Company Overview - Zhonghui Biotech was listed on the Hong Kong Stock Exchange on August 11, with an intraday increase of up to 168.8%, setting a record for the highest first-day gain for a new stock in Hong Kong in 2025, ultimately closing up approximately 158% at HKD 33.28 per share, with a total market capitalization of HKD 13.09 billion [1] - Prior to its listing, Zhonghui Biotech showed strong demand in the dark market, with a rise of over 170%, and recorded over 4000 times oversubscription during the public offering phase, raising over HKD 210 billion, making it the most oversubscribed stock in the Hong Kong biotech sector this year [1] - The company issued 33.44 million H-shares at a final offering price of HKD 12.90, which is at the lower end of the price range, raising approximately HKD 431 million, with the funds primarily allocated for the development and registration of its core products and other vaccines [1] Product Pipeline - Zhonghui Biotech's product pipeline includes two core products: a quadrivalent influenza virus subunit vaccine and an in-development lyophilized human rabies vaccine, along with 11 other vaccines in various stages of research [2] - The quadrivalent influenza virus subunit vaccine, named Huili Kangxin, received approval from the National Medical Products Administration in May 2023 and is currently the only approved quadrivalent influenza vaccine in China, having started commercialization in September 2023, serving as a major revenue source [2] - The in-development lyophilized human rabies vaccine is expected to enter Phase III clinical trials in Q3 2025, which could provide a significant additional revenue stream if successful [2] Financial Performance - Zhonghui Biotech is in its early development stage with high R&D expenditures, reporting revenues of CNY 52 million, CNY 260 million, and CNY 413,000 for the years 2023, 2024, and the first quarter of 2025, respectively, alongside net losses of CNY 425 million, CNY 259 million, and CNY 87 million for the same periods [2] - R&D expenses for the same periods were CNY 283 million, CNY 206 million, and CNY 47 million, indicating a significant investment in product development [2] Market Potential - The Chinese human vaccine market (excluding COVID-19 vaccines) has substantial growth potential, increasing from CNY 53.5 billion in 2019 to CNY 96.1 billion in 2024, and is projected to reach CNY 331.9 billion by 2033 according to Frost & Sullivan [2]
狂飙158%，港股中慧生物上市首日遭疯抢
Huan Qiu Lao Hu Cai Jing·2025-08-11 11:06