Fujian Haixi Pharmaceuticals Co., Ltd. (02637.HK) has launched its Hong Kong IPO. The subscription period is from October 9 to October 14, with a global offering of approximately 11,500,000 shares, of which about 1,150,000 shares are for public offering in Hong Kong and approximately 10,350,000 shares are for international offering. The offering price is between HKD 69.88 and HKD 86.40 per share, with a minimum subscription of 50 shares per board lot and an entry fee of around HKD 4,363.57. The shares are expected to be listed on the Hong Kong Stock Exchange on October 17. Huatai Financial Holdings (Hong Kong) Limited and CMB International Capital Limited are the joint sponsors.

Haixi Pharmaceuticals: A Leading Domestic Developer of Generic and Innovative Drugs

Offering Ratio: Approximately 10% for Hong Kong public offering (1,150,000 shares), 90% for international placement (approximately 10,350,000 shares).

Offering Price: HKD 69.88 – HKD 86.40 per share; 50 shares per board lot; entry fee of approximately HKD 4,363.57.

Offering Period: October 9 to October 14 (with the pricing date expected on October 15).

Listing Date: October 17.

IPO Sponsors: Huatai Financial Holdings (Hong Kong) Limited, CMB International Capital Limited.

Company Overview

Haixi Pharmaceuticals is a pharmaceutical company at the commercialization stage, integrating research, production, and sales capabilities. The company focuses on the development and promotion of innovative drugs, particularly in China's largest and fastest-growing therapeutic areas, covering digestive system, cardiovascular system, and other disease areas. Haixi Pharmaceuticals boasts a diversified product portfolio and research pipeline, with a strong commitment to commercializing innovative drugs currently in development.

Financial Information

According to the prospectus, Haixi Pharmaceuticals achieved net profits of RMB 68.98 million, RMB 117 million, and RMB 136 million for the fiscal years ending December 31, 2022, 2023, and 2024, respectively. In the first quarter of 2025, the company reported revenues of approximately RMB 450 million and a net profit of around RMB 80 million. Assuming a median offering price of HKD 76.14 per share, if the over-allotment option and the green shoe option are not exercised, the company expects to raise approximately HKD 899 million globally, with a net fundraising of about HKD 848 million. The proceeds will primarily be used for continued investment in R&D (approximately 50%), enhancing R&D capabilities and seeking collaboration opportunities (approximately 20%), strengthening commercialization capabilities and expanding market influence (approximately 20%), and supplementing working capital (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Zhida Technology via uSMART HK

How to Subscribe for Haixi Pharmaceuticals via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to new public offerings. After logging in, tap “Trade” at the bottom-right, select “IPO Subscription,” choose Haixi Pharmaceuticals, tap “Public Offer,” enter the subscription quantity, and submit your order.

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