Zheng Quan Shi Bao·2025-05-23 03:29Core Viewpoint - Heng Rui Pharmaceutical officially listed on the Hong Kong Stock Exchange, experiencing significant market interest and a strong debut performance, reflecting the ongoing "innovation drug bull market" in Hong Kong since 2025 [1][6]. Company Overview - Heng Rui Pharmaceutical, a well-established A-share company since 2000, has a diverse portfolio of innovative drugs, including 19 marketed new molecular entities and over 90 in clinical or later stages of development [1][2]. - The company has maintained a high level of research and development investment, with R&D expenses accounting for 29.4% of total revenue in 2024, which is projected to be RMB 28 billion [2][5]. Financial Performance - The sales revenue from innovative drugs increased from 38.1% of total revenue in 2022 to 43.4% in 2023, and is expected to reach 46.3% in 2024, while the share of generic drug sales decreased from 60.3% in 2022 to 42.0% in 2024 [2][5]. - Since its A-share listing, Heng Rui has distributed approximately RMB 8.03 billion in cash dividends, significantly exceeding the capital raised during its initial public offering [2][5]. IPO Details - The final offering price for Heng Rui's IPO was set at HKD 44.05 per share, with a subscription rate of 454.85 times, indicating strong investor demand [3][4]. - The total number of shares offered was approximately 224.52 million, with 48.27 million shares allocated for public sale in Hong Kong [3][4]. Market Context - The Hong Kong IPO market has shown a strong performance since 2025, with many biotech stocks experiencing significant price increases, including 13 stocks that have more than doubled in value this year [6][11]. - Heng Rui's successful listing is part of a broader trend where high-quality Chinese stocks attract substantial interest from both domestic and international investors [14].