HENGRUI PHARMA (01276.HK)  +11.100 (+25.199%)   , known as the “Moutai as Medicine”, a major pharmaceutical company in Mainland China, debuted in Hong Kong today with an opening price of HKD57, which was 29.4% above its listing price of HKD44.05.

The stock touched an intraday high of HKD60.6 and settled at HKD57.65 midday, up 30.9% from its listing price, with a turnover of HKD3.919 billion. Hengrui A-shares (600276.SH)  -0.900 (-1.625%)   closed at RMB55.36 midday, down narrowly by 0.07%.

In early May, Citi had published a report projecting Hengrui’s revenue CAGR from 2024 to 2027 at 21%, with total pharmaceutical sales CAGR at 22%, and innovative drug business revenue CAGR at 35%. The broker also outlined its results forecasts for Hengrui over the next three years:

Items│2025 Forecast│2026 Forecast│2027 Forecast
Revenue │ 35.493 billion │ 41.937 billion │ 49.327 billion
Gross profit │ 30.588 billion │ 36.353 billion │ 42.997 billion
Operating profit │ 10.344 billion │ 12.612 billion │ 14.93 billion
EBIT │ 9.936 billion │ 12.131 billion │ 14.365 billion
Net profit │8.777 billion │10.677 billion │12.651 billion
Gross profit margin │86.2%│86.7%│87.2%
Net profit margin │24.7%│25.5%│25.6%
The above currencies are all in RMB
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