Hengrui Pharma(SH:600276) Sou Hu Cai Jing·2025-12-25 03:17Group 1 - The Hong Kong stock market has become a core platform for biopharmaceutical companies seeking IPO financing, with 27 healthcare enterprises successfully listed by December 24, 2025, and nearly 10 more applications submitted in December [1] - Hong Kong's new stock market financing amount ranked first globally in 2025, with notable listings including the largest pharmaceutical IPO in nearly five years by Hengrui Medicine and the first digital therapy stock, Brain Dynamics [3] - The majority of biopharmaceutical companies listed in 2025 are innovative drug firms, many of which are in the pre-profit stage, focusing on cutting-edge fields such as antibody-drug conjugates (ADC), dual antibodies, small nucleic acids, weight-loss drugs, and AI healthcare [3] Group 2 - Market enthusiasm for new healthcare stocks surged, with some public offerings seeing subscription multiples exceeding 3,000 times since July 2025; however, market performance showed divergence towards the end of the year, exemplified by the poor debut of Mingji Hospital's stock [3] - Companies are looking to raise funds as the market recovers from previous capital winters, with the relatively low listing thresholds in Hong Kong making it a preferred choice for enterprises [3]