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 first-day increase of 20.60% after peaking at over 36% during trading [2][4]. Company Overview - HaiXi Pharmaceutical is a commercial-stage pharmaceutical company that integrates research and development, production, and sales capabilities, focusing on innovative drug pipelines [6]. - The company's product portfolio includes generic drugs for various diseases, which account for over 25% of China's pharmaceutical sales in 2023 [6]. IPO Details - The initial public offering (IPO) price was set at HKD 86.40, the upper limit of the previously announced price range, raising approximately HKD 994 million [6]. - The Hong Kong public offering was oversubscribed by 3165.1 times, with only 1.15 million shares available, representing 10% of the global offering [7][8]. Subscription and Allocation - The international offering saw an oversubscription rate of 6.3 times, with 10.35 million shares allocated, making up 90% of the global offering [9][10]. - The top 25 investors accounted for 99.62% of the international offering, totaling approximately 10.31 million shares [10]. 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 [10]. - Net profits for the same periods were RMB 69 million, RMB 118 million, RMB 136 million, and RMB 90 million [10]. 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 [10]. - Post-IPO, the controlling shareholders will own about 35.15% of the issued share capital [10].