Some people soared 215% on the first day, some dropped 18% and broke 2021H1 13 pharmaceutical companies went public in Hong Kong

In the first half of the year, compared with 29 new pharmaceutical companies listing on A-shares, listing in Hong Kong seemed relatively deserted.
From January to June 2021, only 13 new pharmaceutical companies successfully went to Hong Kong for IPO
.

Among them, 5 companies wear head-B, namely: Xintong Medical, Beikang Medical, Keji Pharmaceutical, Nuohui Health, Zhaoke Ophthalmology
.

From the perspective of the sub-industries, the overall situation is relatively scattered.

However, in the ups and downs of the first half of the year, these 13 newly listed Hong Kong stock companies have one thing in common, that is, the leader of the subdivision track is obviously more sought after, such as the "China Cancer Early Screening First Unit" Nuohui Health, The first day’s closing price rose by 215%; Time Angel, China’s first orthodontic share, closed up 132% on the first day of listing.
To date, Time Angel is also the company with the highest total market capitalization among these newly listed pharmaceutical companies, reaching 55.
3 billion yuan.

.

Newly listed pharmaceutical companies in Hong Kong stocks from January to June 2021

01 Hutchison brings three products to market in three places

01 Hutchison brings three products to market in three places

On the last day of June, Hutchison China Pharmaceutical Technology Co.
, Ltd.
was officially listed on the Hong Kong Stock Exchange and became a pharmaceutical company listed in three places
.

Prior to this, Hutchison Medicine had been listed on the Nasdaq in the United States and the London Stock Exchange in the United Kingdom

The prospectus shows that Hutchison Pharma’s revenue in 2018, 2019 and 2020 will be 214 million US dollars, 205 million US dollars and 228 million US dollars, respectively, and net losses will be 71.
286 million US dollars, 104 million US dollars and 116 million US dollars, respectively
.

Hutchison Pharma’s revenue in the first half of 2021 was US$157 million, an increase of 47% from the US$107 million in the same period in 2020
.

During the reporting period, Hutchison Pharma’s attributable net loss was approximately US$102 million, an increase of approximately 1.

In terms of revenue structure, Hutchison Pharma’s oncology/immunization business consolidated revenue in the first half of 2021 was US$42.
9 million, a year-on-year increase of 161% from US$16.
4 million in the first half of 2020
.

Its Chinese Oncology Commercial Team has expanded to approximately 540 employees, covering more than 2,500 tumor hospitals and more than 29,000 oncologists

Unlike most other Biotech companies, Hutchison Pharmaceuticals has three drugs approved for marketing in China, namely Fruquintinib, Sofatinib and Sevotinib
.

Among them, the market sales of Fruquintinib (Ayute) provided by Eli Lilly increased by 186% to 40.
1 million U.
S.
dollars, and its sales in the first half of 2020 were 14 million U.
S.
dollars
.

The comprehensive income of Fruquintinib of Hutchison Medicine increased by 244% to 29.

Sofatinib (Sutaida) was launched in mid-January this year for the treatment of advanced neuroendocrine tumors originating from other than the pancreas
.

In June 2021, it was approved for the treatment of first-line neuroendocrine tumors

Syvotinib (Waresa), which was officially approved on June 22, is a similar selective MET inhibitor approved in China
.

The sales of this product are mainly through AstraZeneca

02 The listing of CAR-T innovative pharmaceutical companies is cold

02 The listing of CAR-T innovative pharmaceutical companies is cold

Choice data shows that there were 5 unprofitable listed pharmaceutical companies in the first half of the year, and Keji Pharmaceutical was one of them
.

On June 18, Keji Pharmaceutical was listed on the Hong Kong Stock Exchange, raising approximately US$300 million (approximately HK$2.
33 billion)
.

The cornerstone investors of Keji Pharmaceutical's listing include Eli Lilly Asia Fund, New China Life, Singularity Asset Management, Ruiyuan, WT, GF Securities, Dymon Asia, Ivy and Southern Fund

Keji Pharmaceutical completed its Series A financing as early as August 2014, and subsequently raised US$30 million in 2016, US$60 million in Pre-C Series financing in 2018, approximately US$186 million in Series C financing in 2020, and 2021.
The C+ series financing in January 2011 was 10 million U.
S.
dollars
.
Hillhouse Capital increased its C+ round of financing
.

Different from other companies that entered the Hong Kong stock market with headset-B in the first half of the year, Keji Pharmaceutical is a star company in the domestic CAR-T field and one of the first companies in China to enter the cell therapy industry
.
Before going public, Keji Pharmaceutical has obtained IND approvals for 7 CAR-T therapies in China, the United States and Canada, ranking first among all CAR-T companies in China
.

Moreover, before the listing, Keji Pharmaceutical received over 400 times the initial subscription, which is a veritable "star stock"
.
However, on the first day of listing, Keji Pharmaceuticals suffered a break, with an intraday drop of more than 18% on the first day
.
Regarding the break after listing, Li Zonghai, chairman of Keji Pharmaceutical, believes that it is the secondary market that needs time to understand the CAR-T track
.

But on the other hand, on the CAR-T track where star players gather, there are already listed companies such as WuXi Giant Biotech, Yongtai Biotech, Legend Biotech, and Genxi Biotech
.

03 Subdivision track leader is sought after

03 Subdivision track leader is sought after

Different from the performance of Keji Pharmaceuticals on the first day of listing, among the pharmaceutical companies listed in the first half of the year, there are many leading companies in the segment of the track, ranking among the top 10 Hong Kong stocks in new earnings
.

The first is the angel of the times known as the "first unit of orthodontics in China"
.
The public offering in Hong Kong is over-subscribed by more than 2,000 times, making it difficult to find at first hand.
As a result, Angel of Time has become the most popular new stock in the Hong Kong IPO market in recent months
.
On the first day of listing, the closing price rose by as much as 132%, and the first-day sale proceeds reached HK$45,600
.

Time Angel is a provider of invisible correction solutions
.
According to the Insight Consultation Report, the market for invisible orthodontic solutions in China is highly concentrated.
Based on the number of cases reached in 2020, the market share of the top two market participants totaled 82.
4%
.
According to the same data, Time Angel's market share in the same year was about 41.
0%, and it was 39.
5% in 2019), making it the industry leader
.

Time Angel stated that it is ready to explore opportunities to expand into the global invisible orthodontic market.
In terms of retail sales revenue, the market is expected to reach 46.
2 billion US dollars in 2030
.

Next is Nuohui Health, which is known as the "China Cancer Early Screening First Share".
The first day's closing price rose by 215%.
If the first day of listing is sold, the profit can reach 28,670 Hong Kong dollars
.
It is understood that Nuohui Health's Series A valuation was only 300 to 400 million yuan, and the opening market value on that day exceeded 30 billion Hong Kong dollars
.

Nuohui Health's main income comes from the sale of two major colorectal cancer screening products, Chang Weiqing and Pupu Tube
.
From 2018 to 2019, Chang Weiqing's product revenue accounted for more than 65% of the main business revenue; the proportion of Puff tube product revenue to the main business revenue was about 25%, showing an upward trend
.
On October 9, 2020, the State Food and Drug Administration approved "Chang Weiqing"'s application for the registration of innovative three types of medical devices
.
According to Nuohui Health, this is China's first and only registration certificate for early cancer screening products approved
.

In addition, Yidu Technology, which went public on January 15, rose 1.
48 times on the first day
.
If the first day of listing on the first day of selling the proceeds can also reach 3890 Hong Kong dollars
.
Yidu Technology has three main business segments: big data platforms and solutions, life science solutions, and health management platforms and solutions
.

According to its prospectus, from the 2018 fiscal year to the 2020 fiscal year, Yidu Technology recorded total revenue of 22.
727 million yuan, 102 million yuan and 558 million yuan, respectively, and the growth rate in the past three years reached 348.
9% and 447.
1% respectively
.

According to the Ernst & Young report, in 2019, Yidu Technology ranked first among all medical big data solution providers in China in terms of revenue
.