domestic vaccine manufacturers, the listing of Aimei Vaccine on the BSE is expected to become another key case in opening up the capital markets of the two regions, carrying significant market symbolism.

Currently, there are over 300 listed companies on the Beijing Stock Exchange, nearly four times the number at the beginning of its opening. The number of qualified investors has exceeded 10 million, and institutional funds continue to enter the market, leading to a comprehensive improvement in market liquidity, activity, and stability. Among the more than 10 new stocks listed on the Beijing Stock Exchange this year, the leading companies in their respective sectors stand out, with about 80% of them experiencing a price increase of over 100% on their first day of trading.

In addition, securities firms point out that due to factors such as differences in investment styles, valuation logic, and trading mechanisms, there is a widespread phenomenon of A-shares having a premium over H-shares among pharmaceutical companies listed on both A-shares and H-shares markets. Taking CanSino, BeiGene, and Xinhua Pharmaceutical as examples, which all followed the "H-share first, A-share later" path, based on the closing prices on March 27, these companies' A-shares have a certain premium over their H-shares. Among them, CanSino, which is also a vaccine company like Aimei Vaccine, has a premium of over 2.5 times.

Based on the number of batches approved and issued in 2021, Aimei is the world's largest supplier of hepatitis B vaccines and the second largest producer of human rabies vaccines.

Public information shows that Aimei Vaccine has a total of 20 vaccines in research and 24 clinical approvals. The company is steadily promoting the layout of its product line. In January this year, the company's globally first serum-free iterative rabies vaccine successfully passed the on-site inspection of drug clinical trials and the on-site inspection of drug registration and production. Currently, there is no serum-free rabies vaccine approved for marketing in the global market, and this product is expected to fill the market gap after its launch. In addition, several blockbuster products such as the 23-valent pneumococcal polysaccharide vaccine and the new process high-titer human diploid rabies vaccine are also about to enter the harvest period.

Not long ago, China officially released the outline of its 14th Five-Year Plan. According to the outline, Xiangcai Securities pointed out that for the vaccine industry, this provides a clear policy signal for vaccine companies to expand their product pipelines and deploy full-population immunization; it also further encourages vaccine companies to increase R&D investment in new technological paths such as mRNA and viral vectors. During the 14th Five-Year Plan period, China's vaccine industry is expected to usher in a critical strategic opportunity for high-quality development.

Biopharmaceuticals represent a long-cycle industry, and short-term fluctuations in performance are the inevitable pains of innovation. What truly supports valuation will ultimately come back to the value created for public health itself and the company's R&D innovation capabilities. The listing of Aimei Vaccine on the Beijing Stock Exchange is expected to provide a replicable model for other Hong Kong-listed companies to return to the A-share market in the future. The company itself is also expected to become a highly recognizable vaccine leader on the Beijing Stock Exchange, ushering in a new starting point of value.