Core Viewpoint - Changfeng Pharmaceutical (02652) has successfully listed its shares at a price of HKD 14.75 per share, raising approximately HKD 525 million, with a significant initial trading surge of 218.64% to HKD 47 per share, indicating strong market interest and investor confidence in the company’s prospects [1] Company Overview - Changfeng Pharmaceutical focuses on the research, development, production, and commercialization of inhalation technology and inhalation drugs, specifically targeting respiratory diseases [1] - The company has developed a diverse product portfolio that addresses a wide range of patients, medical specialties, and treatment areas [1] Regulatory Approvals and Market Performance - The company has received six product approvals from the National Medical Products Administration (NMPA) of China and the U.S. Food and Drug Administration (FDA), demonstrating its capabilities in clinical development, production, regulatory affairs, and commercialization [1] - CF017, an inhalation suspension of budesonide for the treatment of bronchial asthma, is the company’s first approved product, which quickly became part of China's centralized procurement plan after its approval in May 2021, leading to significant market growth [1] - According to Frost & Sullivan, CF017 is projected to capture approximately 16% of the Chinese budesonide inhalation drug market by sales volume in 2024 [1]

Core Viewpoint - Changfeng Pharmaceutical (02652) has experienced significant oversubscription in its IPO, indicating strong investor interest and confidence in the company's growth potential in the inhalation drug market [1][2]. Group 1: IPO Details - The IPO subscription period for Changfeng Pharmaceutical was from September 26 to October 2, with at least HKD 339.6 billion in margin loans reported by October 2, leading to an oversubscription rate of 5,587 times compared to the initial fundraising target of HKD 60.77 million [1]. - The company plans to issue 41.198 million H-shares globally, with 10% allocated for Hong Kong and 90% for international investors, at a price of HKD 14.75 per share [1]. - The H-shares are expected to commence trading on the Hong Kong Stock Exchange on October 8, 2025 [1]. Group 2: Business Focus and Product Development - Changfeng Pharmaceutical specializes in the research, development, production, and commercialization of inhalation technologies and drugs, primarily targeting respiratory diseases [1]. - The company has received six product approvals from the National Medical Products Administration (NMPA) and the U.S. Food and Drug Administration (FDA), showcasing its capabilities in clinical development, production, regulatory affairs, and commercialization [1]. Group 3: Financial Performance - The company's revenue is projected to grow from RMB 349 million in 2022 to RMB 608 million in 2024, reflecting a compound annual growth rate (CAGR) of 31.9% [2]. - Gross profit for 2024 is expected to reach RMB 491 million, representing a year-on-year increase of approximately 7.2% [2]. - The company benefits from economies of scale, leading to improved operational efficiency, and plans to continue controlling administrative expenses, which are expected to decrease as a proportion of revenue with business expansion [2].