Group 1 - HaiXi Pharmaceutical (02637) saw its stock price rise over 10%, reaching a new high of HKD 145.9, which is nearly a 70% increase from its IPO price of HKD 86.4 [1] - As of the IPO disclosure date, HaiXi Pharmaceutical has 15 approved generic drug products, covering multiple therapeutic areas including digestive, cardiovascular, endocrine, and nervous systems [1] - The four core generic drugs, namely Anbili, Ruiantuo, Haihuitong, and Saixifu, are expected to contribute over 90% of the company's revenue, projected to reach CNY 425 million in 2024 [1] Group 2 - HaiXi Pharmaceutical is also developing an innovative drug pipeline, including C019199, an immunotherapy targeting CSF-1R/DDR1/VEGFR2, currently in I/II clinical stages for indications like osteosarcoma and tenosynovial giant cell tumor, with plans to start a Phase III trial in the second half of 2025 [1] - Another drug, HXP056, is an oral treatment for wet age-related macular degeneration, expected to complete its Phase I clinical trial by the end of 2025 [1]

Core Viewpoint - Haixi New Drug (02637) has seen a significant stock price increase, reaching a new high of 145.9 HKD, which is nearly 70% higher than its IPO price of 86.4 HKD [1] Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company with 15 approved generic drug products covering various therapeutic areas, including digestive, cardiovascular, endocrine, and nervous systems [1] - Since 2021, four core generic drugs have been included in the national drug procurement program, contributing over 90% of the company's revenue, projected to reach 425 million CNY in 2024 [1] Research and Development Pipeline - The company is also developing innovative drugs, including C019199, an immunotherapy targeting CSF-1R/DDR1/VEGFR2, currently in I/II clinical stages for indications like osteosarcoma and tenosynovial giant cell tumor, with plans to start a Phase III trial in the second half of 2025 [1] - Another drug, HXP056, is an oral treatment for wet age-related macular degeneration, expected to complete its Phase I clinical trial by the end of 2025 [1]

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].

Core Viewpoint - Haixi New Drug (02637) has successfully listed, with an initial share price of HKD 86.40, raising approximately HKD 940 million from the issuance of 11.5 million shares [1] Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company with 15 approved generic drug products across various therapeutic areas, including digestive, cardiovascular, endocrine, and nervous systems [1] - The company’s revenue forecast for 2024 indicates that four core generic drugs will contribute over 90% of its revenue, totaling HKD 425 million [1] Product Pipeline - The company is focused on innovative drug development, with a pipeline that includes an innovative oncology drug and a potential first oral medication for treating wet age-related macular degeneration (wAMD), diabetic macular edema (DME), and retinal vein occlusion (RVO) [1] - Additionally, there are two other innovative drugs in the preclinical stage targeting oncology and respiratory diseases [1] - The most advanced drug in development is C019199 for osteosarcoma, which is set to enter Phase III trials in the second half of this year [1]

Group 1 - The core viewpoint of the article highlights the successful IPO of Haixi New Drug, with shares priced at HKD 86.40 and a total issuance of 11.5 million shares, raising approximately HKD 940 million in net proceeds [1] - As of the prospectus disclosure date, Haixi New Drug has 15 approved generic drug products covering various therapeutic areas, including digestive, cardiovascular, endocrine, and nervous systems [1] - The four core generic drugs, which have been included in the national volume-based procurement (VBP) program since 2021, are expected to contribute over 90% of the company's revenue, projected to reach HKD 425 million in 2024 [1] Group 2 - The company's innovative drug pipeline focuses on various indications, including an innovative oncology drug and a potential oral medication for wet age-related macular degeneration (wAMD), diabetic macular edema (DME), and retinal vein occlusion (RVO) [2] - Among the innovative drugs, the most advanced is C019199, targeting osteosarcoma, which is set to enter Phase III trials in the second half of this year [2]

Core Viewpoint - The listing of Haixi Pharmaceutical (02637.HK) on the Hong Kong Stock Exchange has been delayed, originally scheduled for October 17, 2025, due to the need for additional time to finalize the announcement and obtain regulatory approval [2][3]. Group 1: Listing Delay Details - The company announced that the final announcement regarding the offering price and subscription levels must be published before 8:00 AM on October 17, 2025 [2]. - The company plans to issue approximately 11.5 million shares at a price range of HKD 69.88 to HKD 86.40, with a final cap set at HKD 86.40 per share [3]. - During the dark market trading phase, the stock price opened high but closed at HKD 107.6, reflecting a 24.54% increase, which may be linked to speculation about the delayed listing [3]. Group 2: Market Reactions and Speculations - There are rumors regarding irregularities in the international placement distribution, including issues with repeated applications and non-compliant participants, which may cast doubt on the effectiveness of dark market transactions [6]. - If the listing is merely delayed, completed dark market orders may still be valid; however, if the listing is ultimately canceled, all dark market transactions will be voided, although financing interest and fees typically are not refunded [7]. Group 3: Company Background and Financial Performance - Haixi Pharmaceutical has 14 approved generic drugs and four innovative drugs in development, with a dual-track approach of generics and innovative drugs [11][12]. - The company's revenue for the years 2022, 2023, 2024, and the first five months of 2025 were HKD 213 million, HKD 317 million, HKD 467 million, and HKD 249 million, respectively, with net profits of HKD 69 million, HKD 118 million, HKD 136 million, and HKD 90 million [12][13]. - The majority of the company's revenue comes from three products, which accounted for 98.2%, 92.9%, 82.6%, and 84% of total revenue during the respective reporting periods [14]. Group 4: Research and Development Pipeline - The company is developing several innovative drugs, including C019199, which targets multiple cancers, and HXP056, a potential oral treatment for eye diseases [16][17]. - C019199 has received IND approval and is undergoing various clinical trials, while HXP056 is expected to complete its Phase I trial by the end of 2025 [16][17]. - The combination of generics and innovative drugs has provided revenue and profit, but the generics segment may face future challenges due to market pressures [17].

Group 1 - The core point of the article is that Haixi Pharmaceutical (HK02637) has announced a delay in its IPO process after completing dark pool trading, which is a rare occurrence in the Hong Kong stock market [1][2] - Haixi Pharmaceutical's dark pool trading showed strong performance with a subscription multiple exceeding 2400 times and a subscription amount over 240 billion HKD [2] - The company plans to issue approximately 11.5 million shares at a price of 86.4 HKD per share, with a notable increase of 24.54% in dark pool trading, reaching 107.6 HKD [2] Group 2 - Haixi Pharmaceutical, established in March 2012 and headquartered in Fuzhou, Fujian, operates in both generic and innovative drug development, focusing on commercialized products for various diseases [2][3] - The company has received approval for 14 generic drugs from the National Medical Products Administration, with 4 of them included in the national centralized procurement [3] - Revenue figures for Haixi Pharmaceutical during the reporting period are approximately 212 million CNY, 317 million CNY, 467 million CNY, and 249 million CNY for the years 2022, 2023, 2024, and the first five months of 2025, respectively, with net profits of approximately 69 million CNY, 117 million CNY, 136 million CNY, and 90 million CNY [3]

Group 1 - The core point of the news is that Haixi Pharmaceutical (HK02637) has announced a delay in its IPO after completing dark pool trading, which is a rare occurrence in the Hong Kong stock market [1] - The company did not disclose the specific reasons for the delay, but it is noted that such situations are uncommon, with the last similar case occurring in October 2022 involving another company [1] - Haixi Pharmaceutical's dark pool trading showed strong performance, with a subscription multiple exceeding 2400 times and total subscription amount over 240 billion HKD [1] Group 2 - Haixi Pharmaceutical, established in March 2012 and headquartered in Fuzhou, Fujian Province, operates in both generic and innovative drug development, with a focus on commercialized products for various diseases [2] - The company has 14 approved generic drugs, four of which are included in the national procurement list, and five additional drugs are in the ANDA stage, expected to receive market approval by 2025 or 2026 [2] - Revenue figures for Haixi Pharmaceutical during the reporting periods are approximately 212 million CNY, 317 million CNY, 467 million CNY, and 249 million CNY, with net profits of approximately 69 million CNY, 117 million CNY, 136 million CNY, and 90 million CNY respectively [2] Group 3 - The founders of Haixi Pharmaceutical are Dr. Kang Xinshan and his spouse Feng Yan, who together control 41.17% of the company's shares through direct and indirect means [3]