2024年港股18A：生物科技行业洞察报告：市场表现及监管体系-18A规则推出五年，市场表现如何

Market Performance - Hong Kong Biotech Market - In 2023, the Hong Kong stock market was severely impacted by multiple Fed rate hikes, with the Hang Seng Index falling nearly 14% and the Hang Seng Tech Index dropping 8.83% [4] - The average daily trading volume in the Hong Kong stock market declined significantly due to weak IPO performance and reduced market activity [4] - In Q1 2024, the Hang Seng Index showed signs of recovery, with a PE ratio of 8.43x, slightly higher than the 8.22x at the end of 2023 [10] 18A Biotech Market Performance - As of March 31, 2024, 64 biotech companies have listed under the 18A rules, with only 4 companies (Innovent Biologics, Akeso Biopharma, Kelun-Biotech, and Quanxin Biotech) trading above their IPO prices [5][18] - The average price drop for the 60 companies trading below IPO prices is 71.0%, with 13 companies experiencing over 90% price declines [5][18] - 12 companies have met the requirements to remove the "B" designation by achieving profitability [3][23] Market Capitalization and Revenue - The total market capitalization of 18A-listed companies is relatively small, with only 1 company exceeding RMB 100 billion in market cap [29] - In 2023, 18A-listed companies achieved total revenue of RMB 50.41 billion, with 4 companies turning profitable [31][33] - BeiGene, Innovent Biologics, and Henlius Biotech were the top 3 revenue generators, with BeiGene leading at RMB 17.41 billion [33] IPO Trends and Market Sentiment - 2020-2021 was the peak period for 18A IPOs, with 17 and 44 companies filing for listing respectively [26] - Market sentiment cooled significantly in 2022-2023, with only 7 companies successfully listing each year [26] - The 18A market is entering a period of rationalization after the bursting of valuation bubbles [26] Regulatory Environment and Policy Support - The 18A rules allow unprofitable biotech companies to list with a minimum market cap of HK$1.5 billion and require at least one core product to have passed the concept stage [35] - Recent policy measures include expanding the scope of eligible ETFs under Stock Connect, including REITs in Stock Connect, and supporting RMB stock trading counters in Hong Kong [40] - These policy measures aim to enhance market liquidity, attract more listings, and strengthen Hong Kong's position as an international financial center [41]