Core Viewpoint - The listing of Haixi Pharmaceutical (02637.HK) on the Hong Kong Stock Exchange has been delayed, originally scheduled for October 17, 2025, due to the need for additional time to finalize the announcement and obtain regulatory approval [2][3]. Group 1: Listing Delay Details - The company announced that the final announcement regarding the offering price and subscription levels must be published before 8:00 AM on October 17, 2025 [2]. - The company plans to issue approximately 11.5 million shares at a price range of HKD 69.88 to HKD 86.40, with a final cap set at HKD 86.40 per share [3]. - During the dark market trading phase, the stock price opened high but closed at HKD 107.6, reflecting a 24.54% increase, which may be linked to speculation about the delayed listing [3]. Group 2: Market Reactions and Speculations - There are rumors regarding irregularities in the international placement distribution, including issues with repeated applications and non-compliant participants, which may cast doubt on the effectiveness of dark market transactions [6]. - If the listing is merely delayed, completed dark market orders may still be valid; however, if the listing is ultimately canceled, all dark market transactions will be voided, although financing interest and fees typically are not refunded [7]. Group 3: Company Background and Financial Performance - Haixi Pharmaceutical has 14 approved generic drugs and four innovative drugs in development, with a dual-track approach of generics and innovative drugs [11][12]. - The company's revenue for the years 2022, 2023, 2024, and the first five months of 2025 were HKD 213 million, HKD 317 million, HKD 467 million, and HKD 249 million, respectively, with net profits of HKD 69 million, HKD 118 million, HKD 136 million, and HKD 90 million [12][13]. - The majority of the company's revenue comes from three products, which accounted for 98.2%, 92.9%, 82.6%, and 84% of total revenue during the respective reporting periods [14]. Group 4: Research and Development Pipeline - The company is developing several innovative drugs, including C019199, which targets multiple cancers, and HXP056, a potential oral treatment for eye diseases [16][17]. - C019199 has received IND approval and is undergoing various clinical trials, while HXP056 is expected to complete its Phase I trial by the end of 2025 [16][17]. - The combination of generics and innovative drugs has provided revenue and profit, but the generics segment may face future challenges due to market pressures [17].
突发！海西新药上市延迟，重启日期成谜