最高涨超1600%！上市潮、上涨潮、出海潮！这一板块，彻底火了！

Core Viewpoint - The 18A companies in the Hong Kong stock market have experienced a significant turnaround in 2025, showcasing a surge in listings, stock price increases, and international expansion opportunities [1][2][4]. Listing Wave - In 2025, there has been a notable wave of listings for 18A companies, with 10 out of 58 newly listed companies being 18A firms, many of which performed exceptionally well on their debut [2]. - The enthusiasm from investors is evident, with companies like Zhonghui Biotechnology and Yinnuo Pharmaceutical experiencing over 4000 times and 5341 times oversubscription, respectively [2]. - There are currently 49 18A companies that have submitted applications to the Hong Kong Stock Exchange, with at least 20 awaiting approval for listing [2][4]. Price Surge - Among the 77 listed 18A companies, 17 have seen stock price increases exceeding 200%, while 26 have risen between 100% and 200% since the beginning of 2025 [5]. - Beihai Kangcheng has recorded the highest increase at 1644%, although its total market capitalization remains relatively small at approximately 1.1 billion HKD [5][6]. International Expansion - The 18A companies are leveraging unique "outbound" strategies by licensing their products to well-known overseas pharmaceutical companies, which enhances their revenue potential and showcases their technological advancements [7]. - For instance, Rongchang Biotechnology has licensed its RC28-E injection to Santen China for a total of 2.5 billion HKD in upfront payments and additional milestone payments [8]. - The trend of outbound licensing is indicative of the rapid progress of Chinese pharmaceutical companies, transitioning from imitation to innovation, and establishing a competitive edge in the global market [9][10].