Group 1 - HaiXi Pharmaceutical (02637) saw its stock price rise over 10%, reaching a new high of HKD 145.9, which is nearly a 70% increase from its IPO price of HKD 86.4 [1] - As of the IPO disclosure date, HaiXi Pharmaceutical has 15 approved generic drug products, covering multiple therapeutic areas including digestive, cardiovascular, endocrine, and nervous systems [1] - The four core generic drugs, namely Anbili, Ruiantuo, Haihuitong, and Saixifu, are expected to contribute over 90% of the company's revenue, projected to reach CNY 425 million in 2024 [1] Group 2 - HaiXi Pharmaceutical is also developing an innovative drug pipeline, including C019199, an immunotherapy targeting CSF-1R/DDR1/VEGFR2, currently in I/II clinical stages for indications like osteosarcoma and tenosynovial giant cell tumor, with plans to start a Phase III trial in the second half of 2025 [1] - Another drug, HXP056, is an oral treatment for wet age-related macular degeneration, expected to complete its Phase I clinical trial by the end of 2025 [1]

Core Viewpoint - Haixi New Drug (02637) has seen a significant stock price increase, reaching a new high of 145.9 HKD, which is nearly 70% higher than its IPO price of 86.4 HKD [1] Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company with 15 approved generic drug products covering various therapeutic areas, including digestive, cardiovascular, endocrine, and nervous systems [1] - Since 2021, four core generic drugs have been included in the national drug procurement program, contributing over 90% of the company's revenue, projected to reach 425 million CNY in 2024 [1] Research and Development Pipeline - The company is also developing innovative drugs, including C019199, an immunotherapy targeting CSF-1R/DDR1/VEGFR2, currently in I/II clinical stages for indications like osteosarcoma and tenosynovial giant cell tumor, with plans to start a Phase III trial in the second half of 2025 [1] - Another drug, HXP056, is an oral treatment for wet age-related macular degeneration, expected to complete its Phase I clinical trial by the end of 2025 [1]

Core Viewpoint - Haixi New Drug (02637) has successfully listed, with an initial share price of HKD 86.40, raising approximately HKD 940 million from the issuance of 11.5 million shares [1] Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company with 15 approved generic drug products across various therapeutic areas, including digestive, cardiovascular, endocrine, and nervous systems [1] - The company’s revenue forecast for 2024 indicates that four core generic drugs will contribute over 90% of its revenue, totaling HKD 425 million [1] Product Pipeline - The company is focused on innovative drug development, with a pipeline that includes an innovative oncology drug and a potential first oral medication for treating wet age-related macular degeneration (wAMD), diabetic macular edema (DME), and retinal vein occlusion (RVO) [1] - Additionally, there are two other innovative drugs in the preclinical stage targeting oncology and respiratory diseases [1] - The most advanced drug in development is C019199 for osteosarcoma, which is set to enter Phase III trials in the second half of this year [1]

Group 1 - The core viewpoint of the article highlights the successful IPO of Haixi New Drug, with shares priced at HKD 86.40 and a total issuance of 11.5 million shares, raising approximately HKD 940 million in net proceeds [1] - As of the prospectus disclosure date, Haixi New Drug has 15 approved generic drug products covering various therapeutic areas, including digestive, cardiovascular, endocrine, and nervous systems [1] - The four core generic drugs, which have been included in the national volume-based procurement (VBP) program since 2021, are expected to contribute over 90% of the company's revenue, projected to reach HKD 425 million in 2024 [1] Group 2 - The company's innovative drug pipeline focuses on various indications, including an innovative oncology drug and a potential oral medication for wet age-related macular degeneration (wAMD), diabetic macular edema (DME), and retinal vein occlusion (RVO) [2] - Among the innovative drugs, the most advanced is C019199, targeting osteosarcoma, which is set to enter Phase III trials in the second half of this year [2]

Group 1 - The core point of the article is that Haixi Pharmaceutical (HK02637) has announced a delay in its IPO process after completing dark pool trading, which is a rare occurrence in the Hong Kong stock market [1][2] - Haixi Pharmaceutical's dark pool trading showed strong performance with a subscription multiple exceeding 2400 times and a subscription amount over 240 billion HKD [2] - The company plans to issue approximately 11.5 million shares at a price of 86.4 HKD per share, with a notable increase of 24.54% in dark pool trading, reaching 107.6 HKD [2] Group 2 - Haixi Pharmaceutical, established in March 2012 and headquartered in Fuzhou, Fujian, operates in both generic and innovative drug development, focusing on commercialized products for various diseases [2][3] - The company has received approval for 14 generic drugs from the National Medical Products Administration, with 4 of them included in the national centralized procurement [3] - Revenue figures for Haixi Pharmaceutical during the reporting period are approximately 212 million CNY, 317 million CNY, 467 million CNY, and 249 million CNY for the years 2022, 2023, 2024, and the first five months of 2025, respectively, with net profits of approximately 69 million CNY, 117 million CNY, 136 million CNY, and 90 million CNY [3]

Group 1 - The core point of the news is that Haixi Pharmaceutical (HK02637) has announced a delay in its IPO after completing dark pool trading, which is a rare occurrence in the Hong Kong stock market [1] - The company did not disclose the specific reasons for the delay, but it is noted that such situations are uncommon, with the last similar case occurring in October 2022 involving another company [1] - Haixi Pharmaceutical's dark pool trading showed strong performance, with a subscription multiple exceeding 2400 times and total subscription amount over 240 billion HKD [1] Group 2 - Haixi Pharmaceutical, established in March 2012 and headquartered in Fuzhou, Fujian Province, operates in both generic and innovative drug development, with a focus on commercialized products for various diseases [2] - The company has 14 approved generic drugs, four of which are included in the national procurement list, and five additional drugs are in the ANDA stage, expected to receive market approval by 2025 or 2026 [2] - Revenue figures for Haixi Pharmaceutical during the reporting periods are approximately 212 million CNY, 317 million CNY, 467 million CNY, and 249 million CNY, with net profits of approximately 69 million CNY, 117 million CNY, 136 million CNY, and 90 million CNY respectively [2] Group 3 - The founders of Haixi Pharmaceutical are Dr. Kang Xinshan and his spouse Feng Yan, who together control 41.17% of the company's shares through direct and indirect means [3]

Core Viewpoint - HaiXi Pharmaceutical (02637) has successfully completed its IPO subscription, raising significant interest with an oversubscription of 3113 times the initial public offering amount of HKD 993.6 million [1] Group 1: IPO Details - The company raised HKD 309.4 billion in margin financing from brokers during the subscription period from October 9 to 14 [1] - HaiXi Pharmaceutical plans to issue 11.5 million H-shares, with 10% allocated for public offering at a price range of HKD 69.88 to HKD 86.4 per share [1] - The expected listing date is October 17, with Huatai International and CMB International serving as joint sponsors [1] Group 2: Business Overview - HaiXi Pharmaceutical is a commercial-stage pharmaceutical company engaged in research, development, production, and sales, with a pipeline of innovative drugs under development [1] - The company has a portfolio of generic drugs targeting various diseases, including gastrointestinal, cardiovascular, endocrine, neurological, and inflammatory diseases, with 15 generic drugs approved by the National Medical Products Administration [1] - Four of these generic drugs are included in the national volume-based procurement (VBP) program [1] Group 3: Innovative Drug Pipeline - The innovative drug pipeline includes a cancer drug, an oral medication for wet age-related macular degeneration (wAMD), diabetic macular edema (DME), and retinal vein occlusion (RVO), along with two other drugs in preclinical stages for cancer and respiratory diseases [2] - The most advanced drug, C019199 for osteosarcoma, is set to enter Phase III trials in the second half of this year [2] Group 4: Financial Projections - The company's projected revenues for 2022, 2023, 2024, and the five months ending May 31, 2025, are RMB 212.5 million, RMB 316.6 million, RMB 466.7 million, and RMB 249.2 million, respectively [2] - Corresponding gross profits are projected to be RMB 172.1 million, RMB 263.6 million, RMB 387.2 million, and RMB 209.3 million for the same periods [2] Group 5: Use of Proceeds - Approximately 52% of the net proceeds from the fundraising will be allocated to ongoing research and development to advance the drug pipeline [3] - 23% will enhance research capabilities and seek collaboration opportunities, while 8% will improve commercialization capabilities and expand market influence [3] - The remaining funds will be used for optimizing research and production systems (7%) and for working capital and other general corporate purposes (10%) [3]

Core Viewpoint - The company has passed the Hong Kong Stock Exchange listing hearing and is in the commercialization stage of its pharmaceutical business, with a focus on both generic and innovative drug development [1] Company Overview - The company is a commercial-stage pharmaceutical enterprise with capabilities in research and development, production, and sales [1] - It has received approval for 14 generic drugs and has four innovative drugs in the pipeline [1] Product Portfolio - The company's commercial product portfolio includes generic drugs targeting the digestive system, cardiovascular system, endocrine system, nervous system, and inflammatory diseases [1] - Four generic drugs are included in the National Volume-Based Procurement (VBP) program, contributing significantly to revenue [1] Revenue Contribution - In 2024, products such as Anbili, Haihuitong, Ruiantuo, and Saixifu are expected to contribute significantly to the company's revenue, with Haihuitong holding the largest market share in China [1]

Core Viewpoint - Haixi New Drug is progressing with its IPO process on the Hong Kong Stock Exchange, with Huatai International and CMB International as joint sponsors [1] Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company that integrates research and development, production, and sales, with a pipeline of innovative drugs under development [3] - The company has received approval from the National Medical Products Administration for 14 generic drugs and has four innovative drugs in its pipeline [3] - The company's revenue is derived from 13 approved products, primarily in therapeutic areas that account for over 25% of China's total pharmaceutical sales in 2023 [3] Business Model - The company employs a dual-track model, focusing on both generic drugs and innovative drugs in development [3] - Among the 15 approved generic drugs, four are included in the National Volume-Based Procurement (VBP) program, contributing significantly to revenue [3] Financial Performance - Revenue figures for Haixi New Drug are as follows: approximately RMB 212 million in 2022, RMB 317 million in 2023, RMB 467 million in 2024, and RMB 249 million for the five months ending May 31, 2025 [7][8] - Profit figures for the same periods are approximately RMB 69 million, RMB 117 million, RMB 136 million, and RMB 90 million respectively [7][8] - The company expects significant contributions from specific products in 2024, including RMB 146 million from Anbili and RMB 187 million from Haiweitong, with market shares of 25.7% and 59.3% respectively [3] Product Contributions - Anbili is projected to contribute RMB 146 million in 2024, ranking second in its category with a 25.7% market share [3] - Haiweitong is expected to generate RMB 187 million in 2024, leading its category with a 59.3% market share [3] - Ruian Tuo is anticipated to contribute RMB 48 million in 2024, holding a 16.7% market share [4] - Saixifu is expected to contribute RMB 44 million and RMB 19 million for the full year 2024 and the five months ending May 31, 2025, respectively [5]

Core Viewpoint - Haixi New Drug is seeking to go public on the Hong Kong Stock Exchange, leveraging its profitability from 14 approved generic drugs, contrasting with other innovative drug companies that are currently operating at a loss [1][2]. Financial Performance - The company reported revenues of 212 million RMB, 317 million RMB, 467 million RMB, and 249 million RMB for the years 2022, 2023, 2024, and the first five months of 2025, respectively. Net profits for the same periods were 68.98 million RMB, 117 million RMB, 136 million RMB, and 90.21 million RMB [2][3]. - Sales from generics are projected to account for 90% of total sales in 2024, primarily driven by the VBP (Volume-Based Procurement) program [1][4]. Product Portfolio - Haixi New Drug has 14 approved generic drugs and four innovative drugs in the pipeline, focusing on diseases related to the digestive, cardiovascular, endocrine, neurological, and inflammatory systems [2][8]. - Key products include Anbili, Haihuitong, Ruian, and Saixifu, with projected revenues from these drugs in 2024 being 146 million RMB, 187 million RMB, 47.99 million RMB, and 43.73 million RMB, respectively [2][3]. VBP Dependency and Risks - The company heavily relies on the VBP program, with 90% of sales in 2024 expected to come from this initiative. The VBP inclusion for major products will expire on December 31, 2025, posing a risk to future revenues if products are removed from the list [1][6][7]. - The expiration of VBP inclusion for key products could adversely affect the company's business and financial performance [6][8]. Research and Development - Haixi New Drug is investing in four innovative drug pipelines, primarily targeting cancer, ophthalmology, and respiratory diseases. The company plans to initiate Phase III clinical trials for C019199 in 2025 and expects HXP056 to complete Phase I trials by the end of 2025 [8]. - R&D expenditures for 2022, 2023, 2024, and the first five months of 2025 were 34.82 million RMB, 36.06 million RMB, 67.52 million RMB, and 22.51 million RMB, respectively [8][9]. Funding and Future Plans - The funds raised from the IPO will be used to enhance R&D capabilities, expand product offerings, improve operational systems, and support general corporate purposes [8].