百奥赛图H股正式“入通”：首日大涨逾22%，南向资金重塑创新药平台估值

Core Viewpoint - The inclusion of Baiaosaitu (688796.SH/02315.HK) in the Hong Kong Stock Connect marks a significant milestone for the company, enhancing its capital accessibility and market recognition, as evidenced by a 22.23% surge in H-share price on the announcement day [1][3][13]. Impact of Inclusion - The immediate impact of the "inclusion" is reflected in the price performance, with Baiaosaitu's H-shares rising 22.23% on the first day of inclusion. This trend aligns with the broader market behavior, where 18 out of 20 A+H listed companies that entered the Hong Kong Stock Connect this year have seen an average cumulative increase of 12.30% [3][4]. - The inclusion will significantly broaden the investor base, allowing mainland institutional and individual investors to directly participate in Baiaosaitu's H-share investments, thus diversifying the funding sources and enhancing the understanding of the company's innovative model [4]. - Liquidity and pricing efficiency are expected to improve, alleviating the "liquidity discount" that has historically affected the Hong Kong market. The influx of southbound capital will enhance trading activity and efficiency, potentially optimizing the market pricing power and valuation of Baiaosaitu's H-shares [5]. Future Outlook - The successful inclusion is seen as a new starting point for Baiaosaitu, with future growth opportunities tied to macro industry trends and the company's core competencies [8]. - The innovative drug industry is entering a strategic opportunity period, with supportive policies expected to enhance the pricing of innovative drugs and shorten the R&D return cycle, benefiting companies like Baiaosaitu [9]. - The capital logic is shifting towards performance-driven valuation, with a focus on profitability and commercialization rather than just R&D narratives. Baiaosaitu's H-shares have already seen a cumulative increase of over 300% in 2025, indicating a market re-evaluation of the biotech sector's profitability outlook [10]. - The company is positioned to leverage its global technology platform, focusing on antibody development and innovative treatment models, which is expected to drive a dual growth trajectory [11][12]. Conclusion - Baiaosaitu's entry into the Hong Kong Stock Connect signifies more than a technical adjustment; it represents the company's emergence into the core of mainstream capital markets, gaining access to substantial mainland capital. This move is indicative of the broader transition of China's innovative drug industry from a follower to a leader, supported by a mature capital market that recognizes true innovation and sustainable business models [13][14].