Core Viewpoint - The company, HaiXi New Drug (02637), is planning a global offering of 11.5 million shares with a price range of HKD 69.88 to 86.40 per share, aiming to raise approximately HKD 848 million for various developmental and operational purposes [1][3]. Company Overview - HaiXi New Drug is a commercial-stage pharmaceutical company with integrated capabilities in research, production, and sales, focusing on innovative drug pipelines [1]. - The company has a diverse product portfolio in the fastest-growing therapeutic areas in China, including gastrointestinal, cardiovascular, endocrine, neurological, and inflammatory diseases, which collectively account for over 25% of China's pharmaceutical sales in 2023 [1][2]. Product Pipeline - The company has received approval for 15 generic drugs from the National Medical Products Administration and has established a pipeline of four innovative drugs [2]. - The innovative drug pipeline includes a potential first-in-class oncology drug, an oral drug for treating wAMD/DME/RVO, and two additional drugs in preclinical stages targeting oncology and respiratory diseases [1][2]. Financial Performance - The company's revenues for the years 2022, 2023, 2024, and the first five months of 2025 were RMB 212.5 million, 316.6 million, 466.7 million, and 249.2 million, respectively, with corresponding gross profits of RMB 172.1 million, 263.6 million, 387.2 million, and 209.3 million [2]. Use of Proceeds - Assuming a share price of HKD 78.14, approximately 52% of the net proceeds from the global offering will be allocated to ongoing research and development, while 23% will enhance research capabilities and seek collaboration opportunities [3]. - Additional allocations include 8% for commercial capabilities, 7% for optimizing research and production systems, and 10% for working capital and general corporate purposes [3]. Strategic Partnerships - The company plans to actively explore collaboration opportunities with multinational corporations to expand its international clinical research and commercialization capabilities [2].

Core Viewpoint - 康宁杰瑞制药-B reported significant financial improvements in its mid-term results, indicating strong growth and recovery from previous losses [2] Financial Performance - The company achieved a revenue of 319 million RMB for the six months ending June 30, 2025, representing an increase of 84.05% year-on-year [2] - The net profit for the period was 21.575 million RMB, a turnaround from a loss of 44.896 million RMB in the same period last year, indicating a successful recovery [2] - Basic earnings per share were reported at 0.02 RMB [2] Research and Development - R&D expenditures increased from 194.5 million RMB for the six months ending June 30, 2024, to 253.2 million RMB for the current reporting period, an increase of 58.7 million RMB [2] - The rise in R&D spending is attributed to the increase in the number of ongoing clinical trials, expansion of clinical research scale, and progress in clinical trials for candidate drugs [2]