2024年港股18A生物科技行业洞察报告：发行数据分析-市场风潮涌动，数据揭示增长潜力

Investment Rating - The report does not explicitly state an investment rating for the biotechnology industry but highlights the unique listing channel provided by Chapter 18A for biotech companies in Hong Kong, indicating a strong competitive edge and market influence for these firms [4][5]. Core Insights - Since the introduction of Chapter 18A by the Hong Kong Stock Exchange in 2018, a total of 64 biotech companies have completed their listings, with 48 in the pharmaceutical sector and 16 in the medical device sector, showcasing significant growth potential in the market [4]. - The report notes a shift in market focus towards companies with strong R&D capabilities and potential for product commercialization, especially in a low market sentiment environment [5]. - The average establishment duration for listed 18A companies is approximately 8.5 years, with the longest being 22 years and the shortest 3 years, reflecting the lengthy development cycles typical in the biotech industry [28]. Summary by Sections Issuance Data Analysis - The issuance of 18A companies has experienced fluctuations, with only 4 out of 64 companies maintaining their stock prices above the issue price as of March 31, 2024 [5]. - The report indicates that the issuance ratio of 18A biotech companies has transitioned from high to low since the second half of 2021, reflecting a market downturn [33]. - The average subscription number for 18A companies has drastically decreased to 5,415 in 2023, compared to previous years where it peaked significantly [44]. Pre-Issuance Data - Prior to listing, 62 of the 64 18A companies underwent multiple rounds of financing, with the majority (85.48%) having 2 to 6 rounds, indicating robust pre-IPO funding activity [17]. - The report highlights that the valuation growth for companies before listing ranged from 10 to 50 times, with 21 companies falling within this range [11]. Post-Issuance Data - The average listing expenses for 18A companies account for approximately 8.79% of the total funds raised, with a notable increase in this ratio post-2022 due to reduced fundraising amounts [56]. - As of March 31, 2024, 12 companies have successfully removed the "-B" designation, indicating they no longer meet the criteria for Chapter 18A, which reflects their transition to more stable financial conditions [60]. Intermediary Participation - Major underwriters such as CICC and Goldman Sachs have played significant roles in the issuance of 18A companies, with CICC participating in 24 listings and achieving a 65.22% success rate on the first trading day [68]. - The report identifies Foresight as the leading industry consultant, involved in 53 out of 64 18A company listings, demonstrating its dominance in the sector [77].