开年以来，已有超20家港股创新药企再融资，远超去年同期， 部分企业甚至进行了两次再融资。目前再融资额已超340亿港 元。 作者：张英 封图：图虫创意 8月20日，翰森制药（03692.HK）公告，计划通过配股融资39亿港元，这是翰森制药上市以来第三次再融资。 翰森制药上一次再融资是2021年1月，在其股价历史性高点时，通过发行可转债募资6亿美元。目前，翰森制药 的股价已接近其历史高点的80%。 自2025年开年以来，中国不少创新药企迎来 估值修复 ，股价翻倍上涨。 多家药企在资本市场回暖之际再融 资，为未来发展"囤粮"。 据经济观察报统计，开年以来，已有超20家港股创新药企再融资，远超去年同期，部分企业甚至进行了两次再 融资。目前再融资额已超340亿港元。 港股创新药企再融资事件数 相比之下，A股创新药企再融资较少，今年仅两家获批：迪哲医药（688192.SH）在4月定增约18亿元，百利天 恒（688506.SH）39亿元的定增方案在8月初获批。 在股市火热之际，也有部分创新药企创始人、大股东正择机减仓以回笼资金。 "囤粮" 为创新药企提供外包服务的药明康德（603259.SH/02359.HK）是这轮再融资 ...

Core Viewpoint - Hansoh Pharmaceutical plans to raise HKD 3.9 billion through a placement, marking its third refinancing since its listing, with its stock price currently at approximately 80% of its historical high [2] Group 1: Financing Activities - Since the beginning of 2025, over 20 innovative pharmaceutical companies listed in Hong Kong have engaged in refinancing, significantly surpassing the same period last year, with total refinancing exceeding HKD 34 billion [2][4] - WuXi AppTec raised nearly HKD 7.7 billion through a share placement, making it the highest fundraising company in this round of refinancing [5] - Innovent Biologics raised approximately HKD 4.3 billion through the placement of 55 million new shares, with 90% of the funds allocated for global R&D and facility layout [5] Group 2: Stock Performance and Market Trends - The stock prices of many innovative pharmaceutical companies have doubled since the beginning of the year, indicating a market recovery [2] - Innovent Biologics' stock price has increased over 2.5 times since the start of the year, reflecting strong market interest [10] Group 3: Shareholder Actions - Some founders and major shareholders are taking the opportunity to reduce their holdings and cash out, despite the ongoing fundraising activities [4][10] - Notable reductions include Temasek's divestment of over HKD 2.4 billion from Innovent Biologics and significant sales by other major shareholders in various companies [10][11] Group 4: Alternative Financing Methods - Several companies are utilizing "old-for-new" financing methods, where founders sell their old shares to new investors and use the cash to subscribe to new shares, making it more attractive for investors [7][8] - Companies like Aisheng Pharmaceutical and others have successfully raised funds through this method, indicating a trend in the market [8]

Group 1 - Company X has entered into a placement agreement to issue 55 million shares, representing approximately 3.33% of its total issued shares as of the announcement date [1][2] - The placement price is set at HKD 82.4 per share, reflecting a discount of about 4.90% from the closing price on June 25 [2] - The expected total proceeds from the placement are approximately HKD 4.31 billion, with a net amount of about HKD 4.265 billion after costs [2] Group 2 - Approximately 90% of the net proceeds (around HKD 3.839 billion) will be allocated to the global research and development of key innovative pipelines and global facility layout [2] - The remaining 10% (approximately HKD 427 million) will be used for the company's daily operations [2] Group 3 - The recent trend shows a recovery in the financing environment for innovative drugs, with several leading pharmaceutical companies, including Company X, actively pursuing new share placements and financing initiatives [1][4] - Company Y has also completed a new H-share placement, raising approximately HKD 1.039 billion, with 70% of the funds earmarked for innovative drug research [3] Group 4 - The primary market for investment and financing has shown signs of recovery after a period of tightening, with business development transactions becoming a core growth logic for innovative drugs in China [4] - The recent successful IPO of Company Z and the upcoming listing of Wuhan Heyuan Biotechnology Co., Ltd. indicate a thawing in the A-share market for pharmaceutical companies [4][5]