智通财经APP观察到，首挂当日，华芢生物股价早盘较发行价大幅低开，开盘10分钟内，股价最大跌幅达到17.80%，股价下探至最低31.4港元。虽然公司股 价随后立即反弹，并一度距水线仅1港元，但后续并未持续向上。下午开盘后，其股价再次持续下跌，最低价跌至31港元，跌幅达21.68%，随着华芢生物股 价午后一路下跌，最终报收27.00港元，跌幅达到29.32%。 由于自带"港股PDGF第一股"光环，这家公司此前被不少打新投资者视为年末的"创新药大肉"之一。挂牌首日如此表现显然低于不少投资者预期。 12月22日，华芢生物-B(02396)正式挂牌上市。 "机制B+无基石"难获市场认可? 相比同一时间段招股的明基医院，华芢生物的配售结果其实看上去要好上不少。 根据发行计划，此次华芢生物全球发售1764.88万股H股(占发行完成后总股份的15%)，其中90%为国际发售、10%为公开发售，另有15%超额配股权。发行价 以招股区间下限定价为每股38.2港元，募集资金总额约6.74亿港元，募资净额约6亿港元。 同为选择机制B发行的企业，相较于明基医院香港公开发售部分仅获超购3.7倍的成绩，华芢生物获得了791.95倍巨额的超 ...

Core Viewpoint - The initial public offering (IPO) of Huazhang Biotech-B (02396) on December 22, 2025, experienced significant volatility, with the stock price dropping as much as 29.32% by the end of the trading day, which was below investor expectations given its status as the "first PDGF stock in Hong Kong" [1][2][15] Group 1: IPO Performance - On the first trading day, Huazhang Biotech's stock opened significantly lower, with a maximum drop of 17.80% within the first 10 minutes, reaching a low of 31.4 HKD [1] - The stock price rebounded briefly but ultimately closed at 27.00 HKD, marking a total decline of 29.32% [1] - The company had a substantial oversubscription rate of 791.95 times during the IPO, indicating strong initial interest despite the poor first-day performance [4][7] Group 2: Financial Details - The IPO involved the global issuance of 17.6488 million H-shares, with 90% allocated for international sale and 10% for public offering, raising approximately 674 million HKD [4] - The offering price was set at the lower end of the range at 38.20 HKD per share, with a total fundraising target of about 6.74 billion HKD [5] - The company reported minimal revenue of 47,200 HKD and 26,100 HKD for 2023 and 2024, respectively, primarily from research services, while incurring significant net losses of 1.05 billion HKD, 2.12 billion HKD, and 1.35 billion HKD over the same period [15] Group 3: Market Context and Product Pipeline - Huazhang Biotech focuses on developing and commercializing protein-based therapies, particularly in the wound healing sector, with core products Pro-101-1 and Pro-101-2 targeting burn injuries and diabetic foot ulcers [12][14] - The Chinese diabetes market is projected to grow from 4.7 billion USD in 2023 to 9.3 billion USD by 2032, with a compound annual growth rate (CAGR) of 7.9% [13][14] - The company is in the clinical trial stages for its products, with Pro-101-1 expected to submit an IND application to the FDA in Q1 2026 [14]