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IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
Xuanzhu Bio-B
02575.HK		 Biotechnology - Pharmaceuticals 11.6 500 5,858.50 2025/10/10 2025/10/14 2025/10/15
Yunji Technology
02670.HK		 Advanced hardware and software 95.6 50 4,828.21 2025/10/13 2025/10/15 2025/10/16
Haixi Pharma
02637.HK		 Pharmaceuticals 69.88-86.4 50 4,363.57 2025/10/14 2025/10/16 2025/10/17
Haixi Pharma (02637.HK)
Summary
We are a commercial-stage pharmaceutical company that integrates R&D, production and sales capacities, with a pipeline of innovative drug candidates. 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 primarily consisted of generic drugs for digestive system diseases, cardiovascular system diseases, endocrine system diseases, nervous system diseases and inflammatory diseases. According to CIC, these therapeutic areas accounted for over 25% of the total pharmaceutical sales in China in 2023. Our innovative drug pipeline focuses on drug candidates in a variety of indications, including one innovative oncology drug candidate, one potential first oral drug therapy for wet age-related macular degeneration (wAMD, a retinal disease caused by abnormal growth of blood vessels under the retina)/diabetic macular edema (DME, fluid leakage into macula from diabetes)/retinal vein occlusion (RVO, vision loss from blockage of retinal veins), and two other innovative preclinical-stage drug candidates in oncology and respiratory diseases. All of our innovative drug candidates are proprietarily discovered and developed in house.

We had obtained approval from the NMPA for 15 generic drugs and established a pipeline of four innovative drug candidates as of the Latest Practicable Date, making us a key market participant in the pharmaceutical industry in China. During the Track Record Period, we generated revenue from 13 approved products. To protect our products and drug candidates throughout their lifecycle, we have established a global patent portfolio that consisted of 37 patents as of the Latest Practicable Date, including 18 in overseas jurisdictions covering U.S., Canada, Australia, Japan, Korea, Singapore, India and 29 European countries. In addition, we plan to actively explore opportunities to collaborate with multinational corporations (MNCs) to expand our international clinical research and commercialization capacities.

In 2024, we were recognized as one of the National Specialized and Innovative “Little Giant” Enterprises by the Ministry of Industry and Information Technology (國家專 精特新「小巨人」企業). In 2023, we were recognized as one of the Specialized and Innovative Small and Medium-sized Enterprises in Fujian Province by the Department of Industry and Information Technology of Fujian Province (福建省專精特新中小企業). We are the first pharmaceutical company in Fujian Province and among the first five pharmaceutical companies in China to obtain the MAH manufacturing license.

Our Product Portfolio and Pipeline

Our business has adopted a dual track model, comprising both generic drugs and innovative drug candidates. For our generic drugs, we have established market position by launching a series of products that obtained regulatory approvals in a timely manner and complied with all quality requirements, with technical barriers and substantial market potential. For our four innovative drug candidates, the indication spectrum has spanned from oncology to ophthalmology and beyond. The pipelines are developed with our extensive experience in different clinical stages and funded by the rich cash flow generated from our generic drug business.

Among the 15 generic drugs that we had obtained approval from the NMPA as of the Latest Practicable Date, four were selected in the national volume-based procurement (the “VBP”) schemes and continued to make significant contributions to our revenue. We also have four drug products selected in the provincial VBP schemes. The four drug products selected in the national VBP schemes include:

‧ Anbili (安必力): The first-to-market generic of mosapride citrate tablets regarded as passing the consistency evaluation in China and selected in the Fourth National VBP Scheme. Anbili contributed RMB146.0 million to our revenue in 2024 with a market share of 25.7%, ranking second in its product category in China, according to CIC.

‧ Haihuitong (海慧通): Generic amlodipine besilate and atorvastatin calcium tablets selected in the Eighth National VBP Scheme. Haihuitong contributed RMB187.3 million to our revenue in 2024 with a market share of 59.3%, ranking first in its product category in China, according to CIC.

‧ Ruiantuo (瑞安妥): Generic cinacalcet hydrochloride tablets selected in the Fifth National VBP Scheme. Ruiantuo contributed RMB47.9 million to our revenue in 2024 with a market share of 16.7%, ranking second in its product category in China, according to CIC.

‧ Saixifu (賽西福): The second-to-market generic of hydroxychloroquine sulfate tablets regarded as passing the consistency evaluation in China and selected in the Tenth National VBP Scheme. Saixifu contributed RMB43.7 million and RMB19.2 million to our revenue in 2024 and the five months ended May 31, 2025 respectively.

VBP schemes are implemented on national and provincial levels. According to CIC, national and provincial VBP schemes complement each other in the selection of products, and the inclusion in the national VBP scheme in practice supersedes the provincial VBP, promoting a unified approach across different administrative levels.

The national VBP scheme is implemented by the NHSA. Participation by pharmaceutical companies in the national VBP scheme is voluntary. Successful bids under the national VBP scheme are generally valid for two to three years. Provincial VBP schemes complement the national VBP scheme, and can vary significantly across different regions. The provincial VBP schemes are primarily implemented by various inter-provincial procurement alliances (the “alliances”) formed by provincial government authorities across provinces and cities. Successful bids under provincial VBP schemes are generally valid for one to two years. The national VBP scheme itself does not undergo a renewal process. The renewal of expired national VBP schemes is not centrally administered by the national authority but delegated to provinces or alliances. The provinces or alliances implement renewals under the national policy framework, with the authority to determine specific terms. The Opinions on Promoting the Regular and Institutionalized Development of Drug Centralized Volume-based Procurement (關於推動 藥品集中帶量採購工作常態化制度化開展的意見), issued by the general office of the State Council in January 2021, explicitly emphasizes a tiered procurement system, under which provincial and alliance-level procurement is encouraged for non-national procurement candidates, granting provinces and alliances autonomy to organize renewals or new rounds of procurement after the first national VBP scheme. Certain regions streamline the process by referencing renewal outcomes from other provincial or national results. This decentralized model may lead to variations in renewal terms across regions. For example, Gansu and Liaoning provinces independently renewed expired national VBP schemes, adjusting terms based on local clinical needs and supply conditions. Sichuan, Chongqing, Inner Mongolia, Hubei, Yunnan, Tibet, Shaanxi and Ningxia formed an alliance to leverage shared procurement data and price linkage policies.



Source: Haixi Pharma (02637) Prospectus (IPO Date : 2025/10/09)
Listing Market MAIN
Industry Pharmaceuticals
Background H Shares
Major Business Area China
Corporate Information
Substantial Shareholders Kang Xinshan (35.16%)
Tu Liandong (20.33%)
Fujian Province Investment Development Group Co., Ltd. (8.89%)
Fuzhou Financial Holding Group Co., Ltd. (5.95%)
Directors Kang Xinshan (Chairman and General Manager and Executive Director)
Chen Guangming (Deputy General Manager and Chief Scientific Officer and Executive Director)
Feng Yan (Deputy General Manager and Executive Director)
Chen Shuyi (Executive Director)
Wang Xinkun (Non-Executive Director)
Xu Dong (Non-Executive Director)
Gong Weimin (Independent Non-Executive Director)
Pu Meiting (Independent Non-Executive Director)
Wang Shan Shan (Independent Non-Executive Director)
Company Secretary Chan Hiu Lam
Zhang Junhuan
Principal Bankers China Merchants Bank Co., Ltd.
Solicitors Jingtian & Gongcheng
Haiwen & Partners LLP
Beijing Deheng Law Office
Ashurst Hong Kong
Auditors Deloitte Touche Tohmatsu
Registered Office 40/F, Dah Sing Financial Centre, 248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No (852) 2980-1333
Internet Address http://www.hxpharma.com
Email Address info@hxpharma.com
Tel No (86 0591) 8751-9936
Fax No
 
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