Core Viewpoint - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. (Zhonghui Bio) successfully listed on the Hong Kong Stock Exchange, with an initial price of HKD 12.90, and saw its stock price surge by 158% on the first day, setting a record for new IPOs in Hong Kong in 2025 [1][5]. Company Performance - On the second day of trading, Zhonghui Bio's stock continued to rise, with a cumulative increase of over 238% within two days, bringing its market capitalization close to HKD 17.2 billion [1]. - The public offering was oversubscribed by over 4,000 times, with frozen funds reaching HKD 210 billion, making it the hottest IPO project under the 18A clause this year [1]. Product and Technology - The capital market's enthusiasm for Zhonghui Bio is attributed to its core technology, the domestically exclusive quadrivalent influenza virus subunit vaccine "Hui Er Kang Xin®," which was approved in May 2023 [1]. - This vaccine utilizes a subunit technology route, which has a 35% global market share, offering significant advantages over traditional split vaccines in terms of purity and lower adverse reactions [1][7]. - The vaccine has shown superior immunogenicity, with a GMT ratio of 1.52 and an adverse reaction rate of 9.7%, compared to 18.3% for the control group [7]. Market Context - Despite the initial success, the long-term outlook for the influenza vaccine market in China is concerning, with a vaccination rate stagnating at 3.8%, only one-tenth of that in the U.S. [2][4]. - The market is crowded, with 26 listed influenza vaccines and 19 in development, leading to price wars and financial pressure on many companies [3][2]. Financial Background - Zhonghui Bio reported a net loss of RMB 259 million for 2024, highlighting the financial challenges in a competitive market [3]. - Prior to its IPO, the company underwent significant capital raising, including a total of RMB 1.3 billion in A-round financing in April 2019, RMB 1.75 billion in A+ round financing in August 2020, and RMB 6.9 billion in B-round financing in August 2021 [7]. Shareholding Structure - After listing, Zhonghui Bio's shareholding structure is characterized by a controlling shareholder group and diversified institutional investors, with the controlling group holding approximately 41.68% of shares [8]. - Institutional investors include various funds with significant holdings, such as Yingke Innovation and Guohai Innovation [8].
中慧生物暴涨背后：3%接种率的中国，需要319元/针的流感疫苗？