Group 1 - MIRXES-B (02629) has shown strong performance in the Hong Kong biotech sector, reaching a historical high of 44.98 HKD, representing a cumulative increase of over 93% since its IPO price of 23.3 HKD [1][32] - The stock has a market capitalization of 12.22 billion HKD and a trading volume of 1.16 million shares as of August 15 [1] - The stock is expected to be included in the Hong Kong Stock Connect, which has historically led to significant price increases for newly listed companies [3][4] Group 2 - MIRXES-B has a fully circulated structure, which differentiates it from traditional stocks that face lock-up periods and potential selling pressure after listing [6][7] - The company has a strong market position with its GASTROClear™ product, the only approved molecular diagnostic IVD product for gastric cancer screening globally [24][30] - The market for cancer screening in selected regions is projected to grow from 50.4 billion USD in 2023 to 82.8 billion USD by 2033, with a compound annual growth rate of 11.3% [25] Group 3 - The company has established significant technical barriers, including a sensitivity of 87% for miRNA detection, which is superior to traditional tumor markers [24][31] - The penetration rate for gastric cancer screening in high-risk populations in China has increased from 21.6% in 2019 to 27.8% in 2023, with expectations to reach 67.0% by 2033 [28] - Despite current financial performance needing improvement, the rapid development of precision medicine and the company's technical advantages suggest significant long-term potential [32]

Core Viewpoint - Mirxes Holding Company Limited (referred to as "Mirxes") has successfully listed on the Hong Kong Stock Exchange, with its share price rising significantly on the first day of trading, reflecting strong market interest in its innovative cancer screening technology [1][2]. Company Overview - Mirxes, founded in 2014 and headquartered in Singapore, specializes in RNA technology, focusing on non-invasive blood-based microRNA (miRNA) diagnostic kits for early disease detection, particularly cancer [1][5]. - The company has launched its first product, GASTROClear™, which is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening [5]. IPO Details - The IPO involved a global offering of 46.62 million shares, representing 16.87% of the total shares post-IPO, with a pricing of HKD 23.30 per share, raising approximately HKD 1.086 billion [1]. - The public offering was oversubscribed by 25.51 times, while the international offering saw a subscription rate of 0.98 times [2]. Product Pipeline - As of May 2025, Mirxes has one core product (GASTROClear™), two other commercialized products (LUNGClear™ and Fortitude™), and six candidates in preclinical stages [3]. - GASTROClear™ has received CE certification in 2017 and FDA breakthrough device designation in 2023, with clinical trials in China showing promising results [5][10]. Financial Performance - The company reported revenues of USD 17.76 million, USD 24.19 million, and USD 20.28 million for the years 2022, 2023, and 2024, respectively, while incurring net losses of USD 56.20 million, USD 69.57 million, and USD 92.21 million during the same period [7][8]. - Despite increasing revenues, the company has faced continuous losses, indicating challenges in achieving profitability [7]. Market Valuation - As of the closing on May 23, the market capitalization of Mirxes was approximately HKD 82.90 billion, translating to a price-to-sales (P/S) ratio of about 52 times based on projected 2024 revenues [9]. - The valuation is heavily reliant on future revenue expectations, particularly from GASTROClear™ and other products in the pipeline [9][10]. Future Outlook - The company's future valuation will depend on the commercialization speed of GASTROClear™ and the potential of its multi-cancer pipeline [12]. - Approval from China's National Medical Products Administration (NMPA) for GASTROClear™ is anticipated in the first half of 2025, which could significantly impact the company's market position [10][12].

Core Insights - The Hong Kong stock market welcomed two pharmaceutical companies, Heng Rui Pharmaceutical and MIRXES-B, on May 23, with both stocks experiencing significant price increases on their debut [2] - MIRXES, despite being less well-known, saw its stock price rise over 30% by the time of reporting, achieving a market capitalization exceeding HKD 8 billion [2] - MIRXES successfully raised HKD 880.5 million through the issuance of 46.62 million shares at HKD 23.30 each, with a subscription rate of 25.51 times for the public offering [2][3] Company Overview - MIRXES, founded in 2014 and headquartered in Singapore, specializes in microRNA (miRNA) technology, focusing on disease screening and diagnostic solutions in key Asian markets, including Singapore and China [3] - The company has one core product, GASTROClear™, and two other commercialized products, LUNGClear™ and Fortitude™, along with six candidates in preclinical stages [3][4] Product Details - GASTROClear™ is a blood-based miRNA diagnostic test for gastric cancer screening, consisting of 12 miRNA biomarkers. It was the first and only molecular diagnostic IVD product approved for gastric cancer screening globally [4] - The product received a breakthrough medical device designation from the FDA in May 2023, marking a significant achievement for MIRXES in the miRNA diagnostic field [4] Financial Performance - MIRXES reported revenues of USD 17.76 million, USD 24.19 million, and USD 20.28 million for the years 2022, 2023, and 2024, respectively, with gross profits of USD 9.33 million, USD 13.58 million, and USD 8.89 million [4] - The company is projected to incur losses of USD 56.20 million, USD 69.57 million, and USD 92.21 million over the same period [4] Fund Utilization - The funds raised from the global offering will be allocated to the research and development of GASTROClear™, regulatory filings, production, commercialization, and enhancing the company's end-to-end capabilities, as well as general operational expenses [5]

Core Viewpoint - Mirxes Holding Company Limited, known as "Mirxes," is the first and only company globally to receive regulatory approval for molecular gastric cancer screening IVD products, marking a significant milestone in the field of early cancer detection [2][3]. Company Overview - Mirxes was officially listed on the Hong Kong Stock Exchange on May 23, 2025, under the stock code "2629," raising approximately HKD 1.086 billion through the issuance of 46,620,000 shares at an issue price of HKD 23.30 per share [2]. - The IPO saw a subscription rate of 25.51 times for the public offering portion, with cornerstone investors including Jiujiang State-owned Assets and Fosun International, collectively subscribing for USD 57.92 million (approximately HKD 449 million) [2]. Product Portfolio - The core product, GASTROClear™, is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening, consisting of a blood-based miRNA detection kit with 12 miRNA biomarkers [5]. - GASTROClear™ received its C-class IVD certificate from HSA in May 2019 and was commercialized in Singapore, having also obtained CE-IVD certification in November 2017 [5]. - The product has been recognized as a breakthrough medical device by the FDA in May 2023, establishing Mirxes as a leader in the miRNA diagnostic field [5]. Market Expansion Goals - Over 50% of the net proceeds from the IPO will be allocated to the research, regulatory filing, production, and commercialization of GASTROClear™, with a strategic focus on entering the Japanese and U.S. markets [6]. - The strategy includes providing LDT services to private health check centers and public hospitals to build brand recognition and demand before gradually selling IVD test kits [6]. Research and Development Capabilities - Mirxes has established a global end-to-end capability across research, clinical trials, production, and commercialization, with operational facilities in Southeast Asia, China, Japan, and the U.S. [9]. - The company operates two R&D laboratories, a clinical diagnostic laboratory, and two production facilities, ensuring efficient product delivery to customers worldwide [9]. - The R&D team consists of 94 members, with over 54% holding a master's degree or higher, demonstrating strong academic and research credentials in the miRNA detection field [10]. Investment and Support - Mirxes has received investments from notable institutions, including Gao Rong Capital, which has supported the company for seven years, witnessing its transition from laboratory to industrialization and globalization [11][12]. - The company aims to leverage its technological advancements in miRNA for further product development in cancer screening and diagnostics [13].

Core Viewpoint - Mirxes has successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of over 8.5 billion HKD, and generates annual revenue of approximately 146 million CNY through its innovative cancer detection technology using a single blood sample [3][11]. Company Overview - Mirxes specializes in miRNA technology and currently has three commercialized products and six candidates in preclinical stages [10]. - The core product, GASTROClear™, allows for early detection of gastric cancer using just 1 milliliter of blood, with an accuracy rate exceeding 87% [7][10]. Financial Performance - The company's revenue fluctuated from 17.76 million USD in 2022 to 24.19 million USD in 2023, before dropping to approximately 20.28 million USD in 2024 [11]. - Mirxes reported a loss that expanded from 56.2 million USD in 2022 to 92.2 million USD in 2024 [11]. Research and Development - Over the past three years, Mirxes has invested more than 60 million USD in R&D, holding 22 granted patents and 68 pending patent applications [12]. - The company has a cash reserve of over 5 million USD as of the end of 2024, bolstered by approximately 888 million HKD raised from its IPO [12]. Investment and Shareholding - The company has attracted significant investment, including a D round financing of 50 million USD, with notable investors such as Sun Tongyu, who holds a 22.03% stake, making him the largest shareholder [17][14]. - Other key shareholders include the founders and various venture capital firms, reflecting strong institutional support [17][14]. Market Position and Future Prospects - Mirxes aims to launch GASTROClear™ in China by the first half of 2025, expanding its market reach [10]. - The company has established a reputation in the miRNA field and is positioned for growth in the Asia-Pacific region [8][10].

Core Viewpoint - The article discusses the upcoming IPOs of several companies, including CATL and Hengrui Medicine, highlighting their financial performance, market positioning, and investor interest. Group 1: CATL - CATL plans to list on the Hong Kong Stock Exchange on May 20, 2025, with the stock code "3570" [3] - The company aims to issue 117,894,500 H-shares, raising approximately HKD 30.718 billion (around USD 3.941 billion) at an issue price of HKD 263 per share [3] - This IPO will be the largest in Hong Kong since Kuaishou in 2021, with cornerstone investors committing a total of USD 2.628 billion [4] - As of December 31, 2024, CATL has equipped over 17 million electric vehicles with its batteries, capturing a significant market share [4] - The company has established partnerships with nine of the top ten global electric vehicle manufacturers and has seen revenue growth from CNY 328.6 billion in 2022 to CNY 362 billion in 2024 [5] Group 2: Hengrui Medicine - Hengrui Medicine is set to go public on May 23, 2025, under the stock code "1276" [7] - The company plans to issue 224,519,800 H-shares, potentially raising up to HKD 9.89 billion (approximately USD 1.267 billion) at a top-end price of HKD 44.05 per share [7] - Hengrui has attracted cornerstone investments totaling USD 533 million from major institutions, including GIC and Invesco [7] - The company has a diverse product portfolio, with 19 innovative drugs already on the market and over 90 in clinical or later stages [8] - Hengrui's revenue has grown from CNY 21.275 billion in 2022 to CNY 27.985 billion in 2024, with a compound annual growth rate of 14% since 2014 [10] Group 3: Mirxes - Mirxes has passed the hearing for its IPO and focuses on miRNA technology for disease screening solutions [13] - The company has commercialized its core product, GASTROClear™, for gastric cancer screening and has additional products in various stages of development [13][14] Group 4: Shouhui Group - Shouhui Group has also passed the hearing for its IPO and operates as an online insurance intermediary in China [16] - The company has established partnerships with over 110 insurance companies and has distributed more than 1,900 products since its inception [17] - Financially, Shouhui's revenue increased from CNY 806 million in 2022 to CNY 1.634 billion in 2023 [18] Group 5: Saint Bella - Saint Bella has received a notice for its overseas listing and operates a network of high-end confinement centers in China [19] - The company has expanded its services to include family care and women's health products, achieving significant revenue growth [20][21] - From 2021 to 2023, Saint Bella's revenue grew from CNY 259 million to CNY 560 million, with a notable increase in 2024 [21][22]

Company Overview - The company, founded by three medical doctors in Singapore, is preparing for an IPO on the Hong Kong Stock Exchange, planning to issue 46.62 million shares at a price of HKD 23.30 per share [1][2] - The founders have extensive backgrounds in biotechnology, with over 23 years of research experience in biochemistry and over a decade in the biopharmaceutical field [2][8] - The company specializes in developing and commercializing blood-based miRNA testing kits for cancer and other disease screenings [2][7] Financial Performance - The company has reported significant losses over the past three years, with losses of approximately USD 56.2 million, USD 69.6 million, and USD 92.2 million from 2022 to 2024, totaling nearly 1.4 billion RMB [3][12] - Despite multiple rounds of financing totaling USD 167 million, the company has faced cash flow challenges, with expenditures significantly exceeding revenues [12][14] Market Potential - The cancer screening market in regions such as China, Japan, Southeast Asia, and the United States has grown from USD 13 billion in 2019 to USD 15.2 billion in 2023, with projections to exceed USD 25 billion by 2033 [3][6] - The company operates in the liquid biopsy sector, with its flagship product, GASTROClear™, being the first molecular gastric cancer screening product to receive regulatory approval [7][14] Product Details - GASTROClear™ requires only 1 milliliter of blood for testing, offering a less invasive alternative to traditional endoscopic procedures [7][14] - The product has shown a sensitivity of 87.5% for stage I gastric cancer, but its specificity is only 68.4%, which may lead to a higher rate of false positives [14][15] Competitive Landscape - The company faces competition from other cancer screening firms, including Galleri, which offers a broader range of cancer detection through a single blood test [15][19] - The pricing of GASTROClear™ is positioned between USD 150 to USD 250, which may be less competitive compared to traditional endoscopic procedures that are often covered by insurance [15][16] Industry Challenges - The cancer early screening industry has seen significant investment but also faces scrutiny due to past failures and high-profile scandals, leading to a cautious investment environment [19][20] - The industry is characterized by high operational costs, with the company’s administrative expenses significantly outpacing its research and development spending [12][13][22]

Core Viewpoint - Mirxes Holding Company Limited has successfully passed the Hong Kong Stock Exchange hearing and is set to launch its global offering, aiming for a listing on May 23, 2025 [1][2] Group 1: IPO Details - Mirxes plans to issue 46.62 million shares, with 90% allocated for international offering and 10% for Hong Kong public offering, raising approximately HKD 1.086 billion [1] - The offering price is set at HKD 23.30 per share, with a minimum subscription of 100 shares [1] - Two investors have committed to purchasing shares worth approximately USD 57.92 million (around HKD 449 million), including Beijing Xunrui and Evergreen Gate [1] Group 2: Company Overview - Founded in 2014 and headquartered in Singapore, Mirxes specializes in microRNA (miRNA) technology for disease screening and diagnostic solutions [2] - The company has one core product, GASTROClear™, and two other commercialized products, LUNGClear™ and Fortitude™, along with six candidates in preclinical stages [2] - GASTROClear™ is the first and only approved blood-based miRNA diagnostic product for gastric cancer screening, having received regulatory approval in Singapore and breakthrough device designation from the FDA [2] Group 3: Financial Performance - Despite having commercialized products, Mirxes is currently operating at a loss, with revenues of USD 17.76 million, USD 24.18 million, and USD 20.28 million from 2022 to 2024, respectively [3] - The company reported losses of USD 56.20 million, USD 69.57 million, and USD 92.21 million during the same period [3] - Operating expenses, including sales, distribution, and administrative costs, are on the rise, with total expenses projected to increase significantly [3] Group 4: Use of Proceeds - The net proceeds from the IPO, estimated at HKD 881 million, will be allocated as follows: 51% for the development and commercialization of GASTROClear™, 24% for ongoing and planned R&D, 15% for enhancing operational capabilities, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - Mirxes Holding Company Limited, known as "觅瑞," is a pioneer in developing and commercializing blood-based miRNA diagnostic kits for early cancer detection, with its core product GASTROClear™ being the only approved molecular diagnostic IVD product for gastric cancer screening globally [1][5]. Company Overview - Founded in 2014, Mirxes focuses on making disease screening and diagnostic solutions accessible in key Asian markets, including Singapore and China [2]. - The company has a core product, GASTROClear™, along with two other commercialized products (LungClear™ and Fortitude™) and six candidates in preclinical stages [4]. Product Details - GASTROClear™ consists of 12 miRNA biomarkers for gastric cancer screening and was successfully commercialized in Singapore after receiving regulatory approval in May 2019 [4]. - Fortitude™ 2.0 received temporary clinical use authorization in April 2020 and CE-IVD certification in June 2020, leading to its commercialization in Singapore and global markets [4]. - LungClear™ has been commercialized as an LDT service in Southeast Asia since December 2022 and in Japan since January 2023 [4]. Market Position - According to Frost & Sullivan, Mirxes is one of the few companies globally to have received regulatory approval for molecular cancer screening IVD products and is the only one for gastric cancer screening [5]. - The company has established end-to-end capabilities across research, clinical trials, production, and commercialization, with facilities in Southeast Asia, China, Japan, and the U.S. [5]. Team and Expertise - The founding team has significant academic achievements and research experience in miRNA molecular detection, having established Singapore's first RNA diagnostic PCR laboratory in the early 2000s [6]. - They founded a leading miRNA candidate discovery laboratory in Singapore in 2012, which had one of the highest throughput capacities globally [6]. Funding and Financial Strategy - Mirxes has received investments from notable institutions, including Rock Springs Capital and others, and secured $40 million in strategic financing from a fund under 康桥资本 to accelerate GASTROClear™'s market entry in the Asia-Pacific region [6][7]. - The net proceeds from the IPO will primarily fund the R&D, regulatory filings, production, and commercialization of GASTROClear™, as well as support ongoing and planned R&D efforts [7].

全球范围内首家且唯一一家获得分子胃癌筛查IVD产品监管批准的公司。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， 中 国 证 监 会 国 际 合 作 司 于 2025 年 1 月 24 日 披 露 了 《 关 于 Mirxes Holding Company Limited（觅瑞集团控股有限公司，以下简称"觅瑞"）境外发行上市备案通知书》。 成立于2014年的觅瑞作为一家起源于新加坡的微小核糖核酸("miRNA")技术公司，中国总部在浙江 安吉，专注于在全球范围内普及疾病筛查诊断解决方案。 截至2024年10月31日，觅瑞拥有一种核心产品(即GASTROClear™)、两种其他商业化产品(即 LungClear™及Fortitude™)以及六种处于临床前阶段的候选产品。 其中，觅瑞的核心产品GASTROClear™为一个由12种miRNA生物标志物组成的用于胃癌筛查的基 于血液的miRNA检测组，其已于2019年5月获得新加坡卫生科学局的C类体外诊断证书后成功商业 化。 根据弗若斯特沙利文的资料，觅瑞是开发及商业化用于癌症及其他疾病 ...