1.38亿港元战投圣诺医药，华熙生物“淘金”创新药

Core Viewpoint - Huaxi Biological has made a strategic investment in Saint No Pharmaceutical, focusing on the potential of small nucleic acid and RNAi technology in the medical aesthetics sector, particularly in targeted fat reduction [1][2][3]. Investment Details - On September 8, Saint No Pharmaceutical announced a share placement of 17.35 million new shares at HKD 12 per share, with Huaxi Hong Kong, a wholly-owned subsidiary of Huaxi Biological, investing HKD 138 million for 11.57 million shares [1][2]. - The share placement represents approximately 16.50% of the existing issued share capital and 14.16% of the enlarged share capital of Saint No Pharmaceutical [2]. - The placement price reflects a discount of about 19.84% compared to the closing price of HKD 14.97 on September 5 [2]. Company Performance - Huaxi Biological recently reported its worst half-year results since its listing, with revenue and net profit declining by 19.57% and 33.97% year-on-year, respectively [1][5]. - The company's three main business segments—skin science innovation, medical terminal products, and raw materials—experienced varying degrees of decline [5]. - The skin science innovation segment, which is the main revenue driver, saw a significant drop in revenue, contributing only 40.36% to total revenue in the first half of 2025 [5]. Strategic Rationale - The investment in Saint No Pharmaceutical is seen as a proactive strategy to explore new growth opportunities amid declining performance [6][8]. - Huaxi Biological aims to leverage Saint No's research capabilities in RNAi technology to enhance its own product offerings in medical aesthetics and regenerative medicine [3][6]. - The collaboration is expected to facilitate clinical development and commercialization of targeted fat reduction projects in the Greater China region [3]. Historical Context - Huaxi Biological has a history of investments in the pharmaceutical sector, previously acting as a limited partner in various private equity funds [7][8]. - The company has also engaged in acquisitions to expand its capital footprint, including the purchase of a hyaluronic acid raw material supplier and a collagen production company [8][9]. - The founder, Zhao Yan, has a strong background in investment, which may influence the company's strategic direction [9][10].