Since the opening of the Beijing Stock Exchange, the first "H+Beijing" case has appeared; what is the success probability of the Amy Vaccine?

Recently, with a single announcement from Hong Kong-listed company Amoy Vaccines Co., Ltd. (also known as “Amoy Vaccines,” 6660.HK), the curtain is gradually being drawn back on the H-share company’s move toward a listing on the Beijing Stock Exchange.

On March 31, Amoy Vaccines disclosed that its board of directors has reviewed and approved a resolution under which the company plans to issue no more than 40 million domestic shares, and will work to have the domestic shares listed on the National Equities Exchange and Quotations (NEEQ), with a further application to list on the Beijing Stock Exchange for an A-share listing.

In terms of significance, if this process is successfully carried out, Amoy Vaccines is expected to become the first case of a “Hong Kong H-share company going A-share to list on the Beijing Stock Exchange,” i.e., the “H+North” route, and will also set a precedent for H-share biopharmaceutical companies to list on the Beijing Stock Exchange.

But with Amoy Vaccines having posted net losses for 5 consecutive years, can it—after Xinghao Pharmaceutical—once again, nearly two years later, meet the “market value + R&D” listing standards to land on the Beijing Stock Exchange? Perhaps this company’s current situation will give the market the answer.

Net losses for 5 consecutive years R&D expenditure as a proportion of total revenue remains at 15% or above

Official website and Wind data show that Amoy Vaccines was established on November 9, 2011, with its registered location in Beijing. It is a large private vaccine group covering the entire industrial chain. On October 6, 2022, Amoy Vaccines was listed on the main board of the Hong Kong Stock Exchange. Based on the 2021 batch approval volume, Amoy Vaccines became the world’s largest supplier of hepatitis B vaccines, and at the same time the world’s second-largest producer of human rabies vaccines.

Before disclosing its plan to return to A-shares and list on the Beijing Stock Exchange, Amoy Vaccines released its 2025 full-year performance announcement on March 31, 2026. As of the end of 2025, Amoy Vaccines achieved operating revenue of approximately 1.166 billion yuan, down 9.3% year over year; losses attributable to owners of the parent (i.e., net losses attributable to the parent) were approximately 675 million yuan, down 143.64% year over year.

Figure / Chart by Jingjing News Shell Finance reporter, based on Wind data

Regarding the performance decline, Amoy Vaccines believes it was mainly caused by factors such as intensified competition in the vaccine market and fluctuations in vaccination willingness, resulting in a 7.6% decrease in 2025 vaccine revenue. In addition, the 23.6 million yuan R&D service income from its subsidiary Lifan Da in the prior-year period was absent this period, and this is also one of the reasons.

Also according to the performance announcement, in 2025, Amoy Vaccines’ product gross margin was 65.18%, down 9.06 percentage points year over year, and for the first time since 2018 it fell to below 70%; in line with the direction of gross margin, the share of R&D expenditure as a proportion of total revenue also dropped to 16.38% (the lowest level in nearly five years). However, Amoy Vaccines’ asset-liability ratio did not exceed 56%.

Figure / Chart by Jingjing News Shell Finance reporter, based on Wind data

Evidently, compared with the early days of Amoy Vaccines’ listing on Hong Kong in 2022, the above figures now show a trend of increasing asset-liability ratio and continuously declining gross margin.

Regarding changes in gross margin, Amoy Vaccines stated that this was mainly due to a large impairment provision for near-expiry vaccines booked in 2025. After excluding the impact of product impairment, the company’s gross margin in 2025 was basically flat compared with the previous year.

As for the 47.3% year-over-year drop in the amount of R&D expenditure in 2025, Amoy Vaccines believes this was mainly because in 2024 the company still had overseas clinical-related R&D expenditure; in 2025, the company’s overseas clinical trials ended, so no large overseas clinical trial expenses were incurred. At the same time, vaccine projects such as the quadrivalent MDCK cell influenza vaccine and the quadrivalent meningococcal conjugate vaccine, based on the progress of their R&D, led to a phased decline in R&D expenses in 2025.

Several institutions have given a relatively optimistic outlook on Amoy Vaccines’ future prediction

The capital market may care more about the future. The core of the story in the pharmaceutical and biotech industry lies precisely in new drugs in a product pipeline that could potentially reshape the competitive landscape.

According to Amoy Vaccines, currently, 8 vaccine products targeting 6 disease areas have already been commercialized. Among them, the recombinant hepatitis B vaccine and the lyophilized human rabies vaccine are the company’s main commercially leading vaccines.

For vaccines under development, Amoy Vaccines already has 20 vaccine products targeting 12 disease areas. As of now, the company has obtained a total of 24 clinical trial approvals across 16 products. Among them, the serum-free iterative rabies vaccine has submitted a marketing registration application to the National Medical Products Administration, and has completed on-site inspection work. A new-process, high-efficiency, high-titer human diploid rabies vaccine is carrying out Phase III clinical trials and has completed the on-site work for clinical trials. The 23-valent pneumococcal polysaccharide vaccine (PPSV23) Phase III clinical trial has completed unblinding and statistical analysis, and has obtained a clinical research report.

Meanwhile, Amoy Vaccines’ international expansion is also progressing in parallel. In 2025, its quadrivalent meningococcal polysaccharide vaccine entered the African market, the rabies vaccine first entered the Central American market, the hepatitis B vaccine is actively carrying out registration procedures in Southeast Asia, and registration work for the hepatitis A vaccine in South Asia is also progressing in an orderly manner.

Amoy Vaccines believes that as a leading enterprise in China’s vaccine industry, the company’s business covers the entire value chain from R&D to manufacturing to commercialization.

Based on this series of “catalysts,” several institutions have given relatively optimistic predictions about Amoy Vaccines’ future.

Fosun International Securities believes that as major new products such as the 13-valent pneumococcal conjugate vaccine (PCV13) and the serum-free rabies vaccine continue to be launched within the next 1–2 years, Amoy Vaccines’ revenue is expected to experience explosive growth. The company is expected to return to profitability in 2026. The company is in a critical value turning point as it transitions from R&D-driven growth to commercialization-driven growth.

Meanwhile, Deutsche Bank also predicted that from 2025 to 2027, Amoy Vaccines’ sales could grow rapidly with a 45% year-on-year compound annual growth rate.

As of April 7, Amoy Vaccines’ stock price was HKD 3.06 per share, with a current total market capitalization of approximately HKD 3.753 billion.

Will Amoy Vaccines list on the Beijing Stock Exchange using the “market value + R&D” listing standard?

In fact, the urgent impetus for Amoy Vaccines to explore the “H+North” route comes from liquidity.

For the proposed fund-raising purposes for listing on the NEEQ and applying for A-share listing on the Beijing Stock Exchange, Amoy Vaccines admits that the primary purpose is to supplement working capital, optimize the company’s capital structure, and expand its capital scale.

Currently, the Beijing Stock Exchange uses four sets of listing standards, including “market value + net profit.” Based on Amoy Vaccines’ 2025 performance, after it lists on the Innovation Layer, choosing the third or fourth standard at the Beijing Stock Exchange is relatively more consistent with its conditions.

Figure / Chart by Jingjing News Shell Finance reporter, based on information from the Beijing Stock Exchange official website

However, judging from the current situation, as of April 7, among 303 companies on the Beijing Stock Exchange, only 5 (of which 3 belong to the pharmaceutical and biotech industry) have adopted the third or fourth standards to list on the Beijing Stock Exchange, accounting for just 1.65%.

Figure / Chart by Jingjing News Shell Finance reporter, based on Wind information

What deserves attention is that among these only 5 companies, since late May 2023, over the past nearly two years, none of the newly listed companies on the Beijing Stock Exchange have adopted the third or fourth standards.

Jingjing News Shell Finance reporter Huang Xinyu

Editor Yue Caizhou

Proofreader Mu Xiangtong