Core Viewpoint - Changfeng Pharmaceutical has successfully entered the inhalation drug market, traditionally dominated by multinational companies, by listing on the Hong Kong Stock Exchange after 18 years of effort [1][2]. Group 1: Company Overview - Changfeng Pharmaceutical officially listed on the Hong Kong Stock Exchange on October 8, 2023, with an IPO price of HKD 14.75 per share, and saw its stock price surge to HKD 48, marking a 225.42% increase on the first day [1]. - The company achieved a net profit of RMB 31.72 million in 2023, reversing a loss of RMB 49.39 million in 2022, and projects a revenue of RMB 608 million for 2024, with a compound annual growth rate (CAGR) of 31.9% from 2022 to 2024 [2][6]. - The company has approximately 40 research and development pipelines, with four products approved by the National Medical Products Administration of China and one product approved by the FDA [6]. Group 2: Market Performance - The public offering of Changfeng Pharmaceutical was oversubscribed by nearly 6,700 times, indicating strong market interest and investor confidence in the company's competitive edge [2][3]. - The Hong Kong IPO market has seen a significant increase in activity, with 68 IPOs completed in the first three quarters of 2023, a 51.11% increase from the previous year, and total fundraising reaching HKD 182.4 billion, up 228% year-on-year [10]. Group 3: Competitive Landscape - The inhalation drug market in China is highly concentrated, with the top five products accounting for 69.6% of the market share, and Changfeng's core product, CF017, holds approximately 16% of the market share for budesonide inhalation drugs [5][6]. - Despite strong initial market performance, Changfeng Pharmaceutical faces significant risks, particularly its heavy reliance on the CF017 product, which accounted for 96.2% of total revenue in 2022 and is projected to decline in growth [7][8]. Group 4: Future Outlook - The company plans to use approximately 40% of the IPO proceeds for research and development of inhalation drug candidates, 30% for expanding production facilities, and 20% for supporting other pipelines [2][6]. - Analysts suggest that the company must diversify its product offerings and continue to innovate to mitigate risks associated with dependence on a single product and to navigate the competitive landscape effectively [12].

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. successfully completed its initial public offering (IPO) on the Hong Kong Stock Exchange, raising approximately HKD 608 million with a share price of HKD 14.75 [2] Group 1: Company Overview - Changfeng Pharmaceutical focuses on the research, development, production, and commercialization of inhalation technologies and drugs, primarily targeting respiratory diseases [3] - The company has received six product approvals from the National Medical Products Administration (NMPA) and the U.S. Food and Drug Administration (FDA), demonstrating its capabilities in clinical development, production, regulatory affairs, and commercialization [3] Group 2: Product Development and Market Expansion - Changfeng Pharmaceutical is advancing over 20 candidate products in major markets such as China, the U.S., and Europe, as well as emerging markets in Southeast Asia and South America [4] - The company is exploring innovative inhalation formulations, including liposomes and siRNA, and expanding its treatment areas to include central nervous system (CNS) diseases and anti-infectives [4] - Changfeng has developed new treatment methods, such as endobronchial valves (EBV), targeting serious diseases like idiopathic pulmonary fibrosis (IPF) and pulmonary arterial hypertension (PAH) [4] - The FDA approved GW006, an aerosol solution for chronic obstructive pulmonary disease (COPD), in May 2024, and the CF017 product has successfully reached over 10,000 medical institutions in China since its approval in May 2021 [4] - CF018, the first approved nasal spray for allergic rhinitis in China, has penetrated over 500 hospitals and medical institutions after being included in the 2023 National Medical Insurance Drug List [4] Group 3: Financial Services and Support - Shenwan Hongyuan Securities (Hong Kong) effectively integrated domestic and international resources to communicate the company's value to investors, contributing to the successful completion of the IPO [5] - The firm plans to continue leveraging its professional advantages and platform resources to provide comprehensive financial services to the company in the future [5]

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. has positioned itself as a global leader in inhalation drug delivery technology, focusing on respiratory diseases and aiming to leverage its competitive advantages to create long-term value for shareholders and patients [5][6]. Group 1: IPO and Market Performance - Changfeng Pharmaceutical officially listed on the Hong Kong Stock Exchange on October 8, 2025, under the stock code "2652" [2]. - The global offering consisted of 41.198 million shares, with the Hong Kong public offering being oversubscribed by 6,697.80 times, marking the second-highest oversubscription since the revised pricing mechanism was implemented [3]. - As of 9:55 AM, the stock price reached HKD 44.42, representing a 201.15% increase from the issue price, with a market capitalization exceeding HKD 18.3 billion [4]. Group 2: Product and Technology Leadership - Changfeng Pharmaceutical is one of the few companies globally that possesses a complete technology platform for inhalation formulations, with capabilities in complex combination inhalation formulations [7]. - The company has a comprehensive product portfolio addressing significant clinical needs in asthma, chronic obstructive pulmonary disease (COPD), and allergic rhinitis, covering multiple medical specialties [7]. - The company has nearly 40 product pipelines, with four products approved by the National Medical Products Administration of China and one by the FDA in the U.S. [7]. Group 3: Key Products and Market Impact - CF017, an inhalation suspension for treating bronchial asthma, is the best-selling inhalation drug in China, with sales projected to grow from CNY 349 million in 2022 to CNY 608 million in 2024, reflecting a compound annual growth rate of 31.9% [9]. - CF018, a nasal spray for moderate to severe allergic rhinitis, quickly gained traction after being included in the medical insurance directory, achieving sales of CNY 10.34 million in Q1 2025, which is 43.3% of the total sales for 2024 [10]. - The company is also developing innovative products such as a combination inhaler and a soft mist inhaler targeting the global COPD market, which is expected to be a significant growth area [10]. Group 4: Investment and Future Outlook - Notable investors include Gao Tejia, Cornerstone Capital, and Yuan Wing Investment, indicating strong confidence in the company's potential [12]. - The company aims to transition from a follower to a leader in the inhalation formulation sector, demonstrating that domestic enterprises can compete with multinational corporations [12]. - The successful IPO is seen as a new starting point for the company to accelerate product development and expand into global markets [13].

Core Viewpoint - Three new stocks, Xipuni, Zijin Gold, and Botai Che Lian, all experienced price increases during their dark pool trading, indicating positive market sentiment towards these IPOs [1][2]. Group 1: IPO Information - Longfeng Pharmaceutical (02652.HK) is set to issue 41.198 million shares, with 10% allocated for public sale and 90% for international placement, at an offering price of 14.75 HKD per share [4]. - The company has a market capitalization of approximately 60.77 billion HKD and a price-to-earnings ratio of 265 times [12]. - The minimum investment amount for a single lot of 500 shares is 7,449 HKD [4]. Group 2: Company Overview - Longfeng Pharmaceutical, established in January 2013 in Suzhou, focuses on the development of inhalation drug delivery technologies, particularly for respiratory diseases [4]. - The product pipeline includes treatments for asthma, chronic obstructive pulmonary disease (COPD), and allergic rhinitis [4]. Group 3: Product Line and Market Performance - The core product CF017 (Budesonide inhalation suspension) is the top-selling inhalation drug in China, accounting for approximately 16% of the market share in 2024 [5][11]. - CF018 (Fluticasone nasal spray) is the first drug approved in China for moderate to severe allergic rhinitis, included in the national medical insurance directory as of December 2023 [6]. - Revenue from CF017 constituted 96.2% of total revenue in 2022, highlighting the company's reliance on a single product [9][10]. Group 4: Financial Performance - Longfeng Pharmaceutical's revenue grew from 349.1 million CNY in 2022 to an estimated 607.8 million CNY in 2024, with a compound annual growth rate of 31.9% [7]. - The company achieved profitability in 2023 with a net profit of 31.73 million CNY, but profits are projected to decline to 21.09 million CNY in 2024 [8]. Group 5: Competitive Landscape and Market Outlook - The market for budesonide products is becoming increasingly competitive, with nine products available in China as of 2025, including seven domestic brands [11]. - The global respiratory drug market is expected to grow from 99.9 billion USD in 2024 to 157.2 billion USD by 2033, with a compound annual growth rate of 5.2% [11]. - Longfeng Pharmaceutical is developing over 20 candidate products for global markets, including innovative therapies for CNS diseases and infections [11].

長風藥業股份有限公司 C F P h a rm Te ch , I n c . （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2652 全球發售 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：倘 閣下對本招股章程任何內容有任何疑問，應徵詢獨立專業意見。 CF PharmTech, Inc. 長風藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 足，多繳股款可予退還） 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 | 10中信证券 | | --- | | | | 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程連同本招股章程「附錄八－送呈公司註冊處處長及展示文件」所述的文件均已遵照香港法例第32章《公司（清盤及雜項條文）條例》第342C條的規定送呈香港公司註 冊處處長登記。香港證券 ...

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. is advancing its listing process on the Hong Kong Stock Exchange, with a focus on inhalation technology and respiratory disease treatments, amidst a growing global market for respiratory medications [1][4]. Company Overview - Established in 2007, Changfeng Pharmaceutical specializes in the research, production, and commercialization of inhalation drugs targeting respiratory diseases [4]. - The company has developed a robust market presence with its first approved product, CF017, a budesonide inhalation suspension for bronchial asthma, which has captured approximately 16% of the Chinese market by volume as of 2024 [4][5]. Market Potential - The global respiratory drug market is projected to grow from an estimated USD 99.9 billion (approximately RMB 729.2 billion) in 2024 to USD 157.2 billion (approximately RMB 1,147.4 billion) by 2033, reflecting a compound annual growth rate (CAGR) of 5.2% [4]. - Nearly 2.5 billion people worldwide suffer from chronic respiratory diseases, indicating a significant and expanding market opportunity [4]. Product Development and Pipeline - Changfeng Pharmaceutical is advancing over 20 candidate products for global development across major markets such as China, the U.S., and Europe, as well as emerging markets in Southeast Asia and South America [7]. - The company is exploring innovative inhalation formulations and new therapeutic areas, including CNS diseases and anti-infection treatments, alongside developing novel therapies for conditions like idiopathic pulmonary fibrosis (IPF) and pulmonary arterial hypertension (PAH) [7]. Financial Performance - Revenue is expected to grow from RMB 349.1 million in 2022 to RMB 607.8 million in 2024, representing a CAGR of 31.9% [8]. - Gross profit is projected to reach RMB 491.4 million in 2024, with a year-on-year growth of approximately 7.2% [8]. - The company benefits from economies of scale and is actively managing administrative expenses, anticipating a decrease in the proportion of administrative costs relative to revenue as the business expands [8].