第一财经·2025-05-23 03:56Core Viewpoint - Heng Rui Pharmaceutical officially listed on the Hong Kong stock market on May 23, 2025, with a significant opening price increase of approximately 30% [1] Group 1: IPO Details - The IPO raised a total of 9.89 billion HKD, with a net amount of 9.747 billion HKD after deducting listing expenses [2] - The final issue price was set at 44.05 HKD per share, which is about 27% lower than the A-share closing price of 55.40 RMB on May 22 [1][2] - Major cornerstone investors included GIC, Invesco, UBS-GAM, Hillhouse Capital, and Boyu Capital, with total subscriptions amounting to approximately 4.131 billion HKD, accounting for 41.77% of the total issuance [1] Group 2: Financial Position and R&D - As of Q1 this year, Heng Rui Pharmaceutical had cash reserves of 24.086 billion RMB, indicating a strong liquidity position despite ongoing substantial R&D expenditures [2] - The company is currently developing over 90 independent innovative products and conducting around 400 clinical trials domestically and internationally [2] Group 3: Competitive Landscape - Heng Rui Pharmaceutical is competing with BeiGene for the title of "innovative drug leader" in the A-share market, but has yet to gain approval for any innovative drugs overseas [3] - In contrast, BeiGene has successfully launched two innovative drugs internationally and operates its overseas sales through its own team [3] Group 4: Strategic Goals - The listing on the Hong Kong stock market aims to enhance Heng Rui Pharmaceutical's international presence and facilitate breakthroughs in overseas markets [4] - The company has engaged in nine licensing agreements over the past three years, generating approximately 14 billion USD in total transaction value, which has become a significant source of revenue [3]