New stock news | Haixi New Drug submits second application to Hong Kong Stock Exchange to create a diversified product portfolio and pipeline with dual-track mode.

According to the disclosure on August 6th by the Hong Kong Stock Exchange, Fujian Haixi New Drug Development Co., Ltd. (hereinafter referred to as Haixi New Drug) submitted an application to the main board of the Hong Kong Stock Exchange, with Huatai International and Zhongyin International as its joint sponsors. The company had previously submitted an application to the Hong Kong Stock Exchange on January 3rd. According to the prospectus, Haixi New Drug is a commercially-focused pharmaceutical company, integrating research and development, production, and sales capabilities into one, with a pipeline of innovative drugs in development. The company has a diverse product portfolio and pipeline in China's largest and fastest-growing therapy areas, with 14 generic drugs approved by the National Medical Products Administration and a pipeline of four innovative drugs in development, making it a key player in the Chinese pharmaceutical industry. The company operates using a unique dual-track model, including generic drugs and innovative drugs. In terms of generic drugs, the company has launched a series of products with technological barriers, significant market potential, timely regulatory approval, and compliance with all quality regulations. In terms of innovative drugs, the company's pipeline focuses on investigational drugs with unmet medical needs and significant global market potential in various indications, including a potential first-in-class investigational oncology drug, a potential first oral drug for the treatment of wAMD/DME/RVO, and two other innovative investigational drugs in preclinical stages for the treatment of cancer and respiratory diseases. As of July 8, 2025, the company's commercialized product portfolio mainly includes generic drugs for digestive system diseases, cardiovascular diseases, endocrine system diseases, nervous system diseases, and inflammatory diseases; according to Brooksight Consulting data, these therapeutic areas accounted for over 25% of China Meheco Group's sales revenue in 2023. During the historical period, the company's revenue came from 13 approved products, primarily from state-owned pharmaceutical distribution companies, pharmacies, and other retailers. In the historical period, the company's top five customers included its distributors. For the years 2022, 2023, 2024, and the five months ending May 31, 2025, revenue from the top five customers in each year/period totaled approximately RMB 181 million, RMB 232 million, RMB 339 million, and RMB 179 million, accounting for 85.1%, 73.3%, 72.6%, and 71.7% of the company's total revenue, respectively. Financially, in the years 2022, 2023, 2024, and the five months ending May 31, 2025, Haixi New Drug's revenue was approximately RMB 212 million, RMB 317 million, RMB 467 million, and RMB 249 million, respectively; while profits during the period were approximately RMB 69 million, RMB 117 million, RMB 136 million, and RMB 90 million, respectively.