Core Viewpoint - The pharmaceutical industry is experiencing a surge in IPO activities in the Hong Kong stock market, with companies like Nanjing Inpai Pharmaceutical, Guangdong Runtai Pharmaceutical, and A-share listed Borui Pharmaceutical all submitting their listing applications simultaneously, reflecting a recovery in the capital market for biopharmaceuticals and the attractiveness of Hong Kong as a financing platform [1][7]. Group 1: Company Developments - Nanjing Inpai Pharmaceutical focuses on developing precision cancer drugs based on synthetic lethality mechanisms and has a robust pipeline of DNA damage repair products [3]. - Guangdong Runtai Pharmaceutical is the fourth largest provider of marketing and supply chain solutions in China's outpatient pharmaceutical market and aims to enhance its digital marketing and supply chain through IPO funding [4][6]. - Borui Pharmaceutical is transitioning from raw material production to innovative drug development, with plans to use IPO proceeds for research and international expansion [2][8]. Group 2: Financial Highlights - Borui Pharmaceutical's revenue from raw materials reached 885 million yuan in 2023, with a 170% year-on-year increase in antiviral product sales [2]. - The company has invested 380 million yuan in its core product BGM0504, which is in the clinical trial phase for type 2 diabetes and weight loss indications, representing 60% of its total R&D investment [2]. - Runtai Pharmaceutical's business model involves purchasing products from upstream pharmaceutical companies and selling them through various e-commerce platforms, indicating a clear revenue generation strategy [6]. Group 3: Market Trends and Challenges - The current environment of improving overseas liquidity and a favorable financing climate for the biopharmaceutical sector has led to increased IPO activities [7]. - The Hong Kong market's regulatory framework allows unprofitable biotech companies to list, providing early capital access for firms like Inpai Pharmaceutical [9]. - Despite the positive trends, liquidity issues in the Hong Kong market remain a concern, with analysts noting that the enthusiasm for biopharmaceuticals in the primary market is still not sufficiently high [10][11].