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]

Group 1 - The company plans to globally offer 33.44 million shares, with 3.34 million shares available in Hong Kong and 30.10 million shares for international offering [1] - The subscription period is from July 31 to August 5, with a maximum offer price of HKD 15.50 per share and an entry fee of approximately HKD 3,131.26 for 200 shares [1] - The total expected fundraising amount is HKD 475 million, with a net amount of HKD 421 million allocated for core product development, vaccine registration, production capacity enhancement, working capital, and technology platform upgrades [1] Group 2 - The company is a China-based vaccine firm focused on innovative vaccines and the application of new technologies in traditional vaccine development, manufacturing, and commercialization [2] - The product pipeline includes two core products: a quadrivalent influenza virus subunit vaccine and an in-development freeze-dried human rabies vaccine, along with 11 other vaccines in research [2] - The company reported net losses of HKD 425 million for 2023, HKD 259 million for 2024, and HKD 87.31 million for the first quarter of 2025 [2]

Group 1 - The company plans to globally offer 33.44 million shares, with 3.34 million shares available in Hong Kong and 30.10 million shares for international sale [1] - The subscription period is from July 31 to August 5, with a maximum offer price of HKD 15.50 per share and an entry fee of approximately HKD 3,131.26 for 200 shares [1] - The total expected fundraising amount is HKD 475 million, with a net amount of HKD 421 million allocated for core product development, vaccine research, production capacity enhancement, working capital, and technology platform upgrades [1] Group 2 - The company is a China-based vaccine firm focused on innovative vaccines and the commercialization of traditional vaccines using new technologies [2] - The product pipeline includes two core products: a quadrivalent influenza virus subunit vaccine and a developing freeze-dried human rabies vaccine, along with 11 other vaccines in development [2] - The net profits for the fiscal years 2023, 2024, and the first quarter of 2025 are projected to be -425 million, -259 million, and -87.31 million respectively [2]

Group 1 - The company, Zhonghui Biotech-B (02627), plans to conduct an initial public offering (IPO) from July 31 to August 5, 2025, with a global offering of 33.44 million H-shares, where 10% will be offered in Hong Kong and 90% internationally [1] - The offering price per share is set between HKD 12.9 and HKD 15.5, with trading expected to commence on August 8, 2025 [1] - The company focuses on the research, development, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technologies, aiming to replace traditional and imported vaccines in China and expand its competitive advantage internationally [1] Group 2 - The cornerstone investors, including Jiaxing Xinyang and Huatai Capital Investment, have agreed to subscribe for shares worth approximately USD 13 million, with an estimated subscription of 7.1136 million H-shares at a midpoint offering price of HKD 14.20 per share [2] - This subscription represents about 21.3% of the total shares offered in the global offering, assuming no exercise of the over-allotment option [2] - The estimated net proceeds from the global offering, after deducting underwriting fees and expenses, is approximately HKD 421 million [2] Group 3 - The company plans to allocate approximately 63.6% of the net proceeds from the global offering to the development and registration of its core products, with specific allocations for ongoing research and overseas registration of the quadrivalent influenza virus subunit vaccine and the Phase III clinical trial of the freeze-dried rabies vaccine [3] - About 18.1% will be used for the development and registration of other pipeline vaccines, while 8.4% will enhance production and commercialization capabilities [3] - Additionally, 4.9% will be allocated for the development and operation of various technological platforms, and 5.0% will be used for working capital and general corporate purposes [3]

公司、联席保荐人及整体协调人已与基石投资者(即嘉兴鑫扬及华泰资本投资(与华泰背对背总回报掉期 及华泰客户总回报掉期有关))订立基石投资协议，基石投资者同意认购可按发售价购买有关数目的发售 股份，认购总金额为1300万美元(约为1.02亿港元)。假设发售价为每股发售股份14.20港元(即本招股章程 所载指示性发售价范围的中位数)，基石投资者将予认购的发售股份总数将为711.36万股H股。 假设发售价为每股发售股份14.20港元(即本招股章程所载指示性发售价范围的中位数)及假设发售量调整 权未获行使，公司估计将获得所得款项净额约4.205亿港元。公司计划将全球发售所得款项净额用于以 下用途：(i)约63.6%将分配至公司的核心产品的开发及国内外注册，其中：(a)约32.4%将用于公司的四 价流感病毒亚单位疫苗的持续研发及海外市场注册；(b)约31.2%将用于公司的在研冻乾人用狂犬病疫苗 的III期临床试验及注册，公司预计于2025年第三季度启动该试验；(ii)约18.1%将用于公司的其他在研疫 苗的开发和注册；(iii)约8.4%将分配至提升公司的生产及商业化能力；(iv)约4.9%将分配至公司的技术 平台(包括 ...

格隆汇7月31日丨中慧生物-B(02627.HK)发布公告，公司拟全球发售3344.26万股H股(视发售量调整权行 使与否而定)，中国香港发售股份334.44万股，国际发售股份3009.82万股；2025年7月31日至8月5日招 股，预期定价日为8月6日；发售价将为每股发售股份12.90-15.50港元，每手买卖单位为200股，中信证 券及招银国际为联席保荐人；预期股份将于2025年8月8日开始在联交所买卖。 ...

江蘇中慧元通生物科技股份有限公司 Ab&B Bio-Tech CO., LTD. JS 全球發售 聯席保薦人、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 聯席賬簿管理人兼聯席牽頭經辦人 Ab&B Bio-Tech CO., LTD. JS 江蘇中慧元通生物科技股份有限公司 重要提示 （於中華人民共和國成立的股份有限公司） 股份代號 : 2 6 2 7 重要提示：閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 Ab&B Bio-Tech CO., LTD. JS 江蘇中慧元通生物科技股份有限公司 （於中華人民共和國成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 33,442,600股H股（視發售量調整權 行使與否而定） 香港發售股份數目 3,344,400股H股（可予重新分配） 國際發售股份數目 30,098,200股H股（可予重新分配及 視發售量調整權行使與否而定） 最高發售價 每股H股15.50港元，另加1.0%經紀 佣金、0.0027%證監會交易徵費、 0.00565%聯交所交易費及 0.00015%會財局交易徵費（須於申請 時以港元繳足，多繳股款可予退還） 面值 ...