“好时候”不等人，创新药抢登港股续命

Core Viewpoint - The Hong Kong stock market is experiencing a surge in biotech IPOs, with a record number of companies rushing to list, driven by a favorable market environment and the urgency to secure funding before potential downturns [4][5][12]. Group 1: Market Dynamics - The number of biotech companies listed in Hong Kong in the first half of 2025 is approaching the total for the entire previous year, with at least 17 companies having gone public by early November [4]. - There are over 273 companies currently waiting to go public, indicating a backlog that could delay listings until 2026 [5]. - The Hang Seng Biotech Index and the Nasdaq Biotech Index have both seen declines of over 5% in the past three months, signaling potential market volatility [5][11]. Group 2: Investment Trends - Many biotech companies have seen their stock prices double within the year, with some unprofitable firms reaching market valuations exceeding 200 billion [5]. - The trend of "business development" (BD) has become crucial for biotech firms, as securing large BD deals can significantly enhance their market value and attract key investors [20][22]. - The capital market for innovative drugs in China has evolved rapidly, with a shift from focusing solely on drug commercialization to prioritizing early-stage licensing deals to secure funding [25][26]. Group 3: Challenges and Risks - The biotech sector is facing a tightening of funding, with the first half of 2024 expected to see a significant drop in financing compared to previous years [15][29]. - Companies are under pressure to demonstrate their value through BD transactions, as the market is becoming increasingly discerning about the quality of innovation [28][29]. - The potential for a market correction looms, as many companies may face selling pressure if their clinical data does not meet expectations or if their valuations are deemed excessive [34].