Core Viewpoint - Changchun High-tech has officially submitted its main board listing application in Hong Kong, marking a significant step in its internationalization strategy [1] Group 1: Company Strategy and Financials - The company aims to accelerate its global strategy and expand financing channels to support high-intensity R&D and pipeline expansion [1] - In the first half of this year, R&D investment increased by 17.32% year-on-year, reaching 1.335 billion yuan, with R&D expenditure accounting for 20.21% of revenue [1] - Changchun High-tech has established a strong and diverse product portfolio in various therapeutic areas, including endocrine and metabolic diseases, women's health, immune and respiratory diseases, oncology, vaccines, and traditional Chinese medicine [1] Group 2: Business Development and Partnerships - The company has transitioned from a "self-research single-wheel drive" model to a "self-research + business development dual-wheel drive" strategy, particularly evident in its subsidiary, Changchun Jinsai Pharmaceutical [2] - In September, Changchun Jinsai announced a collaboration with ALK-Abelló A/S to co-develop and commercialize allergy immunotherapy products in China, gaining exclusive rights to three ALK products [2] - The long-term goal for Changchun Jinsai is to become a leading player in the respiratory field in China, expanding its business footprint and industry influence [2] Group 3: Market Context and Future Outlook - Since the implementation of the 18A listing rules in 2018, Hong Kong has become a preferred listing destination for biotech companies, supported by recent policy enhancements [3] - The Hong Kong market offers policy inclusivity and an international ecosystem, facilitating overseas business funding and foreign exchange settlement [3] - The company plans to enhance its clinical pipeline through sustained high R&D investment and expand its global market presence via partnerships and product diversification [3]