Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing significant growth, particularly in innovative drugs, with many companies seeing their stock prices double [1]. Group 1: Market Dynamics - The listing of TIDE Pharmaceutical (03880.HK) on June 30 attracted considerable market attention, with a subscription rate of 301.15 times for public offerings and 2.43 times for international offerings [2]. - TIDE Pharmaceutical is positioned in a favorable market window, driven by two core market dynamics: the global capital market's shift towards Chinese technology assets and the upcoming results in China's innovative drug industry by 2025 [3][4]. Group 2: Industry Growth Potential - The global peptide drug market is projected to reach $261.2 billion by 2032, with a compound annual growth rate (CAGR) of 12.6% [7]. - In China, the GLP-1 drug market is expected to grow from $100 million in 2018 to $1.3 billion in 2023, with a CAGR of 65.3%, and further to $23.2 billion by 2032, with a CAGR of 37.3% [11]. - TIDE Pharmaceutical is strategically focusing on the GLP-1 sector, which is becoming a major trend in the pharmaceutical industry [7]. Group 3: Competitive Positioning - TIDE Pharmaceutical is recognized as the third-largest peptide CRDMO globally, with nine GLP-1 molecule development projects and partnerships with seven clients [15]. - The company is expanding its production capacity, with facilities in Hangzhou and the U.S., to meet the anticipated surge in market demand [16]. Group 4: Technological Advancements - TIDE Pharmaceutical has over 20 years of experience in the peptide CRDMO industry, with a strong team of experts and a wealth of knowledge in peptide drug design and synthesis [18]. - The company utilizes multiple proprietary technology platforms, including OmniPeptSynth™ and PeptiNuclide LinkTech™, to enhance its innovation capabilities [19][20]. - TIDE's long-term service capabilities have earned recognition from pharmaceutical companies, further solidifying its position in the peptide drug sector [21]. Group 5: Future Outlook - TIDE Pharmaceutical is well-positioned to benefit from the upcoming expiration of patents for major GLP-1 drugs, which will create significant demand for generic APIs [23]. - The company is also exploring opportunities in the oligonucleotide drug sector, indicating a broad market potential [23]. - Overall, TIDE Pharmaceutical's strategic positioning and technological expertise suggest strong long-term growth potential in the innovative drug market [22].

Core Viewpoint - The Hong Kong stock market is experiencing a surge in IPO activity, with multiple companies set to list in the coming days, indicating a robust market environment for new listings [1][3][18]. Group 1: Upcoming IPOs - On June 30, six companies announced their IPOs, with plans to list between June 30 and July 4, 2025 [1][3]. - The companies planning to list include Lens Technology, Fortior, Xunzhong Communication, Jizhi Jia, Dazhong Oral, and Shougang Longze, with Lens Technology and Fortior being A-share listed companies [1][3]. - Three companies, including Taide Pharmaceutical, Yunzhisheng, and IFBH, successfully listed on June 30, 2025, with Taide Pharmaceutical's share price set at 30.6 HKD [1][4]. Group 2: Financial Performance of Listed Companies - Yunzhisheng reported revenues of approximately 601 million RMB, 727 million RMB, and 939 million RMB for 2022, 2023, and 2024, respectively, with net losses of 375 million RMB, 376 million RMB, and 454 million RMB [4][6]. - Taide Pharmaceutical raised approximately 514 million HKD, with a net amount of about 429 million HKD after expenses, and secured two cornerstone investors contributing a total of 10 million USD [8]. - IFBH raised around 1.158 billion HKD, with a net amount of approximately 1.074 billion HKD, and is recognized as the second-largest coconut water beverage company globally [8]. Group 3: Market Trends and Future Outlook - The Hong Kong stock exchange has seen over 40 new listings in the first half of 2025, a significant increase compared to the same period in 2024, with total fundraising exceeding 100 billion HKD [17]. - The market is expected to remain active, with more companies preparing for IPOs, including those that have already submitted applications [17][18]. - The trend indicates a growing interest from A-share listed companies to enter the Hong Kong market, with over 70 companies submitting applications in June 2025 alone [17].

Core Viewpoint - 泰德医药 (Zhejiang Taide Pharmaceutical Co., Ltd.) has successfully listed on the Hong Kong Stock Exchange, with an initial trading price of 30.3 HKD and a closing price of 30.8 HKD, reflecting a slight increase of 0.65% on the first day of trading [1]. Summary by Relevant Sections IPO Details - The final offer price for the shares was set at 30.6 HKD, raising a total of 514.08 million HKD. After deducting estimated listing expenses of 85.31 million HKD, the net proceeds amounted to 428.77 million HKD [3][4]. Share Distribution - A total of 16,800,000 H-shares were issued, with an equal split of 8,400,000 shares allocated for public offering in Hong Kong and international offering [1]. Key Investors - The cornerstone investors for the IPO include Shiyao and Welight Capital [4]. Business Focus - The company primarily provides Contract Research Organization (CRO) services, focusing on peptide NCE discovery synthesis, and Contract Development and Manufacturing Organization (CDMO) services, which include peptide CMC development and commercial production. The services are mainly centered on providing Active Pharmaceutical Ingredients (API) rather than finished drugs [4]. Use of Proceeds - The funds raised will be utilized for expanding service capabilities and production capacity in the U.S. and China, increasing production capacity in China, establishing sales and after-sales service networks in more regions, and general corporate purposes [4]. Financial Performance - Projected revenues for 2022, 2023, and 2024 are 351 million RMB, 337 million RMB, and 442 million RMB, respectively. The net profits for the same years are expected to be 53.98 million RMB, 48.91 million RMB, and 59.17 million RMB [5][6].

Core Viewpoint - Medtide Inc. (泰德医药) successfully listed on the Hong Kong Stock Exchange on June 30, 2025, raising approximately HKD 514 million through the issuance of 16.8 million H-shares, representing 11.85% of total shares post-IPO [3][4]. Group 1: IPO Details - The public offering was oversubscribed by 301.15 times, while the international offering was oversubscribed by 2.43 times [4]. - Two cornerstone investors participated in the IPO, subscribing to approximately 2.565 million shares (USD 10 million), accounting for 15.27% of the global offering and 1.81% of total shares post-IPO [4]. - The final offer price was set at HKD 30.60 per share [3]. Group 2: Shareholder Structure - Dr. Xu Qi, through Qikang International, holds 42.01% of the shares, while Ms. Li Xiangli holds a combined direct and indirect stake of 25.36% [4][5]. - Together, Dr. Xu and Ms. Li control approximately 67.37% of the voting rights in the company [5]. Group 3: Company Overview - Medtide Inc. is a Contract Research, Development, and Manufacturing Organization (CRDMO) specializing in peptides, providing comprehensive services from early discovery to commercial production [5]. - According to Frost & Sullivan, Medtide is one of the most comprehensive peptide-focused CRDMOs globally and ranks as the third largest in terms of sales revenue, with a market share of 1.5% as of 2023 [5]. - As of December 31, 2024, Medtide has a project pipeline that includes 1,217 ongoing CRO projects and 332 ongoing CDMO projects [5]. Group 4: Market Performance - After listing, Medtide's share price reached HKD 31.70, reflecting a 3.59% increase, with a total market capitalization of approximately HKD 4.495 billion [6]. - The stock's trading volume was 6.9414 million shares, with a closing price of HKD 30.60 on the previous day [7].

Core Viewpoint - The recent surge in Hong Kong's innovative pharmaceutical stocks, including the upcoming IPO of Tide Pharmaceutical, highlights the growing interest in the sector, particularly in peptide drugs, which are experiencing significant market expansion [1][12]. Industry Overview - Tide Pharmaceutical specializes in the CRDMO (Contract Research, Development, and Manufacturing Organization) sector focused on peptides, providing research, development, and manufacturing services to pharmaceutical companies [2]. - The global peptide drug market is on the verge of explosive growth, with sales expected to rise from $60.7 billion in 2018 to $89.5 billion in 2023, reflecting a compound annual growth rate (CAGR) of 8.1%, and projected to reach $261.2 billion by 2032, with a CAGR of 12.6% [2]. - The GLP-1 drug segment, a key driver of this growth, is anticipated to grow from $9.3 billion in 2018 to $38.9 billion in 2023, with a CAGR of 33.2%, and further to $129.9 billion by 2032, with a CAGR of 14.3% [5]. Company Positioning - Tide Pharmaceutical ranks as the third largest global CRDMO focused on peptides by sales revenue as of 2023, positioning itself to leverage the expanding market [7]. - The company has a diversified business model encompassing both CRO and CDMO services, allowing it to capture value throughout the drug development lifecycle [8]. - As of the end of 2024, Tide Pharmaceutical has 1,217 ongoing CRO projects and 332 ongoing CDMO projects, enhancing its resilience and growth opportunities across various business sectors [10]. Technological and Production Capabilities - Tide Pharmaceutical has established significant barriers to entry in peptide production, with extensive experience in peptide API production technology and large-scale manufacturing capabilities [10]. - The company operates a cGMP-compliant production facility in Hangzhou with an annual API production capacity of 500 kg, and is expanding its production capabilities with additional facilities in the U.S. and China [10][11]. Customer Base and Market Dynamics - Tide Pharmaceutical serves over 1,000 clients across more than 50 countries, including large pharmaceutical and biotechnology companies, which provides a stable revenue stream and mitigates geopolitical risks [11]. - The company enjoys high customer loyalty, with an average collaboration duration of about 10 years with its top five clients and a CDMO customer retention rate exceeding 90% [11]. Market Timing and IPO Prospects - The current market environment is favorable for Tide Pharmaceutical's IPO, with renewed investor interest in the innovative drug sector and a strong performance of recent Hong Kong IPOs [12][13]. - The company is well-positioned to capitalize on the rapid expansion of the peptide drug market, supported by its technological expertise, comprehensive business model, and robust customer relationships [15].

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted applications for listing, those that have passed the hearing, and details about their financial performance and market positions. Group 1: New Applications - A total of 19 companies submitted applications to the Hong Kong Stock Exchange from June 16 to June 22 [3] - New Hope Group (600803.SH) is the largest private natural gas company in China, with a market share of approximately 6.1% in 2024 [3] - Wolong Technology (002130.SZ) is the second-largest high-speed copper cable manufacturer globally, holding a 24.9% market share [4] - Beijing Geekplus Technology Co., Ltd. is the largest provider of AMR solutions globally, maintaining its leading position for six consecutive years [5] - Banu International Holdings is the largest hot pot brand in China by revenue, with a market share of 3.1% [6] - Hope Sea Inc. is the largest comprehensive electronic product import supply chain solution provider in China, with an import GMV of approximately RMB 34.8 billion in 2024 [7] - Guangzhou Shiyuan Electronic Technology Co., Ltd. ranks first in the Chinese market for interactive smart panels with a 25.0% market share [8] - Anmai Biotechnology Co., Ltd. ranks second globally in T-cell connector therapy, with total transaction values exceeding USD 2.1 billion [9] - Beijing Haizhi Technology Group focuses on industrial-grade AI solutions, ranking fifth in the Chinese market [10] - Suzhou Jiyi Technology Co., Ltd. ranks second in digital retail operations in China [11] - Drip Irrigation International Investment Co., Ltd. is the first global exchange group based on revenue-sharing models [12] - Zhaowei Electromechanical (003021.SZ) provides integrated micro-drive systems, with revenues projected to grow [13] - Meige Intelligent (002881.SZ) ranks fourth globally in wireless communication modules, holding a 6.4% market share [14] - Yuxin Technology (300674.SZ) is a leading fintech solution provider in China, with significant market shares in various sectors [15] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. ranks second in the digital education market for higher education in China [16] - Zhaoyi Innovation (603986.SH) is the second-largest NOR Flash provider globally, with an 18.5% market share [17] - Changchun Changguang Chenxin Microelectronics Co., Ltd. specializes in high-performance CMOS image sensors [18] - Weichai Lovol Smart Agriculture Technology Co., Ltd. is a leading provider of smart agricultural solutions in China [19] - PPIO is an independent distributed cloud computing service provider [20] - Xiangkang Holdings is a major technical apparel manufacturer for high-end brands [22] Group 2: Companies Passing Hearings - Four companies passed the listing hearing this week, including Fuwai Group, which is a pan-Asian life insurance company with projected insurance revenue growth [24] - Fengcai Technology focuses on chip design for BLDC motor control, ranking sixth in the Chinese market [25] - Xunzhong Communication Technology Co., Ltd. is the third-largest cloud communication service provider in China [26] - Cloudbreak Pharma Inc. is a clinical-stage ophthalmic biotech company with two core products [27] Group 3: Recent IPOs - Haitan Flavor Industry (03288.HK) raised approximately HKD 10.1 billion in its IPO, with a slight decline in stock price post-listing [28] - Sanhua Intelligent (02050.HK) had a strong subscription rate for its IPO [29] - Baize Medical (02609.HK) and other companies also reported significant subscription rates for their IPOs [30][31][32][33]

Core Insights - A total of 22 financing events were disclosed on June 20, 2025, involving 15 domestic companies and 7 foreign companies, with a total financing amount of approximately 14.189 billion RMB [2] - The enterprise service sector had the highest number of financing events, while the smart technology sector had the highest financing amount [2] - In the healthcare sector, there were 5 financing events involving 3 domestic companies and 2 foreign companies, totaling approximately 1.138 billion RMB [2] Domestic Healthcare Sector - Three domestic healthcare companies received funding, totaling approximately 1.074 billion RMB: - Zhejiang Taide Pharmaceutical completed a 10 million USD Pre-IPO financing, with investors including Weiguang Venture Capital and Shiyao Group [2] - United Imaging Intelligence completed a 1 billion RMB Series A financing, ranking first in all Series A financing this year [2] - Beijian Testing completed a 10 million RMB Series A financing, focusing on biosafety and animal laboratories [2] Foreign Healthcare Sector - Two foreign healthcare companies received funding, totaling approximately 64 million RMB: - SerImmune completed an 8 million USD Series A financing, ranking in the top 50 for Series A financing this year [3] - Droplet IV completed a 2 million USD seed round financing [3]

Group 1 - The company, TIDE Pharmaceutical (03880.HK), has launched an IPO, planning to issue 16.8 million shares globally, with 15.12 million shares for international offering and 1.68 million shares for public offering in Hong Kong [1] - The expected price range for each share is between HKD 28.40 and HKD 30.60, with estimated net proceeds from the global offering around HKD 411 million after deducting underwriting commissions and other expenses [1] - The funds raised will be used to expand service capacity and production in the US and China, increase capacity at the Qiantang Park, and build facilities in the Pharmaceutical Town [1] Group 2 - TIDE Pharmaceutical has entered cornerstone investment agreements with CSPC Pharmaceutical Group (01093.HK) and Welight Capital, with a total subscription amount of approximately USD 10 million [2] - In 2023, TIDE Pharmaceutical is the third largest global CRDMO focused on peptides, holding a market share of 1.5%, providing CRO and CDMO services primarily for API rather than finished drugs [2] - The company has established stable customer relationships in over 50 countries, with peptide drugs generally showing better tolerability, specificity, and bioactivity compared to chemical drugs [2] Group 3 - TIDE Pharmaceutical's revenue fluctuated from 2022 to 2024, with revenues of approximately RMB 351 million, RMB 337 million, and RMB 442 million, and net profits of approximately RMB 53.98 million, RMB 48.90 million, and RMB 59.17 million respectively [3] - In 2024, CDMO service revenue reached RMB 330 million, accounting for 74.6% of total revenue, with 55% of revenue coming from the US market, significantly higher than the 21.4% from the Chinese market [3] - The company indicated that recent US-China trade tensions may introduce uncertainties, but believes that new tariff policies will not have a direct or immediate significant impact on its business operations or financial performance [3]