Core Viewpoint - Heng Rui Pharmaceutical officially listed on the Hong Kong Stock Exchange on May 23, 2023, marking a significant milestone in its internationalization strategy and achieving the largest financing scale in the Hong Kong pharmaceutical sector since 2020 [1][9]. Group 1: Listing Details - Heng Rui Pharmaceutical's IPO involved a global offering of approximately 225 million H-shares at an issue price of HKD 44.05, raising approximately HKD 9.89 billion [1]. - The stock opened at HKD 57 per share, a 29.4% increase from the issue price, and closed at HKD 55.15, a 25.2% increase [1]. - The listing is the second largest IPO in Hong Kong for 2025, following the leading battery manufacturer CATL [1]. Group 2: Company Leadership and Strategy - Vice Chairman Dai Hongbin emphasized that the listing is a crucial step for Heng Rui to enter the international capital market and accelerate its innovation and internationalization [2][3]. - The company aims to leverage this listing to enhance its global cooperation network and continue its focus on innovative research and development [3][10]. - Dai Hongbin's recent appointment as Vice Chairman reflects a strategic shift in the company's leadership, allowing him to play a more significant role in external communications and strategic planning [6]. Group 3: Historical Context and Future Outlook - Heng Rui Pharmaceutical, founded in 1970, has evolved from a local pharmaceutical factory to a significant player in the Chinese pharmaceutical industry, previously reaching a market value of over 600 billion yuan [7]. - The company has established 14 R&D centers globally and initiated over 20 overseas clinical trials, indicating its commitment to international expansion [10]. - The funds raised from the IPO will support clinical research and the development of innovative platforms, aiming to create first-in-class and best-in-class products [11].

Group 1 - The core viewpoint of the news is that Heng Rui Pharmaceutical successfully completed its IPO in Hong Kong, with a final issue price of HKD 44.05 per share, representing a discount of nearly 27% compared to its A-share closing price on May 22 [1][2] - The IPO raised a total of HKD 98.9 billion, with a net amount of HKD 97.47 billion after deducting listing expenses, which will be used for R&D and expanding production facilities [2] - Heng Rui Pharmaceutical's stock price surged approximately 30% on its debut in Hong Kong, while its A-share price experienced a slight decline [1][2] Group 2 - Heng Rui Pharmaceutical is competing with BeiGene for the title of "innovative drug leader" in the A-share market, but it has not yet received approval for any innovative drugs overseas [3] - The company has engaged in nine licensing agreements over the past three years, generating approximately USD 14 billion in total transaction value, which has become a significant source of revenue [3] - The company's strategy includes enhancing its international presence through the Hong Kong listing, aiming for breakthroughs in overseas markets [4]

5月15日，恒瑞医药（600276）正式启动H股全球公开发售，计划发行2.25亿股H股，发行价区间为每股 41.45—44.05港元，最高募资额可达130.8亿港元，或成为近五年港股医药板块最大规模IPO。据了解， 预计恒瑞医药最快于5月23日登陆港交所主板，实现"A+H"两地上市。新加坡政府投资公司(GIC)、景顺 (Invesco)、瑞银全球资产管理集团(UBS-GAM)等7家基石投资者已锁定近41亿港元认购额度，占发行规 模的43.04%。 恒瑞医药此次H股发行分为香港公开发售(5.5%)和国际配售(94.5%)，若全额行使超额配售权，总发行股 数可增至2.97亿股，募资上限达130.8亿港元。这意味着，此次恒瑞医药募资额将成为近五年港股医药企 业IPO最高募资额。招股书显示，募资净额将用于研发计划；在中国和海外市场建设新的生产和研发设 施，及扩大或升级在中国的现有生产设施；营运资金及其他一般企业用途等。 恒瑞医药此次IPO基石投资者阵容也十分豪华，吸引了众多市场化的国际知名投资机构的关注与参与， 包括新加坡政府投资公司(GIC)、景顺(Invesco)、瑞银全球资产管理集团(UBS-GAM)、高瓴资本 ...

5月5日晚间，港交所官网披露恒瑞医药聆讯后招股书，标志着这家中国创新药龙头已正式通过港股上市聆讯，即将上市。 据知情人士透露，公司计划最快将于本月完成H股发行并挂牌交易。若一切顺利，这将成为恒瑞自2000年登陆A股后的首次对外股权融资，也将成 为其"创新+国际化"双轮驱动战略的重要一跃。 为什么是现在？ 回望恒瑞医药的港股上市节奏，从2024年12月宣布拟在港上市，到2025年1月正式递表，再到4月底取得证监会备案、5月初通过聆讯，用时不过五 个月。在医药行业经历了监管、医保、集采多重洗礼、估值重塑之后，恒瑞的"再出发"不无深意。 从"出海卖药"到"全球制药公司" 恒瑞这一次赴港，不再只是单纯为了资本层面的扩容，更是战略层面的一次主动进击。 在创新药"出海"这场马拉松中，恒瑞早已迈出关键一步：截至目前，其产品已进入超过40个国家和地区，并已在欧美日等高门槛市场获得20多个 注册批件；全球布局14个研发中心，海外临床试验超过20项；更重要的是，其自研的多款ADC产品已获FDA快速通道认定。 尤其是在海外BD方面，恒瑞的表现堪称"中国药企出海样本"。近年来，与德国默克等全球知名药企合作，2024年更是与默沙东签下 ...