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].

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]