开盘涨超153%！轩竹生物登陆港交所 依旧难掩“造血”焦虑

Core Viewpoint - The ongoing trend of biopharmaceutical companies listing in Hong Kong is driven by the need for capital and the advantages of Hong Kong's research infrastructure and regulatory environment, which support mainland companies in entering international markets [2][8]. Group 1: IPO Activity - Over 12 biopharmaceutical companies, including Anhui Huaheng Bio, Betta Pharmaceuticals, and Xuan Bamboo Bio, have submitted IPO applications in Hong Kong since mid-September [1]. - Xuan Bamboo Bio's stock opened at HKD 29.46, a 153.97% increase from its issue price of HKD 11.6, with a market capitalization exceeding HKD 15 billion [1]. Group 2: Financial Performance - Xuan Bamboo Bio reported revenues of HKD 2.9 million, HKD 30.09 million, and HKD 17.89 million for 2023, 2024, and the first half of 2025, respectively, while experiencing losses of HKD 300 million, HKD 556 million, and HKD 111 million during the same periods [6]. - The company has a cash balance of HKD 8.558 million as of mid-2025, indicating a need for ongoing funding to support its operations and R&D [6]. Group 3: Product Pipeline and Market Competition - Xuan Bamboo Bio has three core products approved for market, including KBP-3571, a proton pump inhibitor (PPI) for treating digestive diseases, which has become a significant revenue source [3][4]. - The PPI market in China is competitive, with major players like Rabeprazole and Esomeprazole dominating, and Xuan Bamboo Bio faces challenges from generic competitors as patents expire [5][6]. - The company is expanding the indications for KBP-3571 to include reflux esophagitis, with clinical trials currently in Phase III [5]. Group 4: Industry Insights - The capital market is increasingly recognizing the value of innovative biopharmaceutical companies, emphasizing the importance of balancing cash flow with R&D pipeline development [2][8]. - Listing in Hong Kong allows companies to attract global capital and accelerate drug development and market promotion, but they must demonstrate tangible results to maintain investor interest [8].