21世纪经济报道记者韩利明 生物医药企业赴港上市热潮持续涌动。据港交所官网信息显示，自9月15日至今近一个月时间内，已有 安徽华恒生物、贝达药业、长春高新、诚益生物、滨会生物、先为达生物、麦科奥特医药等超12家药企 递交IPO申请，业务范围涵盖创新药物研发、疫苗等多个领域。 在赴港上市队伍中，今年6月已完成递表的轩竹生物率先迎来新进展。10月15日，该公司以29.46港元/ 股开盘，较11.6港元/股的发行价上涨153.97%，总市值超150亿港元。而在前一日的港股暗盘交易中， 轩竹生物一度涨超172%至31.6港元。 根据招股书，按此次发售价格计算，轩竹生物将获得募资净额7.01亿港元，其中45%将用于核心产品 （KBP-3571、XZP-3287及XZP-3621）的研究及开发；14%用于关键产品（KM602、KM501、 XZP- 7797及XZP-6924）的研发；11%将用于为其他候选药物的研发拨资；20%用于增强商业化及市场营销能 力。剩余10%将用于营运资金及其他一般公司用途。 对于当前生物医药企业赴港上市热潮，香港生产力促进局首席数码总监及内地业务首席执行官黎少斌在 接受 21 世纪经济报道记 ...

Core Viewpoint - The ongoing trend of biopharmaceutical companies going public in Hong Kong is driven by the need for funding and the advantages of Hong Kong's research infrastructure and regulatory environment [2][3] Group 1: IPO Activity - Over 12 biopharmaceutical companies have submitted IPO applications in Hong Kong since mid-September, covering areas such as innovative drug development and vaccines [2] - Xuan Zhu Biotech, which completed its IPO application in June, opened at HKD 29.46 per share, a 153.97% increase from its issue price of HKD 11.6, with a market capitalization exceeding HKD 15 billion [2] - The company plans to use 45% of the raised funds for core product R&D, 14% for key product development, and 20% for enhancing commercialization and marketing capabilities [2] Group 2: Market Dynamics - The collaboration between mainland Chinese pharmaceutical companies and Hong Kong is expected to deepen in product R&D, market strategy, and capital operations [3] - The capital market is returning to the essence of value recognition for biopharmaceutical assets, with innovative companies gaining continuous attention [3] Group 3: Competitive Landscape - Xuan Zhu Biotech has three core products approved for market, including KBP-3571, which has become a major revenue source [4] - The PPI market in China has remained above CNY 10 billion from 2018 to 2024, but competition is intensifying due to the inclusion of several common PPIs in centralized procurement [5] - Xuan Zhu Biotech is expanding the indications for KBP-3571 to include reflux esophagitis, which is currently in Phase III clinical trials [6] Group 4: Financial Performance - Xuan Zhu Biotech is experiencing revenue growth but also increasing losses, with revenues of CNY 2.9 million and CNY 30.09 million in 2023 and 2024, respectively, and total losses of CNY 3 billion and CNY 5.56 billion [7] - The company has over ten drug assets in development, with a significant focus on R&D spending, which was CNY 3.84 billion, CNY 2.85 billion, and CNY 1.06 billion for 2023, 2024, and the first half of 2025, respectively [8] Group 5: Future Outlook - The biopharmaceutical industry is characterized by high investment, long cycles, and high risks, leading to a continuous need for funding [7] - Companies must demonstrate tangible results in clinical value or commercial revenue to attract capital and resources in a competitive market [9]