Core Viewpoint - The recent postponement of the IPO for Haixi New Drug highlights ongoing challenges in the Hong Kong stock market, particularly regarding compliance and investor behavior in the context of the FINI system [1][4][5] Group 1: IPO Details - Haixi New Drug's IPO was initially scheduled for October 17, following a successful subscription period from October 9 to October 14, which saw a subscription amount of HKD 309.4 billion, oversubscribed by 3,113 times [4] - The company planned to issue 11.5 million shares, with approximately 10% allocated for public offering in Hong Kong and 90% for international placement, at a price range of HKD 69.88 to HKD 86.40 per share [4] - The announcement of the postponement came after a 25% increase in the dark market, raising concerns and speculation about potential issues with international placements [4][5] Group 2: Market Context - The Hong Kong IPO market has seen a significant increase in activity, with 66 new IPOs in the first three quarters of the year, a year-on-year increase of 46.7%, raising a total of HKD 182.4 billion, which is a 228.1% increase [7] - The healthcare sector has been particularly strong, with seven out of the top ten performing new stocks in the first nine months being in the medical field, showcasing the sector's robust performance amid a booming market for innovative drugs [7] Group 3: Company Profile - Haixi New Drug focuses on a hybrid model of generic and innovative drugs, with a strong emphasis on first-generic, difficult-to-generate, and high-generic drug development [9] - The company has a pipeline that includes one Phase II clinical project and three preclinical projects, targeting oncology, ophthalmology, and respiratory diseases [9] - Financially, Haixi New Drug reported revenues of approximately HKD 2.12 million, HKD 3.17 million, HKD 4.67 million, and HKD 2.49 million over the reporting period, with a compound annual growth rate of 48.4% [9] Group 4: Financial Metrics - The company's gross margin has consistently remained above 80%, indicating strong profitability and stable performance [9] - The estimated price-to-earnings (P/E) ratio for the IPO is around 41 times, which is lower than the average P/E of 58 times for similar A-share generic drug companies, suggesting potential for valuation appreciation [10]
到手的“肉签”飞了？海西新药（02637）是延迟上市还是被迫中止？