Fujian Haixi Pharmaceuticals Co., Ltd. (02637) is conducting its subscription period from October 9-14, 2025, planning to globally offer 11.5 million shares. The Hong Kong public offering accounts for approximately 10%, while the international offering comprises approximately 90%. The offering price ranges from HK$69.88 to HK$86.40 per share, with a board lot of 50 shares. The H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on October 17, 2025.
The company is a commercialization-stage pharmaceutical enterprise that integrates research and development, manufacturing, and sales capabilities, with an innovative drug pipeline under development. The company maintains a diversified product portfolio and pipeline in China's largest and fastest-growing therapeutic areas. As of the latest practicable date, the company's commercialized product portfolio primarily includes generic drugs for digestive system diseases, cardiovascular system diseases, endocrine system diseases, neurological diseases, and inflammatory diseases. According to data from Frost & Sullivan, these therapeutic areas accounted for over 25% of total pharmaceutical sales in China in 2023.
The company's innovative drug pipeline focuses on investigational drugs with various indications, including a potentially first-in-class investigational oncology drug, a potentially first oral drug for treating wAMD/DME/RVO, and two additional innovative investigational drugs in preclinical stages for treating oncology and respiratory diseases. As of the latest practicable date, the company has received approvals from the National Medical Products Administration for 15 generic drugs and established a pipeline with four innovative investigational drugs, making it a major market participant in China's pharmaceutical industry.
To protect the company's products and investigational drugs throughout their lifecycle, as of the latest practicable date, the company has established a global patent portfolio comprising 37 patents, including 18 patents obtained in overseas jurisdictions such as the United States, Canada, Australia, Japan, South Korea, Singapore, India, and 29 European countries. Additionally, the company plans to actively explore cooperation opportunities with multinational corporations (MNCs) to expand its international clinical research and commercialization capabilities.
For 2022, 2023, 2024, and the five months ended May 31, 2025, the company's revenue was RMB 212.5 million, RMB 316.6 million, RMB 466.7 million, and RMB 249.2 million, respectively. Gross profit was RMB 172.1 million, RMB 263.6 million, RMB 387.2 million, and RMB 209.3 million, respectively.
Assuming an offering price of HK$78.14 per share, the net proceeds from the global offering are expected to be approximately HK$848 million. Approximately 52.0% of the net proceeds are expected to be used for continued investment in research and development to advance investigational drugs in the company's pipeline and enrich its product portfolio. About 23.0% of the net proceeds are expected to be used to enhance the company's R&D capabilities and seek cooperation opportunities. Approximately 8.0% of the net proceeds are expected to be used to strengthen the company's commercialization capabilities and expand market influence. About 7.0% of the net proceeds are expected to be used to improve and optimize the company's R&D and production systems. Approximately 10.0% of the net proceeds are expected to be used for the company's working capital and other general corporate purposes.
Furthermore, the company has entered into a cornerstone investment agreement with cornerstone investor (Harvest Oriental), under which the cornerstone investor has agreed to subscribe for or purchase offering shares in an amount totaling approximately US$22 million at the offering price, subject to certain conditions.