Core Viewpoint - Mirxes Holding Company Limited (Mirxes) is making a significant move by updating its prospectus to list on the Hong Kong Stock Exchange, attracting attention from investors and the industry due to its unique positioning in the RNA technology sector [1][3]. Financial Performance - The company's revenue from 2022 to 2024 shows notable volatility, with figures of $17.759 million, $24.19 million, and $20.28 million respectively, indicating a lack of stable growth [3]. - Losses are increasing year-on-year, with a projected loss of $92.21 million in 2024, and cash and cash equivalents dwindling to $5.07 million by the end of that year, highlighting a critical need for financial improvement [3]. Market Expectations - Despite financial pressures, market expectations for Mirxes' IPO remain high, with a current valuation of $600 million reflecting investor confidence in its technological potential and future growth prospects [3]. - Central Road, led by former Taobao CEO Sun Tongyu, holds a 22.03% stake in Mirxes, providing not only financial backing but also significant influence in the business sector, enhancing the company's market presence [3]. Future Outlook - The upcoming listing on the Hong Kong Stock Exchange represents a pivotal moment for Mirxes, as its ability to leverage technological advantages in a competitive healthcare market and improve its financial situation will be crucial for its success [4]. - The company's journey on the Hong Kong Stock Exchange and its subsequent development will not only impact its own future but also serve as an important reference for the RNA technology application and disease screening industry [4].

Core Viewpoint - MIRXES-B, a company focused on RNA technology, successfully listed on the Hong Kong Stock Exchange on May 23, with an initial price of 23.3 HKD, experiencing a significant opening increase of 24.89% to reach 29 HKD, and closing at 29.9 HKD, resulting in a total market capitalization of 82.62 billion HKD [1][2]. Company Overview - MIRXES-B was founded in 2014 in Singapore by Zhu Xingfen, Zhou Lihan, and Zou Ruiyang, focusing on developing blood-based miRNA testing kits for early disease detection globally [3][4]. - The company's core product, GASTROClearTM, is the first and only regulatory-approved molecular IVD product for gastric cancer screening, characterized by its non-invasive, rapid, and convenient features [3][4]. Financial Performance - The company reported revenues of 17.76 million USD, 24.18 million USD, and 20.28 million USD for the years 2022, 2023, and 2024, respectively, with gross profits of 9.33 million USD, 13.58 million USD, and 8.89 million USD during the same period [5]. - However, the company also faced increasing losses, reported at 56.20 million USD, 69.57 million USD, and 92.21 million USD for the same years [5]. Investment and Funding - The IPO attracted significant cornerstone investors, including Beijing Xunrui and Evergreen Gate, who collectively subscribed to shares worth 57.92 million USD, with Beijing Xunrui investing 50 million USD and Evergreen Gate investing 7.92 million USD [3]. - Notably, Sun Tongyu, former president of Taobao, played a crucial role in the company's funding, having invested 4 million SGD (approximately 2.8 million USD) in 2016 and later participating in a 30 million USD Series B funding round [4]. - Following the IPO, Sun Tongyu's stake in MIRXES-B is valued at approximately 1.839 billion HKD, reflecting a 7x return on investment [4].

Group 1: Hong Kong IPO Market - The Hong Kong IPO market continues to thrive with four companies currently in the process of going public, including Pagoda Biotech and Jihong Technology [1] - The listing of CATL on May 20 is the largest IPO globally this year, contributing to a total fundraising amount exceeding HKD 60 billion, which is over six times the amount from the same period last year [1] - The Hong Kong government reports that the IPO market is robust, with the fundraising scale currently leading globally [1] Group 2: Pagoda Biotech - Pagoda Biotech plans to globally offer 19.2835 million H-shares at a price of HKD 15.6 per share, aiming to raise approximately HKD 301 million [1] - The company focuses on innovative therapies for chronic diseases, particularly in the field of metabolic disorders [2] Group 3: Jihong Technology - Jihong Technology plans to globally offer 67.91 million H-shares with a price range between HKD 7.48 and HKD 10.68, targeting a maximum fundraising of approximately HKD 725 million [2] - The company is recognized as the first A+H share in AI-driven cross-border social e-commerce, providing comprehensive packaging solutions for fast-moving consumer goods [2] Group 4: MIRXES - MIRXES is set to launch its IPO from May 15 to May 20, with plans to offer 46.62 million shares at HKD 23.30 each, aiming to raise up to HKD 1.086 billion [2] - The company specializes in RNA technology for disease screening and diagnostics, focusing on non-invasive blood-based tests for early disease detection [3] Group 5: Heng Rui Pharmaceutical - Heng Rui Pharmaceutical has initiated its global IPO, planning to issue nearly 225 million H-shares with a price range of HKD 41.45 to HKD 44.05, targeting a maximum fundraising of HKD 13 billion [3][4] - The company has attracted several top-tier institutional investors, securing a total of USD 533 million in cornerstone investments [4]

Company Overview - Mirxes Holding Company Limited, also known as "觅瑞", is preparing for an IPO on the Hong Kong Stock Exchange, having received IPO filing approval in early 2025 [2] - The company was founded in 2014 and specializes in the development and commercialization of non-invasive blood-based miRNA tests for early cancer detection and other diseases [3] Financial Performance - Mirxes reported revenues of $17.76 million in 2022, projected to increase to $24.19 million in 2023 and $20.28 million in 2024 [5] - Gross profits for the same years were $9.33 million (52.5% gross margin), $13.58 million (56.2% gross margin), and $8.89 million (43.8% gross margin) respectively [5] - The company incurred losses of $56.20 million in 2022, $69.57 million in 2023, and is projected to lose $92.21 million in 2024 [6] Assets and Liabilities - As of December 31, 2024, Mirxes had total assets of $71.35 million and total liabilities of $269.60 million [7] - The company’s current liabilities amounted to $48.11 million, while non-current liabilities were $221.49 million [7] Cash Flow - The net cash used in operating activities was $48.68 million in 2022, $42.54 million in 2023, and projected to be $29.76 million in 2024 [8] - As of December 31, 2024, Mirxes had cash and cash equivalents of $5.07 million, indicating a tight liquidity position [8] Valuation and Funding - Mirxes has raised a total of $167 million through multiple funding rounds, with a current estimated valuation of $600 million [10][11] - The company completed a Series D funding round in July 2023, raising $50 million, with notable investors including Singapore's Economic Development Board and Mitsui & Co [11] Shareholding Structure - The largest shareholder is Central Road, owned by former Taobao CEO Sun Tongyu, holding 22.03% of the company [12] - Other significant shareholders include Dr. Zhu Xingfen (14.11%) and Dr. Zhou Lihan (8.12%) [12][16]