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].

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after previously attempting to list on the Shenzhen Stock Exchange, indicating a strategic shift in its IPO plans [1][9]. Group 1: Company Background - Haixi New Drug was founded in 2012 by Kang Xinshan and Feng Yan, supported by state-owned shareholders [5][6]. - The company has a diverse product portfolio, primarily focusing on generic drugs for various diseases [9]. 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 [2][10]. - 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 [10]. - The net profit margin has remained around 30%, with gross margins exceeding 81% for three consecutive years, reaching 84% in the first five months of 2025 [10]. Group 3: Product Pipeline and R&D - Haixi New Drug has received approval for 14 generic drugs from the National Medical Products Administration, with additional drugs in the ANDA stage expected to be approved by 2025 or 2026 [9][10]. - The company is developing four innovative drugs and holds a global patent portfolio of 36 patents [10]. Group 4: Financial Needs and IPO Purpose - As of May 31, 2025, the company had cash and cash equivalents of only 46.259 million, indicating a need for capital [11]. - The funds raised from the IPO will be used for R&D investment, enhancing commercialization capabilities, and improving operational systems [11].

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. has submitted its application to the Hong Kong Stock Exchange for a listing on the main board, with Huatai International and China Merchants Jinling International as joint sponsors. The company had previously submitted its application on January 3 [1]. Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company that integrates research and development, production, and sales capabilities, with a pipeline of innovative drugs under development. The company has a diverse product portfolio in the fastest-growing therapeutic areas in China and has received approval for 14 generic drugs from the National Medical Products Administration [3]. - The company employs a dual-track model, focusing on both generic drugs and innovative drugs in development. It has launched a series of products with significant market potential and regulatory approval, while its innovative drug pipeline targets unmet medical needs across various indications, including a potential first-in-class oncology drug and an oral drug for treating wAMD/DME/RVO [3]. Financial Performance - The company's revenue from approved products comes from 13 products, primarily sold to state-owned pharmaceutical distributors and retail pharmacies. The revenue from the top five customers accounted for 85.1%, 73.3%, 72.6%, and 71.7% of total revenue in 2022, 2023, 2024, and the five months ending May 31, 2025, respectively [4]. - Revenue figures for the years 2022, 2023, 2024, and the five months ending May 31, 2025, were approximately RMB 212 million, RMB 317 million, RMB 467 million, and RMB 249 million, respectively. The corresponding profits were approximately RMB 69 million, RMB 117 million, RMB 136 million, and RMB 90 million [4][6].