Core Viewpoint - 旺山旺水-B (02630) experienced a significant decline of over 22% in the afternoon trading session, with a low of 51.2 HKD, still 53% higher than its IPO price, indicating volatility in its stock performance [1] Company Overview - 旺山旺水 focuses on three main therapeutic areas: neuropsychiatry, reproductive health, and viral infections [1] - As of October 21, 2025, the company has developed a diversified pipeline of 9 innovative products, with 2 in commercialization, 4 in clinical stages, and 3 in preclinical stages [1] - In addition to its innovative drug pipeline, the company is also involved in the generic drug sector, with 3 products either commercialized or nearing commercialization [1] - The two core products of the company are LV232 and TPN171 [1] Financial Performance - For the fiscal years 2023 and 2024, as well as the first four months of 2024 and 2025, the company reported revenues of 200 million RMB, 11.832 million RMB, 3.224 million RMB, and 12.958 million RMB, respectively [1] - In 2024, the company recorded a net loss of 21.8 million RMB, contrasting with a net profit of 6.427 million RMB in 2023, attributed to a decline in revenue [1]

Core Viewpoint - The stock of Wangshan Wangshui-B (02630) has experienced a significant decline of over 22%, with a low of 51.2 HKD, although it remains 53% higher than its IPO price [1] Company Overview - Wangshan Wangshui focuses on three main therapeutic areas: neuropsychiatry, reproductive health, and viral infections [1] - As of October 21, 2025, the company has developed a diversified pipeline of nine innovative products, with two in commercialization, four in clinical stages, and three in preclinical stages [1] - The company also has a generic drug segment, with three products either commercialized or nearing commercialization [1] - The two core products of the company are LV232 and TPN171 [1] Financial Performance - In 2023, the company recorded a revenue of 200 million RMB, with subsequent revenues of 11.832 million RMB, 3.224 million RMB, and 12.958 million RMB for the first four months of 2024 and 2025 respectively [1] - The company reported a net loss of 218 million RMB for 2024, compared to a net profit of 6.427 million RMB in 2023, attributed to a decline in revenue [1]

Core Viewpoint - 旺山旺水-B (02630) experienced a significant drop of over 18% on its second day of trading after a previous surge of over 145%, with the current stock price still approximately double its IPO price of 33.37 HKD [1] Company Overview - 旺山旺水 was established in 2013 and is a biopharmaceutical company focusing on three main therapeutic areas: neuropsychiatry, reproductive health, and viral infections [1] - As of October 21, 2025, the company has developed a diversified pipeline of nine innovative products, with two in commercialization, four in clinical stages, and three in preclinical stages [1] - In addition to its innovative drug pipeline, the company is also involved in the generic drug sector, with three products either commercialized or nearing commercialization [1] - The company's two core products are LV232 and TPN171 [1] Financial Performance - For the fiscal years 2023 and 2024, as well as the first four months of 2024 and 2025, the company reported revenues of 200 million RMB, 11.832 million RMB, 3.224 million RMB, and 12.958 million RMB, respectively [1] - In 2024, the company recorded a net loss of 218 million RMB, compared to a net profit of 6.427 million RMB in 2023, with the fluctuation attributed to a decline in revenue [1]

Core Viewpoint - 旺山旺水-B (02630) experienced a significant drop of over 18% on its second day of trading after a previous surge of over 145%, with its current stock price still approximately double the IPO price of HKD 33.37 [1] Company Overview - 旺山旺水 was established in 2013 and is a biopharmaceutical company focusing on three main therapeutic areas: neuropsychiatry, reproductive health, and viral infections [1] - As of October 21, 2025, the company has developed a diversified pipeline of 9 innovative products, with 2 in commercialization, 4 in clinical stages, and 3 in preclinical stages [1] - In addition to its innovative drug pipeline, the company is also involved in the generic drug sector, with 3 products either commercialized or nearing commercialization [1] - The company's two core products are LV232 and TPN171 [1] Financial Performance - For the fiscal year 2023, the company recorded a revenue of RMB 200 million, with subsequent revenues of RMB 11.832 million, RMB 3.224 million, and RMB 12.958 million for the first four months of 2024 [1] - The company reported a net loss of RMB 218 million for 2024, compared to a net profit of RMB 6.427 million in 2023, with the fluctuation attributed to a decline in revenue [1]

TPN171是一款PDE5抑制剂，于2022年9月在乌兹别克斯坦获批上市，商品名为Onvita^[]，于2025年7月 在中国获批上市，商品名为昂伟达^[]，获批适应症均为男性勃起功能障碍(ED)。在中国，PDE5抑制剂 于2024年的市场价值为人民币93亿元，且预计于2035年达到人民币150亿元。 旺山旺水董事长兼总经理田广辉博士表示："旺山旺水成功在港股上市，是公司发展史上的重要里程 碑，将为公司带来新的资本助力，加快在研产品的研发进程，助力昂伟达^[]市场拓展和商业化进程， 为公司的长期可持续发展奠定坚实基础。" 今年以来，已有维昇药业、映恩生物、拨康视云等苏州生物医药企业登陆港交所。据苏州市委金融办消 息，截至10月末，苏州共有14家上市后备企业拟申报港交所，其中5家公司已经完成证监会国际司备 案，其他9家均在证监会备案中。截至目前，苏州已有上市公司280家。其中，境内A股226家，数量位 居全国第五。今年以来，苏州全市新增境内外上市公司15家，其中境内上市8家。 11月6日，苏州工业园区又一家生物医药企业苏州旺山旺水生物医药股份有限公司(简称：旺山旺水)正 式在香港交易所主板挂牌上市，成为今年园区 ...

Core Viewpoint - The innovative pharmaceutical company Wangshan Wangshui has successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of approximately HKD 13.7 billion with a share price increase of 145.73% on the first day of trading [2]. Summary by Sections IPO Details - Wangshan Wangshui plans to globally offer 17.6 million H-shares, accounting for 10.50% of total shares post-IPO, with 90% allocated for international sale and 10% for public offering. The offering price was set at HKD 33.37, leading to an estimated market value of HKD 58.73 billion [2]. Product Pipeline and Market Potential - The company focuses on three core pipelines: a domestic COVID-19 treatment drug, hydrogen bromide deuterated remdesivir tablets, the "most expensive domestic Viagra" sildenafil citrate tablets, and an innovative antidepressant LV232. Additionally, there are four candidate drugs in clinical stages and three in preclinical stages [2][4]. COVID-19 Treatment Drug - The hydrogen bromide deuterated remdesivir tablets, co-developed with Junshi Biosciences, were initially expected to have significant commercial potential, with projections suggesting peak sales exceeding RMB 200 billion. However, actual sales have fallen short due to the end of the pandemic and increased competition [5][7][8]. Sales Performance - In 2023, the revenue from the hydrogen bromide deuterated remdesivir tablets was approximately RMB 1.84 million, constituting 92% of the company's total revenue of RMB 2 billion. The sales contribution from this product was only about RMB 400,000 in early 2025 [8][9]. Competitive Landscape - The market for COVID-19 treatments is highly competitive, with Pfizer's Paxlovid holding a 46% market share in China. Wangshan Wangshui's product has struggled to compete effectively against established alternatives [9]. Male Health Drug - Sildenafil citrate tablets, approved for treating erectile dysfunction, are seen as the company's most commercially viable product. The drug has been positioned to compete directly with existing PDE5 inhibitors, offering advantages such as faster onset and longer duration of action [12][14]. Market Dynamics - The PDE5 inhibitor market in China is projected to grow from RMB 5.5 billion in 2018 to RMB 9.3 billion by 2024, with a compound annual growth rate of 9.4%. However, the market is fragmented, and Wangshan Wangshui faces challenges in gaining market share due to the presence of numerous generic competitors [14][15]. Antidepressant Drug - LV232, an innovative antidepressant, targets a significant market with an increasing number of patients suffering from depression. The global market for antidepressants is expected to grow, with LV232 aiming to differentiate itself by reducing common side effects associated with traditional treatments [16][20]. Clinical Development - LV232 is currently undergoing a Phase II clinical trial for the treatment of major depressive disorder, with completion expected in the second half of 2026. Its success in demonstrating efficacy and reducing adverse effects will be crucial for its commercial viability [19][20].

Core Viewpoint - The Hong Kong Stock Exchange welcomed five IPOs today, including Junsheng Electronics, WeRide, Pony.ai, Wangshan Wangshui, and Daming Electronics, reflecting a vibrant IPO market. Group 1: Junsheng Electronics - Junsheng Electronics successfully listed on the Hong Kong Stock Exchange, focusing on automotive electronic and safety solutions, ranking 41st globally in the automotive parts industry in 2024 [6][12]. - The company reported revenues of RMB 497.9 billion and RMB 557.28 billion for 2022 and 2023, respectively, with a net profit of RMB 2.33 billion in 2022 and RMB 12.4 billion in 2023 [6][12]. - Junsheng's revenue for Q3 2025 was RMB 154.97 billion, a year-on-year increase of 10.25%, with a net profit of RMB 4.13 billion, up 35.4% [6][12]. Group 2: WeRide - WeRide completed its IPO on the Hong Kong Stock Exchange, becoming the first "Robotaxi" stock in Hong Kong, with an issue price of HKD 27.1 per share [14]. - The company is a global leader in L4 autonomous driving, operating in over 30 cities across 11 countries, and holds a 21.8% market share in the L4 autonomous driving sector [14][15]. - WeRide's revenue for 2022, 2023, and 2024 was RMB 5.28 billion, RMB 4.02 billion, and RMB 3.61 billion, respectively, with a significant loss recorded in 2024 of RMB 25.17 billion [16][17]. Group 3: Pony.ai - Pony.ai achieved a dual listing on the Hong Kong Stock Exchange, raising up to HKD 77 billion, marking the largest IPO in the global autonomous driving sector in 2025 [23]. - The company operates over 720 Robotaxis in major Chinese cities and has launched its seventh-generation Robotaxi, which utilizes 100% automotive-grade components [24][25]. - In Q2 2025, Pony.ai's Robotaxi business revenue surged by 157.8% year-on-year to RMB 10.9 million, driven by increased user demand and vehicle deployment [24][25]. Group 4: Wangshan Wangshui - Wangshan Wangshui, a biopharmaceutical company, listed on the Hong Kong Stock Exchange, focusing on small molecule drugs in neuropsychiatric and reproductive health [30][31]. - The company has developed two core products targeting significant clinical needs in their respective markets and has a diverse pipeline of nine innovative assets [30][31]. - Wangshan Wangshui reported revenues of RMB 200 million and RMB 118.32 million for 2023 and 2024, respectively, with a net loss of RMB 218 million in 2024 [32]. Group 5: Daming Electronics - Daming Electronics officially listed on the Shanghai Stock Exchange, specializing in automotive electronic components with a strong client base including major automakers [36][37]. - The company has shown consistent growth, with revenues increasing from RMB 1.713 billion in 2022 to RMB 2.727 billion in 2024, and net profits rising from RMB 151 million to RMB 282 million during the same period [37].

TPN171是一款PDE5抑制剂，于2022年9月在乌兹别克斯坦获批上市，商品名为Onvita ，于2025年7月在 中国获批上市，商品名为昂伟达 ，获批适应症均为男性勃起功能障碍（ED)。在中国，PDE5抑制剂于 2024年的市场价值为人民币93亿元，且预计于2035年达到人民币150亿元。 旺山旺水董事长兼总经理田广辉博士表示："旺山旺水成功在港股上市，是公司发展史上的重要里程 碑，将为公司带来新的资本助力，加快在研产品的研发进程，助力昂伟达 市场拓展和商业化进程，为 公司的长期可持续发展奠定坚实基础。" 今年以来，已有维昇药业、映恩生物、拨康视云等苏州生物医药企业登陆港交所。据苏州市委金融办消 息，截至10月末，苏州共有14家上市后备企业拟申报港交所，其中5家公司已经完成证监会国际司备 案，其他9家均在证监会备案中。截至目前，苏州已有上市公司280家。其中，境内A股226家，数量位 居全国第五。今年以来，苏州全市新增境内外上市公司15家，其中境内上市8家。 旺山旺水成立于2013年，是一家综合一体化创新小分子药物公司，总部位于苏州工业园区。自成立以 来，旺山旺水以创新改善患者的健康和生活质量为使命，致力 ...

Group 1 - The core point of the news is the simultaneous listing of four new stocks on the Hong Kong stock market, with 旺山旺水-B (02630.HK) showing the strongest performance, surging nearly 180% after opening [2] - 旺山旺水-B received significant interest during its IPO phase, with a subscription rate of 6238.42 times for the public offering in Hong Kong, resulting in 175,980 shares being allocated, which is about 10% of the total offering [2] - The total number of valid applications received for 旺山旺水-B was approximately 265,000, with 8,799 applications processed [2] Group 2 - 旺山旺水 is a biopharmaceutical company focused on discovering, acquiring, developing, and commercializing small molecule drugs, targeting areas such as viral infections, neuropsychiatric disorders, and reproductive health [3] - The company has developed a pipeline consisting of nine innovative assets, including two core products, LV232 and TPN171, and a key product, VV116 [3] - LV232 is a dual-target receptor modulator for treating major depressive disorder, with a Phase II clinical trial set to start in China in April 2025, expected to complete in the second half of 2026 [3] - TPN171 is a PDE5 inhibitor approved for treating erectile dysfunction in China and Uzbekistan [3] - The revenue figures for 旺山旺水 in 2023, 2024, and the first four months of 2025 were 200 million RMB, 11.832 million RMB, and 12.958 million RMB, respectively, with profits of 6.427 million RMB, -220 million RMB, and -110 million RMB during the same periods [3]

旺山旺水-B(02630)首挂上市，公告显示，每股定价33.37港元，共发行1759.78万股股份，每手200股， 所得款项净额约5.27亿港元。截至发稿，涨184.69%，报95港元，成交额2.74亿港元。 公开资料显示，旺山旺水成立于2013年，是一家生物医药公司，致力于在公司的战略重点治疗领域(即 神经精神及生殖健康)发现、获取、开发和商业化小分子药物。该公司已获取并开发了两款核心产品 LV232及TPN171。LV232是一款双靶点5-羟色胺转运体╱5-羟色胺3(5-HTT/5-HT3)用于治疗重度抑郁症 的受体调节剂。而TPN171是一款用于治疗勃起功能障碍(ED)的5型磷酸二酯酶(PDE5)抑制剂。公司还有 四款候选药物处于临床阶段，三款候选药物处于临床前阶段。 ...