Core Viewpoint - Huazhen Biotechnology (Qingdao) Co., Ltd. (stock code: 02396.HK) was listed on the Hong Kong Stock Exchange, opening below the issue price at HKD 33.80 and closing at HKD 27.00, reflecting a decline of 29.32% from the final offer price of HKD 38.20 [1][4]. Group 1: Offering Details - The total number of shares offered globally was 17,648,800 H-shares, with 1,765,000 shares available for public offering in Hong Kong and 15,883,800 shares for international offering [2]. - The final offer price was set at HKD 38.20, with total proceeds amounting to HKD 674.18 million, and net proceeds after estimated listing expenses of HKD 74.36 million were HKD 599.82 million [4][5]. Group 2: Use of Proceeds - The net proceeds from the global offering are intended to fund the ongoing clinical development and commercialization of core products Pro-101-1 and Pro-101-2, purchase professional equipment related to R&D and quality control, and cover third-party service fees and costs for clinical research of other PDGF products [6]. Group 3: Financial Performance - The company reported revenues of RMB 472,000 in 2023 and RMB 261,000 in 2024, with no revenue generated from product sales during the reporting period [7][8]. - The net losses for 2023 and 2024 were RMB 105.2 million and RMB 212.3 million, respectively, with total accumulated losses of RMB 451.9 million over the two years and nine months [7][8]. - Operating cash flow for the years 2023 and 2024 was negative, with net cash used in operating activities amounting to RMB 57.9 million and RMB 90.1 million, respectively [9].

Core Viewpoint - Huazhen Biotechnology (Qingdao) Co., Ltd. (stock code: 02396.HK) listed on the Hong Kong Stock Exchange today, opening below the issue price at HKD 33.80 and closing at HKD 27.00, representing a decline of 29.32% from the final offer price of HKD 38.20 [1][4]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares offered globally was 17,648,800 H-shares, with 1,765,000 shares for public offering in Hong Kong and 15,883,800 shares for international offering [2]. - At the time of listing, the total number of issued shares was 117,657,522 [2]. Financial Details - The final offer price was set at HKD 38.20, resulting in total proceeds of HKD 674.18 million. After deducting estimated listing expenses of HKD 74.36 million, the net proceeds amounted to HKD 599.82 million [4][5]. Use of Proceeds - The net proceeds from the global offering are intended to fund the ongoing clinical development and commercialization of core products Pro-101-1 and Pro-101-2, purchase professional equipment related to R&D and quality control, and cover third-party service fees, personnel costs, and raw material costs for clinical research activities [6]. Company Overview and Product Pipeline - Established in 2012, Huazhen Biotechnology is a biopharmaceutical company based in China, focusing on developing protein drugs for medical needs and market opportunities, particularly in wound healing therapies [6]. - The company has a pipeline of ten candidate products, seven of which are PDGF candidates, including two core products: Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot treatment [6]. Financial Performance - The company reported revenues of RMB 471,700 in 2023 and RMB 261,100 in 2024, with no revenue generated from product sales. The net losses for the same periods were RMB 105.2 million and RMB 212.3 million, respectively [7][9]. - Cumulative losses over the two years and nine months amounted to RMB 451.9 million [8]. Cash Flow Analysis - The net cash used in operating activities was RMB 57.9 million in 2023 and RMB 90.1 million in 2024, indicating ongoing cash outflows primarily due to R&D and administrative expenses [10].

Group 1 - The company plans to globally offer 17.6488 million shares, with 1.765 million shares available in Hong Kong and 15.8838 million shares for international sale, along with an over-allotment option of 2.6472 million shares [1] - The subscription period is set from December 12 to December 17, with a maximum offer price of HKD 51.00 per share and an entry fee of approximately HKD 10,302.88 for 200 shares [1] - The total expected fundraising amount is HKD 787 million, with a net amount of HKD 709 million, which will be used for the clinical development and commercialization of core products Pro101-1 and Pro-101-2, enhancing R&D capabilities, and general corporate purposes [1] Group 2 - The company’s main business includes technology services, medical device sales, cosmetics wholesale and retail, and medical research and development [2] - The net profits for the years 2023, 2024, and the first three quarters of 2025 (ending September 30) are projected to be -CNY 105 million, -CNY 212 million, and -CNY 134 million, reflecting year-on-year changes of -22.42%, -101.78%, and 18.06% respectively [2]

Core Viewpoint - Huazhen Biotech plans to conduct an IPO from December 12 to December 17, 2025, aiming to issue 17.6488 million H-shares, with approximately 10% allocated for public offering in Hong Kong and 90% for international offering, including a 15% over-allotment option [1] Group 1: Company Overview - Established in 2012, Huazhen Biotech is a Chinese biopharmaceutical company focused on developing protein drugs, primarily targeting wound healing therapies [1] - The core products include rhPDGF-BB drugs, with Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot treatment [1] - As of the latest practical date, the company has ten candidate products, seven of which are PDGF candidates [1] Group 2: IPO Details - The offering price per share is expected to range from HKD 38.2 to HKD 51, with trading on the Hong Kong Stock Exchange anticipated to commence on December 22, 2025, at 9:00 AM (Hong Kong time) [1] - Assuming a median offering price of HKD 44.60 and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 709 million [1] Group 3: Use of Proceeds - Approximately 61.8% of the proceeds will be allocated to the continued clinical development and commercialization of core products Pro-101-1 and Pro-101-2 [1] - About 18.8% will be used to enhance research and development capabilities through equipment purchases [1] - Approximately 6.3% will fund ongoing preclinical development of PDGF products outside the core products, such as fresh wounds, pressure ulcers, and radiation ulcers [1] - Around 3.1% will be directed towards preclinical research activities for Mes-201, Oli-101, and Oli-201 [1] - About 10.0% will be reserved for working capital and general corporate purposes [1]

Core Viewpoint - Huazhong Biopharmaceutical is set to launch an IPO from December 12 to December 17, 2025, aiming to issue 17.6488 million H-shares, with approximately 10% allocated for public offering in Hong Kong and 90% for international offering, including a 15% over-allotment option [1] Group 1: IPO Details - The offering price per share is expected to range from HKD 38.2 to HKD 51, with trading on the Hong Kong Stock Exchange anticipated to commence on December 22, 2025, at 9 AM Hong Kong time [1] - The company was established in 2012 and focuses on developing protein drugs, primarily targeting wound healing therapies [1] Group 2: Product Pipeline - The core product is rhPDGF-BB, with Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot treatment; the company has ten candidate products, seven of which are PDGF candidates [1] Group 3: Use of Proceeds - Assuming a median offering price of HKD 44.60 and no exercise of the over-allotment option, the net proceeds from the global offering are expected to be approximately HKD 709 million [1] - About 61.8% of the proceeds will fund the ongoing clinical development and commercialization of core products Pro-101-1 and Pro-101-2 [1] - Approximately 18.8% will be used to enhance R&D capabilities through equipment purchases [1] - Around 6.3% will support preclinical development of PDGF products outside the core products [1] - About 3.1% will be allocated for preclinical research activities for Mes-201, Oli-101, and Oli-201 [1] - Approximately 10.0% will be reserved for working capital and general corporate purposes [1]

Group 1 - The company, Huazhong Biopharmaceutical-B (02396.HK), plans to globally offer 17.6488 million H-shares, with 1.765 million shares available in Hong Kong and 15.8838 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The subscription period for the shares is from December 12 to December 17, 2025, with the expected pricing date on December 18, 2025, and trading on the Hong Kong Stock Exchange expected to commence on December 22, 2025 [1] - The company focuses on developing protein drugs for various therapeutic areas, particularly in wound healing therapies, with two core products in its pipeline: Pro-101-1 for deep second-degree burns and Pro-101-2 for diabetic foot ulcers [1] Group 2 - Assuming no exercise of the over-allotment option and a median offer price of HKD 44.60 per share, the company estimates net proceeds from the global offering to be approximately HKD 708.8 million [2] - Approximately 61.8% of the proceeds will be used to fund the ongoing clinical development and commercialization of core products Pro-101-1 and Pro-101-2 [2] - About 18.8% of the proceeds will be allocated to enhance the company's R&D capabilities through the purchase of professional equipment and instruments related to R&D and quality control [2]

Group 1 - The Hong Kong capital market is experiencing a significant recovery, with IPO financing reaching HKD 132.9 billion in the first eight months of 2025, marking a 50% increase compared to the total financing in 2024, the highest in nearly four years [1][3] - The healthcare sector has emerged as a key player in the capital market, securing HKD 37 billion in financing, ranking among the top three sectors alongside information technology and consumer discretionary [3][4] - Innovative drug themes are particularly hot in the healthcare sector, with four out of the top ten refinancing projects in Hong Kong being related to innovative drugs, collectively raising HKD 19.9 billion [3][4] Group 2 - Huazhang Biopharma, a notable biopharmaceutical company, is advancing its core PDGF pipeline, which includes a product matrix covering 14 wound healing indications, with seven out of ten candidate products being PDGF drugs [4] - The company has achieved significant technical breakthroughs by optimizing PDGF gene sequences and innovating production processes, resulting in a product activity that is 75 times higher than Regranex, establishing a dual core competitive advantage in safety and efficacy [4] - With the PDGF pipeline progressing to critical clinical stages and supported by a substantial market space and technical barriers, Huazhang Biopharma's commercialization prospects appear promising, potentially capturing market share in the postoperative wound healing sector [4]