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 going public in Hong Kong is driven by the need for funding and the advantages of Hong Kong's research infrastructure and regulatory environment [2][3] Group 1: IPO Activity - Over 12 biopharmaceutical companies have submitted IPO applications in Hong Kong since mid-September, covering areas such as innovative drug development and vaccines [2] - Xuan Zhu Biotech, which completed its IPO application in June, opened at HKD 29.46 per share, a 153.97% increase from its issue price of HKD 11.6, with a market capitalization exceeding HKD 15 billion [2] - The company plans to use 45% of the raised funds for core product R&D, 14% for key product development, and 20% for enhancing commercialization and marketing capabilities [2] Group 2: Market Dynamics - The collaboration between mainland Chinese pharmaceutical companies and Hong Kong is expected to deepen in product R&D, market strategy, and capital operations [3] - The capital market is returning to the essence of value recognition for biopharmaceutical assets, with innovative companies gaining continuous attention [3] Group 3: Competitive Landscape - Xuan Zhu Biotech has three core products approved for market, including KBP-3571, which has become a major revenue source [4] - The PPI market in China has remained above CNY 10 billion from 2018 to 2024, but competition is intensifying due to the inclusion of several common PPIs in centralized procurement [5] - Xuan Zhu Biotech is expanding the indications for KBP-3571 to include reflux esophagitis, which is currently in Phase III clinical trials [6] Group 4: Financial Performance - Xuan Zhu Biotech is experiencing revenue growth but also increasing losses, with revenues of CNY 2.9 million and CNY 30.09 million in 2023 and 2024, respectively, and total losses of CNY 3 billion and CNY 5.56 billion [7] - The company has over ten drug assets in development, with a significant focus on R&D spending, which was CNY 3.84 billion, CNY 2.85 billion, and CNY 1.06 billion for 2023, 2024, and the first half of 2025, respectively [8] Group 5: Future Outlook - The biopharmaceutical industry is characterized by high investment, long cycles, and high risks, leading to a continuous need for funding [7] - Companies must demonstrate tangible results in clinical value or commercial revenue to attract capital and resources in a competitive market [9]