狂揽3900亿！A股“药王”长红35年，赴港IPO成最大“龙头”

Core Insights - Heng Rui Pharmaceutical successfully listed on the Hong Kong Stock Exchange on May 23, 2024, with a stock price surge of 29% on the first day, elevating its market capitalization to 390 billion yuan, making it the largest player in the Hong Kong pharmaceutical sector in five years [1] - The company attracted significant attention from top-tier investors, with institutional subscriptions reaching 4.1 billion Hong Kong dollars [1] Company Background - Founded in 1990, Heng Rui Pharmaceutical was led by Sun Piaoyang, who took over a struggling company and transformed it into a leader in the oncology drug market through strategic investments and innovation [6] - The company went public on the A-share market in 2000, achieving a market value of over 600 billion yuan, and has since maintained a strong presence in the pharmaceutical industry [6][7] Recent Developments - Heng Rui announced its intention to list in Hong Kong in December 2024, completing the process in five months with a prospectus that garnered attention from over 200,000 retail investors, resulting in an oversubscription of 454.85 times [4] - The company has distributed dividends 27 times since its listing, totaling over 10 billion yuan, and has not relied on external financing, showcasing its strong profitability and operational stability [8] Competitive Landscape - Despite its strengths, Heng Rui faces increasing competition from emerging pharmaceutical companies like BeiGene and Baillie Gifford, which have made significant strides in drug innovation and market presence [10] - The company has struggled with market saturation and the need for blockbuster products, relying heavily on the acquisition of patents for generic drugs, which poses a risk of being outpaced by competitors [10] Challenges and Strategic Responses - In 2023, Heng Rui launched a self-developed cancer drug, Aierika, which became a key sales driver, but faced a profit decline of 89% due to policy reforms affecting drug procurement [10] - The company reported a net profit decrease of 840 million yuan in 2024, highlighting the challenges in the domestic market [11] - Heng Rui's international expansion is critical, with the Hong Kong listing seen as a strategic move to attract global capital and enhance its international market presence [11][18] Future Outlook - The company's ability to navigate regulatory challenges and accelerate its internationalization efforts will be crucial for its future success [16] - Heng Rui's listing in Hong Kong represents a significant step in its global strategy, with the potential to enhance the competitiveness of Chinese pharmaceutical companies in the global market [18]