Bei Ke Cai Jing·2025-10-29 11:52Core Viewpoint - Domestic biopharmaceutical companies are increasingly pursuing listings in Hong Kong, with Fosun Pharma planning to spin off its vaccine business, Fosun Antigen, for a Hong Kong listing, while maintaining control over it [1][2]. Company Summary - Fosun Antigen, established in July 2012, focuses on the research, production, and sales of human vaccines, having developed both bacterial and viral vaccine technology platforms [1]. - Fosun Pharma holds approximately 70.08% of Fosun Antigen's shares through its subsidiary, Shanghai Fosun Pharma Industry Development Co., Ltd. [1]. - Fosun Antigen has received approval for several vaccines in China, including rabies vaccines and influenza vaccines, while its 13-valent pneumococcal conjugate vaccine is in Phase III clinical trials [1]. Financial Performance - Fosun Antigen reported a revenue of 153 million yuan and a net loss of 58.45 million yuan in the first half of the year [2]. Strategic Implications - The spin-off is expected to enhance Fosun Antigen's financing channels and market competitiveness, while also allowing Fosun Pharma to deepen its presence in the vaccine sector [2]. - The trend of A-share listed pharmaceutical companies pursuing dual listings in Hong Kong is gaining momentum, driven by the need to expand overseas and attract international investors [3]. Market Context - Hong Kong's market offers diverse international investors and improved liquidity, making it an attractive option for companies like Fosun Pharma to list their subsidiaries [3]. - The successful listings of companies such as Hengrui Medicine and others have created a demonstrative effect, encouraging more firms to consider Hong Kong as a viable listing destination [3].