Core Viewpoint - The recent IPO of Jinfang Pharmaceutical-B (02595) on the Hong Kong Stock Exchange reflects the ongoing bullish trend in the innovative drug sector, with its stock price surging significantly on the first day of trading [1][9]. Market Performance - The Hong Kong Stock Connect Innovative Drug Index has seen a remarkable increase of over 110% since the beginning of the year, following a historical low of 460.24 points last April [3]. - Despite the strong IPO activity, there has been a recent stagnation in the performance of the innovative drug sector, with the Hang Seng Healthcare Index experiencing consecutive weekly declines for the first time this year [3]. Federal Reserve's Impact - The Federal Reserve's recent interest rate cut of 25 basis points is expected to enhance liquidity in the market, potentially benefiting the Hong Kong market, particularly the innovative drug sector, as global funds may flow towards emerging markets [4]. Valuation and Growth Potential - The current price-to-earnings ratios for the Hong Kong Stock Connect Innovative Drug Index and the Hang Seng Healthcare Index are 36.19 and 35.96, respectively, significantly lower than the over 50 times valuation seen in A-shares and U.S. biotech indices, indicating a valuation advantage [5]. - The innovative drug sector is expected to see a shift from policy-driven growth to a focus on company fundamentals, with "hardcore innovation, globalization, and performance verification" being key investment themes [5]. Financial Performance - By mid-2025, 149 Hong Kong-listed pharmaceutical companies are projected to generate total revenues of 896.12 billion yuan, with a net profit of 61.99 billion yuan, indicating a 29.7% increase [7]. - Among these, 36 innovative drug companies are expected to achieve revenues of 28.5 billion yuan, reflecting a year-on-year growth of 15.8% [7]. IPO Highlights - Jinfang Pharmaceutical's IPO raised approximately 2.68 billion USD, setting records for the Hong Kong 18A sector, with significant backing from major investment firms [9][10]. - The stock opened at 40.00 HKD in the dark market and surged to a high of 50.20 HKD on its first trading day, closing with a 106.47% increase [10]. Investor Sentiment - Investor confidence in Jinfang Pharmaceutical is attributed to its differentiated product pipeline and proven commercial success, positioning it as a strong candidate for long-term value in the ongoing innovative drug bull market [12].
上市次日跌逾6%仍获“惜售”，劲方医药-B(02595)何以成创新药牛市“新宠”？