IPO Timeline Raw facts
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 | Haixi Pharma |
|---|---|
| Stock Code | 02637 |
| Company Full Name | Fujian Haixi Pharmaceuticals Co., Ltd. |
| Industry | Biotech & Pharma |
| Principal Activities | We are a commercial-stage pharmaceutical company with integrated research and development, manufacturing and sales capabilities and a pipeline of innovative drugs in development. We have a diversified product portfolio and pipeline in the largest and fastest-growing therapeutic areas in China. As of the Latest Practicable Date, our commercialized product portfolio mainly comprises generic drugs for digestive system diseases, cardiovascular system diseases, endocrine system diseases, nervous system diseases and inflammatory diseases; our innovative drug pipeline focuses on drugs in development for various indications, including an innovative oncology drug in development, a potential first oral drug for the treatment of wet age-related macular degeneration (wAMD)/diabetic macular edema (DME)/retinal vein occlusion (RVO) and two other innovative drugs in development at the preclinical stage for the treatment of oncology and respiratory system diseases. |
| 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 | Mechanism B: no clawback |
| 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 |
Stock Connect Inclusion
| HK Market Cap | HK$ 12.66B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,800,308,128 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 39.0x (based on offer price HK$86.4 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 136.1 million |
| Period-End Cash Balance | RMB 38.3 million |
| Listing Expenses | ~HK$ 50,600,000 |
| Listing Expenses / Funds Raised | ~5.09% |
| 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)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (8)
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
CMB International Capital Limited CE AVM940
CHINA INDUSTRIAL SECURITIES INTERNATIONAL BROKERAGE LIMITED CE AUW685
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
Futu Securities International (Hong Kong) Limited CE AZT137
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
CMBC SECURITIES COMPANY LIMITED CE APU820
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Joint Lead Managers (8)
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
CMB International Capital Limited CE AVM940
CHINA INDUSTRIAL SECURITIES INTERNATIONAL BROKERAGE LIMITED CE AUW685
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
Futu Securities International (Hong Kong) Limited CE AZT137
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
CMBC SECURITIES COMPANY LIMITED CE APU820
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Capital Market Intermediaries (8)
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
CMB International Capital Limited CE AVM940
CHINA INDUSTRIAL SECURITIES INTERNATIONAL BROKERAGE LIMITED CE AUW685
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
Futu Securities International (Hong Kong) Limited CE AZT137
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
CMBC SECURITIES COMPANY LIMITED CE APU820
ZHONGTAI INTERNATIONAL SECURITIES LIMITED 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 Jingtian & Gongcheng |
| 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 Jia Yuan Law Offices |
| 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 | Orient Capital (Hong Kong) Limited CE BDN128 |
| Receiving Banks |
CMB Wing Lung Bank Limited China CITIC Bank International Limited |
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 |
Executive Director (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 康心汕 | — | Executive Director |
| 2 | Feng Yan | Executive Director | |
| 3 | Chen Guangming | Executive Director | |
| 4 | 陈枢仪 | — | Executive Director |
Non-Executive Director (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 许冬 | — | Non-Executive Director |
| 2 | 王忻琨 | — | Non-Executive Director |
Independent Non-Executive Director (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 龚为民 | — | Independent Non-Executive Director |
| 2 | 王珊珊 | — | Independent Non-Executive Director |
| 3 | 蒲美婷 | — | Independent Non-Executive Director |
| 4 | 陈霞 | — | Independent Non-Executive Director |
| 5 | 吴江 | — | Independent Non-Executive Director |
| 6 | 许丽霞 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | The Controlling Shareholders, Dr. Kang Xinshan, Ms. Feng Yan and Tairuihe Investment, together hold approximately 41.17% of the total issued share capital of the Company. Immediately after the completion of the Global Offering, the Controlling Shareholders will own and control approximately 35.15% of the total issued share capital of the Company. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
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.)
申购档位分析
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.)
申购人群画像
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.)
