2025年11月的港交所，创新药企IPO的"长龙"仍在延伸。 记者丨 唐唯珂 编辑丨季媛媛 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IPO的创新 药企业，大概率过审难度会非常大。 IPO数量翻倍 今 年 ， 已 经 成 功 港 股 I P O 的 生 物 医 药 企 业 多 达 2 3 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态。 2 0 1 8 年 港 交 所 1 8 A 章 规 则 落 地 ， 允 许 未 盈 利 ...

Group 1 - The core viewpoint of the articles highlights the ongoing surge in IPOs for innovative pharmaceutical companies in Hong Kong, with over 80 companies in various stages of the application process, marking a historical high [1] - The number of successful IPOs for biopharmaceutical companies in Hong Kong has doubled this year, with 23 companies listed compared to the previous year, driven by supportive policies and a mature financing ecosystem [2] - The IPO congestion is expected to persist until 2026, with high-quality companies more likely to secure listings while weaker firms may face a cycle of queuing and failure [3] Group 2 - The urgency for financing is a direct motivator for companies to queue for IPOs, as innovative drug development is capital-intensive, often requiring over a decade and substantial upfront investment [4] - There is a clear differentiation in the IPO landscape, where leading companies with mature pipelines easily secure significant funding, while trailing companies may struggle [5] - The introduction of new policies, such as the shortening of cornerstone investor lock-up periods and the adjustment of IPO pricing mechanisms, has intensified the urgency for companies to enter the IPO market [3][5] Group 3 - The expectation of profitability for innovative pharmaceutical companies is becoming clearer, with over 50% of companies projected to achieve profitability by 2026, indicating a critical period of revenue growth and profit transition [6] - The valuation disparity between primary and secondary markets reflects a deeper conflict in understanding potential versus realized value, leading to accelerated IPO processes for some companies [7] - The rise of the License-out model is bridging valuation gaps, with significant transaction volumes indicating strong international interest and validation of pipeline value [8][9]