Group 1 - The core viewpoint of the article highlights the cautious approach of Zhonghui Biotech's IPO, which is set to take place from July 31 to August 5, with a price range of HKD 12.9 to HKD 15.5 per share [1][2] - Zhonghui Biotech plans to issue a total of 33.4426 million H-shares, with 10% allocated for Hong Kong and 90% for international sales [1] - The IPO has garnered attention due to the reputable underwriters, CITIC Securities and CMB International, although concerns about the company's short-term fundamentals remain [1][6] Group 2 - The pricing strategy for Zhonghui Biotech's IPO shows a price range difference of 20.16%, which is higher than the average range of 15.22% for Hong Kong IPOs in 2024, indicating market valuation disputes [2] - The lack of prominent cornerstone investors in the IPO is notable, with only one private equity fund subscribing to 21.27% of the offering, contrasting with recent IPOs that attracted well-known institutional investors [3] Group 3 - Zhonghui Biotech has a pipeline of 13 products, including one commercialized vaccine and several in various stages of development, with its only commercial product being the quadrivalent influenza virus subunit vaccine, Hui Er Kang Xin® [4] - The vaccine has shown high efficacy rates, exceeding EU standards, and has been adopted by over 1,100 county-level disease control centers across 30 provinces in China [4] Group 4 - Despite the vaccine's market acceptance, its price of HKD 319 per dose poses challenges in a competitive market where similar products are priced between HKD 100 and HKD 150 [5] - The company faces significant inventory pressure, with a return liability of HKD 84.7 million projected for 2024, indicating potential profit erosion [5] - Zhonghui Biotech's revenue is heavily reliant on Hui Er Kang Xin®, accounting for over 90% of total income, and sales are seasonally concentrated from July to September [5][6]
IPO定价谨慎、短期基本面短板明显，中慧生物-B（02627）或拉低投资者“打新收益”