近五年港股最大医药IPO！一场“不差钱”的资本突围

Core Viewpoint - Heng Rui Medicine has officially launched its H-share global public offering, aiming to raise up to HKD 13.08 billion, marking the highest fundraising amount for a Hong Kong IPO by a pharmaceutical company in the past five years [1][2]. Group 1: IPO Details - The company plans to issue 224,519,800 H-shares, with 5.5% allocated for public offering in Hong Kong and 94.5% for international placement [1]. - The price range for the shares is set between HKD 41.45 and HKD 44.05, with the final price expected to be determined by May 22, 2025 [1]. - If the overallotment option is fully exercised, the total number of H-shares could reach 296,927,200 [1]. Group 2: Use of Proceeds - The funds raised will be used for R&D programs, building new production and R&D facilities in China and overseas, and for working capital and other general corporate purposes [2]. - The cornerstone investors include notable firms such as GIC, Invesco, and Hillhouse Capital, with their subscriptions accounting for 43.04% of the total offering [2]. Group 3: Financial Performance - In 2024, Heng Rui Medicine reported a revenue of CNY 27.985 billion, a year-on-year increase of 22.63%, and a net profit of CNY 6.337 billion, up 47.28% [3]. - For Q1 2025, the company achieved a revenue of CNY 7.206 billion, reflecting a 20.14% growth year-on-year, and a net profit of CNY 1.874 billion, up 36.90% [3]. Group 4: R&D Investment - The company has maintained high R&D investment, with expenditures reaching CNY 6.150 billion in 2023 and projected to increase to CNY 6.583 billion in 2024, representing over 23% of revenue [4]. - Cumulatively, the R&D investment since 2011 has reached CNY 46 billion, supporting ongoing innovation [4]. Group 5: Industry Trends - The trend of Chinese innovative pharmaceutical companies going public in Hong Kong is driven by policy, capital, and industry logic, with 30 A-share companies disclosing plans for Hong Kong IPOs since early 2025 [2][5]. - The shift from generic drugs to true innovation is seen as a necessary transition for the industry, with Hong Kong serving as a platform for global resource integration [2][5]. Group 6: Internationalization Strategy - The H-share listing is considered a critical step in Heng Rui Medicine's internationalization strategy, enhancing its brand influence and optimizing its capital structure [7]. - The company aims to leverage the Hong Kong market to expand its overseas business and international R&D collaborations [7]. Group 7: License-out Model - The License-out model has accelerated the internationalization of Chinese innovative pharmaceutical companies, allowing them to enter global markets by partnering with foreign firms [8][10]. - Heng Rui Medicine's recent licensing agreement with Hercules Company exemplifies this strategy, providing both upfront payments and equity stakes [9].