首日暴涨100%，这家“不赚钱”的药企被疯抢

Core Viewpoint - The successful IPO of Weili Zhizhi on the Hong Kong Stock Exchange marks a significant moment for the innovative drug sector, indicating a potential resurgence in the market for biotech companies [1][2]. Company Summary - Weili Zhizhi was established in 2012 and focuses on the development of tumor immunotherapy products. The company raised approximately 1 billion HKD during its IPO, with a subscription amount reaching 339.8 billion HKD, resulting in a retail subscription multiple exceeding 3000 times [1][2]. - The company has 14 drug candidates in its pipeline, with 6 currently in clinical trials, including next-generation IO therapies and TCE/ADC products [2][3]. - The company has not yet commercialized any products and has incurred cumulative losses of nearly 500 million RMB from 2023 to Q1 2025 [10]. Industry Summary - The innovative drug sector has seen a resurgence, with 50 companies filing for IPOs in Hong Kong this year, including 7 innovative drug companies that have successfully listed without experiencing a decline in share price [1][11]. - The market is showing a willingness to invest in innovative drugs, as evidenced by the high subscription rates and significant capital raised by newly listed companies [2][11]. - The trend of major pharmaceutical companies, such as Heng Rui Pharmaceutical, considering dual listings in Hong Kong may attract more international capital to the market, benefiting smaller biotech firms [12].