Group 1: Market Overview - The US-China trade relations show signs of easing, and China's GDP growth for the first three quarters is reported at 5.2% year-on-year [1] - Hong Kong's three major indices rebounded collectively, with the Hang Seng Index rising by 2.42% to close at 25,858.83 points, and a total trading volume of HKD 239.16 billion [1] - The Hang Seng Technology Index increased by 3%, indicating a strong performance in the tech sector [1] Group 2: Blue-Chip Stocks Performance - Alibaba (09988) saw a significant increase of 4.86%, closing at HKD 161.9, contributing 113.55 points to the Hang Seng Index [2] - Other notable blue-chip stocks include NetEase (09999) up 5.18%, China Petroleum (00857) up 5.05%, while Orient Overseas International (00316) and Chow Tai Fook (01929) experienced slight declines [2] Group 3: Sector Highlights - Major technology stocks rebounded, with Alibaba rising nearly 5%, and Baidu and Tencent both increasing over 3% [3] - The aviation sector continued its upward trend, with China Eastern Airlines (00670) surging over 9% [3] - Semiconductor stocks also saw gains, driven by the acceleration of domestic self-sufficiency and AI advancements [4] Group 4: Robotics and Gaming Sector - Robotics stocks performed well, with UBTECH (09880) rising by 9.77% after winning a significant contract worth HKD 126 million [5][6] - Gaming stocks collectively increased, with Wynn Macau (01128) up 4.44% and Sands China (01928) up 4.37% [5][7] Group 5: Gold Stocks and Market Sentiment - Gold stocks faced declines, with notable drops including Chifeng Jilong Gold Mining (06693) down 6.18% [7] - Recent volatility in gold prices, including a drop from a historical high of USD 4,379 to a low of USD 4,185, has affected market sentiment [7] Group 6: Notable Stock Movements - Haixi Pharmaceutical (02637) debuted with a 20.6% increase, closing at HKD 104.2 [8] - COSCO Shipping Energy (01138) reached a new high, closing up 7.91% at HKD 10.09, supported by strategic developments in the shipping sector [9] - Leap Motor (09863) saw a rise of 6.19% after significant insider buying [10] - YF Financial (00376) and Yao Cai Securities (01428) declined, attributed to regulatory actions affecting stablecoin projects [11]

Group 1 - The core point of the article is that the new Hong Kong stock, Haixi Pharmaceutical, experienced a significant increase of 26.5% on its first day of trading, with the current price reported at 109.3 HKD [1]

Core Viewpoint - Haixi New Drug (02637) has successfully listed, with an initial share price of HKD 86.40, raising approximately HKD 940 million from the issuance of 11.5 million shares [1] Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company with 15 approved generic drug products across various therapeutic areas, including digestive, cardiovascular, endocrine, and nervous systems [1] - The company’s revenue forecast for 2024 indicates that four core generic drugs will contribute over 90% of its revenue, totaling HKD 425 million [1] Product Pipeline - The company is focused on innovative drug development, with a pipeline that includes an innovative oncology drug and a potential first oral medication for treating wet age-related macular degeneration (wAMD), diabetic macular edema (DME), and retinal vein occlusion (RVO) [1] - Additionally, there are two other innovative drugs in the preclinical stage targeting oncology and respiratory diseases [1] - The most advanced drug in development is C019199 for osteosarcoma, which is set to enter Phase III trials in the second half of this year [1]

Group 1 - The core viewpoint of the article highlights the successful IPO of Haixi New Drug, with shares priced at HKD 86.40 and a total issuance of 11.5 million shares, raising approximately HKD 940 million in net proceeds [1] - As of the prospectus disclosure date, Haixi New Drug has 15 approved generic drug products covering various therapeutic areas, including digestive, cardiovascular, endocrine, and nervous systems [1] - The four core generic drugs, which have been included in the national volume-based procurement (VBP) program since 2021, are expected to contribute over 90% of the company's revenue, projected to reach HKD 425 million in 2024 [1] Group 2 - The company's innovative drug pipeline focuses on various indications, including an innovative oncology drug and a potential oral medication for wet age-related macular degeneration (wAMD), diabetic macular edema (DME), and retinal vein occlusion (RVO) [2] - Among the innovative drugs, the most advanced is C019199, targeting osteosarcoma, which is set to enter Phase III trials in the second half of this year [2]

Core Viewpoint - The newly listed stock, Haixi Pharmaceutical, opened 18% higher on its first trading day, reaching a price of 102 HKD [1] Company Summary - Haixi Pharmaceutical's stock performance indicates strong market interest and investor confidence upon its debut [1]

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a significant step for the company in integrating into the international capital market [1] Company Overview - Haixi New Drug is a leading biopharmaceutical company in China, engaged in research, production, and sales, with several innovative drug pipelines [1] - The company operates on a dual-track model combining innovative drugs and generic drugs, focusing on developing globally significant innovative products while steadily advancing generic drugs with substantial market potential [1] Financial Highlights - The global offering was priced at HKD 86.40 per share, with a total issuance scale of approximately HKD 1 billion [1] - The international placement was oversubscribed by 6.3 times, while the Hong Kong public offering saw a staggering 3165 times subscription [1] Strategic Goals - The listing is a crucial initiative for Haixi New Drug to enhance its global brand image and deepen the international strategic layout of its innovative drug products [1] - The company adheres to the development philosophy of "generic drugs support innovation, innovation drives the future," carving out a unique development path over its 13 years of establishment [1]

Core Viewpoint - Haixi New Drug announced the results of its new share allocation and will officially list on October 20, following a delay due to the need for additional time to finalize announcements and obtain regulatory approval. This situation raised concerns about a potential failure to list, reminiscent of the previous case with Baide Medical [1]. Group 1: Share Allocation Results - The allocation results show that only 46 participants received 90% of the national allocation, indicating a high concentration of shares among a few investors. The top 25 participants accounted for 99.62% of the national allocation, suggesting a strategy to control and potentially drive up the stock price [2]. - The dark market trading experienced volatility, with rumors of internal conflicts among investors leading to the delay in listing [3]. Group 2: Market Dynamics and Investor Behavior - There were reports of issues with the international placement, including potential duplicate applications and unqualified participants, raising concerns about the integrity of the allocation process [6]. - A significant number of applicants, approximately 316,000, were noted, with speculation that a group of investors, referred to as "monkeys," was involved in the subscription process, impacting the overall subscription rates and profitability for retail investors [7]. Group 3: IPO Distribution Regulations - Following the implementation of new IPO distribution regulations, there has been a noticeable trend where the allocation results show that the tail end of the allocation (甲尾) has a higher success rate compared to the head end (乙头) in many cases, suggesting a shift in strategy for investors [10][11]. - The analysis indicates that for accounts with multiple subscriptions, targeting the tail end may yield better results in terms of cost efficiency and success rates, although this could lead to missing out on larger opportunities [11].

Core Viewpoint - Hai Xi Pharmaceutical (02637.HK) has announced that it will list on the Hong Kong Stock Exchange on October 20, 2025, instead of the previously scheduled date of October 17, 2025 [3]. Summary by Relevant Sections Company Information - Stock Code: 2637 - Stock Abbreviation: Hai Xi Pharmaceutical - Listing Date: October 20, 2025 [4]. Pricing Information - Final Offer Price: HKD 86.40 - Offer Price Range: HKD 69.88 to HKD 86.40 - No adjustments made to the offer price [4]. Share Offering and Capital Structure - Total number of shares offered: 11,500,000 - Number of shares for public offering (after adjustments): 1,150,000 - Number of shares for international offering (after adjustments): 10,350,000 - Total number of shares issued at listing: 78,707,270 [4]. Over-allotment and Proceeds - Number of over-allotted shares: 0 - Total proceeds (before expenses): HKD 993.60 million - Estimated listing expenses (based on final offer price): HKD 53.47 million - Net proceeds: HKD 940.13 million [4].

Group 1 - The final issue price for the H-shares is set at HKD 86.40, which is at the upper limit of the price range of HKD 69.88 to HKD 86.40 [1] - The total number of shares issued is 11,500,000 H-shares, with 1,150,000 shares for the Hong Kong offering and 10,350,000 shares for the international offering, with no over-allotment option [1] - The total amount raised is HKD 994 million, with a net amount of HKD 940 million [1] Group 2 - The Hong Kong offering accounts for 10.00% of the total shares offered, while the international offering accounts for 90.00% [1] - The cornerstone investor is HARVEST INTERNATIONAL PREMIUM VALUE (SECONDARY MARKET) FUND SPC, which subscribed for 1,981,700 H-shares, representing 17.23% of the total issuance [1] - The underwriting team includes Huatai International, Guozhen International, Futu Securities, Xingzheng International, Minyin Capital, and ZTSC Zhongtai International [1]

Core Viewpoint - HaiXi Pharmaceutical (02637) has successfully completed its global offering of 11.5 million H-shares, raising approximately HKD 940 million with a final offer price of HKD 86.40 per share [1] Summary by Category Offering Details - The global offering consisted of 10% allocated to the Hong Kong public offering and 90% to international offering [1] - The offering was oversubscribed, with the Hong Kong public offering receiving 3165.1 times subscription and the international offering receiving 6.3 times subscription [1] Trading Information - The H-shares are expected to commence trading on the Hong Kong Stock Exchange on October 20, 2025, at 9:00 AM [1]