安永香港资本市场服务发言人赖耘峰表示，按筹资额统计，前五大行业包括工业、材料、科技、零售以及18A等。公开数据显示，今年 截止12月3日，在港上市的13家18A公司，共募资额超过260亿港元。 港交所IPO募资总额时隔四年将再次超过2000亿港元，仅次于历史高峰期的2021年，后者当年募资额超过3200亿港元。 "经过近10年的发展，中国的生物制药公司大多都进入了关键的蓬勃发展期，现在赴港上市的18A公司质量也在逐渐好起来。"即将在港 IPO的18A公司宝济药业创始人刘彦君于近期对腾讯新闻《潜望》表示。 "港股市场好起来后，18A热潮又回来了。"某家在港投行公司生物制药组的人士对腾讯新闻《潜望》表示，今年机构投资者把目光重新 转至18A公司。港交所《上市规则》第18A章为未盈利和没有收入的生物科技公司创设了上市条件，市场一般将此类生物制药公司统称为 18A公司。 今年在港IPO的13家18A公司，包括宝济药业、中慧生物、劲方生物等，上市之前即有一款新药获批得上市。在此之前的绝大多数18A公 司在港挂牌时，都未曾获得药监局的新药上市审批。 公开数据显示，宝济药业是一家成立于2019年的生物制药公司，于12月2日 ...

Core Viewpoint - The resurgence of the 18A IPO trend in the Hong Kong stock market is driven by improved market conditions and the increasing quality of biotech companies seeking to go public, particularly those with commercialized products and advanced clinical pipelines [1][4][7]. Summary by Sections 18A Companies and Market Trends - The Hong Kong stock exchange's Chapter 18A allows unprofitable and revenue-less biotech companies to list, leading to a renewed interest from institutional investors in 18A companies [1]. - The total IPO fundraising in Hong Kong is expected to exceed HKD 200 billion this year, with 13 18A companies raising over HKD 26 billion as of December 3 [1][2]. - The average first-day and one-month post-listing gains for new stocks in Hong Kong reached 38.4% and 40.2%, respectively, with 18A companies outperforming at 69.4% and 88.7% [4]. Specific Company Insights: Baoji Pharmaceutical - Baoji Pharmaceutical, established in 2019, is set to raise approximately HKD 1 billion through its IPO, with a share price of HKD 26.38 [2]. - The company has a diverse product pipeline, including 12 in-development products, with one new drug already approved for market [2][10]. - Baoji's revenue has significantly increased due to licensing and technical service income, with reported revenues of CNY 6.93 million, CNY 6.16 million, and CNY 41.99 million for 2023, 2024, and the first half of 2025, respectively [10][14]. Investment Sentiment and Future Outlook - Investors are increasingly favoring 18A companies with commercialized products, as evidenced by the strong performance of Baoji and others in the market [3][7]. - The number of 18A companies applying for IPOs has nearly doubled in the second half of the year, indicating a robust market sentiment [6]. - Baoji's innovative products, such as the long-acting recombinant follicle-stimulating hormone, are expected to generate significant revenue, with projections of CNY 300 million, CNY 500 million, and CNY 1 billion in 2026, 2027, and 2028, respectively [17]. Competitive Landscape - The competitive environment for 18A companies is intensifying, with a focus on clinical trial advancements and commercialization timelines [7][12]. - Baoji's strategy includes exploring partnerships with antibody drug companies, enhancing its market position and revenue potential [21][22]. - The company aims to leverage its platform for both direct-to-consumer and business-to-business opportunities, ensuring a diversified revenue stream [22]. Entrepreneurial Insights - The founder of Baoji, Liu Yanjun, emphasizes the importance of having a clear revenue generation strategy and the ability to adapt to market changes, particularly in the fast-evolving biotech landscape [20][23]. - The company has successfully navigated funding challenges during the pandemic, raising over CNY 10 billion since its inception, which has allowed it to maintain a strong focus on research and development [23][24].

Core Viewpoint - The recent performance of Hong Kong IPOs, particularly those classified as 18A companies, has generated significant market anticipation for new listings in this category, with the top five companies showing substantial first-day gains [3][4]. Company Overview - Jinfang Pharmaceutical, established in 2017, is a biopharmaceutical company focused on developing new treatment solutions for oncology and autoimmune diseases. The company has attracted notable venture capital firms such as Shenzhen Capital Group and DCM [6]. Product Pipeline - Jinfang Pharmaceutical has developed a product pipeline that includes eight candidate drugs, with five in clinical development. Two core products, GFH925 and GFH375, are highlighted, with GFH925 being a selective KRAS G12C inhibitor approved for advanced non-small cell lung cancer (NSCLC) in China [7][8]. Commercialization and Partnerships - Jinfang Pharmaceutical has entered into several licensing agreements, including one with Innovent Biologics for GFH925, which grants Innovent full responsibility for the drug's development and commercialization in Greater China. The company retains exclusive rights for development outside of China [9][10][11]. Financial Performance - Despite the commercialization of GFH925, Jinfang Pharmaceutical reported revenues of RMB 73.73 million in 2023 and projected RMB 105 million in 2024, with net losses of RMB 508 million and RMB 678 million for the same years, respectively. The losses are attributed to significant R&D investments [12][14]. R&D Investment - The company emphasizes the need for long-term financial resources for developing high-quality drugs, with R&D costs amounting to RMB 313 million in 2023 and projected RMB 332 million in 2024 [15]. Shareholder Structure - The largest shareholder group of Jinfang Pharmaceutical includes its co-founders and key executives, controlling approximately 25.23% of the issued share capital. The company has raised a total of RMB 1.421 billion through multiple funding rounds [16][18].