Group 1: Company Overview - Ningde Times experienced a 9% increase in dark market trading, with 310,000 applicants, significantly surpassing the previous popular IPO, Mixue Ice Cream, which had 260,000 applicants [1] - The total margin for Ningde Times reached HKD 280 billion, while the expected margin for Heng Rui Medicine is HKD 200 billion, indicating a higher chance of winning shares for applicants in comparison to Ningde Times [2] - Paige Biopharma, established in 2008, focuses on innovative therapies for chronic diseases, particularly in the development of GLP-1 receptor agonists [3][4] Group 2: Financial Performance - Paige Biopharma reported no commercialized products, with net losses of RMB 279.18 million and RMB 283.35 million for 2023 and 2024, respectively [5] - The company has completed 10 rounds of financing, raising over RMB 1.3 billion, with a post-investment valuation of RMB 4 billion [7] Group 3: Market Challenges - Paige Biopharma faces significant competition from international giants like Novo Nordisk and Eli Lilly, which hold 90% of the global market share [8] - The company lacks a self-built sales team and relies on partnerships for promotion, with previous collaborations ending, raising concerns about its commercialization capabilities [9] Group 4: IPO Details - Paige Biopharma's IPO will issue shares representing 5% of total shares, aiming to raise approximately HKD 301 million at an offering price of HKD 15.6 per share [10] - The expected oversubscription for the IPO is around 15 times, with a projected 10% chance of winning shares for applicants [11][12]
派格生物医药港股IPO，基石占比65%，这是准备玩套路回拨？