投行人士点题大湾区药械：BD出海拓市场，“A+H”上市谋长远

Core Insights - The 2025 Innovation Drug and Medical Device Investment Development Conference highlighted the transformation and upgrading opportunities for pharmaceutical and medical device companies in the context of innovation-driven development [1] - The conference emphasized the importance of identifying new cash flow opportunities and capital planning for companies leveraging the Greater Bay Area advantages [1] Group 1: BD Outbound as a New Value Realization Channel - BD outbound (business development outbound) is emerging as a new channel for domestic innovative drug companies to realize value, with over 30% of global BD collaborations with upfront payments exceeding $50 million in 2024 coming from China [3] - Short-term benefits include direct economic gains through upfront and milestone payments, while long-term advantages involve partnerships with multinational corporations (MNCs) to enhance R&D capabilities and international competitiveness [3] - The fundamental value of innovative drugs and devices stems from clinical value, with resource support during the R&D process being crucial for successful value realization [3] Group 2: Capital Market Planning and Financing Trends - Despite a relatively low level of financing in the first half of 2025, there are signs of recovery, with 134 financing events completed by Chinese pharmaceutical companies, including 123 pre-IPO financing events [5] - The use of various capital tools, including BD transactions and strategic IPOs in domestic and international markets, is essential for companies to secure better development opportunities [5] - The Hong Kong stock market has seen a surge in IPOs, with 50 biopharmaceutical companies submitting applications and 10 successfully listed in the first half of 2025, indicating a favorable environment for biopharmaceutical companies [5] Group 3: A+H Dual Listing Strategy - The ultimate goal for innovative drug and medical device companies is to achieve A+H dual listings, with recent policy support allowing Greater Bay Area companies to list in both Hong Kong and Shenzhen [6] - The policy changes provide a framework for companies to consider the sequence of A-share and H-share listings, with individual analysis required for each company [6] - The recent successful IPOs and mergers in the biopharmaceutical sector indicate a positive shift in the market, opening new avenues for companies to embrace public listings [6]