Core Insights - The healthcare sector has been one of the best-performing sectors in the Hong Kong stock market this year, with the Hang Seng Index rising by 34% in the first three quarters, and the healthcare and biotechnology sectors seeing increases of over 90% since 2025 [1] - Despite the strong performance in the secondary market, there is a noticeable risk-averse sentiment in the primary market for the healthcare sector, indicating a disconnect between market enthusiasm and investor confidence [1] Group 1: Market Performance - In the first three quarters of this year, 18 healthcare companies completed IPOs in Hong Kong, raising approximately $3 billion, making it the top global market for healthcare fundraising [1] - The total equity financing in the healthcare sector reached $11 billion, surpassing the total financing amount from 2022 to 2024 [1] Group 2: Primary Market Challenges - In the first three quarters of this year, there were 325 financing events in China's healthcare sector, amounting to 41.4 billion yuan, compared to 467 events and 52 billion yuan in the previous year [2] - The financing concentration has increased, with the top 10% of companies capturing 50% of the total financing in the primary market, up from 43% last year [2] - The expected operational period for a single round of financing has extended from 12-24 months to 18-36 months [2] Group 3: Global Financing Trends - The global healthcare market has also seen a decline in financing events since 2021, dropping from 3,284 events and 569.1 billion yuan to an estimated 1,830 events and 321.1 billion yuan by 2024 [3] - In the first three quarters of this year, there were 1,118 financing events globally, with a total financing amount of 217.5 billion yuan [3]
热度分化 医疗健康板块一级市场仍然处于“酝酿”期
Xin Lang Cai Jing·2025-10-12 08:26