BIOKIN PHARMACEUTICAL(SH:688506) Mei Ri Jing Ji Xin Wen·2025-10-14 14:34Market Performance - The pharmaceutical and biotechnology index declined by 1.66% from October 6 to October 10, underperforming the Shanghai Composite Index by 0.72 percentage points, marking three consecutive weeks of underperformance [1] - The innovative drug index (BK1106) fell by 1.09% during the same period, also experiencing three weeks of decline [1] - The Hang Seng Healthcare Index dropped by 6.33%, the largest weekly decline since the second half of 2025 [1] - The Hong Kong innovative drug ETF (513120) decreased by 3.98% [1] IPO Trends - A surge in IPO applications from innovative pharmaceutical companies has been observed in Hong Kong, including notable firms like Betta Pharmaceuticals, Changchun High-tech, Baillie Gifford, and Borui Pharmaceuticals, which are expected to achieve "A+H" listings [2] - The increase in A-share companies listing in Hong Kong is attributed to policy support and improved market liquidity, with the Hong Kong Stock Exchange relaxing public holding restrictions for "A+H" companies [2] - The AH share premium index has narrowed, providing opportunities for A-share companies to list in Hong Kong, with the index at 118.33, a low for the past year [2] Clinical Trials - From October 6 to October 10, the National Medical Products Administration (NMPA) disclosed 85 clinical trial registration information, with 29 related to innovative drugs in Phase II or above, focusing on autoimmune diseases and tumors [4] Business Development (BD) Trends - Following the National Day and Mid-Autumn Festival holidays, the innovative drug sector experienced a significant downturn, with the Hong Kong innovative drug index dropping by 5.84% and 3.13% on October 9 and 10, respectively [5] - The high volume of BD transactions has been a catalyst for the recent bull market in Hong Kong's innovative drug sector, with total transaction amounts reaching $60.8 billion in the first half of the year, a 129% year-on-year increase [5][6] - Market expectations have been tempered, with analysts suggesting a shift in focus from BD transactions to fundamental revenue and profit growth [6] New Drug Approvals - The first domestic IL-36R monoclonal antibody, HB0034, developed by Huaotai Biopharmaceutical, has been submitted for market approval for treating adult generalized pustular psoriasis (GPP) [7] - GPP is a rare and potentially life-threatening skin disease, and the urgency for effective treatment methods is critical [8] Industry Insights - The CEO of InnoCare Pharma expressed that the presence of valuation bubbles in the industry is not necessarily negative, viewing BD as a means rather than an end [9] - The innovative drug sector is expected to evolve, with hopes for the emergence of top-tier ADC companies in China over the next decade [9]