"边走边看，祈祷行情可以持续，"一家近期递表药企的IR负责人说道。待上市药企，普遍渴望能抓住这 一波上市机会。 "现在大家都觉得很紧迫。因为市场很热，发行窗口难得，谁也不确定等自家通过聆讯时，行情是什么 样。"科律律师事务所上海办事处主管合伙人刘毅铭表示，"另外，当前创新药横向竞争也比较激烈，像 代谢领域，已有多家开发GLP-1靶点的药企上市，还有几家正在推进中。市场上能看懂创新药的二级市 场投资人，本身就有限，如果他投了竞品，可能不一定有胃口再投同赛道的另一家企业。" 因此，大家都在抢时间。企业家们组团走进港交所，了解18A制度和最新资本政策；多家投资机构组织 港股IPO主题闭门会，尝试加速被投企业上市进程；律所、投行等服务方更是迎来"旺季"，在递表前通 宵达旦地工作。 估值逻辑转变，Biotech加速冲刺 港交所门口，排满了等待上市的创新药企。 9月28日，小核酸药企靖因药业递表港股IPO，上轮投后2.5亿美元。9月15日至今两周间，已有爱科百 发、新元素药业、先为达等六家创新药企加入港股IPO冲刺队伍。 今年4月映恩生物上市以来，沉寂多时的港股创新药板块，被高频的BD交易、汹涌的IPO热潮激活。维 立志 ...

Group 1 - The core viewpoint of the articles highlights a surge in IPO activities for innovative biotech companies in Hong Kong, driven by favorable market conditions and regulatory changes [1][2][4] - Since April 2023, the Hong Kong IPO market for innovative drugs has been revitalized, with several companies experiencing significant oversubscription and stock price increases on their debut [1][3] - The current trend shows a shift in investor preference towards smaller biotech firms with lower valuations, contrasting with previous years where companies had valuations exceeding 10 billion RMB [2][3] Group 2 - Over 60 medical and pharmaceutical companies have submitted IPO applications in 2025, with innovative drug companies making up a significant portion [4] - The new regulations implemented by the Hong Kong Stock Exchange in August 2023 have positively impacted the subscription rates and stock prices of new listings [7][8] - The market is witnessing a growing interest in business development (BD) collaborations, which are seen as crucial for the valuation and future growth of biotech companies [5][6] Group 3 - The global pharmaceutical industry is facing a potential revenue decline due to patent expirations, creating opportunities for Chinese innovative drug assets [5] - The recent changes in the IPO process have led to increased participation from institutional investors, enhancing the overall market dynamics [8] - The Hong Kong biotech sector is expected to maintain a positive long-term outlook due to improved asset quality and global competitiveness [8]