今年已有12家生物医药企业港股上市，创新药企成主力军

Core Viewpoint - The surge of biopharmaceutical companies listing on the Hong Kong Stock Exchange (HKEX) is driven by the market's unique policy inclusiveness and significantly improved liquidity, attracting a record number of listings in 2023 [2][6]. Group 1: Listing Activity - As of July 9, 2023, 12 biopharmaceutical companies have successfully listed on the HKEX, surpassing the total number of listings for the entire previous year, with an additional 40 companies still in the queue [3][5]. - The actual fundraising amount for the biopharmaceutical sector has reached 18.319 billion HKD, ranking second in terms of IPO fundraising scale on the HKEX [4]. Group 2: Characteristics of Listed Companies - Most of the newly listed companies are innovative drug firms focusing on high-barrier and high-potential areas such as tumor immunotherapy and new vaccine development [5]. - A common characteristic among these companies is that they have not yet achieved profitability; except for 恒瑞医药 (Hengrui Medicine), the other 11 companies listed this year are in a state of net loss [5]. Group 3: Market Dynamics - The HKEX has introduced innovative listing rules since 2018, allowing unprofitable or revenue-less biotech companies to go public, which aligns with the high investment and long cycle nature of the biopharmaceutical industry [6]. - The liquidity of the HKEX has significantly improved, with the average daily trading volume reaching 240.2 billion HKD in the first half of 2023, a 118% increase compared to the same period last year [7][8]. Group 4: Future Outlook - The IPO trend for biopharmaceutical companies in Hong Kong is expected to continue, with at least 40 companies waiting to list, including innovative drug firms like 百利天恒 (Baili Tianheng) and 维立志博 (Weili Zhibo) [8][9]. - Recent policies from the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs, addressing structural contradictions in drug development and market application [9].