Core Viewpoint - 旺山旺水-B (02630) experienced a significant drop of over 18% on its second day of trading after a previous surge of over 145%, with its current stock price still approximately double the IPO price of HKD 33.37 [1] Company Overview - 旺山旺水 was established in 2013 and is a biopharmaceutical company focusing on three main therapeutic areas: neuropsychiatry, reproductive health, and viral infections [1] - As of October 21, 2025, the company has developed a diversified pipeline of 9 innovative products, with 2 in commercialization, 4 in clinical stages, and 3 in preclinical stages [1] - In addition to its innovative drug pipeline, the company is also involved in the generic drug sector, with 3 products either commercialized or nearing commercialization [1] - The company's two core products are LV232 and TPN171 [1] Financial Performance - For the fiscal year 2023, the company recorded a revenue of RMB 200 million, with subsequent revenues of RMB 11.832 million, RMB 3.224 million, and RMB 12.958 million for the first four months of 2024 [1] - The company reported a net loss of RMB 218 million for 2024, compared to a net profit of RMB 6.427 million in 2023, with the fluctuation attributed to a decline in revenue [1]

| HK + + = = B | | | | --- | --- | --- | | 02630 L2 ▼ | | | | 66 600 37 | 82.000 最高 82.000 最低 66 | | | 0.013% 总量 -18.78%-15 400 块子 | 8400股 金额 | 56. | | 总值 112.3亿 市盈 -49.19 市净 | 2.74 | Vm | | 分时 | 五日 日K 周K 月K 更多 | | | 均价:72.658 价格:66.600 -15.400 -18.78% | | | | 97.700 | 19.15% 卖1 66.950 | | | | 买1 66.550 分时成交 | 2 | | | 10:35 66.500 | | | | 10:35 66.5501 | | | | 10:35 66.600↑ | | | 87000 | 10:35 66.6501 | | | | 10:35 66.800↑ | | | | 10:36 67.000↑ | | | | 10:36 67.000 | | | | 10:36 67.050↑ | | | | 10:36 67.050 ...

Core Insights - Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. officially listed on the Hong Kong Stock Exchange, marking the fifth company from Suzhou Industrial Park to go public this year [1][2] - The company was established in 2013 and focuses on innovative small molecule drug development, particularly in the fields of neuropsychiatry, reproductive health, and viral infections [1] - Wangshan Wangshui has a comprehensive integrated system covering the entire drug development process, with two products in commercialization, four in clinical research, and three in preclinical research [1] Company Overview - Wangshan Wangshui's core products include LV232, a treatment for severe depression, and TPN171, a PDE5 inhibitor for erectile dysfunction [1][2] - LV232 is set to enter Phase II clinical trials in China in April 2025, with completion expected in the second half of 2026 [1] - TPN171 was approved in Uzbekistan in September 2022 and is expected to be approved in China by July 2025, with a market value of RMB 93 billion projected for 2024 [2] Market Context - The biopharmaceutical sector in Suzhou is experiencing growth, with 14 companies in the pipeline for listing on the Hong Kong Stock Exchange, and 5 already having completed regulatory filings [2] - Suzhou has a total of 71 listed companies, with 280 companies overall, including 226 on the domestic A-share market, ranking fifth nationwide [2]

Core Viewpoint - The innovative pharmaceutical company Wangshan Wangshui has successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of approximately HKD 13.7 billion with a share price increase of 145.73% on the first day of trading [2]. Summary by Sections IPO Details - Wangshan Wangshui plans to globally offer 17.6 million H-shares, accounting for 10.50% of total shares post-IPO, with 90% allocated for international sale and 10% for public offering. The offering price was set at HKD 33.37, leading to an estimated market value of HKD 58.73 billion [2]. Product Pipeline and Market Potential - The company focuses on three core pipelines: a domestic COVID-19 treatment drug, hydrogen bromide deuterated remdesivir tablets, the "most expensive domestic Viagra" sildenafil citrate tablets, and an innovative antidepressant LV232. Additionally, there are four candidate drugs in clinical stages and three in preclinical stages [2][4]. COVID-19 Treatment Drug - The hydrogen bromide deuterated remdesivir tablets, co-developed with Junshi Biosciences, were initially expected to have significant commercial potential, with projections suggesting peak sales exceeding RMB 200 billion. However, actual sales have fallen short due to the end of the pandemic and increased competition [5][7][8]. Sales Performance - In 2023, the revenue from the hydrogen bromide deuterated remdesivir tablets was approximately RMB 1.84 million, constituting 92% of the company's total revenue of RMB 2 billion. The sales contribution from this product was only about RMB 400,000 in early 2025 [8][9]. Competitive Landscape - The market for COVID-19 treatments is highly competitive, with Pfizer's Paxlovid holding a 46% market share in China. Wangshan Wangshui's product has struggled to compete effectively against established alternatives [9]. Male Health Drug - Sildenafil citrate tablets, approved for treating erectile dysfunction, are seen as the company's most commercially viable product. The drug has been positioned to compete directly with existing PDE5 inhibitors, offering advantages such as faster onset and longer duration of action [12][14]. Market Dynamics - The PDE5 inhibitor market in China is projected to grow from RMB 5.5 billion in 2018 to RMB 9.3 billion by 2024, with a compound annual growth rate of 9.4%. However, the market is fragmented, and Wangshan Wangshui faces challenges in gaining market share due to the presence of numerous generic competitors [14][15]. Antidepressant Drug - LV232, an innovative antidepressant, targets a significant market with an increasing number of patients suffering from depression. The global market for antidepressants is expected to grow, with LV232 aiming to differentiate itself by reducing common side effects associated with traditional treatments [16][20]. Clinical Development - LV232 is currently undergoing a Phase II clinical trial for the treatment of major depressive disorder, with completion expected in the second half of 2026. Its success in demonstrating efficacy and reducing adverse effects will be crucial for its commercial viability [19][20].

Core Viewpoint - Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. (Wangshan Wangshui) has successfully listed on the Hong Kong Stock Exchange, opening at HKD 95.00 and closing at HKD 82.00, reflecting a significant increase of 145.73% from its final offering price of HKD 33.370 [1][2][3]. Group 1: Company Overview - Wangshan Wangshui focuses on the discovery, acquisition, development, and commercialization of small molecule drugs in strategic therapeutic areas, specifically neuropsychiatric and reproductive health [1]. - The company issued a total of 17,597,800 shares, with 1,759,800 shares allocated for public offering in Hong Kong and 15,838,000 shares for international offering [2][3]. Group 2: Financial Highlights - The total proceeds from the offering amounted to HKD 587.24 million, with net proceeds of HKD 527.36 million after deducting estimated listing expenses of HKD 59.88 million [2][3]. - Wangshan Wangshui recorded revenues of RMB 199.7 million in 2023, with projected revenues of RMB 11.8 million for 2024 and RMB 3.2 million for the first four months of 2024 [6][7]. - The company reported a net profit of RMB 6.4 million in 2023, but anticipated net losses of RMB 217.6 million in 2024 and RMB 73.8 million in the first four months of 2024 [6][7]. Group 3: Use of Proceeds - The net proceeds from the global offering will be utilized for the research and development of core products, development of other candidate products, construction of a factory in Qingdao, enhancement of sales and marketing capabilities, working capital, and other general corporate purposes [3].

Core Insights - Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. has officially listed on the Hong Kong Stock Exchange, marking the fifth company from Suzhou Industrial Park to go public this year [1][2] - The company aims to innovate in the fields of neuropsychiatry, reproductive health, and viral infections, with a comprehensive integrated system covering the entire drug development process [1] - Wangshan Wangshui's two core products, LV232 and TPN171, are in different stages of development, with LV232 targeting major depressive disorder and TPN171 approved for erectile dysfunction [1][2] Company Overview - Founded in 2013, Wangshan Wangshui is a comprehensive integrated innovative small molecule drug company headquartered in Suzhou Industrial Park [1] - The company has developed a competitive pipeline with two products in commercialization, four in clinical research, and three in preclinical research [1] Product Details - LV232 is a treatment for psychiatric disorders, with a Phase II clinical trial for major depressive disorder set to begin in April 2025 in China, expected to complete by the second half of 2026 [1] - TPN171, a PDE5 inhibitor, was approved in Uzbekistan in September 2022 and is expected to be approved in China by July 2025, targeting erectile dysfunction with a projected market value of RMB 93 billion in 2024, growing to RMB 150 billion by 2035 [2] Market Context - Suzhou has seen a total of 71 companies listed both domestically and internationally, with 14 more companies in the pipeline for potential listing on the Hong Kong Stock Exchange [2] - The city has a total of 280 listed companies, ranking fifth in the country, with 15 new listings this year, including eight domestic listings [2]

Group 1 - The core point of the news is the simultaneous listing of four new stocks on the Hong Kong stock market, with 旺山旺水-B (02630.HK) showing the strongest performance, surging nearly 180% after opening [2] - 旺山旺水-B received significant interest during its IPO phase, with a subscription rate of 6238.42 times for the public offering in Hong Kong, resulting in 175,980 shares being allocated, which is about 10% of the total offering [2] - The total number of valid applications received for 旺山旺水-B was approximately 265,000, with 8,799 applications processed [2] Group 2 - 旺山旺水 is a biopharmaceutical company focused on discovering, acquiring, developing, and commercializing small molecule drugs, targeting areas such as viral infections, neuropsychiatric disorders, and reproductive health [3] - The company has developed a pipeline consisting of nine innovative assets, including two core products, LV232 and TPN171, and a key product, VV116 [3] - LV232 is a dual-target receptor modulator for treating major depressive disorder, with a Phase II clinical trial set to start in China in April 2025, expected to complete in the second half of 2026 [3] - TPN171 is a PDE5 inhibitor approved for treating erectile dysfunction in China and Uzbekistan [3] - The revenue figures for 旺山旺水 in 2023, 2024, and the first four months of 2025 were 200 million RMB, 11.832 million RMB, and 12.958 million RMB, respectively, with profits of 6.427 million RMB, -220 million RMB, and -110 million RMB during the same periods [3]

旺山旺水-B(02630)首挂上市，公告显示，每股定价33.37港元，共发行1759.78万股股份，每手200股， 所得款项净额约5.27亿港元。截至发稿，涨184.69%，报95港元，成交额2.74亿港元。 公开资料显示，旺山旺水成立于2013年，是一家生物医药公司，致力于在公司的战略重点治疗领域(即 神经精神及生殖健康)发现、获取、开发和商业化小分子药物。该公司已获取并开发了两款核心产品 LV232及TPN171。LV232是一款双靶点5-羟色胺转运体╱5-羟色胺3(5-HTT/5-HT3)用于治疗重度抑郁症 的受体调节剂。而TPN171是一款用于治疗勃起功能障碍(ED)的5型磷酸二酯酶(PDE5)抑制剂。公司还有 四款候选药物处于临床阶段，三款候选药物处于临床前阶段。 ...

Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index reaching 26,123 points, up 188 points, or 0.73% [1] - The Hang Seng Technology Index reported 5,825 points, increasing by 39 points, or 0.68% [4] Sector Performance - The semiconductor sector led the market gains, with notable increases: SMIC (00981.HK) up over 3%, Hua Hong Semiconductor (01347.HK) up over 2%, and Shanghai Fudan (01385.HK) up over 1% [3] - The machinery sector also showed strength, with Weichai Power (02338.HK) rising over 11%, China National Heavy Duty Truck Group (03808.HK) up over 5%, and others like CRRC (01766.HK) and Sany Heavy Industry (06031.HK) up over 2% [3] New Listings - Four new stocks were listed on the Hong Kong market today, with Wangshan Wangshui-B (02630.HK) opening nearly 185% higher [3] - Conversely, three other new stocks faced declines, with Xiaoma Zhixing-W (02026.HK) down over 12% and Wenyuan Zhixing-W (00800.HK) also down over 12% [5][6] Investment Trends - There is a noticeable shift in market funding, with capital moving from previously high-performing tech stocks to traditional economic sectors and utility stocks, such as local banks, real estate, and high-dividend stocks like CLP Holdings and MTR Corporation [7] - The market is expected to be influenced by three key variables: the pace of Federal Reserve interest rate cuts, developments in US-China relations, and progress in China's domestic growth policies [7]

Core Insights - 旺山旺水-B (2630.HK) debuted on the Hong Kong Stock Exchange today, opening at 95 HKD, a 184.69% increase from its IPO price of 33.37 HKD, resulting in a market capitalization of 15.9 billion HKD [1] - The IPO was highly successful, with the Hong Kong public offering being oversubscribed by 6,238.42 times and the international offering by 16.87 times, raising a net amount of 527.36 million HKD [1] Company Overview - 旺山旺水 is a biopharmaceutical company focused on discovering, acquiring, developing, and commercializing small molecule drugs in strategic therapeutic areas, specifically neuropsychiatric and reproductive health [1] - The company has developed two core products: LV232, a dual-target 5-HTT/5-HT3 receptor modulator for treating major depressive disorder, and TPN171, a PDE5 inhibitor for treating erectile dysfunction [1] - Additionally, the company has four candidate drugs in clinical stages and three in preclinical stages [1]