Core Viewpoint - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. (referred to as "Zhonghui Biotech") officially listed on the Hong Kong Stock Exchange, becoming the 9th local listed company in the China Medical City located in Taizhou [1] Company Overview - Zhonghui Biotech focuses on the research, development, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technological methods [1] - The company has launched a subunit influenza vaccine product and has obtained multiple clinical approval documents for new vaccine drugs, currently conducting clinical trials and new drug applications (NDA) [1] Key Products - One of the core products is the first domestic quadrivalent subunit influenza vaccine, Hui Er Kang Xin, which has significant upgrades over traditional virus split vaccines, offering comprehensive protection, high purity of antigen components, and low risk of adverse reactions, making it more effective against influenza viruses [1] - Another core product under development is a lyophilized human rabies vaccine (human diploid cells), which is developed using human diploid cells, providing enhanced safety and is expected to be a good alternative to the mainstream Vero cell rabies vaccine [1] - The company completed Phase I clinical trials for the rabies vaccine in October 2024 and plans to start Phase III clinical trials in the third quarter of this year [1] Future Plans - The chairman and general manager of Zhonghui Biotech, An Youcai, stated that the listing is not the end but a new beginning, aiming to deepen the innovation vaccine field, accelerate the clinical and registration processes of core products, expand production and commercialization capabilities, and explore international markets to contribute to global public health [1]

中国经济网北京8月11日讯江苏中慧元通生物科技股份有限公司(以下简称"中慧生物"，02627.HK)今日 在港交所上市。截至今日收盘，中慧生物报33.28港元，涨幅157.98%。 | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 33,442,600 | | 香港公開發售的發售股份數目(重新分配後) | 3,996,000 | | 國際發售的發售股份數目(重新分配後) | 29,446,600 | | 於上市時已發行股份數目 | 393,442,600 | 中慧生物的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中信证券 (香港)有限公司、中信里昂证券有限公司、招银国际融资有限公司，联席账簿管理人兼联席牵头经办人 为利弗莫尔证券有限公司、富德证券有限公司、雅利多证券有限公司、中银国际亚洲有限公司、工银国 际证券有限公司。 中慧生物的最终发售价为12.90港元，所得款项总额为431.4百万港元，扣除按最终发售价计算的估计应 付上市开支48.7百万港元，所得款项净额为382.7百万港元。 | 價格資料 | | | --- | --- | | 最終發售價 | ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][10][29] Core Viewpoints - The vaccine industry is experiencing significant innovation breakthroughs both domestically and internationally, with multiple companies achieving clinical trial approvals for new vaccines [2][6][10] - The industry is currently facing performance pressure due to supply-demand imbalances, with high competition leading to price declines for some products [10][29] - Long-term prospects remain positive, driven by policy support, increasing demand due to aging populations, and ongoing technological advancements in vaccine development [11][31] Summary by Sections Recent Developments - Watson Bio's mRNA vaccine for respiratory syncytial virus (RSV) has received clinical trial approval, marking a significant step in domestic vaccine innovation [5][6] - The first phase trial of China's Tian Tan strain HIV vaccine has been successfully completed, indicating progress in HIV vaccine research [5][6] - Pfizer reported a 10% revenue growth in Q2 2025, exceeding market expectations, with significant contributions from its anticoagulant and COVID-19 products [5][6] Market Performance - The vaccine sector saw a slight decline of 0.44% last week, while the overall pharmaceutical sector dropped by 0.84% [7][8] - The vaccine industry has shown a cumulative increase of 0.96% since the beginning of 2025, indicating a recovery trend [7][8] Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio is 80.76X, with a recent decrease of 0.33X, while the price-to-book (PB) ratio stands at 1.96X [9][10] - The PE ratio is within the 48.20% percentile since 2013, indicating a relatively high valuation compared to historical data [9][10] Investment Recommendations - The report suggests focusing on companies with strong innovation capabilities and differentiated products, recommending companies like CanSino and Kanghua Bio [10][31] - The long-term outlook emphasizes the importance of innovation and international expansion as key drivers for growth in the vaccine industry [10][31]

Core Viewpoint - The three major stock indices opened higher on Wednesday morning but quickly turned negative, with the ChiNext index experiencing a decline of 1% [1] Market Performance - As of 10:10 AM, the Shanghai Composite Index was at 3620.35 points, down 0.44% - The Shenzhen Component Index was at 15184.61 points, down 0.38% - The ChiNext Index was at 3080.90 points, down 1.01% [1] Sector Performance - Most sectors showed positive performance, with notable gains in the restaurant, semiconductor, photoresist, integrated circuit, chip, and shipping sectors - Conversely, the white liquor, non-ferrous metals, oil and gas, steel, vaccine, and banking sectors experienced significant declines [1]

Core Viewpoint - The stock market opened lower on Tuesday, with initial strength in sectors such as liquor, banking, and military, but later showed divergence in performance among indices [1] Market Performance - The Shanghai Composite Index closed at 3654.77 points, up 0.34% - The Shenzhen Component Index closed at 15255.45 points, down 0.53% - The ChiNext Index closed at 3107.52 points, down 0.99% [1] Sector Performance - Leading sectors in gains included oil and gas, banking, military, liquor, electricity, insurance, and non-ferrous metals - Sectors that experienced declines included agriculture, coal, vaccines, photolithography, steel, and automobiles [1]

中慧生物每股招股价12.9-15.5港元，发售3344.26万股，香港公开发售占10%，其余为国际配售，集资最 多5.18亿港元。一手200股，入场费3131.26港元。股份预期下周一(11日)上市。 格隆汇8月6日｜疫苗公司中慧生物-B(2627.HK)已于今日中午截飞，消息透露，中慧生物的公开发售部 分录得4000倍超额认购，涉资逾2100亿港元，超越今年5月上市的沪上阿姨(2589.HK)(超购约3616倍)， 成为今年超购王第三位。 据悉，有19.5万人认购中慧生物。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

本文源自：金融界 疫苗公司中慧生物-B(2627.HK)已于今日中午截飞，消息透露，中慧生物的公开发售部分录得4000倍超 额认购，涉资逾2100亿港元，超越今年5月上市的沪上阿姨(2589.HK)(超购约3616倍)，成为今年超购王 第三位。 据悉，有19.5万人认购中慧生物。中慧生物每股招股价12.9-15.5港元，发售3344.26万股，香港公开发售 占10%，其余为国际配售，集资最多5.18亿港元。一手200股，入场费3131.26港元。股份预期下周一(11 日)上市。 ...

Core Insights - 中慧生物-B (2627.HK) is set to close its public offering tomorrow, with brokers having lent at least 93.052 billion HKD in margin financing, resulting in an oversubscription of over 1,793 times compared to the public offering amount of 51.84 million HKD [1] - The company aims to raise a maximum of 518 million HKD and is scheduled to list on Friday, October 8, with CITIC Securities and China Merchants Bank International as sponsors [1] - 中慧生物 has two core products: a quadrivalent influenza virus subunit vaccine and an in-development freeze-dried human rabies vaccine [1] - The company's loss for the first quarter of this year has widened to 87.3 million RMB year-on-year [1]

Core Viewpoint - The collaboration between Chengda Biological and Zhongke Zhidong Taichu aims to establish an "AI + Vaccine Research Joint Laboratory" to enhance vaccine development through AI technology integration [1][3]. Group 1: Collaboration Details - The partnership focuses on four main areas: data integration and analysis platform construction, development of AI tools for vaccine research, establishment of a scientific service platform, and co-building industry influence through academic forums and promotional activities [2][3]. - Chengda Biological will provide research data and application scenarios, while Zhongke Zhidong Taichu will handle AI technology development and platform construction, retaining intellectual property rights for AI tools and models [1][2]. Group 2: Company Profiles - Chengda Biological is the world's largest producer of human rabies vaccines, with a market share that remains the highest globally, having distributed over 450 million doses across more than 30 countries [3]. - Zhongke Zhidong Taichu, a leading AI model company, aims to advance China's general artificial intelligence infrastructure and has developed the "Zhidong Taichu 3.0" model, which competes with international models like GPT-4o [3][4]. Group 3: Strategic Importance - The collaboration is seen as a significant step towards integrating AI technology into vaccine research, potentially leading to enhanced efficiency and innovation in the industry [2][5]. - Guangdong Minying Investment Co., Ltd. played a crucial role in facilitating this partnership, being a major investor in Zhongke Zhidong Taichu and the largest shareholder of Chengda Biological's parent company [5][6].

Core Viewpoint - Kanghua Biotech has established itself as a comprehensive vaccine enterprise since its founding in 2004, focusing on research, development, and operation in the biopharmaceutical field, and is recognized as the first domestic company to produce and sell human diploid cell rabies vaccines [2] Group 1: Company Overview - The company has accumulated significant advantages in the vaccine industry over more than twenty years [2] - Kanghua Biotech emphasizes the importance of innovative research and development for long-term corporate growth [2] Group 2: Research and Development Platforms - The company has built multiple innovative vaccine platforms, including mRNA vaccine platform, recombinant protein VLP vaccine platform, polysaccharide-protein conjugate vaccine platform, live attenuated vaccine platform, inactivated vaccine platform, and novel vaccine adjuvant platform [2] - Ongoing research projects include a six-valent norovirus vaccine, ACYW135 group meningococcal conjugate vaccine, and herpes simplex virus vaccine [2] Group 3: Future Prospects - The company aims to actively advance the product development process and the realization of research outcomes, with the potential to expand its product pipeline in the future [2]