医药企业掀赴港上市潮，多家A股公司冲刺“A+H”

Core Viewpoint - A new wave of pharmaceutical companies is applying for listings on the Hong Kong Stock Exchange (HKEX), with 11 companies submitting applications in a two-day period, indicating a significant uptick in market activity [1][3]. Group 1: Listing Activity - Approximately 25 pharmaceutical companies have submitted listing applications to HKEX since September, with a notable concentration of 11 applications on September 29-30 [3]. - Companies such as Sichuan Good Doctor Cloud Medical Technology Group and Annoroad Gene Technology are among those applying, with some indicating they are unprofitable biotech firms under the HKEX Chapter 18A rules [1][3]. - The trend of "A+H" dual listings is emerging, with several companies already listed on A-shares also seeking to list on HKEX, enhancing their financing capabilities [5][6]. Group 2: Market Drivers - The HKEX's 18A listing rules, introduced in 2018, have created a pathway for unprofitable biotech companies to go public, while the "Tech Company Fast Track" launched in 2025 further streamlines the listing process for tech firms [4]. - Increased demand for healthcare services due to population aging and accelerated regulatory approvals from domestic drug monitoring agencies are contributing to a favorable environment for pharmaceutical companies [4]. Group 3: Financial Performance - Many of the companies applying for listings are currently unprofitable, with significant losses reported. For instance, Meikang Aote and its subsidiary Blue Nancheng reported losses of approximately 195 million yuan and 112 million yuan, respectively, in recent financial periods [9][10]. - The trend of unprofitable companies seeking listings under the 18A rules highlights the role of HKEX as an "innovation incubator" for the biotech sector [10]. Group 4: Future Implications - The rise of "A+H" listings is expected to reshape the competitive landscape of the domestic biotech industry, potentially accelerating industry consolidation and enhancing the market position of well-capitalized firms [7]. - Increased capital influx is anticipated to boost the development of innovative drugs and technologies, thereby improving overall industry innovation efficiency [7].