Core Viewpoint - Guangdong Dongyangguang Pharmaceutical Co., Ltd. is seeking to go public in Hong Kong through a listing by introduction, leveraging its leading position in the flu drug Oseltamivir [1][2] Group 1: Company Overview - Dongyangguang Pharmaceutical is a comprehensive pharmaceutical company focused on the research, production, and commercialization of drugs, particularly in the fields of infections, chronic diseases, and oncology [2] - The company has 48 drug products sold in the domestic market and 23 in overseas markets as of June 2025 [2] Group 2: Financial Performance - Sales revenue from anti-infection drugs for 2022, 2023, and 2024 were 3.243 billion, 5.746 billion, and 2.798 billion yuan, accounting for 85%, 90%, and 69.6% of total revenue respectively [2] - Sales revenue from chronic disease treatments for the same years were 517 million, 581 million, and 1.068 billion yuan, representing 13.6%, 9.1%, and 26.6% of total revenue respectively [2] - Oseltamivir sales accounted for 81.2%, 86.9%, and 64.2% of total revenue in 2022, 2023, and 2024, with a market share of 54.8% in 2024 [2][3] Group 3: Strategic Moves - The company plans to privatize its subsidiary Dongyangguang Changjiang Pharmaceutical through a merger, which will not involve new stock issuance or fundraising [4] - This merger aims to enhance the company's position as a comprehensive pharmaceutical entity, integrate sales channels, and improve operational efficiency [4] Group 4: Industry Trends - There is a resurgence in the trend of innovative drug companies seeking IPOs in Hong Kong, with seven companies, including Dongyangguang Pharmaceutical, having submitted applications since June [5] - The Hong Kong Stock Exchange's 2018 reform allows unprofitable biotech companies to list, providing crucial funding avenues for R&D-intensive firms [6]