港交所再迎生物医药企业递表的密集期。 10月26日至31日，短短6天内，鼎泰药研、新桥生物、礼邦制药等8家药企相继提交上市申请，在港股市场流动性改善的背景下，这股冲刺热潮 既折射出行业对融资窗口的集体把握，也暴露出不同赛道玩家的生存分化与发展焦虑。 此轮药企递表潮的背后，是港股市场环境的显著改善。 记者丨唐唯珂 编辑丨季媛媛 流动性回暖引IPO潮，财务分化加剧 从近期8家企业的赛道布局看，细分领域的专业化特征尤为明显。 肿瘤治疗仍是核心战场：新桥生物聚焦精准免疫肿瘤药物，其核心产品givastomig作为CLDN18.2×4-1BB双特异性抗体，瞄准胃食管腺癌、胆 道癌等实体瘤市场，该领域2024年全球一线治疗市场规模已达151亿美元（不含大中华区及韩国），预计2034年将增至223亿美元；麓鹏制药则 通过自主研发的BeyondX口服药物化学平台，布局癌症及自身免疫性疾病领域，三款核心候选产品均进入临床或新药申请阶段，2023年以来研 发开支占经营总支出比重始终维持在82%以上。 与此同时，差异化赛道的布局正在形成补充。 礼邦制药专攻慢性肾脏病并发症治疗，核心产品AP301作为磷酸盐结合剂已完成中国III期临 ...

Core Insights - The article discusses the recent IPO activities in the biopharmaceutical sector, highlighting the significant oversubscription of Zhonghui Biotech-B and introducing another new stock, Wangshan Wangshui-B, which focuses on innovative small molecule drug development targeting viral infections, neuropsychiatric disorders, and reproductive health [1]. Industry Overview - The biopharmaceutical sector is experiencing a surge in IPO activities, with Wangshan Wangshui-B submitting its prospectus for listing on the Hong Kong Stock Exchange [1]. - The market for central nervous system (CNS) diseases, such as Alzheimer's disease (AD) and Parkinson's disease (PD), presents a vast opportunity due to the large patient base and the increasing demand driven by an aging population [4]. Company Focus - Wangshan Wangshui-B is engaged in the discovery, acquisition, development, and commercialization of innovative small molecule drugs, specifically targeting three therapeutic areas: viral infections, neuropsychiatric disorders, and reproductive health [1]. - The company's lead pipeline candidate, WH-1, is an antibody targeting beta-amyloid (Aβ) for Alzheimer's disease, which is a validated pathological target in the field [5]. Clinical Development - WH-1 has shown promising safety and preliminary efficacy signals in early clinical studies, with the company aiming to differentiate itself through convenience of administration and safety profiles [6]. - WH-1 is currently in late-stage clinical trials (Phase II/III or III), which is a critical juncture for the pipeline's value and the company's overall valuation [6]. Market Potential - The global market potential for Alzheimer's disease treatments is substantial, estimated to be worth hundreds of billions of dollars, with existing therapies showing limited effectiveness, indicating a significant unmet clinical need [4]. Regulatory Environment - Global regulatory bodies, such as the FDA and NMPA, are supportive of innovative CNS drugs that address unmet needs, potentially offering expedited review pathways [4]. Financial Considerations - The company currently lacks a commercialized product and relies on continuous funding to support its clinical trials, which may lead to financial strain post-IPO [7]. - The IPO proceeds are expected to cover short-term operational costs, but the company will need to secure additional funding to sustain its long-term clinical development efforts [7].