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Core Viewpoint - Hanbang Technology (688755.SH) is set to be listed on the Sci-Tech Innovation Board, focusing on chromatography technology to provide separation and purification equipment and solutions for the pharmaceutical and life sciences sectors [1][2] Company Overview - Hanbang Technology is a high-tech enterprise integrating R&D, production, and sales, primarily serving the pharmaceutical and life sciences industries [1] - The company has established itself as a leading player in the domestic chromatography purification equipment market, with a market share of approximately 12.7% in small molecule liquid chromatography equipment, ranking first among domestic manufacturers [6] - Hanbang's product lines include small molecule and large molecule drug separation and purification equipment, catering to both industrial production and laboratory research [6] Financial Information - The company's initial public offering (IPO) price is set at 22.77 CNY per share, with an institutional offering price of 23.00 CNY per share, resulting in a market capitalization of 15.03 billion CNY [5] - The projected use of raised funds includes investments in various production projects, with amounts allocated as follows: 1.93 billion CNY for annual production of 1,000 liquid chromatography separation equipment, 1.81 billion CNY for chromatography equipment R&D center, and 2.25 billion CNY for annual production of 2,000 laboratory chromatography purification instruments [5] Market Position and Competitors - Hanbang Technology has established strong partnerships with well-known pharmaceutical companies such as Hengrui Medicine, Zhengda Tianqing, and others, and its products are exported to multiple countries including Germany, the UK, India, and South Korea [6] - The company has undergone multiple rounds of financing, with notable investors including WuXi AppTec, Junlian Capital, and Sequoia Capital [6] Risks and Challenges - The company has reported high ending inventory amounts and potential impairment risks, with inventory values of 508 million CNY, 431 million CNY, and 387 million CNY from 2022 to 2024 [7] - Accounts receivable values are also significant, with amounts of 131 million CNY, 119 million CNY, and 130 million CNY for the same period, indicating a high proportion of overdue accounts [7]