Core Viewpoint - The new IPO of Changfeng Pharmaceutical (02652) has raised a total of HKD 820.086 million, with an oversubscription rate exceeding 1343 times [1] Group 1: IPO Details - The total amount raised by Changfeng Pharmaceutical is HKD 820.086 million [1] - The company has received subscriptions from various brokers, including Futu, which contributed HKD 457 million, and Huasheng, which contributed HKD 26.8 million [1] - The overall subscription amount from other brokers totals HKD 158.535 million [1] Group 2: Subscription Performance - The IPO was significantly oversubscribed, with an oversubscription rate of over 1343 times [1] - The interest in the IPO indicates strong market demand for Changfeng Pharmaceutical's shares [1]

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Core Viewpoint - The article discusses the IPO of Changfeng Pharmaceutical, highlighting its focus on inhalation technology and its product portfolio aimed at treating respiratory diseases. The company has received multiple product approvals from regulatory authorities, indicating a strong market position and growth potential [3][10]. Company Overview - Changfeng Pharmaceutical was established in 2013 and specializes in the research, development, production, and commercialization of inhalation drugs, particularly for respiratory diseases [3]. - The company's core product is an inhalation suspension of Budesonide for treating bronchial asthma, which accounts for over 90% of its revenue [6]. Financial Performance - Revenue projections for the company are as follows: CNY 349 million in 2022, CNY 556 million in 2023, and CNY 608 million in 2024, reflecting a compound annual growth rate (CAGR) of 31.9% [6]. - The company turned a profit in 2023 with a net profit of CNY 31.73 million, but is expected to see a decline in net profit to CNY 21.09 million in 2024, a year-on-year decrease of 33.5% due to increased sales expenses [6][7]. IPO Details - The IPO subscription period for Changfeng Pharmaceutical is from September 26 to October 2, with a global offering of 41.198 million shares at a price of HKD 14.75 per share [10]. - The offering includes 4.12 million shares available in Hong Kong, with a high demand indicated by nearly 500 times subscription, suggesting strong investor interest [10].

Group 1: Alibaba Group - CMB International maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 195, citing advancements in AI infrastructure investment of RMB 380 billion and a projected 10x increase in data center energy consumption by 2032 [1] - CICC also maintains an "Outperform" rating for Alibaba-SW, increasing the target price to HKD 197, highlighting the leading position of Tongyi model ecosystem and the potential for commercial value release [1] Group 2: Kuaishou Technology - UBS maintains a "Buy" rating for Kuaishou-W, setting a target price of HKD 95.37, noting significant advancements in the 可灵 2.5 Turbo model for text understanding and video generation [1] Group 3: Xiaomi Corporation - Daiwa Securities maintains a "Buy" rating for Xiaomi Group, with a target price of HKD 76, reporting an increase in weekly electric vehicle deliveries to 10,000-12,000 units and plans to enter the European market by 2027 [2] Group 4: Longwind Pharmaceutical - China Everbright Securities International highlights Longwind Pharmaceutical's strong growth prospects, focusing on inhalation technology and drug development, with six products approved in the respiratory disease field [3] Group 5: Nine Dragons Paper Holdings - Bank of America maintains a "Buy" rating for Nine Dragons Paper, setting a target price of HKD 6.5, with a projected net profit of RMB 1.767 billion for FY25 and a 9.7% increase in sales [3] - Shenwan Hongyuan also maintains a "Buy" rating, noting significant improvements in gross profit and net profit, with expected growth in net profit for 2026-2028 [4] - Guotai Junan raises the target price for Nine Dragons Paper to HKD 7.37, citing a 9.6% increase in sales and a 1.9 percentage point rise in gross margin [4] Group 6: Xindong Company - CMB Securities strongly recommends Xindong Company, highlighting the successful public testing of "伊瑟" and a 37.74% increase in revenue from the TapTap platform [5] Group 7: Mixue Group - CITIC Securities maintains a "Buy" rating for Mixue Group, emphasizing its efficient supply chain and membership growth exceeding 300 million, with plans for expansion in Southeast Asia and new global markets [6]

Group 1 - Changfeng Pharmaceutical (02652) is currently in the process of an IPO, with a total of HKD 968.97 million borrowed from brokers including Futu, Huatai, and Xincheng as of September 26 [1][2] - The IPO has been oversubscribed by more than 14.8 times, indicating strong investor interest [1][2] - The total fundraising amount for Changfeng Pharmaceutical is reported to be HKD 61 million [2]

Company Overview - Changfeng Pharmaceutical Co., Ltd. focuses on inhalation technology and drugs, launching a global offering of 41.198 million H-shares at a price of HKD 14.75 per share, with trading expected to start on October 8, 2025 [1] - The company has received multiple institutional investments but did not introduce cornerstone investors for this listing [1] - It has developed a comprehensive product portfolio targeting respiratory diseases, with six products approved by regulatory authorities, including CF017, which is among the best-selling inhalation drugs in China [1][3] Business Model - The core business revolves around inhalation formulations, creating an integrated "R&D-production-commercialization" model [4] - The company is developing over 20 candidate products for global markets, expanding its focus beyond respiratory diseases to include CNS diseases and infections [4] - Revenue is heavily reliant on CF017, contributing 96.2% to 91.6% of total revenue from 2022 to Q1 2025, while other products like CF018 are gradually increasing their revenue share [5] Financial Analysis - Total revenue grew from RMB 349 million in 2022 to RMB 608 million in 2024, with a compound annual growth rate (CAGR) of 31.9% [6] - The company recorded a net loss of RMB 49.4 million in 2022 but turned profitable in 2023 with a net profit of RMB 31.7 million, further increasing to RMB 12.8 million in Q1 2025 [6][7] - Gross margins remained high, averaging around 79.4% in Q1 2025, driven by the high margins of CF017 [7] Competitive Advantages - The company possesses significant technical capabilities in inhalation formulation development, including particle engineering and device design [9] - Its production facility in Suzhou has a capacity to support the annual production of various inhalation products, with ongoing expansions to increase capacity [9] - The commercial network covers over 31 provinces in China, with a shift from a promotion-heavy model to a distributor-led approach, enhancing market penetration [9] Industry Outlook - The global respiratory drug market is projected to reach USD 157.2 billion by 2033, with inhalation formulations being a key growth area [10] - In China, the inhalation drug market is expected to grow from RMB 831 billion in 2024 to RMB 1.355 trillion by 2033, driven by increased market awareness and application [10] - Changfeng's CF017 has captured approximately 15.7% of the Chinese budesonide inhalation market, indicating a strong position among domestic competitors [11] Valuation Analysis - The company's market capitalization at the IPO price is approximately HKD 60.77 billion (RMB 55.71 billion), with a price-to-earnings (PE) ratio of about 88.9, reflecting growth expectations [12] - Compared to peers like GSK and AstraZeneca, which have lower PE ratios, Changfeng's valuation is considered high but justified by its growth rate and product pipeline [13] - Future performance will depend on the successful launch of new products and maintaining high profitability levels [13]

Group 1 - The core focus of the company is on the research, development, production, and commercialization of inhalation technology and inhalation drugs for treating respiratory diseases [3] - The company has received six product approvals from the National Medical Products Administration (NMPA) and the U.S. Food and Drug Administration (FDA) during the reporting period [3] - CF017, an inhalation suspension of budesonide for treating bronchial asthma, is the company's first approved product and has quickly become a leading inhalation drug in China [3][4] Group 2 - CF017 is projected to account for approximately 16% of the Chinese budesonide inhalation drug market by sales volume in 2024 [3] - The company's revenue is expected to grow significantly from RMB 349.1 million in 2022 to RMB 607.8 million in 2024, representing a compound annual growth rate (CAGR) of 31.9% [3] - The inhalation formulation market for respiratory diseases is expected to represent about 27.9% of the total respiratory drug market in China by 2024 [4] Group 3 - The company recorded a net loss of RMB 49.4 million in 2022, primarily due to the large-scale commercialization of CF017 starting in September 2021 [4] - The company achieved profitability in 2023, with net profit increasing from RMB 6.2 million in the first three months of 2024 to RMB 12.8 million in the same period of 2025 [4] - The increase in profit is attributed to the integration of third-party promotional functions into the company's distributors, streamlining sales and marketing practices [4]

Group 1 - The company plans to globally offer 41.198 million shares, with 4.12 million shares for Hong Kong and 37.078 million shares for international sale [1] - The subscription period is from September 26 to October 2, with a maximum offer price of HKD 14.75 per share and an entry fee of approximately HKD 7,449.38 for 500 shares [1] - The total expected fundraising amount is HKD 608 million, with a net amount of HKD 525 million, aimed at funding the ongoing R&D, clinical development, and commercialization of inhalation formulation candidates [1] Group 2 - The company is focused on the research, production, and commercialization of inhalation technology and drugs, specifically targeting respiratory diseases [1] - The product portfolio strategically aligns with four of the top ten global inhalation drugs projected for 2024, with total sales revenue of USD 4.1 billion [1] - The company has reported net profits of CNY 31.726 million, CNY 21.088 million, and CNY 12.815 million for the fiscal years 2023, 2024, and the first quarter of 2025, reflecting year-on-year changes of 164.22%, -33.53%, and 108.31% respectively [2]

長風藥業股份有限公司 C F P h a rm Te ch , I n c . （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2652 全球發售 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：倘 閣下對本招股章程任何內容有任何疑問，應徵詢獨立專業意見。 CF PharmTech, Inc. 長風藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 足，多繳股款可予退還） 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 | 10中信证券 | | --- | | | | 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，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 因本招股章程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。 本招股章程連同本招股章程「附錄八－送呈公司註冊處處長及展示文件」所述的文件均已遵照香港法例第32章《公司（清盤及雜項條文）條例》第342C條的規定送呈香港公司註 冊處處長登記。香港證券 ...

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