Group 1 - The trend of A-share pharmaceutical companies listing in Hong Kong has intensified, with 27 new A-share companies submitting applications in September and a total of 78 A-share companies applying to list in Hong Kong this year [2] - Notable companies among the applicants include Lixun Precision (002475.SZ), Siasun (601127.SH), Muyuan Foods (002714.SZ), and Baillie Gifford (688506.SH), with 12 of them being large-cap stocks with market values exceeding 100 billion [2] - Changchun High-tech (000661.SZ), known as "Northeast Medicine King," submitted its prospectus for listing on the Hong Kong Stock Exchange on September 29, with a market value of 53 billion [2][4] Group 2 - Changchun High-tech has achieved a 34% increase in its A-share price year-to-date, but this is significantly lower compared to peers like Hengrui Medicine and Kailai Ying, which have already established dual financing platforms [3] - The company has a strong position in the short-acting human growth hormone (hGH) market, holding a 68.4% market share in 2024, with projected revenue of approximately 9.6 billion RMB from its hGH products [4][6] Group 3 - The Chinese hGH drug market is projected to reach 12.6 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030, significantly lower than the 17.6% growth rate from 2019 to 2024 [6] - Competition in the long-acting hGH market has intensified, with new products from companies like Teva and Novo Nordisk entering the market [8] Group 4 - Changchun High-tech has diversified its product portfolio, having launched over 45 commercialized drugs, including more than 20 first-in-class products in China [9] - The company has faced a decline in revenue for the first time since 2005, with a 7.55% decrease in 2024, and a further decline in the first half of 2025 [10][12] Group 5 - The company's reliance on a limited number of products has exposed vulnerabilities, as over 90% of its revenue comes from a few key products [14] - Despite the challenges, Changchun High-tech has increased its R&D spending by 30.2% to 1.155 billion RMB in the first half of the year, aiming to develop more innovative products [14]

Core Viewpoint - Changchun High-tech, known as "Northeast Yaomao," submitted an application for H-share listing on the Hong Kong Stock Exchange on September 29, which is expected to enhance its global strategic layout and accelerate internationalization [1] Company Summary - The listing in Hong Kong is anticipated to improve the company's financing capabilities abroad and deepen the exploration of its value [1] - The move is expected to facilitate the continuous realization of the company's innovative pipeline results and further advance its international layout, opening up new growth opportunities [1] - As of September 30, Changchun High-tech's stock price increased by 0.87%, reaching 130.02 yuan per share, with a market capitalization of 53 billion yuan [1]

Core Viewpoint - Changchun High-tech has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a steady progress in its overseas listing process [1] Group 1: H-share Listing and Market Context - The company has filed for H-share listing, joining a trend of A-share companies accelerating their listings in Hong Kong, with notable examples including CATL and Hengrui Medicine [1] - Hengrui Medicine has received significant recognition from overseas investors, achieving a market premium of over 10% compared to its A-share value since its H-share listing [1] Group 2: Fundraising and Strategic Transformation - The H-share issuance will be exclusively sponsored by CITIC Securities International, with the fundraising aimed at supporting clinical trials, global collaborations, enhancing sales capabilities, and general corporate purposes [2] - The fundraising aligns with the company's strategic transformation towards becoming a leading innovative global pharmaceutical company, focusing on differentiated innovation in global markets [2][3] Group 3: Product Development and Market Potential - The company is advancing its innovative drug pipeline, including the recently approved drug for acute gouty arthritis, Jinbeixin, which has shown promising clinical results [4] - The Chinese gout medication market is projected to grow from RMB 1.8 billion in 2019 to RMB 3 billion in 2024, with an expected CAGR of 17.6% until 2030, indicating significant market potential for Jinbeixin [4] Group 4: R&D and AI Integration - The company is enhancing its sales and marketing capabilities while leveraging AI technology in drug discovery and process optimization to improve research efficiency and success rates [5] - Recent collaborations, such as with Danish company ALK for allergen-specific immunotherapy products, highlight the company's commitment to expanding its product offerings and market reach [5][6]

Core Viewpoint - Changchun High-tech has submitted an application for H-share listing on the Hong Kong Stock Exchange, which is expected to enhance its global strategy, accelerate internationalization, and improve its financing capabilities [1] Company Overview - Changchun High-tech is recognized as one of the few pharmaceutical companies in China with comprehensive capabilities in research, production, and commercialization across therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine [3][4] - The company has developed a competitive and diversified product matrix, with over 45 commercialized drugs, including more than 20 first-in-class products globally or in China [4] Financial Performance - Revenue projections for Changchun High-tech show a steady increase, with expected revenues of 126.27 billion RMB in 2022, 145.66 billion RMB in 2023, and 134.66 billion RMB in 2024, maintaining over 100 billion RMB in sales for four consecutive years [4][5] - The gross profit margins are projected to be 88%, 86%, 85.7%, and 83.4% for the years 2022, 2023, 2024, and the first half of 2025, respectively [4][5] Research and Development - The company has significantly increased its R&D investment, with a compound annual growth rate of 30.7% from 2012 to 2024, and R&D expenses are projected to account for 10.8%, 11.8%, 16.1%, and 17.5% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [6] - Changchun High-tech aims to deepen its presence in various therapeutic areas by continuously investing in innovation and accelerating the clinical development of candidate drugs [6] Market Opportunities - The global pharmaceutical market is steadily growing, with the Chinese innovative drug market expected to reach 1,171.5 billion RMB in 2024 and 1,950.5 billion RMB by 2030, reflecting a compound annual growth rate of 8.9% from 2024 to 2030 [8] - The company plans to enhance its global influence through high R&D investments, overseas licensing of innovative drugs, and diversification of its product portfolio [8]

Core Viewpoint - Changchun High-tech Industry (Group) Co., Ltd. announced the approval of its long-acting follicle-stimulating hormone injection, Jin Sai Jia®, which offers a new option for controlled ovarian stimulation in assisted reproductive technology [1][2]. Group 1 - Jin Sai Jia® has been approved for use in conjunction with gonadotropin-releasing hormone antagonists to induce multiple follicle development, replacing the need for daily injections with a single subcutaneous injection lasting seven days [1][2]. - The demand for assisted reproductive technology has been increasing, with the launch of the first domestically developed recombinant follicle-stimulating hormone in China, Jin Sai Heng®, in 2015, which required daily injections [1][2]. - The approval of Jin Sai Jia® will enhance the company's product portfolio in women's health, creating a complete range of recombinant follicle-stimulating hormone products, including powder, short-acting, and long-acting formulations [2]. Group 2 - Jin Sai Jia® utilizes gene fusion technology to achieve long-acting effects, significantly reducing the frequency of administration compared to short-acting formulations [2]. - The dosage of Jin Sai Jia® is customized based on age and weight, minimizing the risk of injection errors and improving patient compliance and treatment efficiency [2]. - Clinical trial results from Phase II and III indicate that Jin Sai Jia® demonstrates excellent efficacy and safety [2].

Core Viewpoint - Changchun Gaoxin has submitted an application for the issuance of overseas listed foreign shares (H-shares) and for listing on the main board of the Hong Kong Stock Exchange on September 29 [1] Group 1 - The company has officially filed its application with the Hong Kong Stock Exchange [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange's website [1]

Core Viewpoint - Changchun High-Tech Industry (Group) Co., Ltd. is accelerating its plan for a Hong Kong IPO to seek new opportunities amid declining performance, particularly due to over-reliance on its growth hormone business [1][8]. Company Overview - The company submitted its prospectus to the Hong Kong Stock Exchange on September 29, aiming for a listing on the main board [1]. - As of September 29, 2025, the company's total market capitalization was approximately RMB 52.583 billion [1]. Business Challenges - The company has faced significant revenue fluctuations, with projected revenues of approximately RMB 126.27 billion, RMB 145.66 billion, and RMB 134.66 billion from 2022 to 2024, and a net profit decline of 43.01% in 2024 [3][4]. - The primary reason for the revenue decline is the company's heavy dependence on its growth hormone business, which has been affected by price controls from centralized procurement policies [4][5]. Market Dynamics - The growth hormone market in China has seen rapid growth, increasing from RMB 4 billion in 2018 to RMB 11.6 billion in 2023, with a compound annual growth rate (CAGR) of 23.9% [4][5]. - Despite holding a 74% market share, the company faces increasing competition, particularly from long-acting growth hormone products, which are gaining market share at a rate exceeding 50% annually [5]. Vaccine Business Performance - The company's vaccine segment has also struggled, with a reported revenue drop of 39.96% year-on-year in Q1 2025, primarily due to decreased sales of the shingles vaccine [6]. IPO Strategy and Goals - The Hong Kong IPO is seen as a critical step for the company to enhance its international presence, improve financing capabilities, and attract international investors [2][8]. - The company aims to expand its overseas revenue, which was only RMB 1.3 billion in 2024, by diversifying its export product categories and increasing international collaborations [8]. Market Environment and Challenges - The current market sentiment for biotech stocks in Hong Kong is cautious, with a high rate of new stock failures, which could lead to valuation pressures for the company [9]. - The company must navigate uncertainties in drug development and commercialization, as well as the competitive landscape influenced by policy changes and market dynamics [10].

Performance Forecasts - Yinglian Co., Ltd. expects a net profit growth of 1531.13% to 1672.97% year-on-year for the first three quarters [1] - Dalian Heavy Industry anticipates a net profit growth of 19.91% to 28.52% year-on-year for the first three quarters [1] Project Investments - Wharton Technology plans to invest in the enhancement of membrane materials and membrane components [1] - Jiufeng Energy intends to invest in a coal-to-natural gas project in Xinjiang [1] Contract Awards - Qiaoyin Co., Ltd. is pre-awarded a contract worth approximately 512 million yuan for integrated sanitation operations in Laishui County, Baoding City, Hebei Province [1] - Dash Smart signed a contract for a smart hospital project worth 113 million yuan [1] Equity Acquisitions - Conch New Materials plans to acquire 51% equity in North China Plastics [1] - Suochen Technology intends to acquire 60% equity in Likong Technology [1] - Jingye Intelligent plans to acquire 51% equity in Hefei Shengwen for 108 million yuan [1] - Landi Group plans to acquire 20.1667% equity in Jujia Technology for 121 million yuan [1] Share Buybacks - Hanshuo Technology plans to repurchase shares worth between 150 million yuan and 300 million yuan [2] - Youke De intends to spend between 8 million yuan and 10 million yuan on share buybacks [2] H-Shares - Jinghe Integrated Circuit has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [2] - Lingyi Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange [2] - Changchun High-tech has submitted an application for the issuance of H-shares [2] Shareholding Changes - Senba Sensor's actual controller plans to reduce holdings by no more than 1.09% [3] - Erkang Pharmaceutical's controlling shareholder intends to reduce holdings by no more than 2.04% [3] - Andeli's BVI Donghua plans to reduce holdings by no more than 1.00% [3] - Zhiyang Innovation's controlling shareholder and its concerted actioner plan to reduce a total of no more than 4.225 million shares [3] - Xizi Clean Energy's chairman plans to increase holdings by 30 million to 50 million yuan [3] Other Activities - Luoxin Pharmaceutical plans to raise no more than 842 million yuan for innovative drug research and development projects [3] - Huaxin Xinchang has received project designation notification from Jiangqi Group [3] - Jinpu Garden plans to raise no more than 129 million yuan through a private placement to Nanjing Lisen [3]

36氪获悉，长春高新公告，公司已于2025年9月29日向香港联合交易所有限公司（以下简称"香港联交 所"）递交了发行境外上市外资股（H股）股票并在香港联交所主板上市（以下简称"本次发行上市"） 的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。本次发行上市事项的相关申请资 料为公司按照香港证券及期货事务监察委员会及香港联交所的要求编制和刊发，为草拟版本，其所载资 料可能会适时作出更新及修订，投资者不应根据其中的资料作出任何投资决定。 ...

Core Viewpoint - Changchun High-tech has officially submitted its main board listing application in Hong Kong, marking a significant step in its internationalization strategy [1] Group 1: Company Strategy and Financials - The company aims to accelerate its global strategy and expand financing channels to support high-intensity R&D and pipeline expansion [1] - In the first half of this year, R&D investment increased by 17.32% year-on-year, reaching 1.335 billion yuan, with R&D expenditure accounting for 20.21% of revenue [1] - Changchun High-tech has established a strong and diverse product portfolio in various therapeutic areas, including endocrine and metabolic diseases, women's health, immune and respiratory diseases, oncology, vaccines, and traditional Chinese medicine [1] Group 2: Business Development and Partnerships - The company has transitioned from a "self-research single-wheel drive" model to a "self-research + business development dual-wheel drive" strategy, particularly evident in its subsidiary, Changchun Jinsai Pharmaceutical [2] - In September, Changchun Jinsai announced a collaboration with ALK-Abelló A/S to co-develop and commercialize allergy immunotherapy products in China, gaining exclusive rights to three ALK products [2] - The long-term goal for Changchun Jinsai is to become a leading player in the respiratory field in China, expanding its business footprint and industry influence [2] Group 3: Market Context and Future Outlook - Since the implementation of the 18A listing rules in 2018, Hong Kong has become a preferred listing destination for biotech companies, supported by recent policy enhancements [3] - The Hong Kong market offers policy inclusivity and an international ecosystem, facilitating overseas business funding and foreign exchange settlement [3] - The company plans to enhance its clinical pipeline through sustained high R&D investment and expand its global market presence via partnerships and product diversification [3]