比蜜雪冰城还高，一家创新药企在港股上市火了

Core Viewpoint - The new IPO mechanism in Hong Kong has significantly impacted the market dynamics, benefiting institutional investors while limiting retail investor participation, as evidenced by the contrasting performances of SinoPharm and PegBio [3][15][19] Company Analysis - SinoPharm's IPO on August 15, 2025, saw its stock price surge nearly 300% on the first day, closing at HKD 53.85, which is 288% above its issue price, resulting in a market capitalization of HKD 24.6 billion [2] - PegBio, which also focuses on GLP-1 drugs, faced a different fate, experiencing a first-day drop and currently holding a market cap of HKD 12.4 billion, less than half of SinoPharm's valuation [2] - SinoPharm's core product, Isupatide α, received approval for diabetes treatment in January 2025 and began commercial sales in February, positioning it in the competitive GLP-1 market [4][5] - The company has reported revenue of HKD 38.14 million from Isupatide α sales in the first three months of 2025, indicating early commercial traction [6] Industry Context - The new IPO rules implemented on August 4, 2025, have altered the allocation of shares between institutional and retail investors, with a focus on attracting more institutional participation [15][16] - The previous mechanism often led to high retail participation, resulting in volatility and frequent stock price drops post-IPO, as seen with PegBio [16][17] - The GLP-1 market is becoming increasingly competitive, with major players like Novo Nordisk dominating, holding over 40% market share in China [6][9] - The upcoming expiration of key patents for GLP-1 drugs in 2026 is expected to intensify competition, with multiple companies preparing to launch biosimilars [9][14] Market Dynamics - The new mechanism allows for a more flexible allocation of shares, enabling issuers to set a lower limit for retail participation, which can be as low as 10% [18][19] - Institutional investors are now expected to play a more significant role in price negotiations, potentially stabilizing the market and reducing the incidence of IPOs trading below issue price [19] - The market sentiment towards IPOs has shifted, with both institutional and retail investors showing increased enthusiasm, as evidenced by the high oversubscription rates for SinoPharm's IPO [18]