Core Viewpoint - Hengrui Medicine has successfully listed on the Hong Kong Stock Exchange, marking the largest pharmaceutical IPO in Hong Kong in nearly five years, with significant international investor interest and a total subscription amount of approximately HKD 41.31 billion, representing 41.77% of the total issuance scale [1][5][21]. Group 1: Company Overview - Hengrui Medicine, a leader in China's innovative pharmaceutical sector, has transformed from a small local manufacturer to a global player, now ranked among the top 50 pharmaceutical companies worldwide [4][10]. - The company has a rich history of over 55 years, witnessing significant growth and development in the pharmaceutical industry [4][22]. Group 2: Historical Development - From 1970 to 2003, Hengrui Medicine began as a small pharmaceutical factory, focusing on basic medicines, and achieved its first major success with the launch of the cancer drug Ifosfamide in 1995, leading to its status as a billion-yuan sales enterprise [5][6]. - Between 2004 and 2017, the company accelerated its transformation by establishing a research center in Shanghai and entering the high-value innovative drug development sector, achieving FDA certification for its products [6][7]. - From 2018 to 2022, Hengrui increased its R&D investment significantly, reaching CNY 6.346 billion in 2022, which accounted for 29.83% of its sales revenue, marking a historical high for the company [7][8]. Group 3: Recent Developments - Since 2023, Hengrui has shifted its focus from generic drugs to innovative drug development, with projected sales revenue from innovative drugs reaching CNY 13.892 billion in 2024, a year-on-year increase of 30.60% [9][12]. - The company has also engaged in 14 innovative drug licensing transactions since 2018, leading the domestic pharmaceutical industry in this area [9][12]. Group 4: Global Expansion Strategy - Hengrui is actively pursuing international markets, having initiated over 20 overseas clinical trials in regions such as the US, Europe, and Japan, and has completed 9 business development transactions in the past three years, with a cumulative transaction value of approximately USD 14 billion [18][21]. - The recent listing on the Hong Kong Stock Exchange is a strategic move to enhance its global brand influence and attract international investors, facilitating further international collaborations and business expansion [21][22].

Core Viewpoint - Heng Rui Medicine has officially entered the "A+H" dual-platform listing era, marking a significant milestone in its internationalization strategy and financial strengthening [2][3]. Group 1: Company Overview - Heng Rui Medicine, founded by Sun Piaoyang, has transformed from a small pharmaceutical factory into a leading pharmaceutical giant over the past 30 years [10]. - The company has successfully recovered its market position and increased its market capitalization to over 300 billion yuan, following a strategic shift towards innovative drugs and international expansion [2][6]. Group 2: Financial Performance - In the first quarter of 2025, Heng Rui Medicine achieved a revenue of 7.206 billion yuan, representing a year-on-year growth of 20.14%, and a net profit of 1.874 billion yuan, with a growth rate of 36.9%, marking the highest net profit growth in nearly a decade [9]. - The company's revenue and net profit have consistently increased from 2004 to 2020, with revenue rising from 1.145 billion yuan to 27.735 billion yuan, and net profit from 123 million yuan to 6.328 billion yuan [6]. Group 3: Strategic Developments - The recent listing on the Hong Kong Stock Exchange is a crucial step for Heng Rui Medicine to accelerate its internationalization and enhance its financial resources [3][10]. - The company has engaged in 15 licensing transactions with global partners from 2018 to 2024, indicating a strong commitment to international collaboration and innovation [9]. Group 4: Leadership and Future Outlook - Sun Piaoyang, after stepping down as chairman in 2020, returned to lead the company in 2021, focusing on innovative drugs and international expansion [8][9]. - The market is keenly observing how Heng Rui Medicine will continue to navigate the competitive landscape of the pharmaceutical industry, especially with emerging competitors like BeiGene and others [10].

Core Viewpoint - Heng Rui Pharmaceutical successfully listed on the Hong Kong Stock Exchange on May 23, 2023, achieving a market capitalization exceeding HKD 390 billion, marking the largest pharmaceutical IPO of the year [4][5]. Company Overview - Heng Rui Pharmaceutical's IPO price was set at HKD 44.05, with the stock opening nearly 30% higher [4]. - The cornerstone investors for this IPO included notable entities such as the Government of Singapore Investment Corporation (GIC), Invesco, UBS Global Asset Management, Hillhouse Capital, and Boyu Capital, with total subscriptions exceeding HKD 4.1 billion [4]. - The company was founded by Sun Piaoyang, who transformed a small pharmaceutical factory into a major player in the Chinese pharmaceutical industry [6][7]. Financial Performance - For the first three quarters of 2024, Heng Rui reported revenues of CNY 20.19 billion and a net profit of CNY 4.62 billion, with net profit reaching a historical high [11]. - The sales revenue from innovative drugs accounted for 47.7% of total revenue, indicating a significant contribution from generic drugs [11]. - The proportion of innovative drug sales increased from 38.1% in 2022 to 43.4% in 2023 [11]. Strategic Direction - The company aims to enhance its global presence through the Hong Kong listing, which is seen as a bridge for international expansion and brand recognition [12]. - The funds raised from the IPO will be used to build new production and R&D facilities both domestically and internationally [12]. Market Context - The Hong Kong stock market has seen a surge in IPO activity in 2023, with significant listings such as Ningde Times and Mixue Ice City, contributing to a total fundraising amount exceeding HKD 60 billion, a sixfold increase compared to the previous year [18]. - The current market environment is favorable for new listings, with a substantial pipeline of around 150 applications under review at the Hong Kong Stock Exchange [18][19].

以下文章来源于天天IPO ，作者周佳丽 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 港股沸腾。 作者 I 周佳丽 报道 I 投资界-天天IPO 投资界-天天IPO获悉，今天（5月23日），恒瑞医药正式登陆港交所，实现"A+H"两地上 市。此次IPO，恒瑞医药发行价44.05港元，开盘大涨近30%，市值超3 900亿港元，缔造 今年最大医药IPO。 这一次赴港上市，恒瑞医药基石阵容引人注目，包括新加坡政府投资公司（GIC）、景 顺、瑞银全球资产管理集团、高瓴、博裕资本等，认购总规模逾4 1亿港元。 说起恒瑞医药，离不开灵魂人物——孙飘扬。来自江苏淮安，孙飘扬一度被视为中国"药 神 " ， 白 手 起 家 将 不 知 名 的 小 药 厂 做 到 中 国 医 药 界 巨 头 ， 20 00 年 登 陆 上 交 所 成 为 A 股 药 王。直到今天，6 6岁的孙飘扬再一次IPO敲钟。 透 过 恒 瑞 医 药 ， 我 们 看 到 港 交 所 已 经 集 聚 宁 德 时 代 、 蜜 雪 冰 城 、 泡 泡 玛 特 等 一 批 超 级 IPO 。 港 交 所 CEO 陈 翊 庭 ...

透过恒瑞医药，我们看到港交所已经集聚宁德时代、蜜雪冰城、泡泡玛特等一批超级IPO。港交所CEO 陈翊庭透露，目前正在审理的上市申请约有150宗，当中不乏龙头企业，这是前所未有的一幕。 投资界-天天IPO获悉，今天（5月23日），恒瑞医药正式登陆港交所，实现"A+H"两地上市。此次IPO， 恒瑞医药发行价44.05港元，开盘大涨近30%，市值超3900亿港元，缔造今年最大医药IPO。 这一次赴港上市，恒瑞医药基石阵容引人注目，包括新加坡政府投资公司（GIC）、景顺、瑞银全球资 产管理集团、高瓴、博裕资本等，认购总规模逾41亿港元。 说起恒瑞医药，离不开灵魂人物——孙飘扬。来自江苏淮安，孙飘扬一度被视为中国"药神"，白手起家 将不知名的小药厂做到中国医药界巨头，2000年登陆上交所成为A股药王。直到今天，66岁的孙飘扬再 一次IPO敲钟。 孙飘扬现身，恒瑞医药IPO，市值3900亿 故事从孙飘扬说起。 1958年生于江苏淮安金湖，孙飘扬1982年从中国药科大学化学制药专业毕业，后便被分配到连云港制药 厂，也就是恒瑞医药的前身，担任技术员。后来由于勤奋踏实，他被连云港制药厂的上级——医药工业 公司调任过去，担任副科 ...

以下文章来源于天天IPO ，作者周佳丽 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 赴港二次上市潮。 作者 I 周佳丽 报道 I 投资界-天 天IPO 投资界-天天IPO获悉，恒瑞医药正式向港交所递交上市申请。这意味着，2 0 0 0年在A股 上市、市值28 00亿元的医药龙头正式启动赴港IPO了，也许很快将实现"A+H"两地上 市。 说起恒瑞医药，不得不提到灵魂人物——孙飘扬。来自江苏淮安，孙飘扬一度被国内冠 以"药神"称号，他一手将不知名的小药厂做到中国医药界巨头，恒瑞医药巅峰市值一度 冲破6 0 00亿元。如今，恒瑞医药赴港上市，66岁的孙飘扬有望再一次IPO敲钟。 而其妻子钟慧娟掌舵的翰森制药早已于20 1 9年在港交所IPO上市，最新市值超9 00亿港 元。 66岁大佬，又要IPO敲钟了 故事从孙飘扬说起。 1 9 5 8年生于江苏淮安金湖，孙飘扬1 98 2年从中国药科大学化学制药专业毕业。多年后的 2 0 0 4年，他又获得中国南京大学有机化学博士学位。 本科毕业后，孙飘扬便被分配到连云港制药厂，也就是恒瑞医药的前身，担任技术员，从 事配料、计算等工作。后来由于勤奋踏实， ...