Core Viewpoint - 中慧生物 successfully listed on the Hong Kong Stock Exchange, achieving a remarkable first-day increase of 157.98% from its opening price, reflecting strong investor interest in innovative biotech companies [1][2] Company Overview - 中慧生物 was established in 2015, focusing on the research, manufacturing, and commercialization of innovative vaccines, including two core products and 11 other vaccines in development [2] - The core product "慧尔康欣" is China's first and only approved quadrivalent influenza virus subunit vaccine, while another core product, a freeze-dried human rabies vaccine, is expected to enter phase III clinical trials in Q3 2023 [2][3] Market Performance - The company attracted significant investment prior to its listing, with over 19,000 investors participating in the public offering, resulting in an oversubscription of over 4000 times and a total subscription amount exceeding 200 billion HKD [2][3] - 中慧生物's dark market performance also set a record, with a rise of approximately 160%, making it the top-performing new stock of the year [3] Financial Performance - For the years 2023, 2024, and Q1 2025, 中慧生物 reported revenues of 52.168 million, 260 million, and 4.13 million CNY respectively, with R&D expenditures of 283 million, 206 million, and 46.514 million CNY, resulting in losses of 425 million, 259 million, and 87.317 million CNY [4] - The company explained that its revenue is seasonally concentrated from July to September, leading to lower first-quarter revenues [4] Industry Context - The pricing of "慧尔康欣" is set at 319 CNY per dose, which is higher than the industry average, as the average bidding price for influenza vaccines in China has decreased from 126 CNY in 2022 to 125 CNY in 2023, and is projected to drop to 93 CNY in 2024 [5] - Despite challenges such as low vaccination rates and price competition, 中慧生物 sees significant growth potential, with the Chinese influenza vaccine market projected to grow from 2 billion CNY in 2019 to 7 billion CNY in 2024, reflecting a compound annual growth rate of 28.7% [5]
19万人打新，超额认购逾4000倍 中慧生物港交所上市首日盘中涨近170%