Hengrui Pharma(600276) 华尔街见闻·2025-05-21 09:04Group 1 - Core viewpoint: Heng Rui Medicine's IPO in Hong Kong is priced at HKD 44.05 per share, raising approximately HKD 99 billion (USD 1.3 billion), marking the largest IPO in the Hong Kong pharmaceutical sector in the past five years [1] - The pricing reflects a 25% discount compared to Heng Rui's A-share closing price, yet it indicates market recognition of the pharmaceutical leader, with a lower discount than the industry average of 27.4% for A+H listings [1][3] - The IPO proceeds will be utilized for drug development, potential acquisitions and collaborations, and establishing production facilities in China and overseas, highlighting the company's internationalization strategy [3] Group 2 - The IPO attracted a prestigious lineup of cornerstone investors, including GIC, Invesco, UBS-GAM, Hillhouse Capital, and Boyu Capital, contributing approximately HKD 41 billion (USD 5.33 billion), which accounts for 43.04% of the total offering [2] - GIC's involvement as a sovereign wealth fund will aid Heng Rui in expanding its overseas market presence, while the participation of Invesco and UBS-GAM will enhance the company's recognition among international investors [2] - Heng Rui's financial performance is strong, with projected revenue of CNY 27.985 billion in 2024, a year-on-year increase of 22.63%, and a net profit of CNY 6.337 billion, reflecting a growth rate of 47.28% [3]