智通财经APP讯，轩竹生物-B(02575)于2025年10月6日至10月10日招股，该公司拟全球发售6733.35万 股，其中香港发售占10%，国际发售占90%，另有15%超额配股权，每股发售价11.6港元。每手500股， 预期股份将于2025年10月15日在联交所开始买卖。 集团已订立基石投资协议，据此，基石投资者已同意在满足若干条件的情况下，按发售价认购或促使其 全资附属公司认购以总金额7659.75万港元可购买的相关数目的发售股份。基于发售价每股发售股份 11.60港元，基石投资者将认购的发售股份数目为660.3万股。基石投资者北京德诺瑞朗十五期股权投资 基金中心(有限合伙)("德诺瑞朗十五期")是一家在中国正式成立注册的专业私募股权投资基金，专注于 投资战略性新兴产业及高成长企业。 公司估计，经扣除公司就全球发售应付的包销佣金、费用及估计开支后，按发售价每股股份11.60港元 计算，公司将收到的全球发售所得款项净额约为7.01亿港元。公司目前拟将该等所得款项净额用作下列 用途：约45.0%将用于公司核心产品(即KBP-3571、XZP-3287及 XZP-3621)的研究及开发;约14.0%将用 于 ...

集团已订立基石投资协议，据此，基石投资者已同意在满足若干条件的情况下，按发售价认购或促使其 全资附属公司认购以总金额7659.75万港元可购买的相关数目的发售股份。基于发售价每股发售股份 11.60港元，基石投资者将认购的发售股份数目为660.3万股。基石投资者北京德诺瑞朗十五期股权投资 基金中心(有限合伙)("德诺瑞朗十五期")是一家在中国正式成立注册的专业私募股权投资基金，专注于 投资战略性新兴产业及高成长企业。 按发售价每股股份11.60港元计算，集团将收到的全球发售所得款项净额约为7.01亿港元。集团目前拟将 该等所得款项净额用作下列用途：约45.0%将用于集团核心产品(即KBP-3571、XZP-3287及XZP-3621)的 研究及开发；约14.0%将用于集团关键产品(即KM602、KM501、XZP-7797及XZP-6924)的研发；约 11.0%将用于为其他候选药物(包括 XZB-0004、XZP-5610、XZP-6019及XZP-6877)的研发拨资；约 20.0%将被分配用于增强集团的商业化及市场营销能力；以及约10.0%将用于营运资金及其他一般公司 用途。 格隆汇10月6日丨轩竹生物 ...

（一家於中華人民共和國註冊成立的股份有限公司） 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Xuanzhu Biopharmaceutical Co., Ltd. 軒竹生物科技股份有限公司 全球發售 獨家保薦人及保薦人兼整體協調人 聯席整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本招股章程全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本招股章程，連同本招股章程「附錄七－送呈公司註冊處處長及展示文件」所述的文件，已按照香港法例第32章公司（清盤及雜項條文）條例第342C條的規定由 香港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上述任何其他文件的內容概不負責。 發售價將為11.60港元。香港發售股份申請人於申請時須支付發售價每股香港發售股份11.60港元，連同1.0%經紀佣金、0.0027%證監會交易徵費、0.00015%會 財局交易徵費及0 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 除非本公告另有界定，否則本公告所用詞彙與軒竹生物科技股份有限公司（「本公司」）日期為 2025年10月6日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。 潛在投資者在決定是否投資發售股份前，應細閱招股章程以了解下文所述有關全球發售的詳細 資料。投資者應僅依賴招股章程所載資料作出有關發售股份的任何投資決定。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊 發、派發。本公告並不構成或組成在美國境內或於任何其他司法權區購買或認購證券的任何要 約或招攬的一部分。本公告所述證券並無亦不會根據1933年美國證券法（經不時修訂）（「美國 證券法」）或美國任何州或其他司法權區的證券法登記。該等證券不得在美國境內提呈發售、出 售、質押或以其他方式轉 ...

Core Viewpoint - Hunan Maijizhi Biotechnology Co., Ltd. (referred to as "Maijizhi") has received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing application, requiring additional explanations on equity changes, medical research and development activities, and patent ownership disputes [1][2]. Group 1: Company Overview - Maijizhi was established in 2016 and is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing innovative biologics to address unmet medical needs related to allergic and autoimmune diseases, as well as other inflammatory and immune diseases [1]. - The company submitted its IPO application for the Hong Kong stock market in July 2025 [1]. Group 2: Financial Performance - During the reporting period (2023 to the first quarter of 2025), Maijizhi reported losses of approximately 253 million yuan, 178 million yuan, and 27 million yuan, totaling a cumulative loss of about 458 million yuan [2]. - The company's revenue and profitability largely depend on the successful development, regulatory approval, and commercialization of its candidate products, particularly core products MG K10 and key products MG-014 and MG-013 [2]. Group 3: Regulatory Requirements - The CSRC has requested Maijizhi to clarify whether it has actually conducted medical research and development activities, whether it has obtained the necessary qualifications and licenses, and whether its business scope involves any foreign investment restrictions [2]. - The CSRC also requires the company to provide a conclusive opinion on the legality and compliance of its past capital increases and equity transfers, including whether there are any unfulfilled capital contribution obligations [3]. Group 4: Legal Issues - Maijizhi has been involved in a legal dispute with Sangfor Biopharma (Shanghai Stock Exchange code: 688336), where Sangfor claimed ownership of a patent application related to a monoclonal antibody [3]. - The CSRC has asked Maijizhi to explain whether this patent dispute has had a significant adverse impact on its business operations and whether it constitutes a substantial obstacle to the company's current listing application [3].

Core Viewpoint - Wuhang Binhui Biotechnology Co., Ltd. has submitted its main board listing application, focusing on oncolytic virus therapy, with a valuation of 3.22 billion yuan after financing in 2023, despite continuous losses exceeding 270 million yuan from 2023 to the first half of 2025 [1][3]. Group 1: Company Overview - Binhui Biotechnology, established in 2010, specializes in the discovery, development, and commercialization of innovative cancer immunotherapy, particularly oncolytic virus therapy [2]. - The core product, BS001 (OH2 injection), is the first HSV-2 oncolytic virus candidate to reach Phase III clinical trials globally, designed to selectively replicate in tumor cells and activate systemic immune responses [2]. Group 2: Financial Data - The company is currently in the "concept phase," with no approved products for commercial sale, resulting in negligible revenue: 980,000 yuan in 2023, 1.725 million yuan in 2024, and only 140,000 yuan in the first half of 2025, a 44% year-on-year decline [3]. - Net losses have been increasing: 110 million yuan in 2023, 113 million yuan in 2024, and 44.22 million yuan in the first half of 2025, with adjusted losses reaching 39.21 million yuan [3][4]. Group 3: Challenges and Risks - The company acknowledges limited experience in drug commercialization, which may hinder its ability to establish a sales network and generate market recognition, impacting revenue generation [6]. - The production, cold chain transport, and administration of oncolytic virus drugs require high-quality control, and the company currently lacks a dedicated sales team, with fewer than 200 employees [6]. - Regulatory scrutiny is increasing for genetically modified viral agents, and any safety signals during Phase III trials could delay market approval, leading to a potential scenario of "no products, no revenue" if BS001 fails to gain approval [6].

Core Viewpoint - Changchun High-tech is accelerating its plan for a Hong Kong IPO to seek new opportunities amid a significant decline in performance, marking the start of its "A+H" dual-platform listing journey [2][13]. Financial Performance - The company's market value has shrunk by approximately 157 billion RMB over five years, from over 210 billion RMB in May 2021 to 53 billion RMB as of September 30, 2025 [4]. - Revenue projections for 2022 to 2024 are approximately 12.63 billion RMB, 14.57 billion RMB, and 13.47 billion RMB, with net profits of 4.21 billion RMB, 4.78 billion RMB, and 2.71 billion RMB respectively. The first half of 2025 saw a revenue of 6.60 billion RMB and a net profit of 932 million RMB [5]. - Notably, revenue is expected to decline by 7.55% year-on-year in 2024, with net profit dropping by 43.01%. The mid-2025 net profit is projected to decrease by 42.85% year-on-year [5]. Market Challenges - The primary issue facing Changchun High-tech is performance volatility, largely due to over-reliance on growth hormone products [6][7]. - The introduction of centralized procurement policies has led to price reductions for growth hormone products, significantly impacting revenue [7]. - The growth hormone market in China has seen rapid expansion, growing from 4 billion RMB in 2018 to 11.6 billion RMB in 2023, with a compound annual growth rate of 23.9% [7][8]. Competitive Landscape - Changchun High-tech holds a 74% market share in the growth hormone sector, but faces increasing competition, particularly from long-acting growth hormone products, which are gaining market share at over 50% annually [8]. - The company’s vaccine business has also faced setbacks, with a 39.96% decline in revenue year-on-year for the first quarter of 2025 [9]. Strategic Moves - The company is pursuing a Hong Kong listing as a critical step in its internationalization strategy, aiming to enhance its funding for research and development, improve brand influence, and optimize shareholder structure [2][13]. - As of September, around 20 companies are planning to list in Hong Kong, indicating a growing trend among biopharmaceutical firms [12][14]. Future Outlook - The success of the Hong Kong IPO is seen as vital for transitioning from a regional leader to a global biopharmaceutical platform, with immediate benefits in financing and brand empowerment [16]. - However, the long-term value will depend on the company's ability to deliver on its product pipeline and expand into international markets [16].

Core Viewpoint - The article discusses the significant investment by Zhong Shanshan in the recombinant collagen protein sector, highlighting the strategic importance of this market and its potential for growth in the health industry [5][9][10]. Investment Details - Zhong Shanshan invested 3.4 billion yuan in Jinbo Biological, which is recognized as the "first stock" in recombinant collagen protein [5]. - Jinbo Biological's fundraising plan aims to raise 2 billion yuan for the development of a humanized collagen FAST database and product development platform, marking the largest cash private placement in the Beijing Stock Exchange's history [8]. - Zhong Shanshan's total stake in Jinbo Biological could reach 10.58%, making him the second-largest shareholder [8]. Market Potential - Jinbo Biological is a leading company in the domestic recombinant humanized collagen protein market, holding all three existing Class III medical device registration certificates in China [9]. - The market for recombinant collagen protein in China is projected to grow from 58.57 billion yuan in 2025 to 219.38 billion yuan by 2030, with a compound annual growth rate of nearly 45% [9]. Business Context - Zhong Shanshan's wealth primarily comes from his control of two listed companies: Nongfu Spring and Wantai Biological, both of which are facing growth challenges [10]. - Jinbo Biological is seen as a new "gold mine" for Zhong Shanshan, as he seeks new growth opportunities in the health sector [11]. Company Background - Jinbo Biological was founded in 2008 and specializes in the research, production, and application of recombinant humanized collagen protein, with products spanning medical devices and functional skincare [15]. - The company recently received approval for the world's first injectable recombinant type III humanized collagen gel, marking a significant technological breakthrough in the field of biomaterials [15]. Consumer Demand - The demand for recombinant collagen protein is driven by increasing consumer interest in anti-aging products, particularly as the population ages [16]. - Jinbo Biological's high gross margin of 92% and 95.03% for its core medical device business indicates the profitability of this sector [16]. Strategic Positioning - Zhong Shanshan's investment strategy favors high-barrier, high-margin businesses, as evidenced by the performance of his other companies [17]. - The collaboration between Jinbo Biological and Yangshengtang, which has a strong R&D system, is expected to enhance product development and expand the application of collagen-based materials across various sectors [21].

Group 1 - The article highlights the alarming statistics of cervical cancer, with 156,000 new cases and nearly 60,000 deaths in China in 2022, accounting for about 20% of global cases [3] - HPV vaccine is the only cancer that can be prevented through vaccination, and the article discusses the high demand and supply issues surrounding the HPV vaccine in China [4][8] - The introduction of domestic HPV vaccines has significantly reduced prices, with the first domestic bivalent HPV vaccine priced at 329 yuan, compared to over 6,000 yuan for imported vaccines [23][29] Group 2 - The article details the successful initiative in Ordos, Inner Mongolia, where local government provided free HPV vaccinations to girls aged 13-18, resulting in a vaccination rate exceeding 85% by the end of 2020 [14][18] - The entry of domestic manufacturers like Wantai Biologics has disrupted the market, leading to a significant decrease in vaccine prices and increasing accessibility [20][24] - The inclusion of the HPV vaccine in China's national immunization program marks a significant step towards improving public health and reducing health inequalities [30][34]

Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 430.00 for Innovent Biologics-B (09606) [1] - The company is an international platform innovator in antibody-drug conjugates (ADC), which are among the most promising and rapidly developing drug forms globally [1] - According to Frost & Sullivan, the global ADC market is estimated to be approximately USD 10.4 billion in 2023 and is projected to reach USD 115.1 billion by 2032 [1] Product Pipeline - The company plans to submit a listing application for DB-1303 (HER2 ADC) for endometrial cancer in the US and for breast cancer in China by 2025 [2] - DB-1311 (B7-H3 ADC) shows potential as a best-in-class candidate in prostate cancer, while DB-1310 (HER3 ADC) is expected to follow suit [2] - The company is leading in the exploration of TROP2 ADC and dual antibodies, pushing the frontiers of next-generation ADCs [2] Competitive Advantage - The company differentiates itself by emphasizing its validated platform as an innovator in the ADC field, rather than focusing solely on individual clinical pipelines [2] - The company has established four unique ADC technology platforms and has secured over USD 6 billion in total transaction value through collaborations with multinational pharmaceutical companies [1] Financial Projections - The company anticipates a net loss attributable to shareholders of HKD 25.1 billion in 2025 and HKD 4.3 billion in 2026 [2] - Based on DCF valuation, the reasonable market value is estimated at HKD 37.9 billion, corresponding to a target price of HKD 430, indicating a potential upside of 20.1% from the current stock price [2]