港股年内最牛新股诞生！这家机构赚翻了→

Core Viewpoint - The article discusses the recent IPO of Zhonghui Biotech, highlighting its significant oversubscription and the company's current financial status, including its ongoing losses and investment in R&D. Company Overview - Zhonghui Biotech, established in 2015, focuses on the research, development, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technologies [3][6]. - The company has two core products: a quadrivalent influenza virus subunit vaccine approved in May 2023 and a developing lyophilized human rabies vaccine [3][6]. IPO Details - Zhonghui Biotech's IPO was highly successful, with over 4000 times oversubscription and total subscription amount exceeding 200 billion HKD, making it the "super subscription king" in the Hong Kong biotech sector for 2023 [3][4]. - The public offering accounted for only 11.95% of the total shares, with the remaining 88.05% allocated to institutional investors [3][5]. Financial Performance - The company has not yet achieved profitability, with projected revenues of 52 million RMB, 260 million RMB, and 413,000 RMB for 2023, 2024, and Q1 2025, respectively [6][9]. - Net losses are expected to be 425 million RMB, 259 million RMB, and 87 million RMB for the same periods, with R&D expenditures of 283 million RMB, 206 million RMB, and 47 million RMB [6][9]. Market Position and Challenges - Zhonghui Biotech's quadrivalent influenza vaccine is the first and only approved in China, but it is more expensive than other types of influenza vaccines, which may affect market acceptance [6][9]. - The pricing of the second-class vaccines is market-driven, and high bid prices could lead to losing contracts, impacting sales and financial performance [8][9]. Investment and Valuation - The company has completed three rounds of financing, raising nearly 1 billion RMB, with its valuation increasing from 746 million RMB to 4.189 billion RMB [10][15]. - Following the IPO, the total market capitalization of Zhonghui Biotech has exceeded 13 billion HKD, benefiting early investors significantly [10][15].