Core Viewpoint - Beijing Xiantong International Pharmaceutical Technology Co., Ltd. is a leader in the Chinese radiopharmaceutical market, aiming to develop and commercialize innovative radiopharmaceuticals with the potential to be the first listed or best-in-class in China [1][2]. Company Overview - The company has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation Hong Kong Securities Limited and CITIC Securities (Hong Kong) Limited as joint sponsors [1]. - Beijing Xiantong is the first company in China to receive approval for innovative radiopharmaceuticals and to obtain production licenses as a drug marketing authorization holder [1]. Product Pipeline - The product pipeline includes a complementary combination of diagnostic and therapeutic radioligands, focusing on oncology, neurodegenerative diseases, and cardiovascular diseases, with a total of 15 assets [2]. - Four core products are highlighted: XTR008, XTR006, XTR004, and XTR003, with three nearing commercialization and eight in clinical or IND supportive stages [2]. - The pipeline includes four potential first-in-class or best-in-class assets and four assets based on the development of the top five global best-selling radiopharmaceuticals by 2024 [2]. Financials - Research and development expenses for 2023 and 2024 are projected to be RMB 297.0 million and RMB 228.0 million, respectively [2]. - The R&D costs for core products in 2023 and 2024 are RMB 152.9 million and RMB 96.6 million, accounting for 51.4% and 42.3% of total R&D expenses, and 38.7% and 26.9% of total operating expenses for the respective periods [2]. - The company has launched two products in China: XTR005 (trade name: Oweining®) and adenosine injection (trade name: Oudalai®) [2]. Challenges - The company's business and financial outlook heavily depend on the success of its clinical and preclinical products [3]. - There are significant risks associated with the development of radiopharmaceuticals, including the need for specialized knowledge and qualifications across multiple disciplines [3]. - The operational complexity and cost pressures are heightened due to the requirement for expertise in handling radioactive materials and operating large equipment [3].