Group 1: IPO Market Overview - In the past week (July 28 - August 3, 2025), seven companies submitted IPO applications in the Hong Kong market, including YunTianLiFei (688343.SH), XinWangDa (300207.SZ), and DanNuo Pharmaceutical [3][4] - Two companies passed the Hong Kong Stock Exchange hearing: TianYue Advanced (688234.SH) and YinNuo Pharmaceutical [3][4] - One new company, ZhongHui Biological (02627.HK), initiated its IPO process, with no companies successfully listed during this period [3][4] Group 2: ZhongHui Biological - ZhongHui Biological officially launched its IPO on July 31, 2025, with a global offering of 33.4426 million shares, priced between HKD 12.90 and HKD 15.50 per share [3][17] - The expected listing date on the Hong Kong Stock Exchange is August 8, 2025 [3][17] - The company has secured cornerstone investors who agreed to subscribe for shares totaling approximately HKD 102 million [17][19] Group 3: YunTianLiFei - YunTianLiFei is a leading AI company in China, focusing on the research, design, and commercialization of AI inference chips [6] - The company ranks among the top three providers of AI inference chip-related products and services in China, based on revenue statistics for 2024 [7] - For the three months ending March 31, 2025, YunTianLiFei reported revenue of RMB 264 million, a year-on-year increase of 168.2%, but incurred a net loss of RMB 85.801 million, a decrease of 37.9% year-on-year [8] Group 4: XinWangDa - XinWangDa, a global leader in lithium battery technology, aims to provide integrated solutions for green and efficient energy [8] - The company has a diverse product matrix, including energy storage systems, consumer batteries, and power batteries [8] - For the three months ending March 31, 2025, XinWangDa recorded revenue of RMB 12.289 billion, a year-on-year increase of 12.0%, and a 21.3% increase in profit attributable to shareholders [9] Group 5: DanNuo Pharmaceutical - DanNuo Pharmaceutical is a biotechnology company focused on discovering, developing, and commercializing innovative drug products for bacterial infections and related diseases [10][11] - The company has established a pipeline of seven innovative assets, with no products currently approved for commercial sale [12][14] - For the three months ending March 31, 2025, DanNuo reported a net loss of RMB 38.011 million, an increase of 36.4% year-on-year [14] Group 6: TianYue Advanced - TianYue Advanced is a leading manufacturer of wide bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide substrates [15] - The company ranks among the top three global manufacturers of silicon carbide substrates based on sales revenue for 2024 [15] - For the three months ending March 31, 2025, TianYue reported revenue of RMB 408 million, a year-on-year decrease of 4.2%, and a net profit of RMB 8.518 million, a decrease of 81.5% year-on-year [16] Group 7: YinNuo Pharmaceutical - YinNuo Pharmaceutical is a science-driven biopharmaceutical company focused on providing innovative and affordable high-quality drugs for metabolic diseases [16] - The company has developed a pipeline of candidate drugs targeting diabetes and other metabolic diseases, including a core product for treating obesity and related conditions [16] - For the five months ending May 31, 2025, YinNuo reported revenue of RMB 38.144 million, with a net loss of RMB 97.875 million, an increase of 58.1% year-on-year [16]

智通财经APP获悉，中慧生物-B(02627)正在招股中。截止8月4日，富途、辉立、华盛等券商合计为中慧生物-B借出931.1925亿港元，超 购逾1789倍。 | | | 新股孖展 (8月4日) | | | --- | --- | --- | --- | | 新股 | 券商 | 子展(亿港元) | 息率% | | 中慧生物- B(02627) | 富途 | 462.10 | 0.00 | | | 辉立 | 196.00 | 0.00 | | | रूह | 36.50 | 0.00 | | | 信诚 | 36.00 | 0.00 | | | 耀才 | 30.00 | 0.00 | | | 图立 | 6.463 | 0.00 | | | 时富 | 0.70- | 0.00 | | | 艾德 | 0.4634 | 0.00 | | | 其他总和 | 162.9661 | | | | 并计 | 931.1925 | | | | | 集资额：0.52亿元 | | | | | 认购:超购逾1789倍 | | ...

本文源自：智通财经网 智通财经获悉，中慧生物-B(02627)正在招股中。截止8月1日，富途、辉立、华盛等券商合计为中慧生 物-B借出321.9816亿港元，超购逾618倍。 ...

| 新股仔展 (8月1日) | | | | | --- | --- | --- | --- | | 券商 | | 息率(%) | 新股 | | 富途 | 129.60 | 0.00 | | | 辉立 | 75.00 | 0.00 | | | 华盛 | 34.20 | 0.00 | | | 10.00 | 0.00 | 耀才 | | | 信诚( | 6.00 | 0.00 | 中慧生物- | | 閣立 | 2.311 | 0.00 | B(02627) | | 0.4634 | 0.00 | 艾德 | | | 其他总和 | 64.4072 | | | | 并计 | 321.9816 | | | | 集资额: 0.52亿元 | | | | | 认购: 超购逾618倍 | | | | 智通财经APP获悉，中慧生物-B(02627)正在招股中。截止8月1日，富途、辉立、华盛等券商合计为中慧生物-B 借出321.9816亿港元，超购逾618倍。 ...

Major Events - JD Group-SW (09618) has decided to make a voluntary public acquisition offer to CECONOMY and establish a strategic investment partnership [1] - Zhonghui Biological-B (02627) plans to conduct an IPO from July 31 to August 5, aiming to globally offer 33.4426 million H-shares [1] - WuXi AppTec (02359) intends to place 73.8 million new H-shares at a discount of approximately 6.90%, raising about HKD 7.65 billion [1] - Weihai Bank (09677) plans to issue up to approximately 758 million domestic shares and 154 million H-shares, raising nearly HKD 3 billion [1] - HSBC Holdings (00005) plans to repurchase up to USD 3 billion of ordinary shares [1] - Joy City Property (00207) proposes a share buyback through an agreement arrangement, with resumption of trading on August 1 [1] Operating Performance - MGM China (02282) reported total revenue of HKD 16.661 billion for the first half, an increase of 2.73% year-on-year [1] - Standard Chartered Group (02888) released interim results with a profit attributable to shareholders of USD 3.065 billion, a year-on-year increase of 41% [1] - Autohome-S (02518) reported a net profit attributable to the parent of RMB 416 million in the second quarter, with online marketing and other business revenues increasing by 20.5% year-on-year [1] - Tongguan Gold (00340) issued a positive profit alert, expecting a mid-term profit attributable to shareholders of approximately HKD 330 million to HKD 360 million, a year-on-year increase of about 259% to 291% [1] - Qingdao Bank (03866) reported a net profit attributable to the parent of RMB 3.065 billion for the first half, a year-on-year increase of 16.05% [1] - Faraday (09638) announced interim results with a profit attributable to shareholders of EUR 4.3454 million, a year-on-year decrease of 0.92% [1] - Budweiser APAC (01876) released interim results with a profit attributable to shareholders of USD 409 million, a year-on-year decrease of 24.4% [1]

Core Viewpoint - The Hong Kong stock market has shown strength this month, with the Hang Seng Index rising by 2.91%, the Tech Index by 2.83%, and the State-Owned Enterprises Index by 2.36% [1] Company Overview - Zhonghui Biotech, established in 2015 and headquartered in Taizhou, Jiangsu, focuses on innovative vaccines and traditional vaccine development using new technologies [2][4] - The company has a commercialized product, Huierkangxin, which is the first and only approved subunit quadrivalent influenza vaccine in China [2] - Zhonghui Biotech's pipeline includes 11 other vaccines in development, targeting major diseases such as pneumonia and RSV [2] Financial Performance - For the fiscal year ending December 31, 2023, Zhonghui Biotech reported revenues of RMB 52.168 million, with a net loss of RMB 424.741 million [3] - The company’s revenue for Q1 2025 is projected at RMB 413,000, with a corresponding net loss of RMB 87.317 million [3] - As of the end of 2024, the company had cash and cash equivalents of approximately RMB 130 million, with net current liabilities of RMB 470 million [4] IPO Information - Zhonghui Biotech plans to issue 33.4426 million shares, with a price range of HKD 12.9 to 15.5, aiming to raise approximately HKD 518 million [8] - The IPO will account for 8.5% of the total shares, with one cornerstone investor committing to HKD 102 million [8] - The expected subscription rate for the IPO is projected to be around 2000 times, with an estimated 5% chance of winning a share [9] Market Competition - The influenza vaccine market in China is highly competitive, with 19 existing products and 16 in clinical development [6] - Major competitors have significantly reduced their vaccine prices, while Zhonghui Biotech's product is priced at HKD 319, which is substantially higher than the market average [6] - The company's valuation at the IPO price suggests a high price-to-sales ratio of 23.5 times, indicating a premium compared to peers [6] Investment Sentiment - Recent trends in the Hong Kong stock market have been favorable for biotech IPOs, with heightened investor interest following the successful debut of other biotech stocks [11] - Despite the company's financial challenges, the current market sentiment may support a positive reception for the IPO [11]

Core Viewpoint - Zhonghui Biotech-B is set to go public on the Hong Kong Stock Exchange from August 8, 2025, focusing on innovative vaccine development and commercialization in China [3][4]. Company Overview - Established in 2015, Zhonghui Biotech specializes in innovative vaccine research and commercialization, employing a dual strategy of "independent innovation + authorized introduction" to meet unmet vaccine needs [3]. - The company aims to gradually replace traditional and imported vaccines with high-end products and extend its competitive advantage to international markets [3]. Product Pipeline - As of the prospectus date, Zhonghui Biotech has a pipeline of 13 vaccine products targeting various infectious diseases, including core products and 11 candidates in different clinical stages [3][4]. - Key products include the first and only approved quadrivalent influenza subunit vaccine in China, which has shown a serum protection rate of 89.41%-97.98% against four influenza virus strains [5]. Financial Performance - The company exhibits rapid revenue growth but continues to incur losses, typical for a research-driven biotech firm [4]. - Revenue for 2023 was 0.52 billion yuan, primarily from the quadrivalent influenza vaccine, with projections for 2024 to reach 2.60 billion yuan, reflecting a 400% year-on-year increase [5]. - The net loss for 2023 was 4.25 billion yuan, narrowing to 2.59 billion yuan in 2024 due to increased revenue [5]. IPO Details - The IPO will utilize a standard offering mechanism, with subscription dates from July 31 to August 5, 2025, and pricing on August 6 [4][6]. - The share price range is set between 12.90 and 15.50 HKD, with a total issuance of approximately 33.44 million shares [6]. - The expected net proceeds of around 4.21 billion HKD will focus on advancing the product pipeline, with 63.6% allocated to core product development [6][7]. Market Sentiment - The IPO is anticipated to attract significant market interest, with early subscription rates exceeding 41 times, indicating strong short-term speculative interest [7]. - The absence of well-known institutional investors may signal weaker long-term confidence, despite the high initial market enthusiasm [7].

| | 新股好展(7月31日) | | | | --- | --- | --- | --- | | 新股 | 券商 富途 | 开展(亿港元) 41.32 | 自率(%) 0.00 | | | 辉立 रूहरू 信诚 | 24.00 4.80 3.00 | 0.00 0.00 0.00 | | | 智立 | 1.325 | 0.00 | | | *** | 0.93 | 0.00 | | 中慧生物-B(02627) | 艾德 | 0.1183 | 0.00 | | | 其他总和 | 19.5458 | | | | 并计 | 95.0391 | | | | | 集资额: 0.52亿元 | | | | | 认购:超购逾181倍 | | 智通财经APP获悉，中慧生物-B(02627)正在招股中。截止7月31日，富途、辉立、华盛等券商合计为中 慧生物-B借出95.0391亿港元，超购逾181倍。 ...

Group 1 - The core viewpoint of the article is that Zhonghui Biotech-B is entering the IPO stage with cautious pricing and lacks strong cornerstone investors, which may affect investor confidence [1][2][3] Group 2 - Zhonghui Biotech plans to issue 33.44 million H-shares, with a price range of HKD 12.9 to HKD 15.5, and the subscription period is from July 31 to August 5 [1] - The IPO pricing range shows a significant price gap of 20.16%, indicating market valuation disputes [2] - The company has only one private equity fund as a cornerstone investor, which raises concerns about the lack of backing from well-known institutions [3] Group 3 - The company has a pipeline of 13 products, including one commercialized vaccine and several in various stages of development, with its only commercial product being a quadrivalent influenza vaccine [4] - The quadrivalent influenza vaccine has shown high efficacy rates, exceeding EU standards, and has been adopted by over 1,100 county-level disease control centers [4] - Despite the vaccine's efficacy, its high price of HKD 319 per dose poses challenges in a competitive market where prices range from HKD 100 to HKD 150 [5] Group 4 - The company faces significant inventory pressure, with a return liability of HKD 84.7 million projected for 2024, indicating potential profit erosion [5] - Over 90% of the company's revenue is currently dependent on the quadrivalent influenza vaccine, highlighting revenue concentration risk [5] - The company's sales are highly seasonal, with a significant portion of revenue generated in the months of July to September [6]

Group 1 - The core viewpoint of the article highlights the cautious approach of Zhonghui Biotech's IPO, which is set to take place from July 31 to August 5, with a price range of HKD 12.9 to HKD 15.5 per share [1][2] - Zhonghui Biotech plans to issue a total of 33.4426 million H-shares, with 10% allocated for Hong Kong and 90% for international sales [1] - The IPO has garnered attention due to the reputable underwriters, CITIC Securities and CMB International, although concerns about the company's short-term fundamentals remain [1][6] Group 2 - The pricing strategy for Zhonghui Biotech's IPO shows a price range difference of 20.16%, which is higher than the average range of 15.22% for Hong Kong IPOs in 2024, indicating market valuation disputes [2] - The lack of prominent cornerstone investors in the IPO is notable, with only one private equity fund subscribing to 21.27% of the offering, contrasting with recent IPOs that attracted well-known institutional investors [3] Group 3 - Zhonghui Biotech has a pipeline of 13 products, including one commercialized vaccine and several in various stages of development, with its only commercial product being the quadrivalent influenza virus subunit vaccine, Hui Er Kang Xin® [4] - The vaccine has shown high efficacy rates, exceeding EU standards, and has been adopted by over 1,100 county-level disease control centers across 30 provinces in China [4] Group 4 - Despite the vaccine's market acceptance, its price of HKD 319 per dose poses challenges in a competitive market where similar products are priced between HKD 100 and HKD 150 [5] - The company faces significant inventory pressure, with a return liability of HKD 84.7 million projected for 2024, indicating potential profit erosion [5] - Zhonghui Biotech's revenue is heavily reliant on Hui Er Kang Xin®, accounting for over 90% of total income, and sales are seasonally concentrated from July to September [5][6]