国证国际港股晨报-20251031

Group 1: Market Overview - The Hong Kong stock market showed a downward trend with the Hang Seng Index falling by 0.24%, the Hang Seng China Enterprises Index down by 0.31%, and the Hang Seng Tech Index decreasing by 0.68% [2] - The total market turnover was HKD 353.8 billion, with short selling amounting to HKD 56.37 billion, representing 17.74% of the total turnover [2] - Northbound capital saw a net inflow of HKD 13.641 billion, with the most actively traded stocks being the Tracker Fund of Hong Kong, Alibaba, and Meituan [2] Group 2: Company Overview - 旺山旺水 (Wangshan Wangshui) - 旺山旺水, established in 2013, is a biopharmaceutical company focusing on three therapeutic areas: neuropsychiatry, reproductive health, and viral infections [7] - As of October 21, 2025, the company has developed a diversified pipeline of nine innovative products, with two in commercialization, four in clinical stages, and three in preclinical stages [7] - The company's revenue primarily comes from licensing agreements, CRO services, and drug sales, with revenues of HKD 200 million, HKD 10 million, and HKD 10 million for 2023, 2024, and the first four months of 2025, respectively [7] Group 3: Industry Status and Outlook - The global neuropsychiatric drug market is projected to grow from USD 164.2 billion in 2018 to USD 201.5 billion in 2024, with a CAGR of 3.5%, and expected to reach USD 251.0 billion by 2035 [8] - The reproductive health drug market in China is anticipated to increase from CNY 29.4 billion in 2018 to CNY 36.2 billion in 2024, with a CAGR of 3.5%, and further to CNY 42.2 billion by 2035 [8] - The antiviral drug market in China is expected to grow from CNY 20.3 billion in 2024 to CNY 40.3 billion by 2035, with a CAGR of 6.4%, while the global antiviral drug market is projected to rise from USD 67.7 billion in 2018 to USD 102.7 billion in 2024, with a CAGR of 7.2% [8] Group 4: Strengths and Opportunities - The company has two core products, including VV116, which has shown excellent efficacy and broad indications, being the only product fully approved for COVID-19 treatment [9] - The proprietary technology platform enhances the company's strong internal R&D capabilities, driving continuous innovation [9] - The management team possesses extensive experience in the industry [9] Group 5: IPO Information - The IPO subscription period is from October 28 to November 3, with the listing date set for November 6 [11] - Approximately 38% of the raised funds will be allocated to core product development, 27% to other candidate product development, 10% for building a factory in Qingdao, 15% to enhance sales and marketing capabilities, and 10% for operational funds and other general corporate purposes [12] Group 6: Investment Recommendation - 旺山旺水 has two drugs on the market, with VV116 being the only fully approved product for COVID-19 treatment, reflecting strong R&D capabilities [13] - If priced at the upper limit of HKD 34, the company's market capitalization upon listing would be approximately HKD 5.7 billion [13] - Considering the company's industry position, underwriters, and the hot IPO market for pharmaceuticals in Hong Kong, an IPO score of 6.1 is assigned, recommending subscription [13]