上市一个多月，派格生物医药-B（02565）（以下简称：派格生物）的主力资金以较为老练的操作思路—"换筹-横盘-逼空拉升"，完美演绎了"高控盘新 股"的逻辑。 自6月27日至7月22日，该股一改上市以来下跌，反而一路上扬，涨幅近66%。截至7月23日收盘，该公司收报15.44港元，几乎接近发行价15.6港元，总 市值约为59.59亿港元。 | 1 02565 | 分时 | 多日 | 目K | 園K | 目K | 室K 年K | 1分 v | Tick | | 显示 v | V 6 67 | VS F10 F | 报价 | 资讯 | | 评论 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | OF (A) | | MA ~ MA5:14.408 * | | MAID | | MA20:11.529 * | MA30: | | MA60:0.000 . | MAIL 201 | 前复权 ▼ xx ● ● | 9 | | | | | | ...

Core Viewpoint - The Hong Kong stock market is experiencing an unprecedented capital boom in the biotechnology sector, with multiple pharmaceutical companies rushing to list, making it a strategic high ground for industry capitalization [1][2]. Group 1: Industry Capitalization Process - The IPO wave is intensifying, with three biopharmaceutical companies—Hengrui Medicine, Mirui, and PegBio—successfully listing on the Hong Kong stock exchange between May 23 and 27, 2023 [2]. - Hengrui Medicine's total market capitalization has surpassed 360 billion yuan, establishing it as an industry benchmark [2]. - Numerous companies, including AI drug leader Insilico Medicine and immunotherapy firm Kewen Pharma, are currently advancing their IPO processes in Hong Kong [2]. Group 2: Policy and Capital Drivers - Recent policy relaxations have facilitated the listing of unprofitable biotech companies on the Hong Kong stock exchange, a first among major global capital markets [3]. - A fast-track listing channel for A-share companies with a market value of over 10 billion yuan will be introduced in October 2024, significantly improving listing efficiency [3]. - The tightening of A-share IPO reviews and geopolitical uncertainties affecting the U.S. market have made Hong Kong a more attractive financing destination due to its high degree of internationalization and capital flow freedom [3]. Group 3: Globalization Strategy - The surge in Hong Kong listings reflects a deepening globalization strategy within China's biopharmaceutical industry [4]. - The Hong Kong market serves as an international capital hub, providing a platform for direct dialogue between pharmaceutical companies and international investors, with foreign ownership in the healthcare sector reaching 34% in Q1 2025 [4]. - Listing in Hong Kong helps companies establish international market recognition, facilitating overseas clinical trials and patent negotiations, as evidenced by Junshi Biosciences' record overseas licensing deal for its PD-1 antibody [4]. Conclusion - The continuous policy iterations by the Hong Kong Stock Exchange have aligned with the capital needs of the industry, enabling pharmaceutical companies to expand their global resource allocation and participate in international competition [5]. - The current influx of companies into the Hong Kong market represents not only an expansion of financing channels but also a strategic pivot for Chinese innovative pharmaceutical firms aiming to secure a position in the global biopharmaceutical landscape [5].

Group 1 - The successful listing of Paige Biopharmaceuticals (Hangzhou) Co., Ltd. on the Hong Kong Stock Exchange marks the first listed company in the Gongshu District for 2025 and the first from the Fengqi Smart Innovation Ecosystem in Dongxin Street [1] - In the first quarter of this year, Dongxin Street achieved a retail sales revenue of 1.403 billion yuan, representing a year-on-year growth of 26.44%, with six key indicators ranking at the top of Gongshu District [1] - Paige Biopharmaceuticals, established in 2008, focuses on innovative therapies for chronic diseases and has received national support for major new drug creation projects [1] Group 2 - Dongxin Street has attracted several high-quality enterprises, including Ruile Biotechnology and Jiuyizhongli Medical, contributing to the development of related companies [2] - The Fengqi Smart Innovation Ecosystem aims to create a significant life and health industry cluster around the North City Sports Park, with a focus on collaboration between universities and innovation enterprises [2] - The ecosystem has established a development pattern of "one valley, two institutes, and five platforms," facilitating cooperation between innovation enterprises and renowned universities [2] Group 3 - Dongxin Street promotes collaboration between local industrial parks and Zhejiang University to create a comprehensive incubation system [3] - The area has attracted 21 full-time PhDs this year through partnerships with research institutes [3] - Eleven projects, including high-end equipment for vanadium electrolyte continuous electrolysis, have been implemented in the region [3]

Group 1 - On May 27, Paige Biopharma-B listed on the Hong Kong Stock Exchange at a price of HKD 11.56, experiencing a significant drop of 25.90% by the end of the trading day, indicating market concerns over its valuation and growth prospects despite its focus on innovative therapies for chronic diseases [1] - Muyuan Foods submitted a listing application to the Hong Kong Stock Exchange on May 27, positioning itself as a global leader in the pig farming industry with a complete industry chain covering breeding, farming, feed production, slaughtering, and meat processing, and has been the world's largest pig producer for four consecutive years [2] - Zijin Mining announced plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange, which involves restructuring and integrating several overseas gold mining assets, enhancing its market competitiveness and global resource layout [3] - Shanghai Topway CNC Technology Co., Ltd. submitted an IPO prospectus to the Hong Kong Stock Exchange on May 26, focusing on high-end intelligent manufacturing equipment, particularly five-axis CNC machine tools, with projected revenues of CNY 136 million, CNY 335 million, and CNY 532 million for 2022, 2023, and 2024 respectively [4] Group 2 - The Hang Seng Index closed at 23,381.99 with a gain of 0.43% on May 27, while the Hang Seng Tech Index and the National Enterprises Index also saw increases of 0.48% and 0.38% respectively [5]

Core Viewpoint - Paig BioPharma (Hangzhou) Co., Ltd. has listed on the Hong Kong Stock Exchange, opening below its issue price and closing with a significant decline in share price [1][5]. Group 1: Listing and Share Performance - Paig BioPharma's shares opened at 13 HKD, below the final issue price of 15.60 HKD, and closed at 11.56 HKD, reflecting a drop of 25.90% [1][5]. - The total number of shares offered was 19,283,500, with 9,642,000 shares allocated for public offering in Hong Kong and 9,641,500 shares for international offering [2]. Group 2: Financial Details - The total proceeds from the offering amounted to 300.8 million HKD, with estimated listing expenses of 69.1 million HKD, resulting in net proceeds of 231.8 million HKD [5][7]. - The company has not yet received approval for any products for commercial sale and has not generated any revenue from product sales [7]. Group 3: Financial Performance and Projections - Paig BioPharma reported significant net losses since its establishment, with projected losses of 279.2 million RMB and 283.4 million RMB for the years 2023 and 2024, respectively [7][9]. - The company anticipates continued net losses due to expected high sales, marketing, and research and development expenses [9]. - Cash used in operating activities was 233.3 million RMB in 2023 and is projected to be 183.4 million RMB in 2024 [10].

近期港股市场迎来众多新股上市，大多数新股首日表现不俗，其中映恩生物-B（09606.HK）首日飙升 近117%，沪上阿姨（02589.HK）首日也大涨逾40%，宁德时代（03750.HK）、恒瑞医药（01276.HK） 等一些新股也都有着不错的表现。 不过，在近期的新股中，也还是有一些公司上市首日即遭遇下跌。 5月27日，派格生物医药-B（02565.HK）正式在港交所挂牌，其股价直接大幅低开，盘中一度暴挫逾 28%，此后虽然有所回升，但截至发稿时间，跌幅仍超过21%。 值得注意的是，虽然首日表现不佳，但派格生物医药日前的招股认购数据并不差。 根据配发结果，派格生物医药全球共发行1928.35万股H股，每股定价15.60港元，所得款项净额2.32亿 港元。其中，香港公开发售股份数目占全球发售的比例约50%，获743.78倍认购；国际发售股份数目占 全球发售股份约50%，获1.13倍认购。 例如，派格生物医药的核心产品PB-119长效胰高血糖素样肽1受体激动剂，而截至今年2月28日，16种 GLP-1受体激动剂已在中国获批准，超过20种GLP-1受体激动剂候选药物正在中国进行T2DM治疗的临 床试验。 需要指出 ...

在近期宁德时代、恒瑞医药赴港上市首日大涨之后，又一只A+H新股首日暴涨！ 5月27日，A股公司吉宏股份正式在港交所上市，股票代码为02603.HK，开盘即暴涨，股价涨幅一度超过60%，截至证券时报 记者发稿，其股价涨幅仍有48.70%。 | 11.420 | 10.475(CNY) | | | | | | | | 吉宏股份 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | +3.740 +48.70% | | | | | | | | 2603 | | HKEX HKD 11:03:41 | | | | | | | | | 通 乙 四 | | A股 (002803) | 14.27 | | (-1.59%) 资金流回 | | | | | | | | 委比 | -48.79% 委差 | | -263 | | 主力净流入 | | 主力流入 | | 主力流出 | | 卖五 | 11.540 | 1500 | (3) | | 248 | | 990 | | -742 | | 卖四 | 11.520 | 4.35万 | (8) | | ...

利弗莫尔证券显示， 派格生物医药-B香港上市首日跌幅扩大至20%。 ...

Group 1 - The company, Pagoda Bio (02565.HK), experienced a decline in its stock price upon listing, opening down by 16.67% at HKD 13, compared to its issue price of HKD 15.6 [1]

Company News - Meituan (03690.HK) reported Q1 2025 revenue of 86.6 billion yuan, up from 73.276 billion yuan in the same period last year, representing a year-on-year growth of 18.1% [1] - Meituan executives stated that the current irrational subsidy competition characterized by low quality and low prices is unsustainable for instant retail in the long run [1] - Xiaomi Group (01810.HK) denied rumors that its Xuanjie O1 chip is customized from Arm, clarifying that no Arm CSS services were used during its development [1] - Three Squirrels has submitted its application materials for overseas listing (H-shares) to the China Securities Regulatory Commission [1] - Pagoda Biopharmaceutical-B (02565.HK) will be listed on the Hong Kong Stock Exchange tomorrow, with its dark market closing down 4.87% today [1] - Jihong Co., Ltd. (2603.HK) will be listed on the Hong Kong Stock Exchange on May 27, with its dark market closing at 9.51 HKD, a 23.83% increase from the IPO price of 7.68 HKD, with a transaction volume of 54.95 million HKD [1] - Country Garden (02007.HK) received approval from the High Court for its extension application on May 26, 2025, with the hearing now postponed to August 11, 2025 [1] Industry News - Zhixing Technology (01274.HK) announced that it has been selected as a supplier for a certain model's combination auxiliary driving solution by a leading independent brand, providing an integrated hardware and software solution based on Horizon Journey® 6M chip [2] - Alibaba (09988.HK) repurchased 662,400 shares at a cost of approximately 9.9878 million USD on May 23 [2] - Tencent Holdings (00700.HK) repurchased 979,000 shares at a cost of 500.4 million HKD on May 26 [2]