Group 1 - The Hang Seng Index rose by 0.54%, gaining 141 points to close at 26,487 points, while the Hang Seng Tech Index increased by 0.31%. The morning trading volume in Hong Kong stocks reached HKD 178.7 billion [1] - Newly listed stock Dipu Technology (01384) surged by 36%, while Baima Tea (06890) rose over 8%, and Haixi New Drug (02637) increased by 7.59% [2] - The demand for energy storage driven by AI is expected to increase significantly, with CITIC Securities forecasting that total lithium battery demand will exceed 2,700 GWh next year, a year-on-year growth rate of over 30%. Energy storage battery demand is projected to exceed 900 GWh, leading to potential shortages in various lithium sectors [2] Group 2 - Ganfeng Lithium (01772) rose over 12%, and Tianqi Lithium (09696) increased by over 8% due to the strong performance of lithium mining stocks [2] - The energy storage sector saw significant gains, with Zhongchu Innovation (03931) rising over 12%, CATL (03750) increasing by 2.59%, and Shuangdeng Co. (06969) gaining over 7% [2] - Ruipu Lanjun (00666) increased by over 8% after the company launched several strategic new products covering energy storage, commercial vehicles, and passenger cars [3] Group 3 - Aneng Logistics (09956) surged by 22% following a privatization proposal from a major shareholder's consortium, with a premium rate exceeding 48% [4] - China Duty Free Group (01880) rose by 3% as the entire Hainan island is set to close in December, which is expected to boost the overall development of Hainan's tourism retail market [5] - China Hongqiao (01378) increased by nearly 7% due to recent production cuts in overseas electrolytic aluminum, which may further widen the supply-demand gap in the electrolytic aluminum market [6] Group 4 - Anjii Food (02648) rose over 8% with a 11.8% year-on-year growth in net profit attributable to shareholders in the third quarter, supported by a collaborative development across all channels [7] - The engineering machinery sector saw significant gains, with September exports continuing to grow year-on-year, and leading companies like Sany Heavy Industry (06031) rising by 9%, Senson International (02155) increasing by 8.02%, and China National Heavy Duty Truck Group (03808) gaining 3.7% [7] Group 5 - WuXi AppTec (02359) fell over 4% as the actual controller's shareholders plan to reduce their holdings by no more than 2% of the company's A-shares [8]

Core Viewpoint - Haixi New Drug (02637.HK) experienced a significant price increase, rising over 12% at one point, reaching a high of 114.9 HKD, which is more than a 30% increase from its IPO price of 86.4 HKD [1] Summary by Category - **Stock Performance** - As of the latest update, Haixi New Drug's stock is up 9.2%, trading at 111.6 HKD with a transaction volume of 20.93 million HKD [1]

Core Viewpoint - Haixi New Drug (02637) experienced a significant stock price increase, rising over 12% to a peak of 114.9 HKD, which is more than 30% above its IPO price of 86.4 HKD, indicating strong market interest and investor confidence in the company [1] Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company that integrates research and development, production, and sales capabilities [1] - The company has received approval for 15 generic drug products, with a product portfolio that spans multiple therapeutic areas, including the digestive system, cardiovascular system, endocrine system, and nervous system [1] - Haixi New Drug has established a pipeline of four innovative drugs under development, targeting diseases in oncology, ophthalmology, and respiratory systems [1] Future Plans - The company plans to actively explore collaboration opportunities with multinational corporations (MNCs) to enhance its international clinical research and commercialization capabilities [1]

Core Viewpoint - Haixi New Drug (02637) has seen a significant stock price increase, rising over 12% at one point and currently trading at 111.6 HKD, which is more than 30% above its IPO price of 86.4 HKD [1] Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company that integrates research and development, production, and sales capabilities [1] - The company has 15 approved generic drug products covering multiple therapeutic areas, including the digestive system, cardiovascular system, endocrine system, and nervous system [1] - Haixi New Drug has established a pipeline of four innovative drugs under development, targeting cancer, ophthalmology, and respiratory diseases [1] Future Plans - The company plans to actively explore collaboration opportunities with multinational corporations (MNCs) to enhance its international clinical research and commercialization capabilities [1]

Group 1 - The core viewpoint of the article highlights the successful debut of Haixi New Drug on the Hong Kong Stock Exchange, marking it as the first pharmaceutical company from Fujian to enter the Hong Kong market [1] - Haixi New Drug opened at 102 HKD, a rise of 18.06% from its issue price of 86.4 HKD, and closed at 104.2 HKD, representing a total increase of 20.6% [1] - The company's market capitalization reached 7.003 billion HKD following its first trading day [1] Group 2 - Haixi New Drug operates as a comprehensive biopharmaceutical enterprise, focusing on both generic and innovative drugs, with a robust product pipeline in various therapeutic areas including oncology and respiratory diseases [1] - The company has received approval for 15 generic drugs and has 4 innovative drugs in development, along with 37 global patents, showcasing its strong R&D capabilities [1] - The establishment of Haixi New Drug is part of a broader initiative by Fujian Province to develop its biopharmaceutical industry, which has been designated as a strategic emerging industry since 2009 [2]

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. (referred to as "Haixi New Drug") was listed on the Hong Kong Stock Exchange, with a closing price of 104.20 HKD on the first day, reflecting a 20.60% increase, but it dropped to 101.5 HKD the following day, a decrease of 2.59% [1]. Summary by Sections Share Issuance and Capital Structure - The total number of shares issued under the global offering was 11,500,000 H-shares, with 1,150,000 H-shares available for public offering and 10,350,000 H-shares for international offering [2]. - At the time of listing, the total number of shares issued was 78,707,270 [2]. Pricing and Proceeds - The final offering price was set at 86.40 HKD, resulting in total proceeds of 993.60 million HKD. After deducting estimated listing expenses of 53.47 million HKD, the net proceeds amounted to 940.13 million HKD [4][5]. Use of Proceeds - Approximately 52.0% of the net proceeds is expected to be used for ongoing investment in research and development to advance the drug pipeline and enrich the product portfolio. About 23.0% is anticipated for enhancing R&D capabilities and seeking collaboration opportunities. Additionally, 8.0% is planned for strengthening commercialization capabilities and expanding market influence, while 7.0% is allocated for improving and optimizing R&D and production systems, and 10.0% for working capital and other general corporate purposes [6]. Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company that integrates R&D, production, and sales capabilities, with a pipeline of innovative drugs under development [6]. Financial Performance - The company's revenues for the years 2022, 2023, 2024, and the first five months of 2025 were 212.5 million, 316.6 million, 466.7 million, and 249.2 million RMB, respectively. The net profits for the same periods were 69.0 million, 117.5 million, 136.1 million, and 90.2 million RMB [7][8]. - The net cash flow from operating activities for the same periods was 85.3 million, 147.1 million, 163.9 million, and 80.1 million RMB [9]. Research and Development Pipeline - As of July 2025, Haixi New Drug has only four innovative drugs in the pipeline, all in early clinical stages. These include a multi-mechanism immune modulator C019199 for treating osteosarcoma and other malignancies, an oral small molecule drug HXP056 recently approved for clinical trials targeting wet age-related macular degeneration, and two other drugs for tumors and respiratory diseases still in preclinical research [10].

Core Insights - HaiXi Pharmaceutical (02637.HK) was listed on the Hong Kong stock market on October 20, with a market capitalization of approximately HKD 8 billion [1] - The company is in the commercialization stage, with 15 generic drugs approved by the National Medical Products Administration and 4 innovative drugs in the research pipeline targeting oncology, ophthalmology, and respiratory diseases [1] - The revenue projections for HaiXi Pharmaceutical from 2022 to 2024 are HKD 213 million, HKD 317 million, and HKD 467 million, respectively, with net profits of HKD 69 million, HKD 118 million, and HKD 136 million [1] Company Overview - HaiXi Pharmaceutical has 15 commercialized generic drugs primarily used for treating digestive, cardiovascular, endocrine, neurological, and inflammatory diseases [1] - Among the 15 generic drugs, 4 are included in the national centralized procurement program [1] - The company has a research team of 112 personnel and a sales team of only 36 employees [1] Business Strategy - The company plans to continue supporting the development of innovative drugs through the sales of generic drugs [2] - Key operational strategies include increasing R&D investment, enhancing commercialization capabilities, improving R&D capacity, conducting GMP compliance checks, and focusing on talent recruitment and retention [2]

Core Viewpoint - The Hong Kong Stock Exchange reported that during the week from October 13 to October 19, 9 companies submitted listing applications, 5 companies passed the hearing, 4 companies launched their IPOs, and 2 new stocks were listed [1]. Group 1: Companies Submitted Listing Applications - Hantian Technology (Xiamen) Co., Ltd. is a leader in the global silicon carbide (SiC) epitaxy industry, focusing on the R&D, mass production, and sales of SiC epitaxy chips, with a projected market share of over 30% in 2024 [2]. - Impression Co., Ltd. is a state-owned cultural tourism service enterprise, ranking eighth in China's cultural tourism performance market in 2024, with revenues of approximately 63.04 million yuan in 2022 [3]. - Guangzhou Yujian Noodle Restaurant Co., Ltd. is the fourth largest operator of Chinese noodle restaurants in China, with a market share of 0.5% in 2024 [4]. - Baishan Cloud Holdings Ltd. is the second largest independent edge cloud service provider in China, with a market share of approximately 2.0% in 2024 [5][6]. - Shouchuang Securities Co., Ltd. is a financial service provider with a strong asset management capability, ranking fifth in revenue growth among 42 A-share listed securities companies from 2022 to 2024 [7]. - Chongqing Qianli Technology Co., Ltd. focuses on AI and mobility solutions, with stable growth in automotive products [8]. - Nanjing Qingtian All Tax Information Technology Co., Ltd. is a leading digital service provider for cross-border enterprises, ranking first in the smart tax solution market in China with a market share of 1.7% in 2024 [9]. - Lakala Payment Co., Ltd. is a leading digital payment provider in Asia, with a market share of 9.4% in 2024 [10]. - Sichuan Xin Hehua Traditional Chinese Medicine Co., Ltd. is one of the largest suppliers of traditional Chinese medicine products in China, ranking second in the market with a 0.4% market share in 2024 [12]. Group 2: Companies Passed Hearing - Seres Group Co., Ltd. focuses on the research, manufacturing, and sales of new energy vehicles, achieving revenues of approximately 340.56 billion yuan in 2022 [13]. - Minglue Technology is a leading data intelligence application software company in China, with revenues of approximately 12.69 billion yuan in 2022 [14]. - Pony AI Inc. specializes in autonomous driving services, with a total operational area exceeding 2000 square kilometers [15]. - Ningbo Joyson Electronic Corp. is a global leader in smart automotive technology solutions, ranking second in China and fourth globally in smart cockpit domain control systems [16][17]. - WeRide Inc. is a pioneer in L4 autonomous driving, with operations in over 30 cities across 11 countries [18]. Group 3: Companies Launched IPOs - Yunji Technology launched its IPO with a subscription that was oversubscribed by 5677 times, raising approximately 189.1 billion HKD [19]. - Haixi New Drug's IPO was delayed for regulatory approval, with a price range of 69.88-86.40 HKD per share [20]. - Jushuitan's IPO was set at 30.60 HKD per share, with a total of 681.66 million shares offered [21]. - Guanghetong's IPO was priced between 19.88-21.5 HKD per share, with a total of approximately 135 million shares offered [21]. Group 4: Newly Listed Stocks - Xuan Bamboo Biotechnology was listed on October 15, 2025, with a closing price of 26.30 HKD per share, reflecting a gain of 126.72% [22]. - Yunji was listed on October 16, 2025, with a closing price of 120.5 HKD per share, reflecting a gain of 26.05% [24].

Core Viewpoint - Haixi New Drug officially listed on the Hong Kong Stock Exchange on October 20, opening at HKD 102 per share, a rise of 18.06% from the issue price of HKD 86.4. The company's performance heavily relies on the national volume-based procurement (VBP) plan, with over 90% of revenue from this channel from 2022 to 2024, raising concerns about sustainability and profitability due to price pressures [2][6][8]. Revenue and Profitability - Revenue from Haixi New Drug is projected to be approximately RMB 212.5 million, RMB 316.6 million, and RMB 466.7 million for the years 2022, 2023, and 2024 respectively, with profits of about RMB 69.8 million, RMB 117.5 million, and RMB 136.1 million during the same period [4][6]. - The company faces significant price declines due to the VBP model, with the average price of its product Haihuaitong® dropping from RMB 3.56 to RMB 2.19, a decrease of 38.48%, and Anbili®'s price falling from RMB 1.16 to RMB 0.46 [6]. Dependency on Procurement - Haixi New Drug's revenue is highly dependent on a few products, with over 90% of revenue from procurement channels in 2022, 2023, and 2024. The two main products, Anbili® and Haihuaitong®, contributed 81.3%, 79.9%, and 72.2% of revenue respectively during these years [5][6]. - The procurement qualifications for Haihuaitong® and Anbili® will expire in 2025 and 2026 respectively, raising concerns about potential revenue disruptions if renewals are unsuccessful [6]. Innovation Pipeline - The company is attempting to pivot towards innovation with four drugs in the research pipeline targeting oncology, ophthalmology, and respiratory diseases. One notable drug, C019199, is in I/II clinical trials and aims to start a Phase III trial in late 2025 [7]. - However, the competition in the oncology space is intense, with several similar drugs already in development, posing risks to the success of Haixi's pipeline [7]. R&D Investment - R&D expenditures are expected to increase from RMB 34.82 million in 2022 to RMB 67.53 million in 2024, but this is still considered insufficient compared to the high costs associated with developing innovative drugs [7]. - The company needs to enhance its R&D efficiency and speed to compete effectively in the market [8].

Core Viewpoint - Haixi New Drug officially listed on the Hong Kong Stock Exchange on October 20, opening at HKD 102 per share, a rise of 18.06% from the issue price of HKD 86.4. The company's performance heavily relies on the national volume-based procurement (VBP) plan, with over 90% of revenue from this channel from 2022 to 2024, raising concerns about sustainability and profitability due to price pressures [1][5][6]. Group 1: Financial Performance - Revenue from 2022 to 2024 is projected to be approximately CNY 212.465 million, CNY 316.633 million, and CNY 466.683 million, respectively, with profits of about CNY 68.981 million, CNY 117.454 million, and CNY 136.079 million [4][5]. - The company’s net profit margin is expected to decline by 7.9 percentage points in 2024 compared to 2023, resulting in a net profit margin of 29.2% [5][6]. Group 2: Dependency on Procurement - Haixi New Drug's revenue is highly dependent on a few products, with over 90% of revenue from procurement channels in 2022, 2023, and 2024. The combined revenue contribution from Anbili® and Haihuitong® is 81.3%, 79.9%, and 72.2% for the respective years [5][6]. - The prices of key products have significantly decreased due to procurement, with Haihuitong® dropping from an average price of CNY 3.56 to CNY 2.19, a decline of 38.48% [5][6]. Group 3: Innovation Pipeline - The company is attempting to develop a "second growth curve" through its pipeline of innovative drugs, currently having four drugs in development targeting oncology, ophthalmology, and respiratory diseases [7][8]. - The innovative drug C019199 is in I/II clinical stages, with plans for a Phase III trial in late 2025, but faces intense competition from similar drugs globally [8]. - R&D expenditures are projected to increase from CNY 34.82 million in 2022 to CNY 67.525 million in 2024, but this may still be insufficient to support the high costs associated with innovative drug development [8][9]. Group 4: Market Perception and Challenges - The first-day performance of Haixi New Drug reflects short-term market recognition of its generics business and innovative drug potential, but long-term challenges include reducing reliance on procurement channels and accelerating the R&D process [9].