Biotech扎堆冲港股，上市梦碎成常态，核心短板藏不住了

Core Viewpoint - The Hong Kong stock market's 18A IPO sector has experienced a dramatic reversal, with 80% of biotech companies failing to secure listings in the second half of the year after a frenzied first half [1][3]. Group 1: IPO Market Dynamics - In 2025, nearly 70 companies applied for 18A IPOs, but only about 15 are expected to succeed, indicating that 4 out of 5 companies will be eliminated [3]. - The biotech sector has seen a significant downturn, with many companies experiencing drastic stock price declines, some losing half their value in a short period [3][9]. - The backlog of IPO applications has created a bottleneck, leading to increased scrutiny and higher entry barriers for companies seeking to go public [5]. Group 2: Investment and Market Sentiment - The initial excitement for IPOs was sparked by the successful debut of InnoCare Pharma in April 2025, which saw a 116% surge on its first day, raising HKD 15.55 billion [7]. - Major biotech firms like Sihuan Pharmaceutical and Jiangsu Hengrui Medicine have seen their market valuations soar, but this is juxtaposed with the underlying struggles of the biotech sector [9]. - The past two years have seen a significant decline in the primary market, with only 325 financing events totaling HKD 41.4 billion in the first three quarters of 2025, compared to 992 events totaling HKD 207.1 billion in 2021 [11]. Group 3: Strategic Recommendations for Biotech Companies - Companies should avoid relying on IPOs as a lifeline and instead focus on eliminating non-core projects to concentrate resources on late-stage pipelines, which have a higher likelihood of successful listings [15][16]. - Collaborations with multinational and large pharmaceutical companies are encouraged to secure funding and leverage their research and distribution resources [18]. - The industry must return to rationality, recognizing that drug development is a slow process and that companies should not be swayed by short-term market sentiments [20].