Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has successfully positioned itself as a leading financing hub for global biotech and new economy companies through its IPO reforms initiated in 2018, benefiting both the exchange and technology companies [1][2]. Group 1: IPO Reforms and Market Impact - The introduction of the "18A" and "18C" rules has significantly enhanced the compatibility of HKEX with unprofitable innovative drug companies, facilitating their path to listing [1][4]. - As of May 27, 2023, HKEX welcomed its 71st biotech company under the "18A" rule, marking a resurgence in the IPO market, which has regained its position as the top global fundraising venue [2][3]. - The reforms have created a more flexible and diverse listing environment, allowing companies like Weisheng Pharmaceuticals to go public despite not yet being profitable [4]. Group 2: Company Insights and Future Prospects - Weisheng Pharmaceuticals, established in 2018 and focused on endocrine treatments, successfully listed on HKEX on March 21, 2023, becoming the first innovative drug company to do so under the "18A" rule this year [3][4]. - The company anticipates that its leading product, Longpei Growth Factor, will receive domestic approval by the second half of 2025, supported by the HK$783 million raised during its IPO [4]. - The ongoing reforms, including the introduction of the "Tech Company Fast Track," are expected to further facilitate the listing process for specialized technology and biotech companies [5].