文｜氨基观察 2025年风光无限的港股18A新股暴涨神话，今日正式破灭。 12月22日，18A生物科技公司华芢生物登陆港交所，与此前18A新股上市后动辄大涨的火热行情形成鲜 明反差，公司股价首日便遇冷走弱。截至收盘，华芢生物收跌29.32%，给市场泼了一盆冷水。 值得注意的是，首日破发的并非只有华芢生物。同日，明基医院、印象大红袍、南华期货3只港股新股 同步挂牌，最终全部加入破发行列，形成"集体遇冷"的局面。 截至当日收盘，明基医院暴跌49.46%，据Wind数据显示，该跌幅已创下年内港股新股首日最差纪录； 印象大红袍、南华期货分别下跌35.28%、24.17%。 此次多股集体破发，背后是港股IPO市场的双重压力：一方面，监管层近期已明确释放收紧信号，对上 市申请材料质量、保荐机构合规行为等提出更高要求；另一方面，2025年港股IPO数量大幅扩容，尤其 是近期新股发行密度激增，市场流动性被持续分流。 在这一背景下，港股新股的破发概率已明显攀升。对于后续拟赴港上市的企业而言，尤其是依赖市场情 绪支撑的18A类公司，上市难度或将进一步加大，市场对新股的筛选也将更趋严苛。 / 01 /赚钱效应下的狂欢 在华芢生物上 ...

Core Viewpoint - The stock of the biotech company,药捷安康, surged significantly after announcing the initiation of a Phase II clinical trial for its core product, TT-00420, aimed at treating HR+/HER2- recurrent or metastatic breast cancer, which received implied approval from the Chinese National Medical Products Administration [3][6]. Group 1: Stock Performance - On September 15,药捷安康's stock opened strong and peaked at a 124.10% increase, closing at 415.00 HKD per share, marking a 115.58% rise for the day [1]. - Following the announcement of the clinical trial,药捷安康's stock price increased for four consecutive trading days, accumulating a total rise of nearly 500% [6]. - The overall 18A biotech sector, influenced by药捷安康, saw a rise of 15.63%, leading among various concept sectors [6]. Group 2: Clinical Trial Details - The Phase II clinical trial for TT-00420, in combination with Fulvestrant, is an open-label, multi-center study designed to evaluate the safety, efficacy, and pharmacokinetics of the treatment [3]. - The trial is expected to receive implied approval by September 10, 2025, from the Chinese National Medical Products Administration [3]. Group 3: Financial Performance - Currently,药捷安康 has no commercialized products, reporting zero revenue and a loss of 123 million CNY in the first half of the year [11].