生物科技风向变了，18A上市首日破发

Core Viewpoint - The recent IPO performance of 18A biotech companies in Hong Kong has sharply declined, with multiple new stocks experiencing significant first-day losses, indicating a cooling market sentiment and increased difficulty for future listings [1][4]. Group 1: IPO Performance - On December 22, 2025, Huasheng Biotechnology debuted on the Hong Kong Stock Exchange, closing down 29.32%, contrasting sharply with previous IPOs that often saw first-day gains exceeding 100% [1][2]. - Other newly listed companies, including Mingji Hospital, Yinxiang Dahongpao, and Nanhua Futures, also faced substantial declines, with Mingji Hospital plummeting 49.46%, marking the worst first-day performance for a Hong Kong IPO in 2024 [1][4]. - The overall trend indicates a collective "breaking" of new stocks, with all four companies listed on the same day experiencing losses [1]. Group 2: Market Conditions - The IPO market is under dual pressure: regulatory tightening and an increase in the number of new listings, leading to a higher probability of new stock failures [1][5]. - The Hong Kong IPO market has seen a significant increase in new listings, with 70 new stocks in 2024 having a breakage rate of 35.71%, suggesting that breaking is becoming a common occurrence [4]. - Regulatory bodies have recently signaled a tightening of standards for listing applications, raising concerns about the quality of submitted materials and the experience of sponsors [5]. Group 3: Market Sentiment - Prior to the recent downturn, the 18A sector was buoyed by a "money-making effect," with substantial capital inflow and high subscription multiples, leading to a bullish sentiment [2][3]. - The market had previously experienced a recovery phase, driven by supportive policies for innovative drugs and reforms in pricing mechanisms, which had led to a surge in new listings and positive first-day performances [3]. - The current shift in sentiment, marked by the emergence of a "losing effect," may lead to a negative feedback loop impacting future IPOs and increasing the difficulty for companies to go public [4][5].