Core Viewpoint - The Hong Kong stock market is experiencing an unprecedented capital boom in the biotechnology sector, with multiple pharmaceutical companies rushing to list, making it a strategic high ground for industry capitalization [1][2]. Group 1: Industry Capitalization Process - The IPO wave is intensifying, with three biopharmaceutical companies—Hengrui Medicine, Mirui, and PegBio—successfully listing on the Hong Kong stock exchange between May 23 and 27, 2023 [2]. - Hengrui Medicine's total market capitalization has surpassed 360 billion yuan, establishing it as an industry benchmark [2]. - Numerous companies, including AI drug leader Insilico Medicine and immunotherapy firm Kewen Pharma, are currently advancing their IPO processes in Hong Kong [2]. Group 2: Policy and Capital Drivers - Recent policy relaxations have facilitated the listing of unprofitable biotech companies on the Hong Kong stock exchange, a first among major global capital markets [3]. - A fast-track listing channel for A-share companies with a market value of over 10 billion yuan will be introduced in October 2024, significantly improving listing efficiency [3]. - The tightening of A-share IPO reviews and geopolitical uncertainties affecting the U.S. market have made Hong Kong a more attractive financing destination due to its high degree of internationalization and capital flow freedom [3]. Group 3: Globalization Strategy - The surge in Hong Kong listings reflects a deepening globalization strategy within China's biopharmaceutical industry [4]. - The Hong Kong market serves as an international capital hub, providing a platform for direct dialogue between pharmaceutical companies and international investors, with foreign ownership in the healthcare sector reaching 34% in Q1 2025 [4]. - Listing in Hong Kong helps companies establish international market recognition, facilitating overseas clinical trials and patent negotiations, as evidenced by Junshi Biosciences' record overseas licensing deal for its PD-1 antibody [4]. Conclusion - The continuous policy iterations by the Hong Kong Stock Exchange have aligned with the capital needs of the industry, enabling pharmaceutical companies to expand their global resource allocation and participate in international competition [5]. - The current influx of companies into the Hong Kong market represents not only an expansion of financing channels but also a strategic pivot for Chinese innovative pharmaceutical firms aiming to secure a position in the global biopharmaceutical landscape [5].

Core Insights - The Hong Kong stock market welcomed two pharmaceutical companies, Heng Rui Pharmaceutical and MIRXES-B, on May 23, with both stocks experiencing significant price increases on their debut [2] - MIRXES, despite being less well-known, saw its stock price rise over 30% by the time of reporting, achieving a market capitalization exceeding HKD 8 billion [2] - MIRXES successfully raised HKD 880.5 million through the issuance of 46.62 million shares at HKD 23.30 each, with a subscription rate of 25.51 times for the public offering [2][3] Company Overview - MIRXES, founded in 2014 and headquartered in Singapore, specializes in microRNA (miRNA) technology, focusing on disease screening and diagnostic solutions in key Asian markets, including Singapore and China [3] - The company has one core product, GASTROClear™, and two other commercialized products, LUNGClear™ and Fortitude™, along with six candidates in preclinical stages [3][4] Product Details - GASTROClear™ is a blood-based miRNA diagnostic test for gastric cancer screening, consisting of 12 miRNA biomarkers. It was the first and only molecular diagnostic IVD product approved for gastric cancer screening globally [4] - The product received a breakthrough medical device designation from the FDA in May 2023, marking a significant achievement for MIRXES in the miRNA diagnostic field [4] Financial Performance - MIRXES reported revenues of USD 17.76 million, USD 24.19 million, and USD 20.28 million for the years 2022, 2023, and 2024, respectively, with gross profits of USD 9.33 million, USD 13.58 million, and USD 8.89 million [4] - The company is projected to incur losses of USD 56.20 million, USD 69.57 million, and USD 92.21 million over the same period [4] Fund Utilization - The funds raised from the global offering will be allocated to the research and development of GASTROClear™, regulatory filings, production, commercialization, and enhancing the company's end-to-end capabilities, as well as general operational expenses [5]

周砺寒表示，觅瑞目前正处于商业化的初期，也是成本逐步下降的阶段，且使用了大量的自动化生产方 式，进而使得其成本能够得到有效控制。 此外周砺寒告诉记者，目前其筛查检测在新加坡与东南亚已纳入商保与医保项目中，在国内市场还处于 审批过程中，未来会在审批通过后与相关保险接触。 招股书显示，觅瑞集团成立于2014年，是一家总部位于新加坡的微小核糖核酸（"miRNA"）技术公 司。根据弗若斯特沙利文的资料，其核心产品GASTROClear是全球首款也是唯一一款获批准进行胃癌 筛查的分子诊断IVD产品。 （文章来源：新华财经） 新华财经香港5月23日电 觅瑞集团（MIRXES-B，02629）23日在香港交易所主板上市，中金公司、建 银国际为其联席保荐人。 MIRXES-B每股发行价23.3港元，共发行4662万股股份，每手100股，所得款项净额约8.81亿港元。截至 午市休盘，MIRXES-B上涨27.90%，报29.80港元，市值超82.35亿港元。 招股文件中提到，该公司计划于全球发售后，在适当时间申请于新加坡证券交易所主板双重上市。觅瑞 联合创始人、CEO周砺寒接受记者采访时回应，觅瑞集团的商业化方向一边是东南亚， ...

Core Viewpoint - The recent IPOs in the Hong Kong stock market have shown strong profitability, with significant price increases for newly listed stocks like 恒瑞医药 (Hengrui Medicine) and MIRXES-B during the dark pool trading period [1][2]. Company Summaries 恒瑞医药 (Hengrui Medicine) - 恒瑞医药, an established A-share company listed since 2000, has a strong focus on R&D, with a projected R&D expenditure of 29.4% of total revenue in 2024 [6]. - The company has returned approximately RMB 80.29 billion in cash dividends to shareholders since its A-share listing, which is 16.8 times the capital raised at that time [6]. - 恒瑞医药 has 19 marketed innovative drugs and over 90 new molecular entities in clinical or later stages of development [6]. - The total revenue for 恒瑞医药 is projected to be RMB 28 billion in 2024, with a compound annual growth rate (CAGR) of about 14% since 2014, significantly outpacing the global pharmaceutical market's CAGR of approximately 4% [6]. - The revenue contribution from innovative drugs increased from 38.1% in 2022 to 43.4% in 2023, and is expected to reach 46.3% in 2024, while the contribution from generic drugs decreased from 60.3% in 2022 to 42.0% in 2024 [7]. MIRXES-B - MIRXES-B, founded in 2014 and based in Singapore, specializes in microRNA technology for disease screening and diagnostics, particularly in cancer detection [7]. - The company is one of the few globally to have received regulatory approval for molecular cancer screening IVD products, and is the first to receive such approval for molecular gastric cancer screening [7]. - Despite its innovative offerings, MIRXES-B is currently operating at a loss, with losses increasing from USD 0.56 million in 2022 to USD 0.696 million in 2023, and projected losses of USD 0.92 million in 2024 [7]. - The subscription multiple for MIRXES-B is significantly lower than that of 恒瑞医药, with 25 times compared to 恒瑞医药's 409 times [7]. Market Trends - The recent trend in the Hong Kong IPO market shows a strong upward movement, with only 6 out of 23 newly listed companies this year experiencing a decline on their first trading day, while others have seen substantial gains [8].

近期，港股IPO的赚钱效应太强了！ 目前，恒瑞医药拥有19款已上市的新分子实体创新药和逾90款处于临床或更后期阶段的新分子实体在研创新药。 恒瑞医药2024年的总收入为人民币280亿元，自2014年起的复合年增长率约为14%，远超同期全球制药市场约4%的复合年增长率。此外，创新药已成为公司收入的 一项主要来源。创新药销售收入占总收入的百分比由2022年的38.1%增至2023年的43.4%，并进一步增至2024年的46.3%。公司的仿制药销售收入占总收入的百分比 由2022年的60.3%减至2023年的53.4%，并进一步减至2024年的42.0%。 而MIRXES-B则是一家成立于2014年，总部位于新加坡的微小核糖核酸（miRNA）技术公司，致力于使疾病筛查诊断解决方案在亚洲关键市场（包括新加坡及中 国）触手可及。 根据弗若斯特沙利文的资料，MIRXES-B是用于癌症及其他疾病早期检测的、有效的、无创的、可负担的、基于血液的miRNA检测试剂盒的提供商。MIRXES-B是 全球为数不多的已获得分子癌症筛查行业*IVD产品监管批准的公司之一，同时MIRXES-B也是全球范围内首家且唯一一家获得分子胃癌筛查I ...