药企再迎赴港上市潮：托底未盈利创新，国际化跳板加速出海

Core Insights - The innovative drug industry is experiencing a "triple resonance" of policy support, industry upgrades, and performance recovery, leading to a restructuring of capital market valuation logic [1] - The Hong Kong stock market has seen a resurgence in the healthcare sector, with significant increases in the Hang Seng Biotechnology ETF and Hang Seng Medical ETF in May 2024 compared to the same period in 2023 [1][2] - The trend of Chinese biopharmaceutical companies listing in Hong Kong is accelerating, with several companies successfully going public in May 2024 [1][2] Market Performance - On May 23, 2024, both Heng Rui Medicine and MiRxes had strong debut performances, with Heng Rui Medicine's stock price rising 25.2% and MiRxes increasing by 28.76% on their first day [2] - In contrast, the stock price of Paig Biological Medicine fell by 25.9% on its debut [2] - The A-share IPO market has slowed down over the past two years, while the Hong Kong IPO market is showing signs of recovery, driven by more flexible listing conditions [2] Trends in Biopharmaceutical Companies - The introduction of the "18A" listing rule in 2018 has opened the door for unprofitable biotech companies to enter the capital market, leading to a surge in IPOs from mainland drug companies [3] - Companies like Kangfang Biotech and Hengrui Medicine have seen accelerated commercialization of core products despite revenue declines [3] - In the Hong Kong stock market, 30 out of 113 biopharmaceutical stocks saw price increases in 2024, with some companies experiencing over 100% growth [3] Financial Performance of Unprofitable Companies - Many companies that recently listed in Hong Kong, such as Kewang Medicine and Xiantong Medicine, are still operating at a loss, but some have managed to narrow their losses significantly [4][5] - Kewang Medicine's losses decreased by 90% in 2024 due to cash inflows from global product licensing agreements [4] - The high R&D expenditures and the challenge of commercialization remain common issues for unprofitable drug companies [5] Globalization Strategy - Hong Kong serves as a crucial hub for connecting Chinese pharmaceutical innovation with global resources, with a significant proportion of assets managed by non-Hong Kong investors [6] - Hengrui Medicine views its Hong Kong listing as a key step in its internationalization strategy, aiming to enhance its global brand influence and optimize its capital structure [6][7] - The company has initiated over 20 overseas clinical trials and has established numerous licensing agreements with international pharmaceutical firms [7] Challenges and Opportunities - The industry faces challenges in cross-border collaboration, including regulatory and certification issues, as well as a shortage of skilled professionals [8] - The ongoing trend of biopharmaceutical companies listing in Hong Kong reflects a renewed interest from international capital in "Chinese innovation" [8] - As more companies leverage Hong Kong for capital infusion, technology upgrades, and international breakthroughs, the region is becoming a pivotal link between Chinese innovation and global markets [8]