Core Points - Changfeng Pharmaceutical Co., Ltd. (长风药业) was listed on the Hong Kong Stock Exchange on October 8, 2023, with an opening price of HKD 47.00 and a closing price of HKD 38.50, resulting in a price increase of 161.02% but a loss of 18.09% for investors who bought at the opening price [1][2] Summary by Categories Share Issuance and Capital Structure - The total number of shares issued by Changfeng Pharmaceutical was 41,198,000 H-shares, with 4,120,000 shares allocated for public offering in Hong Kong and 37,078,000 shares for international offering [2] - At the time of listing, the total number of shares issued was 411,978,387 [2] Pricing and Proceeds - The final offering price was set at HKD 14.75, generating total proceeds of HKD 607.7 million. After deducting estimated listing expenses of HKD 82.3 million, the net proceeds amounted to HKD 525.4 million [4][5] Use of Proceeds - Approximately 40% of the net proceeds will be allocated for the ongoing research and clinical development of existing inhalation formulation candidates, 20% for preclinical research of various pipeline projects and technologies, 30% for the expansion and upgrading of production facilities and management systems, and 10% for working capital and other general corporate purposes [5] Business Focus and Financial Performance - Changfeng Pharmaceutical specializes in the research, production, and commercialization of inhalation technologies and drugs, primarily targeting respiratory diseases. The company has developed a diverse product portfolio, with CF017, an inhaled budesonide suspension for treating bronchial asthma, being its first approved product [6] - The company heavily relies on CF017 for revenue, which accounted for 96.2%, 98.4%, 94.5%, and 91.6% of total revenue for the years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [6] - Revenue figures for the years 2022, 2023, and 2024, as well as for the three months ending March 31, 2025, were CNY 349.1 million, CNY 556.4 million, CNY 607.8 million, and CNY 139.8 million, respectively. The corresponding net profits (losses) were CNY -49.4 million, CNY 31.7 million, CNY 21.1 million, and CNY 6.2 million [6][9]
长风药业募5亿港元首日涨161% 开盘价买收盘亏18%