Core Viewpoint - The recent IPOs of two biotech companies, Huazhang Biotechnology and Hansai Aitai, faced significant declines on their debut trading days, indicating a bearish sentiment in the market for innovative drug companies, despite their initial hype and strong subscription rates [1][3][9]. Group 1: IPO Performance - Huazhang Biotechnology's stock fell nearly 30% on its first trading day, while Hansai Aitai's stock opened at 28.9 HKD, down 9.69% from its issue price of 32 HKD, and closed at 17.20 HKD, marking a 46.25% drop [1][3]. - Hansai Aitai's stock experienced a maximum intraday decline of 46.25%, failing to recover significantly by the end of the trading day [1][3]. Group 2: Subscription and Issuance Details - Hansai Aitai's global offering consisted of 18.32 million shares, with a public offering that was oversubscribed by 3074.09 times, resulting in a final allocation of 183.21 million shares, approximately 10% of the total offering [4][5]. - The final issue price was set at the upper limit of the range at 32 HKD, raising a net amount of 531 million HKD [5][6]. Group 3: Market Sentiment and Strategy - Both companies were initially viewed as "big meat" in the market due to their innovative drug offerings, yet their first-day performances fell short of expectations, reflecting a potential shift in investor sentiment towards unprofitable biotech firms [3][9]. - The adoption of the "Mechanism B" strategy, which favors institutional and cornerstone investors, did not yield the expected price stability for either company, as evidenced by their poor debut performances [9][10]. Group 4: Financial Performance and Valuation - Hansai Aitai reported losses of 85.16 million HKD, 117 million HKD, and 87.43 million HKD for the years 2023, 2024, and the first eight months of 2025, respectively [14]. - The company's post-IPO valuation reached 43.52 billion HKD, significantly higher than its pre-IPO valuation of approximately 16.15 billion HKD, raising concerns about its market valuation relative to industry averages [14].
3000倍超购换来首日暴跌近50%，翰思艾泰-B何以成为打新“陷阱”？