Group 1 - The Hong Kong IPO market experienced a collective downturn on December 22, 2025, with four newly listed stocks, including Impression Da Hong Pao (HK02695), Huaren Biotech-B (HK02396), Ming Kee Hospital (HK02581), and Nanhua Futures (HK02691), all facing significant declines, with Ming Kee Hospital dropping 49.46%, marking the worst debut performance of the year [1] - All four new stocks opened lower and continued to decline throughout the trading day, closing near their lowest prices. Ming Kee Hospital, which had an offering price of 9.34 HKD, closed at 4.73 HKD, resulting in a loss of 1,420 HKD per lot of 500 shares, surpassing the previous record decline of 47.67% set by Conch Cement Technology [1] - Impression Da Hong Pao, despite receiving a 3,400 times oversubscription and a pre-listing increase of 11% on the Futu platform, ultimately closed down 35.28% at 2.33 HKD, leading to a loss of 1,270 HKD per lot of 1,000 shares [1] Group 2 - Following the reform of the Hong Kong IPO pricing mechanism in August 2025, the new stock failure rate was only 7.14% from August to October, but it surged to 42.10% from November onwards, significantly exceeding the 30.23% rate observed in the first half of the year [2] - The core reason for this discrepancy is the misalignment between primary market pricing and secondary market risk appetite, with issuers often referencing A-share valuations while Hong Kong investors prioritize cash flow and dividend returns, compounded by increased pressure from southbound capital and smaller float sizes, leading to concentrated sell-offs post-listing [2] - The Hong Kong IPO market has reached a scale of 267.1 billion HKD this year, with potential to reclaim the top position globally for IPOs. However, ongoing fluctuations in Federal Reserve policy expectations and changes in cross-border capital flows indicate that the valuation restructuring in the Hong Kong new stock market is still ongoing, resulting in a more cautious sentiment among investors regarding new listings [2]

Core Viewpoint - Huazhen Biotechnology (Qingdao) Co., Ltd. (stock code: 02396.HK) was listed on the Hong Kong Stock Exchange, opening below the issue price at HKD 33.80 and closing at HKD 27.00, reflecting a decline of 29.32% from the final offer price of HKD 38.20 [1][4]. Group 1: Offering Details - The total number of shares offered globally was 17,648,800 H-shares, with 1,765,000 shares available for public offering in Hong Kong and 15,883,800 shares for international offering [2]. - The final offer price was set at HKD 38.20, with total proceeds amounting to HKD 674.18 million, and net proceeds after estimated listing expenses of HKD 74.36 million were HKD 599.82 million [4][5]. Group 2: Use of Proceeds - The net proceeds from the global offering are intended to fund the ongoing clinical development and commercialization of core products Pro-101-1 and Pro-101-2, purchase professional equipment related to R&D and quality control, and cover third-party service fees and costs for clinical research of other PDGF products [6]. Group 3: Financial Performance - The company reported revenues of RMB 472,000 in 2023 and RMB 261,000 in 2024, with no revenue generated from product sales during the reporting period [7][8]. - The net losses for 2023 and 2024 were RMB 105.2 million and RMB 212.3 million, respectively, with total accumulated losses of RMB 451.9 million over the two years and nine months [7][8]. - Operating cash flow for the years 2023 and 2024 was negative, with net cash used in operating activities amounting to RMB 57.9 million and RMB 90.1 million, respectively [9].

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.43% at 25,801.77 points and a total trading volume of HKD 169.77 billion [1] - The market is currently in a left-side layout phase, with strong expectations for a spring rally, although there are supply and demand pressures towards the end of the year [1] Blue Chip Performance - Semiconductor company SMIC (00981) led blue-chip gains, rising 5.92% to HKD 68.9, contributing 27.67 points to the Hang Seng Index [2] - Other notable blue-chip performers included Zijin Mining (02899) up 5.3% and Pop Mart (09992) up 4.61%, while WuXi AppTec (02359) and Hang Lung Properties (00101) saw declines [2] Sector Highlights - Large technology stocks generally rose, with Alibaba up 0.76% and Tencent up 0.08% [3] - The metals sector saw significant gains, with gold prices surpassing USD 4,400 per ounce and LME copper prices nearing USD 12,000 per ton [4] - The new consumption sector was active, with companies like Mixue Group (02097) rising 10.13% following the opening of a new store in Los Angeles [6] Investment Opportunities - The storage and advanced process sectors are expected to see accelerated growth, benefiting domestic equipment manufacturers [5] - The AI and robotics sectors are gaining traction, with companies like Ubiquiti (09880) and others seeing increased orders and market interest [6][7] New Stock Listings - Four new stocks listed on the Hong Kong market faced significant declines on their debut, with Mindray Hospital (02581) dropping 49.46% [8] - China Duty Free Group (01880) saw a strong performance, rising 15.77% amid positive sales data from Hainan's duty-free shopping [9] Company-Specific Developments - Yujian (02432) faced downward pressure due to an upcoming lock-up expiration and a recent share placement [10]

Core Viewpoint - Huazhang Biopharmaceutical (02396.HK) experienced a significant decline of 29.32% on its first day of trading on the Hong Kong Stock Exchange, closing at HKD 27 per share [1] Company Overview - Established in 2012, Huazhang Biopharmaceutical is a biopharmaceutical company headquartered in China [1] - The company focuses on developing various therapies, particularly protein drugs targeting medical needs and market opportunities [1] - Huazhang's primary focus is on discovering, developing, and commercializing therapies for wound healing, with a current emphasis on platelet-derived growth factor (PDGF) drugs [1]

Core Viewpoint - Huazhen Biotechnology (Qingdao) Co., Ltd. (stock code: 02396.HK) listed on the Hong Kong Stock Exchange today, opening below the issue price at HKD 33.80 and closing at HKD 27.00, representing a decline of 29.32% from the final offer price of HKD 38.20 [1][4]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares offered globally was 17,648,800 H-shares, with 1,765,000 shares for public offering in Hong Kong and 15,883,800 shares for international offering [2]. - At the time of listing, the total number of issued shares was 117,657,522 [2]. Financial Details - The final offer price was set at HKD 38.20, resulting in total proceeds of HKD 674.18 million. After deducting estimated listing expenses of HKD 74.36 million, the net proceeds amounted to HKD 599.82 million [4][5]. Use of Proceeds - The net proceeds from the global offering are intended to fund the ongoing clinical development and commercialization of core products Pro-101-1 and Pro-101-2, purchase professional equipment related to R&D and quality control, and cover third-party service fees, personnel costs, and raw material costs for clinical research activities [6]. Company Overview and Product Pipeline - Established in 2012, Huazhen Biotechnology is a biopharmaceutical company based in China, focusing on developing protein drugs for medical needs and market opportunities, particularly in wound healing therapies [6]. - The company has a pipeline of ten candidate products, seven of which are PDGF candidates, including two core products: Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot treatment [6]. Financial Performance - The company reported revenues of RMB 471,700 in 2023 and RMB 261,100 in 2024, with no revenue generated from product sales. The net losses for the same periods were RMB 105.2 million and RMB 212.3 million, respectively [7][9]. - Cumulative losses over the two years and nine months amounted to RMB 451.9 million [8]. Cash Flow Analysis - The net cash used in operating activities was RMB 57.9 million in 2023 and RMB 90.1 million in 2024, indicating ongoing cash outflows primarily due to R&D and administrative expenses [10].

今日港股四只新股上市首日集体破发。截至收盘，明基医院(02581.HK)、印象大红袍(02695.HK)、华芢 生物(02396.HK)、南华期货(02691.HK)分别下跌49.46%、35.28%、29.32%和24.17%。据Wind数据显 示，明基医院今日跌幅已超海螺材料科技(02560.HK)1月9日47.67%的跌幅，创下年内港股新股首日最差 表现。 ...

Core Viewpoint - Huazhong Biopharmaceutical Co., Ltd. (2396.HK) experienced a decline on its first day of trading, with shares dropping nearly 19% to HKD 31, resulting in a market capitalization of HKD 3.65 billion, despite an IPO pricing of HKD 38.2 and significant oversubscription in both public and international offerings [1] Company Overview - Established in 2012, Huazhong Biopharmaceutical is a China-based biopharmaceutical company focused on developing therapies, particularly protein drugs targeting medical needs and market opportunities [1] - The company's primary focus is on discovering, developing, and commercializing therapies for wound healing, currently centered around PDGF drugs [1] Financial Performance - For the fiscal years 2023 and 2024, as well as the first nine months of 2025, Huazhong Biopharmaceutical reported revenues of HKD 472,000, HKD 261,000, and HKD 0 respectively [1] - The company incurred losses of HKD 105 million, HKD 212 million, and HKD 134 million during the same periods, indicating no revenue or profit in the first three quarters of the current year [1]

Core Viewpoint - Huazhan Biotechnology (Qingdao) Co., Ltd. officially listed on the Hong Kong Stock Exchange, marking it as the 86th listed company in Qingdao and the second new listing of the year, following Taikaiying [1] Group 1: Company Overview - Huazhan Biotechnology, established in 2012 and headquartered in Qingdao, focuses on the research and development of protein drugs, particularly in the field of platelet-derived growth factor (PDGF) [2] - The company's core product, Pro-101-1, is the fastest PDGF candidate drug in clinical development for burn treatment in China, having completed Phase IIb clinical trials and expected to launch in China by 2027 [2] Group 2: Financial and Market Information - The offering price for Huazhan Biotechnology was set at HKD 38.20 per share, with a total global offering of 17.6488 million H shares, raising approximately HKD 670 million, and a net amount of about HKD 600 million after expenses [1] - On the first day of trading, the company's stock price faced pressure, closing at HKD 35.00 per share, a decline of 8.38% [1] Group 3: Use of Proceeds - The raised funds will primarily be used for clinical development and commercialization of core products, with approximately 61.8% allocated to Pro-101-1 and Pro-101-2, 18.8% for purchasing R&D and quality control equipment, and the remainder for other PDGF product development and operational funds [1] Group 4: Strategic Support and Impact - The company has received strong support from local government, with Qingdao Laoshang Technology Innovation Development Group holding a 9.09% stake as a significant strategic investor [2] - The listing is expected to accelerate the commercialization of core products, enhance brand influence, and attract capital and talent to the biopharmaceutical industry in Qingdao and Shandong, promoting regional industrial cluster development [2]

Group 1 - The Hang Seng Index rose by 0.20%, gaining 51 points to close at 25,742 points, while the Hang Seng Tech Index increased by 0.89% [1] - China Duty Free Group (01880) surged by 12% as duty-free shopping on Hainan's first day of closure increased by 61% year-on-year [1] - Lithium stocks continued to rise, with Tianqi Lithium (09696) up over 5% due to expectations of resumption of production, and Ganfeng Lithium (01772) increasing by 4.84% [1] - Jiaxin International Resources (03858) rose over 10% to reach a new high, benefiting from a more than 220% increase in tungsten powder prices this year [1] - Spot gold reached a new historical high, with Goldman Sachs reaffirming a bullish outlook on gold, leading to significant gains in gold stocks such as Lingbao Gold (03330) up 6.8% and China Gold International (02099) up 6.2% [1] - The optical communication sector showed strong performance, with Huiju Technology (01729) rising over 13% due to breakthroughs in optical computing chips, and Changfei Optical Fiber (06869) increasing by 11.01% [1] - Chip stocks strengthened in early trading, with the National Integrated Circuit Investment Fund's third phase focusing on IC substrate fields, leading to a rise of over 7% for SMIC (00981) and 5% for Hua Hong Semiconductor (01347) [1] - Pony.ai-W (02026) increased by over 9%, achieving single-vehicle profitability in Guangzhou, with two models of its seventh-generation vehicle now in production [1] Group 2 - Guoxia Technology (02655) surged over 16% as the company enters a new phase of global development, focusing on deepening "AI+" core technology research in energy storage [2] - WanGuo Gold Group (03939) rose nearly 7%, with its subsidiary Jinling Mining expected to become a world-class gold mine [3] - Goldwind Technology (02208) increased by nearly 5% as domestic wind turbine bidding prices recovered, with institutions optimistic about the profitability recovery of wind turbine manufacturers [4] - Four new stocks listed all fell below their issue prices, with Impression Dahongpao (02695) dropping 25%, Mingji Hospital (02581) down 42%, and Huazhi Biotechnology-B (02396) declining over 8% [4]

Group 1: Stock Market Performance - The Hang Seng Index rose by 0.20%, gaining 51 points to close at 25,742 points, while the Hang Seng Tech Index increased by 0.89% [1] - The Hong Kong stock market saw a trading volume of HKD 95.5 billion in the morning session [1] Group 2: Company Highlights - China Duty Free Group (01880) surged by 12% as duty-free shopping on the first day of Hainan's closure increased by 61% year-on-year [1] - Tianqi Lithium (09696) rose over 5% due to expectations of resumption of production following environmental assessment information disclosure [1] - Ganfeng Lithium (01772) increased by 4.84% [1] - Jiaxin International Resources (03858) climbed over 10%, reaching a new high, benefiting from a more than 220% increase in tungsten powder prices this year [1] - Gold stocks performed well, with Lingbao Gold (03330) rising by 6.8% and China Gold International (02099) increasing by 6.2% as spot gold reached a historical high [1] - Huizhu Technology (01729) surged over 13% due to breakthroughs in optical computing chip technology [1] - Zhongke Semiconductor (00981) rose over 7% as the National Integrated Circuit Investment Fund's third phase focuses on IC substrate [1] - Pony.ai-W (02026) increased by over 9%, achieving single-vehicle profitability in Guangzhou with two models of its seventh-generation vehicle in production [1] - Guoxia Technology (02655) surged over 16% as the company enters a new phase of global development, focusing on "AI+" energy storage core technology [2] - WanGuo Gold Group (03939) rose nearly 7% as its subsidiary Jinling Mining is expected to become a world-class gold mine [3] - Goldwind Technology (02208) increased nearly 5% as domestic wind turbine bidding prices recover, with institutions optimistic about the profitability of wind turbine manufacturers [4] Group 3: IPO Performance - Four new stocks listed all experienced declines, with Impression Dahongpao (02695) dropping by 25%, Mingji Hospital (02581) falling by 42%, and Huazhi Biotechnology-B (02396) decreasing by over 8% [4]