Core Viewpoint - Dongyangguang Pharmaceutical is set to become the first H-share company to undergo a merger and introduction listing, with its IPO application approved by the Hong Kong Stock Exchange, indicating significant advancements in technology, internationalization, and policy alignment [1] Group 1: Business Development - Dongyangguang's flagship product, Kewai, has generated substantial cash flow since its launch in 2006, with sales of Oseltamivir (including Kewai) maintaining the top position in the national market, accounting for 54.8% of the market share in 2024 [2][4] - The company's revenue from chronic disease treatment drugs has increased from 13.6% in 2022 to 26.6% in 2024, reflecting a strategic shift from reliance on flu medications to a diversified innovative pharmaceutical enterprise [4][6] Group 2: Innovation and R&D - Dongyangguang has established a robust R&D capability, focusing on innovative drugs since its inception, with advanced AI-driven models and a comprehensive R&D platform covering the entire lifecycle of chemical and biological drugs [6][8] - The company currently has 150 approved drugs globally and over 100 drugs in development, with several first-class innovative drugs already launched or in the application process in the Chinese market [7] Group 3: Internationalization Strategy - The company has signed a significant licensing agreement with Apollo in the UK worth $938 million, showcasing the international recognition of its drug portfolio [8] - Dongyangguang is one of the few companies capable of submitting applications to the US FDA and is expected to be the first to launch a long-acting insulin analog in the US without the need for Phase III clinical trials [8][9] Group 4: Market Position and Future Outlook - With the support of China's policies for innovative drug development, Dongyangguang is positioned as a leader in the global pharmaceutical market, leveraging its full-chain innovation capabilities to enhance R&D efficiency and international market access [9][11] - The company plans to integrate with Dongyangguang Changjiang Pharmaceutical to enhance its R&D, production, and commercialization capabilities, aiming for a successful listing on the Hong Kong Stock Exchange by August 2025 [11]