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]

假设超额配股权未获行使，并假设发售价为每股股份44.60港元(即指示性发售价范围的中位数)，集团估 计将自全球发售获得所得款项净额约7.088亿港元。集团拟按下列用途及金额使用全球发售所得款项： 约61.8%将用于资助集团的核心产品Pro101-1及Pro-101-2的持续临床开发及商业化；约18.8%将用于通过 购买与研发及质量控制活动相关的专业设备及仪器来提升集团的研发能力；约6.3%将用于支付集团核 心产品以外的PDGF产品用于治疗其他适应症(如新鲜创面、压疮及放射性溃疡)的持续临床前研发的第 三方服务费、研发人员费用及原材料成本；约3.1%将用于支付Mes-201、Oli-101及Oli201临床前研发活 动的第三方服务费、研发人员费用及原材料成本；约10.0%用作营运资金及一般公司用途。 集团成立于2012年，是一家总部位于中国的生物制药公司，致力于开发各类疗法，重点是针对有医疗需 求及市场机会的适应症开发蛋白质药物。集团的主攻方向是发现、开发和商业化伤口愈合的疗法，目前 为血小板衍生生长因子("PDGF")药物。截至最后实际可行日期，集团的管线包含两款核心产品：(i)用 于治疗深二度烧烫伤的Pro ...

二、华芢生物核心管线推进技术突破筑竞争力 作为递交上市申请的优质生物医药企业之一，华芢生物凭借核心PDGF管线及技术突破，展现出良好的发展潜力。其PDGF管线是商业化布局的核心，目 前已形成覆盖14种创面愈合适应症的产品矩阵，在10款候选产品中，有7款为PDGF药物，且核心产品进展已进入关键阶段；在技术层面，华芢生物凭借 自主研发实力实现关键突破。通过优化PDGF基因序列与革新生产工艺这两大核心动作，其研发的PDGF产品活性显著提升，较Regranex高出75倍，最终在 安全性与有效性两大维度构建起双重核心竞争力。 | 候想產品 | 機制/配點 | 鹅廊庭 | 劑型 | 鹰床試驗地區 | | 開發贈段 | II)謝 | | | 即將到來 | 主管成 監管機構 | 商渠權利 | 自主研發成 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 臨席前 | I 開 | | | 田翔 | 的肌程碑 | | | 聯合研發 | | | | | | | | | IIa | пь ...