最高涨超1600%！上市潮、上涨潮、出海潮！这一板块，彻底火了！

Core Viewpoint - The 18A companies in the Hong Kong stock market have experienced a significant turnaround in 2023, showcasing a surge in listings, stock price increases, and international expansion opportunities [1]. Listing Wave - In 2023, there has been a notable listing wave for 18A companies, with 10 out of 58 newly listed companies being 18A firms, many of which performed exceptionally well on their debut [3]. - The IPO of Zhonghui Biotechnology on August 11 received over 4000 times oversubscription, with total subscription amount exceeding 200 billion HKD, while Yinnuo Pharmaceutical's IPO on August 15 saw over 300 billion HKD in subscription [3]. - The top six companies with the highest first-day gains included five 18A companies, indicating strong investor interest [3]. Price Surge - Among the 77 listed 18A companies, 17 have seen stock price increases exceeding 200%, with 26 companies experiencing gains between 100% and 200% since the beginning of 2023 [8]. - The highest price increase was recorded by Beihai Kangcheng, with a staggering 1644% rise, although its market capitalization remains relatively small at approximately 1.1 billion HKD [8]. International Expansion - The 18A companies are leveraging unique "outbound" models to generate revenue through licensing agreements with international pharmaceutical firms, despite many still not generating significant income [12]. - Rongchang Biotechnology announced a licensing agreement with Santen China, which includes a non-refundable upfront payment of 250 million HKD and potential milestone payments totaling up to 520 million HKD [12]. - Lepu Biopharma disclosed a licensing agreement with ArriVent, which could yield up to 1.2 billion USD in total payments, including upfront and milestone payments [13]. Industry Progress - The impressive performance of biopharmaceutical companies is attributed to the rapid advancement of Chinese pharmaceutical firms, transitioning from imitation to innovation since 2015 [14]. - Chinese innovative drug companies are now actively developing original drugs, with a significant increase in the number of clinical trials and a growing international competitive edge [15]. - By Q1 2025, China accounted for nearly 60% of global innovative drug licensing transactions, marking its emergence as a center for innovative drug deals [15].