Core Viewpoint - The initial public offering (IPO) of Huazhang Biotech-B (02396) on December 22, 2025, experienced significant volatility, with the stock price dropping as much as 29.32% by the end of the trading day, which was below investor expectations given its status as the "first PDGF stock in Hong Kong" [1][2][15] Group 1: IPO Performance - On the first trading day, Huazhang Biotech's stock opened significantly lower, with a maximum drop of 17.80% within the first 10 minutes, reaching a low of 31.4 HKD [1] - The stock price rebounded briefly but ultimately closed at 27.00 HKD, marking a total decline of 29.32% [1] - The company had a substantial oversubscription rate of 791.95 times during the IPO, indicating strong initial interest despite the poor first-day performance [4][7] Group 2: Financial Details - The IPO involved the global issuance of 17.6488 million H-shares, with 90% allocated for international sale and 10% for public offering, raising approximately 674 million HKD [4] - The offering price was set at the lower end of the range at 38.20 HKD per share, with a total fundraising target of about 6.74 billion HKD [5] - The company reported minimal revenue of 47,200 HKD and 26,100 HKD for 2023 and 2024, respectively, primarily from research services, while incurring significant net losses of 1.05 billion HKD, 2.12 billion HKD, and 1.35 billion HKD over the same period [15] Group 3: Market Context and Product Pipeline - Huazhang Biotech focuses on developing and commercializing protein-based therapies, particularly in the wound healing sector, with core products Pro-101-1 and Pro-101-2 targeting burn injuries and diabetic foot ulcers [12][14] - The Chinese diabetes market is projected to grow from 4.7 billion USD in 2023 to 9.3 billion USD by 2032, with a compound annual growth rate (CAGR) of 7.9% [13][14] - The company is in the clinical trial stages for its products, with Pro-101-1 expected to submit an IND application to the FDA in Q1 2026 [14]
上市首日破发近30%，华芢\生物-B“机制B+无基石”难获市场认可？