Core Insights - The number of biopharmaceutical companies applying for IPOs in Hong Kong has exceeded 80 this year, marking a historical high [1] - 23 biopharmaceutical companies have successfully listed on the Hong Kong stock market this year, doubling the number from last year [4] - The valuation logic for innovative drugs in Hong Kong is shifting towards a combination of market sentiment and fundamental support, with a focus on the maturity of product pipelines and profitability [2][11] Market Dynamics - The IPO congestion is expected to persist until 2026, with high-quality companies more likely to secure listing opportunities while weaker firms face a cycle of "queue-fail-requeue" [5] - The Hong Kong Stock Exchange's introduction of the "Special Technology Line" has improved the efficiency of the listing process, allowing companies to submit applications confidentially [4] - Recent reforms in the IPO pricing mechanism have reduced the minimum allocation for cornerstone investors, increasing their share and lowering the risk of price breaks [6] Investment Landscape - The financing needs of biopharmaceutical companies drive their willingness to queue for IPOs, as the sector is characterized by high cash burn rates and long development timelines [7] - The differentiation in the IPO market reflects the maturity of product pipelines and the ability to generate revenue, with top-tier companies attracting significant funding while others struggle [7][12] - The rise of the License-out model is bridging the valuation gap between primary and secondary markets, providing stable upfront payments and milestone revenues [14][15] Future Outlook - The sustainability of the innovative drug boom in Hong Kong is supported by the ongoing opportunities for Chinese innovative drugs in international markets, particularly as multinational companies seek to fill gaps due to patent expirations [10] - The expectation is that over 50% of innovative companies will achieve profitability by 2026, driven by improved fundamentals and a shift towards revenue generation [11] - The ongoing transition from generic to innovative drugs in China's pharmaceutical industry is expected to create a strong competitive landscape, with a focus on long-term value creation [16]

21世纪经济报道记者 唐唯珂 报道 2025年11月的港交所，创新药企IPO的"长龙"仍在延伸。 据不完全统计，截至11月24日，今年以来处于申请处理、已递表待审及准备递表阶段的生物医药企业总 数突破80家，这一数字创下历史新高。与之相对的是，年初至今已有23家医药健康企业顺利登陆港股。 热潮之下，一级市场融资估值的坚挺与二级市场估值的理性修复形成鲜明博弈，估值体系的重构成为企 业扎堆赴港的核心推力。 高特佳投资集团副总经理于建林向21世纪经济报道记者表示，当前港股创新药的估值逻辑是市场情绪与 基本面的结合体，经过近期回调后估值更趋合理，短期情绪因素逐渐消化，基本面支撑的作用正变得越 来越重要。 华南某一级从业人士对21世纪经济报道记者直言，如果是最近才报或者才准备港股的创新药企业，大概 率过审难度会非常大。 从结果来看，优质企业更易获得上市机会，尾部企业将会面临"排队-失效-再排队"的恶性循环。港交所 政策允许保密递表，基石投资者锁定期缩短进一步加剧了港股IPO窗口的紧迫性。 IPO数量翻倍 今年，已经成功港股IPO的生物医药企业多达23家，比去年翻了一倍。数据的强势背后，是政策与资本 共同构筑的成熟融资生 ...