Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. successfully completed its initial public offering (IPO) on the Hong Kong Stock Exchange, raising approximately HKD 608 million with a share price of HKD 14.75 [2] Group 1: Company Overview - Changfeng Pharmaceutical focuses on the research, development, production, and commercialization of inhalation technologies and drugs, primarily targeting respiratory diseases [3] - The company has received six product approvals from the National Medical Products Administration (NMPA) and the U.S. Food and Drug Administration (FDA), demonstrating its capabilities in clinical development, production, regulatory affairs, and commercialization [3] Group 2: Product Development and Market Expansion - Changfeng Pharmaceutical is advancing over 20 candidate products in major markets such as China, the U.S., and Europe, as well as emerging markets in Southeast Asia and South America [4] - The company is exploring innovative inhalation formulations, including liposomes and siRNA, and expanding its treatment areas to include central nervous system (CNS) diseases and anti-infectives [4] - Changfeng has developed new treatment methods, such as endobronchial valves (EBV), targeting serious diseases like idiopathic pulmonary fibrosis (IPF) and pulmonary arterial hypertension (PAH) [4] - The FDA approved GW006, an aerosol solution for chronic obstructive pulmonary disease (COPD), in May 2024, and the CF017 product has successfully reached over 10,000 medical institutions in China since its approval in May 2021 [4] - CF018, the first approved nasal spray for allergic rhinitis in China, has penetrated over 500 hospitals and medical institutions after being included in the 2023 National Medical Insurance Drug List [4] Group 3: Financial Services and Support - Shenwan Hongyuan Securities (Hong Kong) effectively integrated domestic and international resources to communicate the company's value to investors, contributing to the successful completion of the IPO [5] - The firm plans to continue leveraging its professional advantages and platform resources to provide comprehensive financial services to the company in the future [5]

Core Viewpoint - Changfeng Pharmaceutical plans to globally offer 41.198 million H-shares, with a focus on inhalation technology and drugs for respiratory diseases, highlighting its strong product pipeline and regulatory approvals [1][2]. Group 1: IPO Details - The company intends to issue 41.198 million H-shares, with 4.12 million shares available in Hong Kong and 37.078 million shares for international offering [1] - The subscription period is from September 26 to October 2, 2025, with an expected share price of HKD 14.75 per share [1] - Shares are anticipated to begin trading on the Hong Kong Stock Exchange on October 8, 2025 [1] Group 2: Product Performance - CF017, an inhalation drug for bronchial asthma, is the company's first approved product and has significantly contributed to revenue, accounting for 96.2%, 98.4%, 94.5%, and 91.6% of total revenue from 2022 to the first three months of 2025 [2] - The revenue from CF017 increased from RMB 349.1 million in 2022 to RMB 607.8 million in 2024, representing a compound annual growth rate of 31.9% [2] - CF017 held approximately 16% market share of the Budesonide inhalation drug market in China by volume in 2024 [2] Group 3: Future Development Plans - The company is advancing over 20 candidate products in major markets like China, the US, and Europe, as well as emerging markets in Southeast Asia and South America [3] - It is exploring innovative inhalation formulations, including liposomes and siRNA, and expanding treatment areas to include CNS diseases and infections [3] - The estimated net proceeds from the global offering of approximately HKD 525.4 million will be allocated to R&D, clinical development, facility expansion, and general corporate purposes [3]

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities and China Merchants Jinling International as joint sponsors [1]. Group 1: Company Overview - Changfeng Pharmaceutical focuses on the research, development, production, and commercialization of inhalation technology and inhalation drugs, primarily targeting respiratory diseases [3]. - The company has developed a diverse product portfolio that addresses a wide range of patients, medical specialties, and treatment areas [3]. Group 2: Key Products and Market Position - CF017, an inhalation solution of budesonide for treating bronchial asthma, is the company's first approved product and the best-selling inhalation drug category in China. It was approved in May 2021 and has since been included in China's centralized procurement (VBP) plan, leading to market growth [3]. - By 2024, CF017 is projected to capture approximately 16% of the Chinese budesonide inhalation drug market by sales volume [3]. - The company is advancing over 20 candidate products for global development in major markets like China and the U.S., as well as emerging markets in Southeast Asia and South America [3]. Group 3: Recent Developments and Financial Performance - In May 2024, the company successfully obtained FDA approval for GW006, an aerosol solution of afromoterol for treating chronic obstructive pulmonary disease (COPD) [4]. - CF018, the first approved nasal spray for moderate to severe allergic rhinitis in China, has penetrated over 500 hospitals and medical institutions after being included in the 2023 National Medical Insurance Drug List [5]. - The commercialization of CF017 significantly boosted the company's revenue, with revenues of approximately RMB 349 million, RMB 556 million, and an estimated RMB 608 million for the years 2022, 2023, and 2024, respectively [5][6]. - The gross profit for the same years was approximately RMB 267 million, RMB 458 million, and RMB 491 million, indicating a strong growth trajectory [5][6].