Group 1 - The core viewpoint of the article is that Zhonghui Biotech-B is entering the IPO stage with cautious pricing and lacks strong cornerstone investors, which may affect investor confidence [1][2][3] Group 2 - Zhonghui Biotech plans to issue 33.44 million H-shares, with a price range of HKD 12.9 to HKD 15.5, and the subscription period is from July 31 to August 5 [1] - The IPO pricing range shows a significant price gap of 20.16%, indicating market valuation disputes [2] - The company has only one private equity fund as a cornerstone investor, which raises concerns about the lack of backing from well-known institutions [3] Group 3 - The company has a pipeline of 13 products, including one commercialized vaccine and several in various stages of development, with its only commercial product being a quadrivalent influenza vaccine [4] - The quadrivalent influenza vaccine has shown high efficacy rates, exceeding EU standards, and has been adopted by over 1,100 county-level disease control centers [4] - Despite the vaccine's efficacy, its high price of HKD 319 per dose poses challenges in a competitive market where prices range from HKD 100 to HKD 150 [5] Group 4 - The company faces significant inventory pressure, with a return liability of HKD 84.7 million projected for 2024, indicating potential profit erosion [5] - Over 90% of the company's revenue is currently dependent on the quadrivalent influenza vaccine, highlighting revenue concentration risk [5] - The company's sales are highly seasonal, with a significant portion of revenue generated in the months of July to September [6]
IPO定价谨慎、短期基本面短板明显，中慧生物-B或拉低投资者“打新收益”