Eight companies filed this week with the Hong Kong Stock Exchange: three pharmaceutical companies have different business models; Qimai Semiconductor makes a third attempt; Bofei Dairy changes its listing venue three times over three years.

Mars Finance News on July 26: According to the disclosure from the Hong Kong Exchanges and Clearing Limited (HKEX), from July 20 to July 26, a total of 8 companies submitted listing prospectuses to HKEX. The industry distribution is concentrated in areas including pharmaceutical and medical, hard technology, new consumption, and enterprise-level AI. The companies include Tosda, Chipone Semiconductor, Zhenqu Technology, Baifei Dairy, Shanghai Shengsheng, Xinji Pharmaceutical, Zhongan Xinke, and Puqi Pharmaceutical. Among them, Tosda has already been listed on the A-share market, with the latest market value of 13.32B yuan.

This week, pharmaceutical and medical companies are clustered together: there are three in total, but their models differ (improved new drugs, innovative drugs, and pharmaceutical cold-chain). Xinji Pharmaceutical is submitting to HKEX for the second time; it focuses on improved new drugs, with two main drug-delivery platform technologies: soluble microneedles and intranasal inhalation. The company currently has no self-developed commercialized products, and its revenue mainly relies on CRO services and MAH business. Key risks that need attention include continued losses, research and development uncertainty, an excessively high customer concentration, a strong family-control color, and pressure on its financial structure. Puqi Pharmaceutical is also submitting to HKEX for the second time. It focuses on locally delivered targeted therapies in the immuno-inflammation field, and its core product, Pumeixitinib (PG-011), has entered late-stage clinical trials. At present, the company has no product commercialization yet, and it is sprinting for listing in line with HKEX Rule 18A.

Shanghai Shengsheng previously submitted an IPO application to the main board of the Shanghai Stock Exchange. It was once dubbed by the market as the “No. 1 pharmaceutical cold-chain IPO”. It is a leading company in China’s temperature-controlled supply chain services for pharmaceuticals and life sciences. Its customers cover all of China’s top 20 pharmaceutical companies, as well as 50% of the world’s top 20 pharmaceutical companies. In terms of performance, from 2023 to 2025, the company’s revenue were 614 million yuan, 654 million yuan, and 728 million yuan, showing steady growth. However, profit fluctuated sharply: profits during the period were 92.03 million yuan, 26.40 million yuan, and 139 million yuan, respectively.

In the hard technology and high-end manufacturing sector, there are two companies: Chipone Semiconductor and Zhenqu Technology. Chipone Semiconductor is submitting to HKEX for the third time. It focuses on the R&D and sales of power management integrated circuits (PMIC) and power devices, and operates using a unique “virtual IDM” model. Its investors include Hai Bang Investment, Hillhouse, Sequoia Capital, Junlian Capital, Xiaomi Fund, CATL, and other well-known institutions.

Zhenqu Technology is a technology company focused on electronic control solutions for new energy vehicles. It is also one of the few independent third-party start-ups in this field in China. Its customers cover mainstream automakers at home and abroad, such as SAIC-GM-Wuling, Chery, Seres, Volkswagen, and Volvo. The company has also expanded its business into emerging tracks such as electric vertical take-off and landing aircraft (eVTOL) and embodied intelligence.

In addition, in the new consumption sector, Baifei Dairy has switched trading venues three times in three years, having previously failed to list on the NEEQ and the main board of the Shanghai Stock Exchange. The company is a leading enterprise in China’s water-buffalo dairy products industry, and its core brand “Baifei Liao” is well known. The key issue is that nearly 80% of the company’s raw materials depend on external procurement, facing pressure from high costs and “increasing revenue without increasing profit”. From 2023 to 2025, operating revenue were 1.08B yuan, 1.42B yuan, and 1.61B yuan, respectively. Over the same period, net profit attributable to shareholders were 233 million yuan, 310 million yuan, and 230 million yuan, respectively, and the company’s profit in 2025 declined significantly.

Zhongan Xinke, an enterprise AI solutions provider, was incubated internally within the “Zhongan system”, focusing on two major areas: intelligent marketing and intelligent operation & management. From 2023 to 2025, revenue were 226 million yuan, 309 million yuan, and 477 million yuan, with a three-year CAGR of about 45.3%. In the same period, net profits were 10.08M yuan, 33.23M yuan, and 39.07M yuan, showing a favorable growth trend. However, issues such as a high dependence on related-party transactions and persistently negative cash flow from operating activities, as well as high levels of accounts receivable, are severe tests that the company must face in order to independently go to the capital market. (Ke Gu Bao report)