Core Viewpoint - 泰德医药 plans to issue 16.8 million shares from June 20 to June 25, 2025, with a price range of HKD 28.4 to HKD 30.6 per share, aiming for listing on June 30, 2025 [1] Company Overview - 泰德医药 is the third largest global player in the peptide-focused CRDMO market, holding a market share of 1.5% as of 2023, providing full-cycle services from early discovery to commercial production [1][2] - The company primarily offers CRO services for peptide NCE discovery synthesis and CDMO services for peptide CMC development and commercial production [2] Market Position - The global peptide-focused CRDMO market is dominated by two major players with a combined market share of 23.8%, while the remaining participants, including 泰德医药, hold approximately 1% each [1] Client Relationships - 泰德医药 has established stable client relationships in over 50 countries, including major markets such as China, the US, Japan, Europe, South Korea, and Australia [2] Fundraising and Use of Proceeds - The estimated net proceeds from the global offering are approximately HKD 411 million, assuming a share price of HKD 29.50, with 76.4% allocated for facility expansion in the US and China [3] - 4.1% of the net proceeds will be used to expand capacity in China, while 9.5% will be for establishing sales and after-sales service networks in more regions [3] - 10.0% of the net proceeds will be allocated for working capital and other general corporate purposes [3] Cornerstone Investors - The company has signed cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately 2.66 million shares, representing about 15.84% of the global offering [2]