Core Viewpoint - The recent postponement of the IPO for Haixi New Drug highlights ongoing challenges in the Hong Kong stock market, particularly regarding the identification and verification of investors, which has led to concerns about potential irregularities in subscription applications [4][5][9]. 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 attracted HKD 309.4 billion in margin financing, resulting in an oversubscription of 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][9]. - The postponement was announced after the stock experienced a 25% increase in the dark market, raising questions about the reasons behind the delay, which were clarified to be related to the need for additional time to finalize the allocation results [4][8]. Group 2: Market Context - The Hong Kong IPO market has seen a significant increase in activity, with 66 new stocks listed in the first three quarters of the year, representing a 46.7% year-on-year growth and total fundraising of HKD 182.4 billion, a 228.1% increase [7]. - The pharmaceutical sector has been particularly strong, with seven out of the top ten performing new stocks in the first nine months being healthcare-related, reflecting a robust demand for innovative drugs [7]. Group 3: Company Profile - Haixi New Drug operates on a hybrid model focusing on both 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 past four years, with a compound annual growth rate of 48.4% [9]. Group 4: Valuation Insights - The IPO valuation for Haixi New Drug is approximately 41 times PE (TTM), which is lower than the average PE of 58 times for similar A-share generic drug companies, suggesting potential for appreciation [10]. - The PS valuation is around 13 times, indicating a favorable comparison to peer companies in the market [10].
到手的“肉签”飞了？海西新药是延迟上市还是被迫中止？