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 - 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 - 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].

于2022年、2023年、2024年及截至2025年5月31日止五个月，该公司的收益分别为人民币2.125亿元、 3.166亿元、4.667亿元及2.492亿元，毛利分别为人民币1.721亿元、2.636亿元、3.872亿元及2.093亿元。 假设发售价为每股股份78.14港元，全球发售所得款项净额约8.48亿港元。其中，约52.0%所得款项净额 预期将用于持续投资于研发，以推进公司管线中的在研药物并丰富公司的产品组合。约23.0%所得款项 净额预计将用于提升公司的研发能力及寻求合作机会。约8.0%所得款项净额预计将用于增强公司的商 业化能力及扩大市场影响力。约7.0%所得款项净额预计将用于改善和优化公司的研发和生产系统。约 10.0%所得款项净额预计将用作公司的营运资金及其他一般企业用途。 此外，该公司已与基石投资者(Harvest Oriental)订立基石投资协议，据此，基石投资者已同意在若干条 件规限下，按发售价认购或购买总金额约2200万美元可购买数目的发售股份。 智通财经APP讯，海西新药(02637)于2025年10月9日-10月14日招股，拟全球发售1150万股，香港公开发 售占约10%，国际 ...

截至最后实际可行日期，集团已就15款仿制药获得国家药监局批准，并建立拥有四款在研创新药的管 线，使集团成为中国制药行业的主要市场参与者。于往绩记录期间，集团的收益来自13种获批准产品。 为在整个生命周期中保护集团的产品及在研药物，截至最后实际可行日期，集团已建立一个包括37项专 利的全球专利组合，其中包括在美国、加拿大、澳大利亚、日本、韩国、新加坡、印度以及约29个欧洲 国家等海外司法管辖区获得的18项专利。此外，集团计划积极探索与跨国公司(MNC)合作的机会，以扩 大集团的国际临床研究及商业化能力。 集团已与基石投资者(即Harvest Oriental SP("Harvest Oriental"))订立基石投资协议，据此，基石投资者已 同意在若干条件规限下，按发售价认购或购买总金额约2200万美元可购买数目的发售股份。根据发售价 78.14港元(即指示性发售价范围的中位数)计算，基石投资者将认购的发售股份总数为219.12万股。 格隆汇10月9日丨海西新药(02637.HK)发布公告，公司拟全球发售1150万股H股，中国香港发售股份115 万股，国际发售股份1035万股；2025年10月9日至10月14日 ...

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]

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]