market share [4] - Beijing Geekplus Technology Co., Ltd. is the largest provider of AMR solutions globally, maintaining its leading position for six consecutive years [5] - Banu International Holdings is the largest hot pot brand in China by revenue, with a market share of 3.1% [6] - Hope Sea Inc. is the largest comprehensive electronic product import supply chain solution provider in China, with an import GMV of approximately RMB 34.8 billion in 2024 [7] - Guangzhou Shiyuan Electronic Technology Co., Ltd. ranks first in the Chinese market for interactive smart panels with a 25.0% market share [8] - Anmai Biotechnology Co., Ltd. ranks second globally in T-cell connector therapy, with total transaction values exceeding USD 2.1 billion [9] - Beijing Haizhi Technology Group focuses on industrial-grade AI solutions, ranking fifth in the Chinese market [10] - Suzhou Jiyi Technology Co., Ltd. ranks second in digital retail operations in China [11] - Drip Irrigation International Investment Co., Ltd. is the first global exchange group based on revenue-sharing models [12] - Zhaowei Electromechanical (003021.SZ) provides integrated micro-drive systems, with revenues projected to grow [13] - Meige Intelligent (002881.SZ) ranks fourth globally in wireless communication modules, holding a 6.4% market share [14] - Yuxin Technology (300674.SZ) is a leading fintech solution provider in China, with significant market shares in various sectors [15] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. ranks second in the digital education market for higher education in China [16] - Zhaoyi Innovation (603986.SH) is the second-largest NOR Flash provider globally, with an 18.5% market share [17] - Changchun Changguang Chenxin Microelectronics Co., Ltd. specializes in high-performance CMOS image sensors [18] - Weichai Lovol Smart Agriculture Technology Co., Ltd. is a leading provider of smart agricultural solutions in China [19] - PPIO is an independent distributed cloud computing service provider [20] - Xiangkang Holdings is a major technical apparel manufacturer for high-end brands [22] Group 2: Companies Passing Hearings - Four companies passed the listing hearing this week, including Fuwai Group, which is a pan-Asian life insurance company with projected insurance revenue growth [24] - Fengcai Technology focuses on chip design for BLDC motor control, ranking sixth in the Chinese market [25] - Xunzhong Communication Technology Co., Ltd. is the third-largest cloud communication service provider in China [26] - Cloudbreak Pharma Inc. is a clinical-stage ophthalmic biotech company with two core products [27] Group 3: Recent IPOs - Haitan Flavor Industry (03288.HK) raised approximately HKD 10.1 billion in its IPO, with a slight decline in stock price post-listing [28] - Sanhua Intelligent (02050.HK) had a strong subscription rate for its IPO [29] - Baize Medical (02609.HK) and other companies also reported significant subscription rates for their IPOs [30][31][32][33]

Core Viewpoint - The company,药捷安康, is set to launch an IPO with a global offering of 15.281 million H-shares at a price of HKD 13.15 per share, aiming to raise approximately HKD 201 million, with listing expected on June 23, 2025 [1][3]. Company Overview -药捷安康, established in April 2014, focuses on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular diseases [5]. - The company has developed a pipeline that includes one core product and five clinical-stage candidates, along with one preclinical candidate [5]. Financial Highlights - The total amount raised from cornerstone investors is approximately HKD 149 million, with notable investors including Jiangbei Pharmaceutical and Kangfang Biotech [3]. - For the years 2023 and 2024, the company reported net losses of approximately RMB 343.39 million and RMB 274.61 million, respectively [7]. Research and Development - The core product, Tinengotinib, is a multi-target kinase inhibitor currently undergoing two pivotal clinical trials for cholangiocarcinoma [5][6]. - The R&D costs for 2023 and 2024 are estimated at RMB 344.75 million and RMB 244.00 million, representing 89.8% and 83.6% of total operating expenses, respectively [6].

Investment Rating - The report suggests a cautious subscription for the company [4] Core Insights - The company focuses on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases. It has developed a core product, Tinengotinib (TT-00420), and established a pipeline of five clinical-stage candidates and one preclinical candidate [2] - Tinengotinib is a unique multi-target kinase (MTK) inhibitor targeting three key pathways (FGFR/VEGFR, JAK, and Aurora kinases) and is currently undergoing two pivotal/registration clinical trials for cholangiocarcinoma (CCA) patients who have progressed after FGFR inhibitor treatment [2] - The global CCA drug market is projected to reach USD 2 billion by 2024, with a CAGR of 16.2% from 2019 to 2024, and expected to grow to USD 4.6 billion by 2030 [3] - The company is a leader in its niche, with Tinengotinib being the first and only FGFR inhibitor in the registration clinical stage for treating recurrent or refractory CCA patients [3] - The company is currently in the R&D phase with no main revenue, projecting a total loss of RMB 275 million for 2024 and R&D expenses of RMB 244 million. It is actively expanding into international markets and has established partnerships with several international pharmaceutical companies [4]

Group 1 - The company,药捷安康 (02617.HK), plans to globally offer 15.281 million shares, with 1.5285 million shares for Hong Kong and 13.7525 million shares for international offering, plus an overallotment option of 2.292 million shares [1] - The subscription period is from June 13 to June 18, with a maximum offer price of HKD 13.15 per share and an entry fee of approximately HKD 6,641.31 for 500 shares [1] - The total expected fundraising amount is HKD 201 million, with a net amount of HKD 161 million, intended for funding the Phase III clinical trial of its core product, Tinengotinib, and for general operational purposes [1] Group 2 - The company has introduced cornerstone investors including Jiangbei Medical Technology (Hong Kong) Co., Ltd., Huasheng Dunhang Co., Ltd., and others, who will subscribe to approximately 9.7895 million shares at the offer price [1] - The company is expected to be listed on the main board on June 23, 2025, with CICC (Hong Kong) and Huatai Financial Holdings (Hong Kong) as joint sponsors [1] - The company's main business includes drug research and development, technical services, and consulting, with specific projects requiring approval from relevant authorities [2] Group 3 - The company's net profits for the years ending December 31 are projected to be -252 million, -343 million, and -275 million for 2022, 2023, and 2024 respectively [2]