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]