Core Viewpoint - The company, Haixi New Drug (02637.HK), announced a global offering of 11,500,000 H-shares at a price of HKD 86.40 per share, with net proceeds amounting to HKD 940 million [1] Summary by Sections - **Global Offering Details** - The global offering consists of 11,500,000 H-shares priced at HKD 86.40 each, resulting in net proceeds of HKD 940 million [1] - The Hong Kong public offering accounts for 10% of the total shares, with a subscription rate of 3,165.1 times [1] - The international offering represents 90% of the total shares, with a subscription rate of 6.3 times [1] - **Trading Information** - If the global offering becomes unconditional on October 20, 2025, trading of the H-shares is expected to commence at 9:00 AM on the same day [1] - H-shares will be traded in board lots of 50 shares, with the stock code being 2637 [1]

Core Viewpoint - HaiXi New Drug (02637) has successfully completed its global offering of 11.5 million H-shares, raising approximately HKD 940 million with a final offering price of HKD 86.40 per share [1] Summary by Category Offering Details - The global offering consisted of 10% allocated for public sale in Hong Kong and 90% for international sale [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]

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）及香港中央 結算有限公司（「香港結算」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 除 本 公 告 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 福 建 海 西 新 藥 創 制 股 份 有 限 公 司 （「本公司」）刊發日期為2025年10月9日的招股章程（「招股章程」）所界定者具有相 同 涵 義。 本 公 告 僅 作 參 考 用 途，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 本 公 告 並 非 招 股 章 程。潛 在 投 資 者 於 決 定 是 否 投 資 於 發 售 股 份 前 應 閱 覽 招 股 章 程，以 獲 得 有 關 全 球 發 售 的 詳 細 資 料。 本公告不會直接或間接於或向美國（包 ...

Core Viewpoint - The recent postponement of the IPO for Haixi New Drug highlights ongoing challenges in the Hong Kong stock market, particularly regarding the identification and verification of investors, which has led to concerns about potential irregularities in subscription applications [4][5][9]. Group 1: IPO Details - Haixi New Drug's IPO was initially scheduled for October 17, following a successful subscription period from October 9 to October 14, which attracted HKD 309.4 billion in margin financing, resulting in an oversubscription of 3,113 times [4]. - The company planned to issue 11.5 million shares, with approximately 10% allocated for public offering in Hong Kong and 90% for international placement, at a price range of HKD 69.88 to HKD 86.40 per share [4][9]. - The postponement was announced after the stock experienced a 25% increase in the dark market, raising questions about the reasons behind the delay, which were clarified to be related to the need for additional time to finalize the allocation results [4][8]. Group 2: Market Context - The Hong Kong IPO market has seen a significant increase in activity, with 66 new stocks listed in the first three quarters of the year, representing a 46.7% year-on-year growth and total fundraising of HKD 182.4 billion, a 228.1% increase [7]. - The pharmaceutical sector has been particularly strong, with seven out of the top ten performing new stocks in the first nine months being healthcare-related, reflecting a robust demand for innovative drugs [7]. Group 3: Company Profile - Haixi New Drug operates on a hybrid model focusing on both generic and innovative drugs, with a strong emphasis on first-generic, difficult-to-generate, and high-generic drug development [9]. - The company has a pipeline that includes one Phase II clinical project and three preclinical projects targeting oncology, ophthalmology, and respiratory diseases [9]. - Financially, Haixi New Drug reported revenues of approximately HKD 2.12 million, HKD 3.17 million, HKD 4.67 million, and HKD 2.49 million over the past four years, with a compound annual growth rate of 48.4% [9]. Group 4: Valuation Insights - The IPO valuation for Haixi New Drug is approximately 41 times PE (TTM), which is lower than the average PE of 58 times for similar A-share generic drug companies, suggesting potential for appreciation [10]. - The PS valuation is around 13 times, indicating a favorable comparison to peer companies in the market [10].

Core Viewpoint - The listing of Haixi Pharmaceutical (02637.HK) on the Hong Kong Stock Exchange has been delayed, originally scheduled for October 17, 2025, due to the need for additional time to finalize the announcement and obtain regulatory approval [2][3]. Group 1: Listing Delay Details - The company announced that the final announcement regarding the offering price and subscription levels must be published before 8:00 AM on October 17, 2025 [2]. - The company plans to issue approximately 11.5 million shares at a price range of HKD 69.88 to HKD 86.40, with a final cap set at HKD 86.40 per share [3]. - During the dark market trading phase, the stock price opened high but closed at HKD 107.6, reflecting a 24.54% increase, which may be linked to speculation about the delayed listing [3]. Group 2: Market Reactions and Speculations - There are rumors regarding irregularities in the international placement distribution, including issues with repeated applications and non-compliant participants, which may cast doubt on the effectiveness of dark market transactions [6]. - If the listing is merely delayed, completed dark market orders may still be valid; however, if the listing is ultimately canceled, all dark market transactions will be voided, although financing interest and fees typically are not refunded [7]. Group 3: Company Background and Financial Performance - Haixi Pharmaceutical has 14 approved generic drugs and four innovative drugs in development, with a dual-track approach of generics and innovative drugs [11][12]. - The company's revenue for the years 2022, 2023, 2024, and the first five months of 2025 were HKD 213 million, HKD 317 million, HKD 467 million, and HKD 249 million, respectively, with net profits of HKD 69 million, HKD 118 million, HKD 136 million, and HKD 90 million [12][13]. - The majority of the company's revenue comes from three products, which accounted for 98.2%, 92.9%, 82.6%, and 84% of total revenue during the respective reporting periods [14]. Group 4: Research and Development Pipeline - The company is developing several innovative drugs, including C019199, which targets multiple cancers, and HXP056, a potential oral treatment for eye diseases [16][17]. - C019199 has received IND approval and is undergoing various clinical trials, while HXP056 is expected to complete its Phase I trial by the end of 2025 [16][17]. - The combination of generics and innovative drugs has provided revenue and profit, but the generics segment may face future challenges due to market pressures [17].

Core Viewpoint - The recent postponement of the IPO for Haixi New Drug highlights ongoing challenges in the Hong Kong stock market, particularly regarding compliance and investor behavior in the context of the FINI system [1][4][5] Group 1: IPO Details - Haixi New Drug's IPO was initially scheduled for October 17, following a successful subscription period from October 9 to October 14, which saw a subscription amount of HKD 309.4 billion, oversubscribed by 3,113 times [4] - The company planned to issue 11.5 million shares, with approximately 10% allocated for public offering in Hong Kong and 90% for international placement, at a price range of HKD 69.88 to HKD 86.40 per share [4] - The announcement of the postponement came after a 25% increase in the dark market, raising concerns and speculation about potential issues with international placements [4][5] Group 2: Market Context - The Hong Kong IPO market has seen a significant increase in activity, with 66 new IPOs in the first three quarters of the year, a year-on-year increase of 46.7%, raising a total of HKD 182.4 billion, which is a 228.1% increase [7] - The healthcare sector has been particularly strong, with seven out of the top ten performing new stocks in the first nine months being in the medical field, showcasing the sector's robust performance amid a booming market for innovative drugs [7] Group 3: Company Profile - Haixi New Drug focuses on a hybrid model of generic and innovative drugs, with a strong emphasis on first-generic, difficult-to-generate, and high-generic drug development [9] - The company has a pipeline that includes one Phase II clinical project and three preclinical projects, targeting oncology, ophthalmology, and respiratory diseases [9] - Financially, Haixi New Drug reported revenues of approximately HKD 2.12 million, HKD 3.17 million, HKD 4.67 million, and HKD 2.49 million over the reporting period, with a compound annual growth rate of 48.4% [9] Group 4: Financial Metrics - The company's gross margin has consistently remained above 80%, indicating strong profitability and stable performance [9] - The estimated price-to-earnings (P/E) ratio for the IPO is around 41 times, which is lower than the average P/E of 58 times for similar A-share generic drug companies, suggesting potential for valuation appreciation [10]

Core Viewpoint - Haixi New Drug (02637.HK) has announced a delay in its Hong Kong listing originally scheduled for October 17, 2025, due to the need for additional time to finalize the announcement regarding the final offer price, international placement subscription levels, and other related information [2][3]. Group 1: Company Overview - Haixi New Drug was established in 2012 and is a commercial-stage pharmaceutical company that integrates research and development, production, and sales capabilities [3]. - The company has a diversified product portfolio, primarily consisting of generic drugs for digestive, cardiovascular, endocrine, neurological, and inflammatory diseases [3]. - As of September 30, 2025, Haixi New Drug has received approval from the National Medical Products Administration for 15 generic drugs, with four included in the national volume-based procurement program [3]. Group 2: IPO Details - The company plans to issue 11.5 million H-shares with an offer price range of HKD 69.88 to HKD 86.40, aiming to raise approximately HKD 8.04 billion to HKD 9.94 billion [4]. - The initial allocation ratio for the public offering is set at 10%, with the possibility of adjustment to a maximum of 15% [4]. - The listing market capitalization is estimated to be between HKD 55 billion and HKD 68 billion [4].

Group 1 - The core point of the article is that Haixi Pharmaceutical (HK02637) has announced a delay in its IPO process after completing dark pool trading, which is a rare occurrence in the Hong Kong stock market [1][2] - Haixi Pharmaceutical's dark pool trading showed strong performance with a subscription multiple exceeding 2400 times and a subscription amount over 240 billion HKD [2] - The company plans to issue approximately 11.5 million shares at a price of 86.4 HKD per share, with a notable increase of 24.54% in dark pool trading, reaching 107.6 HKD [2] Group 2 - Haixi Pharmaceutical, established in March 2012 and headquartered in Fuzhou, Fujian, operates in both generic and innovative drug development, focusing on commercialized products for various diseases [2][3] - The company has received approval for 14 generic drugs from the National Medical Products Administration, with 4 of them included in the national centralized procurement [3] - Revenue figures for Haixi Pharmaceutical during the reporting period are approximately 212 million CNY, 317 million CNY, 467 million CNY, and 249 million CNY for the years 2022, 2023, 2024, and the first five months of 2025, respectively, with net profits of approximately 69 million CNY, 117 million CNY, 136 million CNY, and 90 million CNY [3]

Group 1 - The core point of the news is that Haixi Pharmaceutical (HK02637) has announced a delay in its IPO after completing dark pool trading, which is a rare occurrence in the Hong Kong stock market [1] - The company did not disclose the specific reasons for the delay, but it is noted that such situations are uncommon, with the last similar case occurring in October 2022 involving another company [1] - Haixi Pharmaceutical's dark pool trading showed strong performance, with a subscription multiple exceeding 2400 times and total subscription amount over 240 billion HKD [1] Group 2 - Haixi Pharmaceutical, established in March 2012 and headquartered in Fuzhou, Fujian Province, operates in both generic and innovative drug development, with a focus on commercialized products for various diseases [2] - The company has 14 approved generic drugs, four of which are included in the national procurement list, and five additional drugs are in the ANDA stage, expected to receive market approval by 2025 or 2026 [2] - Revenue figures for Haixi Pharmaceutical during the reporting periods are approximately 212 million CNY, 317 million CNY, 467 million CNY, and 249 million CNY, with net profits of approximately 69 million CNY, 117 million CNY, 136 million CNY, and 90 million CNY respectively [2] Group 3 - The founders of Haixi Pharmaceutical are Dr. Kang Xinshan and his spouse Feng Yan, who together control 41.17% of the company's shares through direct and indirect means [3]

海西新药(02637)公布，因需要额外时间完成配发结果公告的定稿及获取监管机构批准，公司的上市时 间表将会顺延。董事会将在切实可行情况下尽快向市场提供最新资料。 ...