创新药重回港股牌桌：已有1款新药上市的宝济药业启动招股

Core Viewpoint - The resurgence of interest in 18A companies in the Hong Kong stock market is evident, with institutional investors focusing on biotech firms that meet the criteria for listing under Chapter 18A of the Hong Kong Stock Exchange, which allows unprofitable and revenue-less biotech companies to go public [1][4]. Group 1: Market Trends - The total IPO fundraising in Hong Kong is expected to exceed HKD 200 billion this year, second only to the peak in 2021 when it surpassed HKD 320 billion [1]. - As of December 3, 2023, 13 18A companies listed in Hong Kong have raised over HKD 26 billion [1]. - The average first-day and one-month post-listing gains for new stocks in Hong Kong have reached 38.4% and 40.2% respectively, with 18A companies showing even higher gains of 69.4% and 88.7% [4]. Group 2: Company Performance - Baoyi Pharmaceutical, a notable 18A company, plans to raise approximately HKD 1 billion through its IPO, having already received approval for a new drug prior to its listing [2][11]. - Baoyi Pharmaceutical's revenue has significantly increased, with a reported rise of over HKD 40 million in the first half of the year due to licensing and technical service income [9]. - The company has a robust pipeline with 12 in-development products, including three core products nearing commercialization [2][11]. Group 3: Investment Sentiment - Investors are increasingly favoring 18A companies with commercialized products, as these represent self-sustaining opportunities [3]. - The sentiment among investors is positive, with many experiencing significant returns from investing in 18A companies compared to other sectors [4]. - The number of 18A companies applying for IPOs has nearly doubled in the second half of the year, indicating a strong market demand [6]. Group 4: Competitive Landscape - The competitive environment for 18A companies is intensifying, with over 5,000 such companies established in China, leading to increased scrutiny from investors regarding the quality and pipeline of these firms [21]. - Baoyi Pharmaceutical's innovative products are positioned to compete effectively in the market, with expectations of substantial revenue growth in the coming years [18][23]. Group 5: Future Outlook - The trend of 18A companies going public is expected to continue, driven by pent-up demand and improved market conditions [8][26]. - Baoyi Pharmaceutical is exploring partnerships and innovative business models to enhance its market position and revenue streams [22][24].