↑364%、↓46%，港股新股上演“冰火两重天”

Core Viewpoint - The Hong Kong IPO market is experiencing extreme volatility, with new stocks showing significant divergence in their first-day performances, highlighting a mixed sentiment among investors [1]. Group 1: IPO Performance - On December 23, three new stocks debuted in the Hong Kong market, with Nobikang soaring by 363.75%, marking the highest first-day gain of the year, while Light Health also saw a substantial increase of nearly 160%. In contrast, Hansai Aitai faced a significant drop of 46.25%, nearing a "halving" of its value [1]. - On December 22, four new stocks, including Nanhua Futures, Mingji Hospital, Huashan Biotechnology, and Yinxiang Dahongpao, all experienced declines, with Mingji Hospital recording a 49.46% drop, the largest first-day loss of the year [1]. Group 2: Nobikang Overview - Nobikang specializes in developing and selling monitoring and detection products and solutions for domestic railway operations and electric grid companies, providing integrated hardware and software solutions based on comprehensive AI industry models [3]. - According to Zhaosheng Consulting, Nobikang is the second-largest provider of AI-powered power detection monitoring systems in China, holding a market share of approximately 5.9% in the rail transit sector for 2024 [3]. - Nobikang has achieved profitability, with projected profits of 63.16 million yuan, 88.57 million yuan, 115 million yuan, and 40.08 million yuan for the years 2022 to 2024 and the first half of 2025, respectively [3]. Group 3: Light Health Overview - Light Health provides health-related and insurance solutions in China, ranking 10th in the digital comprehensive health services and health insurance market based on 2024 revenue [4]. - The company has a growing user base, with registered users reaching 155 million, 164 million, 168.1 million, and 168.4 million by the end of 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Light Health's revenue for the years 2022 to 2025 is projected to be 393.6 million yuan, 490 million yuan, 945 million yuan, and 656.1 million yuan, with adjusted net profits of 149.2 million yuan, 146.6 million yuan, 84.4 million yuan, and 51.2 million yuan during the same period [5]. Group 4: Biotechnology Sector Performance - The biotechnology sector, which had previously shown strong performance in the Hong Kong IPO market, is now facing challenges, with companies like Hansai Aitai and Huashan Biotechnology experiencing significant declines in their stock prices [7][8]. - The Hang Seng Biotechnology Index has seen a decline of over 18% since October, contributing to the recent underperformance of biotech IPOs [8].