Core Viewpoint - Haixi New Drug successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for the company and the local biopharmaceutical industry [2][21]. Company Overview - Haixi New Drug, founded by a couple with strong academic backgrounds, has developed four core generic drugs and has a unique dual-track model combining generic and innovative drugs [9][15]. - The company was established in collaboration with three state-owned asset platforms in Fujian province [18]. Listing Process - The company initially planned to list on October 17 but delayed the listing due to the need for additional time to finalize announcements and obtain regulatory approval [4][5]. - Haixi New Drug became the first new stock to experience a delayed listing after dark pool trading under the FINI system in Hong Kong [6]. Stock Performance - The stock opened at 102 HKD, a 18.06% increase from the issue price of 86.4 HKD, and reached 110.2 HKD by midday, representing a 27.5% increase [2]. - The stock's trading volume reached 219 million HKD on the first day [2]. Financial Performance - The company has achieved profitability, with revenue projected to grow from 212.5 million RMB in 2022 to 466.7 million RMB in 2024, and net profit expected to rise from 68.98 million RMB to 136.08 million RMB in the same period [17][25]. - The four core generic drugs contribute over 90% of the company's revenue, with projected revenues for 2024 from these drugs totaling approximately 4.5 billion RMB [17]. Future Plans - The company plans to use the net proceeds of 940 million HKD from the IPO to enhance its research and development capabilities and expand its product pipeline [26]. - Haixi New Drug has four innovative drugs in early clinical stages, with the most advanced candidate targeting osteosarcoma expected to enter Phase III trials by the second half of 2025 [28].

Core Viewpoint - Haixi New Drug officially listed on the Hong Kong Stock Exchange on October 20, 2023, with an issue price of HKD 86.4 per share, opening 18.06% higher on its first day, and achieving a market capitalization of HKD 8.5 billion [1][4]. Company Overview - Founded 13 years ago by a couple with strong academic backgrounds, Kang Xinshan and Feng Yan, who returned to Fujian to establish Haixi New Drug with support from local state-owned enterprises [1][2]. - The company has a dual-track business model focusing on both generic and innovative drug development, having successfully commercialized multiple products [5][4]. Financial Performance - Haixi New Drug reported revenues of RMB 212.5 million, RMB 316.6 million, RMB 466.7 million, and RMB 249.2 million for the years 2022, 2023, 2024, and the first five months of 2025, respectively [7][5]. - The company achieved profits of RMB 68.98 million, RMB 117.45 million, RMB 136.08 million, and RMB 90.21 million for the same periods [7][5]. Product Pipeline - The company has established a pipeline of four innovative drugs under development, targeting cancer, ophthalmology, and respiratory diseases, with one drug expected to be a breakthrough therapy for osteosarcoma [4][5]. Industry Context - The biopharmaceutical industry in Fujian has been strategically supported by government initiatives since 2009, aiming to cultivate a robust pharmaceutical sector [12][14]. - Fujian's biopharmaceutical industry is rapidly growing, with Xiamen and Fuzhou emerging as key hubs, and the province aims to achieve RMB 120 billion in pharmaceutical industrial revenue by 2025 [13][14].

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. (Haixi New Drug) officially listed on the Hong Kong Stock Exchange on October 20, 2023, with an initial price of 86.4 HKD per share, opening 18.06% higher, and currently has a market capitalization of 8.5 billion HKD [5][10]. Company Overview - Haixi New Drug was founded 13 years ago by a couple with strong academic backgrounds, Kang Xinshan and Feng Yan, who returned to Fujian with extensive experience in the pharmaceutical industry [7][8]. - The company has received significant support from local government and venture capital, which has been crucial for its growth and development [8][14]. Business Model - The company operates on a dual-track model focusing on both generic and innovative drug development, which has allowed it to achieve profitability [12]. - As of October 2025, Haixi New Drug has 15 generic drugs approved by the National Medical Products Administration, with products targeting various disease areas including digestive, cardiovascular, endocrine, and neurological systems [8][12]. Financial Performance - Revenue figures for Haixi New Drug are as follows: 212.5 million RMB in 2022, projected to reach 3.16 billion RMB in 2023, and 4.67 billion RMB in 2024, with profits of 68.98 million RMB in 2022 and 117.45 million RMB in 2023 [12][13]. - The majority of the company's revenue comes from generic drugs, with key products contributing over 90% of total income [13]. Industry Context - The rise of Haixi New Drug reflects the broader growth of the biopharmaceutical industry in Fujian, which has been strategically supported by government initiatives since 2009 [17][18]. - Fujian aims to develop five biopharmaceutical industry clusters by 2025, with a target revenue of 120 billion RMB for the pharmaceutical industry [18].