Core Viewpoint - The recent IPOs in the Hong Kong stock market have shown mixed results, with some companies experiencing significant gains while others faced declines on their debut [1][2]. Company Performance - The stock of Pag Biopharma-B (02565.HK) opened significantly lower on its debut, dropping over 28% at one point, and ultimately closing with a decline of more than 21% [2][3]. - Despite the poor first-day performance, Pag Biopharma's IPO attracted substantial interest, with a subscription rate of 743.78 times for the public offering and 1.13 times for the international offering [3]. Product Pipeline - Pag Biopharma focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder sector, with a pipeline that includes one core product and five additional candidates [3][4]. - The core product, PB-119, is a long-acting GLP-1 receptor agonist aimed at treating Type 2 Diabetes Mellitus (T2DM) and obesity, showing promising results in clinical trials [4]. Regulatory Progress - The New Drug Application (NDA) for PB-119 was accepted by the National Medical Products Administration in September 2023, positioning it among the earliest long-acting GLP-1 receptor agonists in China, with potential approval expected by mid-2025 [4]. Financial Overview - Pag Biopharma reported net revenues of RMB 14.635 million and RMB 7.007 million for 2023 and 2024, respectively, with losses of RMB 279 million and RMB 283 million for the same years [5]. - As of the end of 2024, the company had cash and cash equivalents amounting to RMB 28.392 million, indicating a need for funding to support its product development and commercialization efforts [6].
【IPO追踪】派格生物医药登陆港交所，首日股价一度大跌28%