Changfeng Pharmaceuticals Co., Ltd. (2652.HK) has launched its Hong Kong IPO. The subscription period is expected to run from September 26 to October 4, 2025, with approximately 41.198 million H shares offered, of which 10% are allocated for the Hong Kong public offering and 90% for international placement, with a 15% over-allotment option. The offer price is HKD 14.75 per share, with a lot size of 500 shares, and an estimated entry cost of about HKD 7,449.38. The stock is expected to list on the Main Board of the Hong Kong Stock Exchange on October 8, with CITIC Securities and CMB International acting as joint sponsors.

Changfeng Pharmaceuticals: Innovative Drug R&D and Manufacturing Company

Offer Breakdown: Hong Kong public offering ~10% (~4.1198 million shares), international placement ~90% (~37.0782 million shares)

Offer Price: HKD 14.75 per share; 500 shares per lot; estimated entry cost ~HKD 7,449.38

Subscription Period: September 26 – October 2, 2025

Listing Date: October 8, 2025

IPO Sponsors: CITIC Securities, CMB International

Company Overview

Founded in 2013, Changfeng Pharmaceuticals focuses on the research, development, production, and sale of drugs for respiratory diseases. Its main products include inhalation liquid formulations, nasal sprays, inhalation aerosols, dry powder inhalers, and inhalation sprays. The company is committed to innovative drug development and high-end generic drug manufacturing, with several inhalation formulation candidates and clinical pipelines under development.

Financial Information

According to the prospectus, Changfeng Pharmaceuticals reported revenues of RMB 349 million, 556 million, 608 million, RMB 140 million, and RMB 136 million for 2022, 2023, 2024, and the three months ended March 31, 2024, and 2025, respectively. Gross profits were RMB 268 million, 458 million, 491 million, RMB 115 million, and RMB 108 million over the same periods. Based on the offer price of HKD 14.75 per share, assuming no exercise of the clawback or over-allotment options, the company is expected to raise net proceeds of approximately HKD 607 million. The funds are planned to be allocated as follows: ~50% for innovative drug R&D, ~30% for production line expansion, ~15% for sales channel development, and ~5% for working capital.

uSMART IPO Promotion

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 CF RHARMTECH Connect 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 CF RHARMTECH Connect, tap “Public Offer,” enter the subscription quantity, and submit your order.

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