IPO Timeline
Broker Deadline
2025-10-14
Morning deadline
HKEX Deadline
2025-10-14
Noon deadline
Broker Results (T-2)
2025-10-16
Some brokers release in afternoon
Grey Market (T-1)
2025-10-17
Afternoon
HKEX Allotment (T-1)
2025-10-17
Evening
Registrar Allotment (T-1)
2025-10-17
Evening
Listing Day (T)
2025-10-20
First day of trading
Company Overview
| Stock Name | 海西新药 |
|---|---|
| Stock Code | 02637 |
| Company Full Name | 海西新药 |
| Industry | Biotech & Pharma |
| Principal Activities | 我們是一家處於商業化階段的製藥公司，集研發、生產及銷售能力於一體，具備在研創新藥的管線。我們在中國最大、增長最快的治療領域擁有多元化的產品組合及管線。截至最後實際可行日期，我們已商業化的產品組合主要包括用於消化系統疾病、心血管系統疾病、內分泌系統疾病、神經系統疾病及炎症疾病的仿製藥；我們的創新藥管線專注於具有各種適應症的在研藥物，包括一款創新在研腫瘤藥物、一款潛在用於治療濕性年齡相關性黃斑變性（wAMD）╱糖尿病性黃斑水腫（DME）╱視網膜靜脈閉塞（RVO）的首款口服藥物及另外兩款處於臨床前階段，用於治療腫瘤及呼吸系統疾病的創新在研藥物。 |
| Listing Date | 2025-10-20 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Cangshan District Fuzhou, Fujian Province PRC Principal Place of 40/F, Dah Sing Financial Centre Business in Hong Kong 248 Queen’s Road East, Wanchai Hong Kong |
| Business Address (Hong Kong) | 香港灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | hxpharma.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 86.40 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 4,320 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-10-09 to 2025-10-14 |
| Global Offering Shares | 11,500,000 shares |
| HK Public Offer Shares (Initial) | 1,150,000 shares (10.0%) |
| Public Offer Lots (Initial) | 23,000lots (11,500lots, 11,500lots) |
| International Placing Shares (Initial) | 10,350,000 shares (90.0%) |
| Offer Ratio | ~14.61% |
| Total Shares Post-IPO | 78,707,270 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 17.2% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 993,600,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 4,320 |
| 2 lots | 100 | HK$ 8,640 |
| 3 lots | 150 | HK$ 12,960 |
| 4 lots | 200 | HK$ 17,280 |
| 5 lots | 250 | HK$ 21,600 |
| 6 lots | 300 | HK$ 25,920 |
| 7 lots | 350 | HK$ 30,240 |
| 8 lots | 400 | HK$ 34,560 |
| 9 lots | 450 | HK$ 38,880 |
| 10 lots | 500 | HK$ 43,200 |
| 12 lots | 600 | HK$ 51,840 |
| 14 lots | 700 | HK$ 60,480 |
| 16 lots | 800 | HK$ 69,120 |
| 18 lots | 900 | HK$ 77,760 |
| 20 lots | 1,000 | HK$ 86,400 |
| 30 lots | 1,500 | HK$ 129,600 |
| 40 lots | 2,000 | HK$ 172,800 |
| 50 lots | 2,500 | HK$ 216,000 |
| 60 lots | 3,000 | HK$ 259,200 |
| 70 lots | 3,500 | HK$ 302,400 |
| 80 lots | 4,000 | HK$ 345,600 |
| 90 lots | 4,500 | HK$ 388,800 |
| 100 lots | 5,000 | HK$ 432,000 |
| 120 lots | 6,000 | HK$ 518,400 |
| 140 lots | 7,000 | HK$ 604,800 |
| 160 lots | 8,000 | HK$ 691,200 |
| 180 lots | 9,000 | HK$ 777,600 |
| 200 lots | 10,000 | HK$ 864,000 |
| 400 lots | 20,000 | HK$ 1,728,000 |
| 600 lots | 30,000 | HK$ 2,592,000 |
| 800 lots | 40,000 | HK$ 3,456,000 |
| 1,000 lots | 50,000 | HK$ 4,320,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 60,000 | HK$ 5,184,000 |
| 1,400 lots | 70,000 | HK$ 6,048,000 |
| 1,600 lots | 80,000 | HK$ 6,912,000 |
| 1,800 lots | 90,000 | HK$ 7,776,000 |
| 2,000 lots | 100,000 | HK$ 8,640,000 |
| 4,000 lots | 200,000 | HK$ 17,280,000 |
| 6,000 lots | 300,000 | HK$ 25,920,000 |
| 8,000 lots | 400,000 | HK$ 34,560,000 |
| 10,000 lots | 500,000 | HK$ 43,200,000 |
| 11,500 lots | 575,000 | HK$ 49,680,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,800,308,128 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | Net loss (see financial statements) |
| Period-End Cash Balance | 人民币216,000,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|---|
| First Day Open | HK$ 102.00 |
| First Day Change | 154.17% |
Use of Proceeds
| Use of Proceeds | 1、約52.0%或441.0百萬港元預期將用于持續投資于研發，以推進管線中的在研藥物并豐富產品組合； 2、約23.0%或195.0百萬港元預計將用于提升研發能力及尋求合作機會； 3、約8.0%或67.8百萬港元預計將用于增強商業化能力及擴大市場影響力； 4、約7.0%或59.4百萬港元預計將用于改善和優化研發和生產系統； 5、約10.0%或84.8百萬港元預計將用作營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
Sponsor cum Overall Coordinator (2)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
Overall Coordinators (3)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
国证国际证券（香港）有限公司 CE AUW685
Joint Global Coordinators (3)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
国证国际证券（香港）有限公司 CE AUW685
Joint Bookrunners (8)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
国证国际证券（香港）有限公司 CE AUW685
国信证券（香港）经纪有限公司 CE AUI491
富途证券国际（香港）有限公司 CE AZT137
兴证国际融资有限公司 CE BAK956
民银证券有限公司 CE APU820
中泰国际证券有限公司 CE BAA855
Joint Lead Managers (8)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
国证国际证券（香港）有限公司 CE AUW685
国信证券（香港）经纪有限公司 CE AUI491
富途证券国际（香港）有限公司 CE AZT137
兴证国际融资有限公司 CE BAK956
民银证券有限公司 CE APU820
中泰国际证券有限公司 CE BAA855
Capital Market Intermediaries (8)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
国证国际证券（香港）有限公司 CE AUW685
国信证券（香港）经纪有限公司 CE AUI491
富途证券国际（香港）有限公司 CE AZT137
兴证国际融资有限公司 CE BAK956
民银证券有限公司 CE APU820
中泰国际证券有限公司 CE BAA855
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
海问律师事务所有限法律责任合伙 亚司特律师事务所 北京德恒律师事务所 竞天公诚律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
周俊轩律师事务所与北京市通商律师事务所联营 嘉源律师事务所 |
| Auditor and Reporting Accountant | 德勤‧关黄陈方会计师行 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | 东方融资（香港）有限公司 CE BDN128 |
| Receiving Banks |
招商永隆银行有限公司 中信银行（国际）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Harvest Oriental | 22,000,000 USD | 1,981,700 | 17.23% | 2.52% | 6 months | 2026-04-20 |
Directors & Management
| Chairman | 康心汕 |
|---|---|
| Company Secretary | Ms. Zhang Junhuan |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 康心汕 | — | 執行董事 |
| 2 | Feng Yan | — | 執行董事 |
| 3 | Chen Guangming | — | 執行董事 |
| 4 | 陈枢仪 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 许冬 | — | 非執行董事 |
| 2 | 王忻琨 | — | 非執行董事 |
獨立非執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 龚为民 | — | 獨立非執行董事 |
| 2 | 王珊珊 | — | 獨立非執行董事 |
| 3 | 蒲美婷 | — | 獨立非執行董事 |
| 4 | 陈霞 | — | 獨立非執行董事 |
| 5 | 吴江 | — | 獨立非執行董事 |
| 6 | 许丽霞 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS CORPORATE GOVERNANCE MEASURES Our Company will comply with the provisions of the Corporate Governance Code in Appendix C1 to the Listing Rules, which sets out principles of good corporate governance. We would adopt the following measures to safeguar |
|---|
AI
AI Analysis
Market Sentiment
The IPO saw an extreme oversubscription ratio of 3165.1x, indicating intense investor enthusiasm. Overall hit rate was a mere 6.82%, meaning only a small fraction of applicants received allocations. The offer price was fixed at HKD 86.4 with no disclosed range, and the reallocation was triggered, suggesting strong institutional demand as well. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The A-tail (50,000 lots) expected allocation was 0.3272 lots, only marginally below the B-head (60,000 lots) at 0.3482 lots. This near-parity indicates severe inefficiency, as the additional 10,000 lots yield a negligible increment. Given the higher capital and broker fees for B-head, the A-tail tier appears more cost-effective, though actual broker fee structures vary. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland investors accounted for 63.5% of successful applicants, signaling robust cross-border demand for this biopharmaceutical IPO. The gender split was 63% male and 37% female, and the average age was 43.2, reflecting a slightly older and male-skewed investor base. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
