证券时报·2025-05-23 03:17Core Viewpoint - Heng Rui Pharmaceutical's successful debut on the Hong Kong Stock Exchange reflects strong market confidence and the ongoing "innovation drug bull market" in Hong Kong, with significant investor interest and a notable increase in share price on the first trading day [1][12][20]. Group 1: Company Performance - Heng Rui Pharmaceutical's stock opened at HKD 57, a 29.4% increase from its issue price of HKD 44.05, and reached a peak increase of over 37% during the trading session [1][10]. - The company has a robust portfolio with 19 innovative drugs already on the market and over 90 in clinical or later stages of development, supported by a substantial R&D investment that accounted for 29.4% of total revenue in 2024 [4][5]. - The sales revenue from innovative drugs has increased from 38.1% of total revenue in 2022 to 46.3% in 2024, while the share of generic drug sales has decreased from 60.3% to 42.0% in the same period [4]. Group 2: Market Dynamics - The IPO of Heng Rui Pharmaceutical was highly sought after, with a subscription rate of 454.85 times, indicating strong demand from investors [5][7]. - The Hong Kong IPO market has shown a consistent trend of profitability, with only 6 out of 23 newly listed companies this year experiencing a decline in share price [17]. - The ongoing "innovation drug bull market" in Hong Kong has seen significant price increases for numerous biotech stocks, with 13 stocks rising over 100% this year [12][13]. Group 3: Investment Sentiment - The presence of high-profile cornerstone investors, including GIC and UBS-GAM, has bolstered confidence in Heng Rui Pharmaceutical's IPO, with net proceeds from the offering estimated at approximately HKD 97.47 billion [8][9]. - The successful listing of Heng Rui Pharmaceutical follows the positive market reception of other recent IPOs, such as Ningde Times, which has further enhanced investor confidence in the Hong Kong market [20].