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]