6月5日，科伦博泰（6990.HK）宣布根据一般性授权实施配售发行591.8万股H股，占公司发行后总股本 约2.54%，配售价格为331.8港元，募集资金净额约2.5亿美金（合约17.96亿元）。据悉，这一交易刷新 了今年港股生物医药市场新股增发规模记录。 事实上，今年以来，包括荣昌生物（688331.SH；09995.HK）、百利天恒（688506.SH）、迪哲医药 （688192.SH）等在内的多家药企已密集披露再融资计划，资金多锚定创新药物研发赛道。 与此同时，特别是5月起，我国创新药领域重磅BD（商务拓展）交易频出。包括辉瑞以12.5亿美元首付 款及最高60.5亿美元的总交易金额，拿下三生制药的PD-1/VEGF双抗；再生元以8000万美元首付款、最 高19.3亿美元里程碑款，买下翰森制药的一款GLP-1/GIP双受体激动剂……在再融资与大额BD交易的双 重驱动下，医药行业正迎来更充沛的资金活水。 高特佳投资集团副总经理王海蛟向21世纪经济报道表示，在宏观环境稳定的前提下，医药行业正从"全 面冰封"进入"结构性解封"状态。对比过去两年，即便是优质管线也难获得资本青睐，创新药企研发难 以获得回报和激励。 ...

Core Viewpoint - Rongchang Biopharmaceutical (9995.HK) has announced a H-share placement plan to raise approximately HKD 796 million, reflecting the company's ongoing financial challenges despite a significant revenue increase in 2024 [2][4]. Financial Performance - In 2024, Rongchang Biopharmaceutical reported a revenue of approximately CNY 1.72 billion, a year-on-year increase of 58.54%, but still faced a net loss of CNY 1.468 billion [3][4]. - The company has experienced losses in six out of the seven years since its establishment, with a peak loss of CNY 1.511 billion in 2023 [4][5]. - In Q1 2025, the company achieved a revenue of CNY 526 million, representing a 59.17% year-on-year growth, but continued to incur a net loss of CNY 254 million [4][7]. Product Development and Market Position - Rongchang Biopharmaceutical focuses on innovative biopharmaceuticals, particularly in antibody drug conjugates and therapeutic antibodies [4][6]. - The company has two commercialized products: RC18 (Taitasip) and RC48 (Vidisizumab), which have contributed to its revenue growth since their market approval [6][8]. - Despite the growth in sales, the company faces challenges with slowing growth rates for its core products, indicating potential market saturation or increased competition [6][8]. Funding and Financial Strategy - The recent H-share placement is a critical move to address the company's cash flow pressures and support ongoing research and development efforts [2][8]. - The company has faced difficulties in previous fundraising attempts, including a failed private placement in 2024, highlighting ongoing financial strain [9][10]. - As of Q1 2025, the company's cash reserves decreased to CNY 722 million, while short-term borrowings reached CNY 1.131 billion, indicating significant debt pressure [8][9]. Industry Context - The biopharmaceutical industry is characterized by high research and development costs and long commercialization timelines, leading to widespread financial challenges among similar companies [8]. - Experts suggest that companies need to optimize cost structures and enhance collaboration to achieve profitability in a competitive market [8].

Core Viewpoint - The Hong Kong stock market has seen a rise in discounted placements, with Rongchang Biopharmaceutical (09995.HK) announcing a placement of 19 million shares to raise approximately HKD 796 million, indicating strong market interest despite the company's ongoing losses [1][2][3]. Group 1: Placement Details - Rongchang Biopharmaceutical plans to place up to 19 million H-shares, representing about 10.02% of existing H-shares and 3.49% of total shares as of the announcement date [2]. - The placement price is set at HKD 42.44 per share, reflecting a discount of approximately 9.51% from the closing price on May 21 [2]. - The net proceeds from the placement are expected to be around HKD 796 million, aimed at enhancing research capabilities and business expansion [2]. Group 2: Financial Performance - Despite a revenue increase of 59% to RMB 1.71 billion in 2024, Rongchang Biopharmaceutical continues to operate at a loss, with a net loss of RMB 254 million in Q1 2025, which is a 27% increase in losses year-on-year [6][7]. - The company has only recorded a profit in 2021, primarily due to a licensing agreement with Seattle Genetics, which generated a net profit of RMB 276 million [6][5]. - As of Q1 2025, the company had cash and cash equivalents of RMB 719 million, indicating some liquidity but ongoing pressure on cash flow due to continuous losses [7]. Group 3: Product Pipeline and Market Potential - Rongchang Biopharmaceutical has developed over ten candidate drugs, with seven in clinical development targeting more than twenty indications [3]. - The company’s marketed products, including RC18 and RC48, are undergoing clinical trials for various indications, with RC48 being the first ADC drug in China to receive dual breakthrough therapy designation from both the FDA and the Chinese regulatory authority [4][3]. - The company is focusing on expanding the indications for its core product RC18, which has already received approvals for systemic lupus erythematosus and is expected to gain further approvals in the near future [4]. Group 4: Market Sentiment and Stock Performance - Since the beginning of 2025, Rongchang Biopharmaceutical's stock has surged over 240%, reflecting strong market sentiment and positioning for the placement [8]. - The stock's performance on May 22, where both A and H shares opened low but closed higher, suggests a positive market reaction to the placement announcement [8].

Core Viewpoint - Rongchang Biopharma disclosed its research reception announcement, indicating strong financial performance and significant progress in core pipeline development for 2024, with a focus on various therapeutic areas [1][2]. Financial Overview - The company reported a revenue of 1.717 billion yuan for 2024, representing a year-on-year growth of 58.5% [7]. - The sales expense ratio for 2024 was 55.3%, a decrease of 16.3 percentage points compared to the previous year [7]. - Research and development expenses increased to 1.54 billion yuan, up 17.9% year-on-year [7]. - The overall gross margin for 2024 was 80.4%, an increase of 3.0 percentage points from the previous year [7]. - As of the end of 2024, the company had approximately 1 billion yuan in cash and cash equivalents, with sufficient loan credit lines available [7]. Core Pipeline Development Progress 1. **RC18 in China** - Myasthenia Gravis (MG): BLA application has been accepted, with data presented at the AAN conference showing significant clinical efficacy [4]. - Primary Sjögren's Syndrome (pSS): Phase III enrollment is complete, with normal progress in medication and follow-up [4]. - IgA Nephropathy (IgAN): Phase III enrollment is complete, with normal progress in medication and follow-up [4]. 2. **RC18 Overseas** - Systemic Lupus Erythematosus (SLE): Phase III international multicenter clinical research is ready [5]. - Myasthenia Gravis (MG): Continuous enrollment in Phase III [5]. 3. **RC48 in China** - Urothelial Carcinoma (UC): Phase III for first-line combination therapy is complete, with normal progress in medication and follow-up [6]. - Gastric Cancer (GC): Phase III for first-line combination therapy has started, with patient enrollment underway [6]. 4. **Other Pipeline Developments** - RC88: Phase II clinical trial for advanced malignant solid tumors has completed enrollment [10]. - RC148: Observed good efficacy and safety in single-agent clinical exploration, with ongoing Phase II trials for advanced lung cancer [11]. - RC278: ADC drug using next-generation conjugation technology for various solid tumors [12]. - RC28: Phase III clinical trials for diabetic macular edema (DME) and wet age-related macular degeneration (wAMD) have completed enrollment [13].