Core Viewpoint - The recent surge in stock prices of newly listed biotech companies in the Hong Kong 18A sector marks a significant shift from a previous trend of initial public offerings (IPOs) experiencing price drops, indicating a recovery in market sentiment towards innovative drug companies [1][5]. Company Summary - On June 23, 2023,药捷安康 (02617.HK) debuted on the Hong Kong Stock Exchange, closing up 78.71% on its first day, with a market capitalization exceeding HKD 90 billion, ranking it among the top 20 in the 18A sector [2][4]. -药捷安康's initial offering price was HKD 13.15 per share, opening at HKD 21.65, and reaching a peak of HKD 24 during trading [3]. - The company focuses on developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, with its core product Tinengotinib currently in clinical trials [4]. - The company reported projected losses of HKD 343 million and HKD 275 million for the years 2023 and 2024, respectively [4]. Industry Summary - The 18A sector, which allows unprofitable biotech companies to list, has seen a revival, with 72 companies having gone public since its inception in 2018 [5][6]. - The recent performance of new listings, such as映恩生物, which saw a first-day increase of 116.7%, indicates a shift in investor confidence [6]. - As of June 23, 2023, 76.39% of the 72 listed 18A companies had share prices below their initial offering prices, highlighting the previous struggles of the sector [6]. - The overall market environment for biotech stocks is improving, with over 60 companies in the 18A sector experiencing stock price increases this year, and 27 of those seeing gains exceeding 100% [7]. - By 2024, 65 out of 72 18A companies are expected to generate revenue, with eight projected to achieve profitability, signaling a positive trend for the sector [8]. - The market's recovery is attributed to increased global focus on biopharmaceutical research and favorable market conditions, including ample liquidity and heightened activity [7][9].
从破发到大涨，港股18A新股迎来春天