Group 1 - The core viewpoint of the article is that Changfeng Pharmaceutical has passed the Hong Kong Stock Exchange listing hearing, with CITIC Securities and CMB International as joint sponsors [1] - The company was established in 2007 and focuses on the research, development, production, and commercialization of inhalation technologies and drugs for respiratory diseases [1] - The global market for respiratory drugs is substantial and growing, expected to reach $157.2 billion by 2033 [1] Group 2 - Changfeng Pharmaceutical's first approved product, CF017 (Budesonide inhalation suspension), is the best-selling inhalation drug in China, with a market share projected to reach approximately 16% by 2024 [1] - CF017 has been approved since 2021 and is available in over 10,000 medical institutions in China, also included in the national centralized procurement plan [1] - Another product, CF018 (Nasal spray of Fluticasone furoate), is the first approved drug in China for treating moderate to severe allergic rhinitis, included in the national medical insurance directory and covering over 500 medical institutions [1] Group 3 - The company has established five major technology platforms covering the core aspects of inhalation formulation development [1] - Changfeng Pharmaceutical is advancing the global development of over 20 candidate products and exploring new inhalation formulations such as liposomes and siRNA, as well as new treatment areas like CNS diseases and anti-infection [1] - The company is also developing new therapies such as endobronchial valves (EBV) and innovative or first-in-China therapies for diseases like IPF and PAH [1]