Group 1 - Four new stocks were listed on December 22, 2025, including two from the healthcare sector: Huashan Bio and Mingji Hospital [1] - Huashan Bio experienced a significant increase of over 30% in dark market trading prior to its public offering, with a subscription ratio reaching nearly 792 times and over 500 billion HKD in frozen funds [1] - Despite initial excitement, both Huashan Bio and Mingji Hospital saw their stock prices drop significantly upon listing, with Huashan Bio falling over 11% and Mingji Hospital dropping more than 30% [1] Group 2 - Huashan Bio is positioned as the first PDGF stock in Hong Kong, targeting a blue ocean market for wound healing with seven PDGF candidate drugs, including Pro-101-1, which is noted for its rapid clinical development [1][2] - The potential market size for PDGF drugs in burn treatment is only about 6.66 million RMB by 2033, and the diabetic foot ulcer market is highly competitive with existing treatment options [2] - Huashan Bio lacks commercialized products, revenue, and profit, categorizing it as a "three-no company" [1][2] Group 3 - Mingji Hospital is the largest private profit-making hospital group in East China, with over 2 million outpatient visits in 2024 and the highest revenue per bed among similar hospitals in the country [3] - However, Mingji Hospital's revenue has stagnated, with a 1.1% decline in 2024 and a further 1.34% drop in the first half of 2025, alongside a significant decrease in net profit from 167 million RMB in 2023 to 109 million RMB in 2024 [3] - The static P/E ratio for Mingji Hospital in 2024 is estimated to be between 25x and 31x, which is significantly higher than the average for the Hong Kong healthcare sector [3] Group 4 - Early investors, such as CDH Medical Services Limited, exited before the IPO, indicating cautious expectations regarding the company's value [4] - CDH invested 100 million USD in 2014 and sold its shares for 195 million USD in 2023, realizing a profit of 95 million USD [4] - The cases of Huashan Bio and Mingji Hospital reflect a broader trend of market sentiment diverging from asset fundamentals, with recent IPOs in the Hong Kong biotech sector being driven by external liquidity and market corrections [4][5] Group 5 - As of early 2025, 24 biotech companies have successfully listed on the Hong Kong stock market, with 7 currently trading below their IPO prices [5] - Notable declines include Mingji Hospital, which has seen a drop of 49.46% from its IPO price of 9.34 HKD to a closing price of 4.72 HKD [6]