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 not being the most impressive performance among recent innovative drug listings [1][4]. Group 1: Listing Details - The original listing date was set for October 17, 2023, but was postponed due to the need for additional time to finalize regulatory approvals and announcements [3][4]. - The company raised approximately HKD 994 million with an offering price of HKD 86.40, which was the upper limit of the previously set price range [6]. Group 2: Company Overview - HaiXi Pharmaceutical is a commercial-stage pharmaceutical company with capabilities in research, production, and sales, focusing on generic drugs for various diseases and a pipeline of innovative drugs [6]. - The therapeutic areas covered by its commercialized products account for over 25% of China's total pharmaceutical sales in 2023 [6]. Group 3: Subscription and Allocation - The Hong Kong public offering was oversubscribed by 3165.1 times, with only 1,150,000 shares available, representing 10% of the global offering [7][8]. - The international offering saw an oversubscription of 6.3 times, with 10,350,000 shares allocated, making up 90% of the total offering [9][10]. Group 4: Shareholder Structure - The founding couple and a staff incentive platform are the major shareholders, collectively holding about 41.17% of the company's issued share capital prior to the IPO [13]. - Post-IPO, the major shareholders will control approximately 35.15% of the issued share capital [13]. Group 5: Financial Performance - HaiXi Pharmaceutical has shown continuous revenue growth, with revenues of RMB 213 million in 2022, RMB 317 million in 2023, and projected RMB 467 million in 2024 [13]. - Net profits for the same years were RMB 69 million, RMB 118 million, and RMB 136 million, respectively [13].

Core Viewpoint - Haixi New Drug (02637.HK) has announced a delay in its Hong Kong listing originally scheduled for October 17, 2025, due to the need for additional time to finalize the announcement regarding the final offer price, international placement subscription levels, and other related information [2][3]. Group 1: Company Overview - Haixi New Drug was established in 2012 and is a commercial-stage pharmaceutical company that integrates research and development, production, and sales capabilities [3]. - The company has a diversified product portfolio, primarily consisting of generic drugs for digestive, cardiovascular, endocrine, neurological, and inflammatory diseases [3]. - As of September 30, 2025, Haixi New Drug has received approval from the National Medical Products Administration for 15 generic drugs, with four included in the national volume-based procurement program [3]. Group 2: IPO Details - The company plans to issue 11.5 million H-shares with an offer price range of HKD 69.88 to HKD 86.40, aiming to raise approximately HKD 8.04 billion to HKD 9.94 billion [4]. - The initial allocation ratio for the public offering is set at 10%, with the possibility of adjustment to a maximum of 15% [4]. - The listing market capitalization is estimated to be between HKD 55 billion and HKD 68 billion [4].

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. (referred to as "Haixi New Drug") has submitted its prospectus for a public listing on the Hong Kong Stock Exchange, marking its second attempt after an initial failure in January 2023 [1] Group 1: Company Background - Haixi New Drug was co-founded in 2012 by Kang Xinshan and his spouse Feng Yan, with support from state-owned shareholders [3] - Kang Xinshan holds a 18.97% stake, while Feng Yan owns 14.76%, making them the controlling shareholders alongside employee stock ownership platforms [3][4] Group 2: Financial Performance - The company has achieved a remarkable compound annual growth rate (CAGR) of 48.4% in revenue over the past three years, with net profit CAGR reaching 40.4% [5][6] - Revenue figures for the years 2022 to 2024 are reported as 212 million, 317 million, and 467 million, with net profits of 69 million, 117 million, and 136 million respectively [6] Group 3: Product Pipeline and R&D - Haixi New Drug has a diversified product portfolio, including 14 approved generic drugs and five drugs in the ANDA stage, targeting various diseases [5][6] - The company has established a pipeline of four innovative drugs and holds a global patent portfolio of 36 patents [6] Group 4: Manufacturing and Future Plans - The company is constructing its own manufacturing facility in Fuzhou, with a total area of approximately 90,000 square meters and a designed annual production capacity of 2 billion oral solid dosage forms [6] - The funds raised from the IPO will be allocated to R&D investments, enhancing commercialization capabilities, and optimizing production systems [7]