港交所推“科企专线”加码“抢筹” 70家已上市18A公司去年超九成实现正向营收

Core Points - The launch of the "Tech Company Special Line" by the Hong Kong Stock Exchange (HKEX) marks a significant milestone in the capital market reform process, aimed at supporting specialized technology and biotechnology companies in their IPO applications [1][2] - The HKEX has established a multi-tiered institutional framework to serve technology enterprises since the introduction of innovative listing rules in 2018, which has led to a growing number of companies applying for listings [1][3] Group 1: Market Reform and Innovations - The "Tech Company Special Line" is seen as a key measure to enhance service capabilities for technology companies, facilitating their IPO processes [2][11] - The HKEX's reforms align with the national strategy for innovation-driven development, providing a pathway for technology firms to connect with global capital [2][12] - The number of companies applying for listings under the 18A and 18C rules continues to grow, indicating the attractiveness of the HKEX for technology firms [1][7] Group 2: Performance of Listed Companies - As of May 7, 2024, 70 biotechnology companies listed under the 18A rule have shown significant growth in revenue, with several top companies exceeding 1 billion yuan in annual revenue [3][5] - The number of profitable 18A companies has increased from 2 in 2021 to 9 in 2024, indicating an improvement in operational efficiency [5][6] - Leading companies like Innovent Biologics and BeiGene have seen substantial revenue growth from 2021 to 2024, with revenues increasing significantly [3][5] Group 3: Financial Health and Market Dynamics - Many leading 18A companies have accumulated substantial cash reserves, with some exceeding 2 billion yuan, enhancing their ability to navigate market challenges [6][11] - The valuation of 18A companies is entering a new phase, with many experiencing stock price increases, reflecting market re-evaluation of companies with comprehensive capabilities [6][12] - The HKEX has seen a significant increase in IPO activity, with a 269% rise in fundraising amounts in Q1 2024 compared to the previous year [14]