Core Viewpoint - A total of 9 companies submitted applications to the Hong Kong Stock Exchange from May 19 to May 25, with 1 company passing the hearing, 5 companies undergoing initial public offerings (IPOs), and 3 companies listing [1]. Group 1: Companies Submitting Applications - Fuwai Group Limited, a pan-Asian life insurance company, reported a projected net profit of $10 million for 2024, recovering from previous losses [2]. - Shandong Kuailu Technology Development Co., Ltd. focuses on short-distance green travel solutions, with a market share of 2.2% in mainland China's short-distance green travel technology services [3]. - Jushuitan Group Co., Ltd. is the largest e-commerce SaaS ERP provider in China, holding a 20.7% market share [4]. - Sany Heavy Industry Co., Ltd. ranks first in China and third globally in core engineering machinery revenue from 2020 to 2024, with a projected overseas market revenue share of 62.3% by 2024 [4][5]. - Lezi Tiancheng Cultural Development Co., Ltd. is the second-largest multi-category IP toy company in China, with revenues projected to grow from approximately 463 million RMB in 2022 to 630 million RMB in 2024 [6]. - Furuitek (Zhejiang) Intelligent Technology Co., Ltd. ranks second among third-party suppliers of intelligent driving solutions in China, with a market share of 7.2% [7]. - Shenzhen Huaxida Technology Co., Ltd. is a leading AI Home solution provider, ranking third in China by revenue [7]. - Kewang Pharmaceutical Group is a clinical-stage biopharmaceutical company with significant products in clinical development [8]. - Allianz International Holdings Limited is a Hong Kong security service provider with projected revenues of 114 million HKD in 2023 [9]. Group 2: Companies Passing Hearings and IPOs - Haitian Flavoring and Food Co., Ltd. is a leading condiment company in China, holding a 4.8% market share in the condiment market, which is projected to reach 498.1 billion RMB in 2024 [10]. - The company reported revenues of 25.61 billion RMB in 2022, with profits of 6.198 billion RMB [10]. Group 3: Companies Undergoing IPOs - Hengrui Medicine Co., Ltd. had a public offering that was oversubscribed by approximately 455 times, with a final issue price of 44.05 HKD per share [11]. - MIRXES-B had a global offering of 46.62 million shares, with a public offering oversubscription of 25.51 times [12]. - Jihong Co., Ltd. plans to issue 67.91 million shares, with a price range of 7.48 to 10.68 HKD per share [13]. - Paige Biopharma-B plans to issue 19.28 million shares at a price of 15.60 HKD per share [14]. - Shouhui Group plans to issue 24.36 million shares at a price range of 6.48 to 8.08 HKD per share [15]. Group 4: Companies Listing - CATL officially listed on the Hong Kong Stock Exchange with an opening price of 263 HKD per share, closing at 306.20 HKD, a 16.43% increase on the first day [16]. - MIRXES-B opened at 29 HKD per share and closed at 30 HKD, a 28.76% increase on its first day [17]. - Hengrui Medicine opened at 57 HKD per share and closed at 55.15 HKD, a 25.20% increase on its first day [18].

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]

Group 1 - MIRXES-B was listed on the Hong Kong Stock Exchange with an issue price of HKD 23.3 per share, raising approximately HKD 881 million from the issuance of 46.62 million shares [1] - The stock price increased by 27.90% to HKD 29.80, resulting in a market capitalization exceeding HKD 8.235 billion [1] - The company plans to apply for a dual listing on the Singapore Stock Exchange after its global offering, aiming to enhance its reach in Southeast Asia and mainland China [1][2] Group 2 - MIRXES was founded in 2014 and is headquartered in Singapore, specializing in microRNA technology [2] - The company's core product, GASTROClear, is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening [2] - The CEO mentioned that the company is in the early stages of commercialization and is effectively controlling costs through automation [2]

Company News - Xiaomi Group (01810.HK) launched its flagship processor, the玄戒O1, utilizing second-generation 3nm advanced process technology, which will be featured in the 15S Pro, Tablet 7 Ultra, and Watch S4 [1] - Heng Rui Pharmaceutical (01276.HK) saw its shares open over 27% higher in the dark market yesterday, closing up 32.24% at HKD 58.25, with a trading volume of HKD 751 million [1] - New China Life Insurance (01336.HK) invested HKD 10 billion to subscribe to the second phase of the Guofeng Xinghua Honghu Zhiyuan private securities investment fund [1] - BOSS Zhipin (02076.HK) reported total revenue of RMB 1.923 billion for the year ending March 31, 2025, a year-on-year increase of 12.88%, with net profit attributable to shareholders at RMB 518 million, up 111.53% year-on-year [1] - AIA Group (01299.HK) repurchased 325,000 shares at a cost of HKD 21.2 million on May 22 [1] - Mirxes-B (02629.HK), a Singapore-based microRNA technology company, debuted today, with its shares rising over 40% during the dark market trading period yesterday [1] Industry News - HSBC Holdings (00005.HK) repurchased 1.6 million shares at a cost of HKD 152.2 million on May 21, and spent GBP 32.8 million to repurchase a total of 3.7 million shares on other exchanges [2] - China Health Group (00673.HK) announced that its shares will resume trading at 9:00 AM today [2] - Country Garden (02007.HK) reportedly received support from nearly 75% of bondholders for its debt restructuring plan [2]

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].

Core Viewpoint - The article highlights the significant price increases of two new stocks, 恒瑞医药 (Hengrui Medicine) and MIRXES-B, during the dark trading period before their listing on the Hong Kong stock market, indicating strong market interest and potential investment opportunities. Group 1: Hengrui Medicine - Hengrui Medicine, a well-established A-share company listed since 2000, has a strong focus on R&D, with a projected R&D investment of 29.4% of total revenue in 2024 [3] - The company has a diverse portfolio with 19 marketed innovative drugs and over 90 in clinical or later stages of development [4] - Hengrui's total revenue is expected to reach RMB 28 billion in 2024, with a compound annual growth rate (CAGR) of approximately 14% since 2014, significantly outpacing the global pharmaceutical market's CAGR of about 4% [4] - The sales revenue from innovative drugs has increased from 38.1% of total revenue in 2022 to 43.4% in 2023, and is projected to reach 46.3% in 2024, while sales from generic drugs are decreasing [4] Group 2: MIRXES-B - MIRXES-B, founded in 2014 and based in Singapore, specializes in miRNA technology for disease screening and diagnostics, particularly in cancer detection [4] - The company is one of the few globally to have received regulatory approval for its molecular cancer screening IVD products, including the first approval for molecular gastric cancer screening [4] - 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 [5] - The subscription ratio for MIRXES-B is significantly lower than that of Hengrui Medicine, with 25 times compared to Hengrui's 409 times [6]

Core Insights - The article discusses recent activities on the Hong Kong Stock Exchange, including companies filing for IPOs, passing hearings, and listing. Group 1: Companies Filing for IPOs - Two companies filed for IPOs: Dongfang Yanmei and NobiKan Technology [2][3] - Dongfang Yanmei focuses on regenerative medical devices and special medical foods, with projected revenues of RMB 128.82 billion and RMB 145.20 billion for 2023 and 2024, respectively, and net losses of RMB 63.51 million and RMB 69.38 million [2] - NobiKan Technology specializes in AI technologies and digital twin applications, with expected revenues of approximately RMB 253 million, RMB 364 million, and RMB 403 million from 2022 to 2024, and net profits of RMB 63.16 million, RMB 88.57 million, and RMB 115 million during the same period [3] Group 2: Companies Passing Hearings - Three companies passed the hearing: Mirxes, Shouhui Group, and MetaLight Inc. [4][6] - Mirxes, a miRNA technology company, aims to provide disease screening solutions in Asia, with revenues of approximately USD 17.76 million, USD 24.19 million, and USD 20.28 million from 2022 to 2024 [5] - Shouhui Group is a leading online insurance intermediary in China, with revenues of RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion from 2022 to 2024 [7] - MetaLight Inc. operates a real-time bus information platform, achieving revenues of RMB 135 million, RMB 175 million, and RMB 206 million from 2022 to 2024 [8] Group 3: Companies Launching IPOs - Four companies are currently in the process of launching IPOs: Green Tea Group, CATL, Heng Rui Medicine, and Mirxes [9][10][11][12] - Green Tea Group's IPO was priced at HKD 7.19 per share, with a market capitalization of approximately HKD 4.236 billion upon listing [14] - CATL's IPO was priced at HKD 263.00 per share, with a subscription rate of nearly 120 times [10] - Heng Rui Medicine plans to offer shares at a price not exceeding HKD 44.05, with expectations to list on May 23, 2025 [11]

Major Events - Heng Rui Medicine (01276) plans to globally issue 224.5 million H-shares, expected to be listed on May 23 [1] - MIRXES-B (02629) will conduct an IPO from May 15 to May 20, aiming to globally issue 46.62 million shares [1] - Green Tea Group (06831) received 317.54 times subscription for its public offering in Hong Kong, with a final issue price of HKD 7.19 per share [1] - CSPC Pharmaceutical Group (01093) signed an exclusive licensing agreement with Cipla for the commercialization of Irinotecan Liposome Injection in the United States [1] - CanSino Biologics (06185) received clinical trial approval for its inhaled tuberculosis booster vaccine in Indonesia [1] - Fuhong Hanlin (02696) has been included in the MSCI Global Small Cap Index [1] - Financial One Account (06638) received a privatization offer from Ping An Group (02318) at a premium of approximately 23.10% [1] Financial Reports - Alibaba-W (09988) reported revenue and net profit growth for the fiscal year 2025, with net profit attributable to shareholders increasing by 62% to CNY 129.47 billion [1] - NetEase-S (09999) announced Q1 results with net profit attributable to shareholders at CNY 10.301 billion, a year-on-year increase of 34.94%, and a quarterly dividend of USD 0.135 per share [1] - Geely Automobile (00175) released Q1 results showing a significant increase in profit attributable to shareholders of CNY 5.672 billion, up 263.59% year-on-year [1] - Beike-W (02423) reported a total transaction volume growth of 34.0% year-on-year in Q1, with net revenue increasing by 42.4% [1] - Minhua Holdings (01999) announced annual results with profit attributable to shareholders of HKD 2.063 billion, a decrease of 10.41% year-on-year [1] - Shoucheng Holdings (00697) reported Q1 results with profit attributable to shareholders of HKD 213 million, an increase of 80.5% year-on-year [1] - Fourth Paradigm (06682) showed strong performance in core business with total revenue of CNY 1.077 billion in Q1, a year-on-year growth of 30.1% [1]

Group 1 - MIRXES-B (02629.HK) plans to globally offer 46.62 million shares, with 4.662 million shares available in Hong Kong and 41.958 million shares for international offering [1] - The subscription period is from May 15 to May 20, with a maximum offer price of HKD 23.30 per share and an entry fee of approximately HKD 2,353.49 for 100 shares [1] - The total expected fundraising amount is HKD 1.086 billion, with a net amount of HKD 881 million, intended for the development, regulatory filing, production, and commercialization of the core product GASTROClearTM [1] Group 2 - The company aims to enhance its "end-to-end" capabilities to capture significant commercial potential within the value chain and to fund ongoing and planned research and development [1] - Key cornerstone investors include Beijing Xunrui Enterprise Management Partnership (Limited Partnership) and Evergreen Gate Limited, which will subscribe to approximately 19.287 million shares at the offer price [1] - MIRXES-B is expected to be listed on the main board on May 23, 2025, with China International Capital Corporation Hong Kong Securities Limited and Jianyin International Financial Limited serving as joint sponsors [1] Group 3 - The company reported net profits of -56.6416 million USD, -69.2250 million USD, and -92.3270 million USD for the years ending December 31, 2022, 2023, and 2024, respectively, with year-on-year changes of -1738.36%, -22.22%, and -33.37% [2]