Hengrui Pharma(SH:600276) 21世纪经济报道·2025-05-16 01:36Core Viewpoint - Heng Rui Pharmaceutical has officially launched its H-share global public offering, aiming to raise up to HKD 13.08 billion, marking the highest fundraising amount for a Hong Kong IPO by a pharmaceutical company in the past five years [1][2]. Group 1: IPO Details - The company plans to issue 224,519,800 H-shares, with 5.5% allocated for public sale in Hong Kong and 94.5% for international placement, with a price range set between HKD 41.45 and HKD 44.05 per share [1]. - If the overallotment option is fully exercised, the total number of H-shares could reach 296,927,200, with a maximum fundraising amount of HKD 13.08 billion [1]. - The public offering in Hong Kong will end on May 20, 2025, with the final issue price expected to be determined by May 22, and the shares may be listed on the Hong Kong Stock Exchange as early as May 23 [1]. Group 2: Investor Participation - Key cornerstone investors for the IPO include Singapore's GIC, Invesco, UBS Global Asset Management, Hillhouse Capital, and Boyu Capital, with total subscriptions exceeding HKD 4.1 billion (USD 533 million), accounting for 43.04% of the offering size [2]. Group 3: Financial Performance - In 2024, Heng Rui Pharmaceutical reported a revenue of CNY 27.985 billion, a year-on-year increase of 22.63%, and a net profit of CNY 6.337 billion, up 47.28% [7]. - For Q1 2025, the company achieved a revenue of CNY 7.206 billion, a 20.14% increase year-on-year, and a net profit of CNY 1.874 billion, reflecting a 36.90% growth [7]. Group 4: R&D and Innovation - Heng Rui has established various technology platforms, including PROTAC, peptide drugs, monoclonal antibodies, and ADCs, with 19 innovative drugs approved for sale in China and over 90 products in clinical development [9]. - The company has maintained high R&D investment, with expenditures reaching CNY 65.83 billion in 2024, accounting for over 29.40% of its revenue [10]. - The company plans to showcase its technological reserves through the IPO, which could enhance its international collaboration and market presence [10]. Group 5: Industry Trends - The trend of Chinese innovative pharmaceutical companies going public in Hong Kong is driven by policy support and the need for capital to transition from generic drugs to true innovation [3][11]. - The Hong Kong market is seen as a vital platform for these companies to enhance their global competitiveness and facilitate international partnerships [14]. - The License-out model is increasingly being adopted by Chinese pharmaceutical companies to enter global markets, allowing them to leverage foreign partners' networks and resources [11][17].