Core Viewpoint - HaiXi Pharmaceutical officially listed on the Hong Kong stock market on October 20, 2023, with a closing increase of 20.60% on its first trading day, despite the initial listing date being postponed from October 17 due to regulatory approval delays [1][2]. Company Overview - HaiXi Pharmaceutical is a commercial-stage pharmaceutical company that integrates research and development, production, and sales capabilities, focusing on innovative drug pipelines [2]. - The company's product portfolio includes generic drugs for various diseases, which account for over 25% of China's pharmaceutical sales in 2023 [2]. - HaiXi's innovative drug pipeline includes a cancer drug, an oral drug for wet age-related macular degeneration, and two other drugs in preclinical stages targeting cancer and respiratory diseases [2]. IPO Details - The IPO price was set at HKD 86.40, the upper limit of the previously announced price range, raising approximately HKD 994 million [2]. - The Hong Kong public offering was oversubscribed by 3165.1 times, with only 1,150,000 shares available, representing 10% of the global offering [3][4]. - The majority of the shares were allocated to international investors, with an oversubscription rate of 6.3 times, accounting for 90% of the global offering [3][4]. Shareholder Structure - The founding couple and a staff incentive platform are the controlling shareholders, holding approximately 41.17% of the issued share capital before the IPO [7]. - Post-IPO, the controlling shareholders will own about 35.15% of the company [7]. Financial Performance - HaiXi Pharmaceutical has shown continuous revenue growth, with revenues of RMB 213 million, RMB 317 million, RMB 467 million, and RMB 249 million for the years 2022, 2023, 2024, and the first five months of 2025, respectively [7]. - Net profits for the same periods were RMB 69 million, RMB 118 million, RMB 136 million, and RMB 90 million [7]. Market Context - The delay in HaiXi's listing has drawn comparisons to other companies in the Hong Kong market that have experienced similar issues, such as Baide Medical and SenseTime, with varying outcomes [8][9].

Core Viewpoint - The company, HaiXi New Drug (02637), is planning a global offering of 11.5 million shares with a price range of HKD 69.88 to 86.40 per share, aiming to raise approximately HKD 848 million for various developmental and operational purposes [1][3]. Company Overview - HaiXi New Drug is a commercial-stage pharmaceutical company with integrated capabilities in research, production, and sales, focusing on innovative drug pipelines [1]. - The company has a diverse product portfolio in the fastest-growing therapeutic areas in China, including gastrointestinal, cardiovascular, endocrine, neurological, and inflammatory diseases, which collectively account for over 25% of China's pharmaceutical sales in 2023 [1][2]. Product Pipeline - The company has received approval for 15 generic drugs from the National Medical Products Administration and has established a pipeline of four innovative drugs [2]. - The innovative drug pipeline includes a potential first-in-class oncology drug, an oral drug for treating wAMD/DME/RVO, and two additional drugs in preclinical stages targeting oncology and respiratory diseases [1][2]. Financial Performance - The company's revenues for the years 2022, 2023, 2024, and the first five months of 2025 were RMB 212.5 million, 316.6 million, 466.7 million, and 249.2 million, respectively, with corresponding gross profits of RMB 172.1 million, 263.6 million, 387.2 million, and 209.3 million [2]. Use of Proceeds - Assuming a share price of HKD 78.14, approximately 52% of the net proceeds from the global offering will be allocated to ongoing research and development, while 23% will enhance research capabilities and seek collaboration opportunities [3]. - Additional allocations include 8% for commercial capabilities, 7% for optimizing research and production systems, and 10% for working capital and general corporate purposes [3]. Strategic Partnerships - The company plans to actively explore collaboration opportunities with multinational corporations to expand its international clinical research and commercialization capabilities [2].

Core Viewpoint - HaiXi New Drug (02637) is planning a global offering of 11.5 million shares with a price range of HKD 69.88 to 86.40 per share, aiming to raise approximately HKD 848 million for various strategic investments [1][3] Company Overview - The company is a commercial-stage pharmaceutical firm with integrated R&D, manufacturing, and sales capabilities, focusing on innovative drug pipelines [1] - It has a diversified product portfolio in China's largest and fastest-growing therapeutic areas, including gastrointestinal, cardiovascular, endocrine, neurological, and inflammatory diseases, which collectively account for over 25% of China's pharmaceutical sales in 2023 [1][2] Product Pipeline - The company has received approval for 15 generic drugs from the National Medical Products Administration and has established a pipeline of four innovative drugs [2] - The innovative drug pipeline includes a potential first-in-class oncology drug, an oral drug for treating wAMD/DME/RVO, and two additional drugs in preclinical stages targeting oncology and respiratory diseases [1][2] Financial Performance - The company's revenues for the years 2022, 2023, 2024, and the five months ending May 31, 2025, were RMB 212.5 million, 316.6 million, 466.7 million, and 249.2 million, respectively [2] - Gross profits for the same periods were RMB 172.1 million, 263.6 million, 387.2 million, and 209.3 million [2] Use of Proceeds - Approximately 52% of the net proceeds from the global offering will be allocated to ongoing R&D investments to advance the drug pipeline [3] - About 23% will enhance R&D capabilities and seek collaboration opportunities, while 8% will improve commercialization capabilities and market influence [3] - The remaining proceeds will be used for optimizing R&D and production systems (7%) and for working capital and general corporate purposes (10%) [3] Strategic Partnerships - The company plans to actively explore collaboration opportunities with multinational corporations to expand its international clinical research and commercialization capabilities [2]

Core Viewpoint - The company, Haixi New Drug, is planning a global offering of 11.5 million H-shares, with a price range of HKD 69.88 to HKD 86.40 per share, aiming to raise approximately HKD 848 million for various purposes including R&D and commercialization [1][4]. Group 1: Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company with integrated R&D, manufacturing, and sales capabilities, focusing on a diverse product portfolio in the fastest-growing therapeutic areas in China [2]. - The company has a product portfolio that includes generic drugs for digestive, cardiovascular, endocrine, neurological, and inflammatory diseases, which collectively account for over 25% of China's pharmaceutical sales in 2023 [2][3]. Group 2: Product Pipeline and Approvals - As of the latest feasible date, the company has received approval for 15 generic drugs from the National Medical Products Administration and has established a pipeline of four innovative drugs [3]. - The innovative drug pipeline includes an oral drug for wet age-related macular degeneration, diabetic macular edema, and retinal vein occlusion, along with two other drugs in preclinical stages targeting tumors and respiratory diseases [2]. Group 3: Financial Aspects and Use of Proceeds - The cornerstone investor, Harvest Oriental SP, has agreed to subscribe for approximately USD 22 million worth of shares at a median indicative price of HKD 78.14 per share, totaling 219,120 shares [3]. - The estimated net proceeds of approximately HKD 848 million from the global offering will be allocated as follows: 52% for ongoing R&D investments, 23% for enhancing R&D capabilities and seeking collaborations, 8% for improving commercialization capabilities, 7% for optimizing R&D and production systems, and 10% for working capital and general corporate purposes [4].

Group 1: IPO Overview - This week, three companies submitted their IPO applications: Junsheng Electronics, Haijing Zhiyuan, and Haixi New Drug [2][3] - Next week, Yinnuo Pharmaceutical-B (weight loss drug) and Zhonghui Biotechnology-B (vaccine) are expected to be listed, presenting potential investment opportunities [1][2] Group 2: Company Profiles - **Junsheng Electronics**: A leading provider of smart automotive technology solutions, ranked 41st globally in the automotive parts industry in 2024. The company is the second-largest supplier of passive safety products in China and globally, with 74.7% of its revenue from overseas sales in 2024 [3] - **Haijing Zhiyuan Technology**: A leading Chinese multispectral AI technology company, with revenues of approximately CNY 224.7 million, CNY 117.1 million, and CNY 522.6 million for the fiscal years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of about 52.5% [4] - **Haixi New Drug**: A commercial-stage pharmaceutical company with a diverse product portfolio in the fastest-growing therapeutic areas in China. The company focuses on innovative drugs with significant global market potential, including a potential first-in-class oncology drug [5][6] Group 3: Upcoming Listings - **Yinnuo Pharmaceutical-B**: The first in Asia and third globally to advance a novel GLP-1 receptor agonist to the registration approval stage, with an expected IPO fundraising of HKD 683 million at a price of HKD 18.68 per share [9][10] - **Zhonghui Biotechnology-B**: A vaccine company focused on innovative vaccines and traditional vaccines using new technologies, with an expected IPO fundraising of HKD 518 million at a price range of HKD 12.90 to HKD 15.50 per share [9][10]