Core Viewpoint - Zhonghui Biotech-B (02627.HK) has announced a delay in its global offering schedule due to extreme weather conditions, with shares now expected to begin trading on August 11, 2025, instead of the previously planned August 8, 2025 [2]. Group 1: IPO Details - The company plans to issue 33.4426 million H-shares, representing 8.5% of the total shares post-issue, with an additional 15% over-allotment option [2][3]. - The expected share price range is between HKD 12.90 and HKD 15.50, aiming to raise approximately HKD 5.18 billion [2][3]. - The IPO will involve 90% international offering and 10% public offering, with no over-allotment option [2]. Group 2: Key Investors and Underwriters - The IPO has secured one cornerstone investor, Jiaxing Xinyang, which has committed to purchasing USD 13 million (approximately HKD 102 million) of the offering [2][3]. - The joint sponsors and global coordinators for the IPO are CITIC Securities and CMB International, with other underwriters including Livermore Securities, Futu Securities, and Bank of China International [2][3]. Group 3: Company Overview - Zhonghui Biotech, established in 2015, focuses on the research, development, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new methodologies [3]. - The company aims to replace traditional and imported vaccines in China with high-end vaccines and expand its competitive advantage internationally [3]. - Zhonghui Biotech currently has one commercialized product in China and two core products in development: a quadrivalent influenza virus subunit vaccine and a lyophilized human rabies vaccine [3].

Group 1: Company News - Guizhou Moutai has repurchased a total of 3.45 million shares, accounting for 0.2748% of its total share capital, with a total expenditure of 5.301 billion yuan [2] - Aoyuan New Materials expects a revenue of 784 million yuan for the first half of 2025, a 12.5% increase year-on-year, but a net profit decrease of 32.91% due to increased overseas shipping costs and exchange losses [2] - China Shipbuilding plans to conduct a major asset restructuring and will suspend trading from August 13, 2025 [2] - Ningde Times has repurchased 6.641 million A-shares, representing 0.1508% of its total A-share capital, with a total transaction amount of 1.551 billion yuan [4] Group 2: Industry Developments - The World Robot Conference will take place on August 8, 2025, showcasing over 100 new products, focusing on humanoid robots in various applications [5] - China's eVTOL "Kairiou" successfully completed its first logistics flight, marking a significant step in low-altitude logistics applications [6] - A clinical trial for a new HIV vaccine using a modified smallpox virus has been completed, indicating progress in vaccine development [7] - Ningde Times has signed strategic cooperation agreements to introduce over 100,000 battery swap vehicles into the rental market in 2025 [8] Group 3: Market Insights - The copper market experienced a significant drop due to the introduction of a 50% import tariff on copper products, but long-term demand is expected to remain strong due to the energy transition [10] - Citic Securities anticipates that the implementation of childcare subsidies will lead to various comprehensive policies aimed at improving birth rates [11] - Huatai Securities is optimistic about the commercial real estate sector, highlighting the potential for value realization through C-REITs [12] - CICC notes that despite current economic challenges, several factors support the performance of the Chinese stock market, including improved confidence in the medium-term economic outlook [13]

Core Insights - 中慧生物-B (2627.HK) is set to close its public offering tomorrow, with brokers having lent at least 93.052 billion HKD in margin financing, resulting in an oversubscription of over 1,793 times compared to the public offering amount of 51.84 million HKD [1] - The company aims to raise a maximum of 518 million HKD and is scheduled to list on Friday, October 8, with CITIC Securities and China Merchants Bank International as sponsors [1] - 中慧生物 has two core products: a quadrivalent influenza virus subunit vaccine and an in-development freeze-dried human rabies vaccine [1] - The company's loss for the first quarter of this year has widened to 87.3 million RMB year-on-year [1]

Core Viewpoint - Kanghua Biotech has established itself as a comprehensive vaccine enterprise since its founding in 2004, focusing on research, development, and operation in the biopharmaceutical field, and is recognized as the first domestic company to produce and sell human diploid cell rabies vaccines [2] Group 1: Company Overview - The company has accumulated significant advantages in the vaccine industry over more than twenty years [2] - Kanghua Biotech emphasizes the importance of innovative research and development for long-term corporate growth [2] Group 2: Research and Development Platforms - The company has built multiple innovative vaccine platforms, including mRNA vaccine platform, recombinant protein VLP vaccine platform, polysaccharide-protein conjugate vaccine platform, live attenuated vaccine platform, inactivated vaccine platform, and novel vaccine adjuvant platform [2] - Ongoing research projects include a six-valent norovirus vaccine, ACYW135 group meningococcal conjugate vaccine, and herpes simplex virus vaccine [2] Group 3: Future Prospects - The company aims to actively advance the product development process and the realization of research outcomes, with the potential to expand its product pipeline in the future [2]

Core Viewpoint - Watson Bio has applied for clinical trials for its mRNA vaccine targeting respiratory syncytial virus (RSV), marking a significant step in its vaccine development efforts [1] Group 1: Vaccine Development and Market Position - Watson Bio, in collaboration with Fudan University and Shanghai Bluebird Biopharmaceuticals, has developed an mRNA vaccine for RSV, which has been accepted for clinical trial application by the National Medical Products Administration [1] - Currently, three RSV vaccines have been approved overseas, while no RSV vaccines have been approved for sale in China [1] - The global sales revenue for RSV vaccines is projected to be approximately $4 billion for the 2023-2024 period [1] Group 2: Financial Performance - In 2024, Watson Bio's revenue is expected to be 2.821 billion yuan, a year-on-year decline of 31.41%, with a net profit of 142 million yuan, down 66.10% [2] - The first quarter of this year saw revenue of 462 million yuan, a decrease of 22.93%, and a net profit of 2.6462 million yuan, down 81.27% year-on-year [2] - The company reported a reduction of 170 million yuan in vaccine sales and government subsidies compared to the previous year [2] Group 3: Future Development Plans - The company aims to enhance existing products and develop higher-valent vaccines for pneumococcal, meningococcal, and HPV, while also expanding the target population [3] - Watson Bio plans to accelerate the development of innovative vaccines, focusing on RSV, shingles, and a combined COVID-19 and influenza mRNA vaccine [3] - Over the next decade, the company aims to launch several new products, including a quadrivalent meningococcal vaccine, a nine-valent HPV vaccine, and the RSV vaccine [3]

Core Viewpoint - Watson Bio has applied for clinical trials of its respiratory syncytial virus (RSV) mRNA vaccine, which has been accepted by the National Medical Products Administration of China [1] Group 1: Company Developments - The vaccine is a joint development by Watson Bio, Fudan University, Shanghai Bluebird Biopharmaceuticals, and its subsidiaries [1] - The application for clinical trials has received an acceptance notice, indicating progress in the vaccine's development [1] Group 2: Market Context - Currently, three RSV vaccines have been approved and launched internationally: GSK's Arexvy, Pfizer's Abrysvo, and Moderna's mRESVIA [1] - There are no approved RSV vaccines in the domestic market, highlighting a potential opportunity for Watson Bio [1] - The global sales of RSV vaccines are projected to be approximately $4 billion for the 2023-2024 fiscal year [1] Group 3: Regulatory Environment - Following the acceptance of the clinical trial application, the vaccine will undergo technical review by the National Medical Products Administration, with approval required before clinical trials can commence [1] - The review and approval process carries a degree of uncertainty [1]

Core Viewpoint - Moderna is facing significant financial pressure due to declining vaccine sales, leading to a decision to cut approximately 10% of its workforce, which has resulted in a sharp decline in its stock price [1][3][5]. Group 1: Financial Performance - Moderna's stock price has dropped over 90% from its peak, with its market capitalization falling from nearly $200 billion to under $10.5 billion [5][6]. - The company reported a more than 75% decline in stock price over the past year, indicating a severe deterioration in its financial health [5][6]. - Moderna plans to reduce annual operating expenses by approximately $1.5 billion by 2027, which includes renegotiating supplier agreements and cutting production and R&D costs [6][7]. Group 2: Workforce and Operational Changes - The recent layoffs will affect hundreds of employees globally, with the total workforce expected to drop below 5,000 by the end of the year, down from about 5,800 at the end of last year [5][6]. - CEO Stephane Bancel emphasized the need to restructure operations to align cost structures with actual business needs while continuing to invest in research [3][5]. Group 3: Product Development and Market Challenges - Moderna is still committed to developing new generations of COVID-19 vaccines, with the FDA recently approving its third vaccine targeting new variants [7]. - The company has faced challenges with its RSV vaccine, which has not gained significant market traction, leading to a downward revision of its revenue expectations [6][7]. - There is skepticism in the capital markets regarding Moderna's business strategy, especially compared to competitors like BioNTech, which have successfully adjusted their strategies post-pandemic [7].

Core Viewpoint - Zhonghui Biotech-B is set to go public on the Hong Kong Stock Exchange from August 8, 2025, focusing on innovative vaccine development and commercialization in China [3][4]. Company Overview - Established in 2015, Zhonghui Biotech specializes in innovative vaccine research and commercialization, employing a dual strategy of "independent innovation + authorized introduction" to meet unmet vaccine needs [3]. - The company aims to gradually replace traditional and imported vaccines with high-end products and extend its competitive advantage to international markets [3]. Product Pipeline - As of the prospectus date, Zhonghui Biotech has a pipeline of 13 vaccine products targeting various infectious diseases, including core products and 11 candidates in different clinical stages [3][4]. - Key products include the first and only approved quadrivalent influenza subunit vaccine in China, which has shown a serum protection rate of 89.41%-97.98% against four influenza virus strains [5]. Financial Performance - The company exhibits rapid revenue growth but continues to incur losses, typical for a research-driven biotech firm [4]. - Revenue for 2023 was 0.52 billion yuan, primarily from the quadrivalent influenza vaccine, with projections for 2024 to reach 2.60 billion yuan, reflecting a 400% year-on-year increase [5]. - The net loss for 2023 was 4.25 billion yuan, narrowing to 2.59 billion yuan in 2024 due to increased revenue [5]. IPO Details - The IPO will utilize a standard offering mechanism, with subscription dates from July 31 to August 5, 2025, and pricing on August 6 [4][6]. - The share price range is set between 12.90 and 15.50 HKD, with a total issuance of approximately 33.44 million shares [6]. - The expected net proceeds of around 4.21 billion HKD will focus on advancing the product pipeline, with 63.6% allocated to core product development [6][7]. Market Sentiment - The IPO is anticipated to attract significant market interest, with early subscription rates exceeding 41 times, indicating strong short-term speculative interest [7]. - The absence of well-known institutional investors may signal weaker long-term confidence, despite the high initial market enthusiasm [7].

业绩方面，中慧生物于2023年9月才开始商业销售其首款商业化产品四价流感病毒亚单位疫苗，并自销 售该产品产生全部收入。2023年、2024年和2025年前三个月，中慧生物的营业收入分别为0.52亿、2.60 亿和41.3万元，相应的净亏损分别为4.25亿、2.59亿和0.87亿元。 而这种亏损在可见未来仍将持续，中慧元通表示，未来将继续产生大量开支及亏损，主要支出来自疫苗 研发、建造生产园区、在研疫苗商业化、团队扩充、员工激励、引进知识产权等。 自2018年至2021年，中慧生物累计进行了3轮融资，包括高特佳、国海创新资本等机构纷纷押注，累计 融资额约10亿元。在2021年完成B轮融资后，公司的投后估值达到41.89亿元。 招股书显示，中慧生物在上市前的股东架构中，安有才、江苏粜宇、何一鸣为一致行动人，上述股东为 控股股东集团，合计持股约45.55%；其他股东包括上海忆久诚、高特佳、文周投资、盈科创新、国海 创新、HLC、杭州三花弘道等。 2025年7月27日，江苏中慧元通生物科技股份有限公司（下称"中慧生物")更新了聆讯后的资料集，拟香 港主板挂牌上市。 中慧生物是一家疫苗公司，成立于2015年，致力于创新 ...

Core Viewpoint - Zhonghui Biotech-B (02627) is set to launch an initial public offering (IPO) from July 31 to August 5, 2025, aiming to issue 33.44 million H-shares globally, with 10% allocated for Hong Kong and 90% for international investors, at a price range of HKD 12.9 to HKD 15.5 per share [1] Group 1 - The company is a China-based vaccine manufacturer focused on the research, development, and commercialization of innovative vaccines and traditional vaccines using new technologies [1] - The product pipeline includes two core products: a quadrivalent influenza virus subunit vaccine and an investigational freeze-dried human rabies vaccine, along with 11 other vaccines in development [1] Group 2 - The cornerstone investors, including Jiaxing Xinyang and Huatai Capital Investment, have agreed to subscribe for shares worth USD 13 million, with an estimated total of 7.1136 million H-shares to be purchased at a midpoint price of HKD 14.20 per share [2] - This subscription represents approximately 21.3% of the total shares offered in the global sale, assuming no exercise of the over-allotment option [2] Group 3 - The net proceeds from the global offering are estimated to be around HKD 421 million after deducting underwriting fees and expenses, with approximately 63.6% allocated to the development and registration of core products [3] - Specific allocations include about 32.4% for the continued R&D and overseas registration of the quadrivalent influenza virus subunit vaccine, and about 31.2% for the Phase III clinical trials and registration of the investigational freeze-dried human rabies vaccine [3] - Additional funds will be used for the development of other investigational vaccines, enhancement of production and commercialization capabilities, and the development of various technological platforms [3]