近期港股市场迎来众多新股上市，大多数新股首日表现不俗，其中映恩生物-B（09606.HK）首日飙升 近117%，沪上阿姨（02589.HK）首日也大涨逾40%，宁德时代（03750.HK）、恒瑞医药（01276.HK） 等一些新股也都有着不错的表现。 不过，在近期的新股中，也还是有一些公司上市首日即遭遇下跌。 5月27日，派格生物医药-B（02565.HK）正式在港交所挂牌，其股价直接大幅低开，盘中一度暴挫逾 28%，此后虽然有所回升，但截至发稿时间，跌幅仍超过21%。 值得注意的是，虽然首日表现不佳，但派格生物医药日前的招股认购数据并不差。 根据配发结果，派格生物医药全球共发行1928.35万股H股，每股定价15.60港元，所得款项净额2.32亿 港元。其中，香港公开发售股份数目占全球发售的比例约50%，获743.78倍认购；国际发售股份数目占 全球发售股份约50%，获1.13倍认购。 例如，派格生物医药的核心产品PB-119长效胰高血糖素样肽1受体激动剂，而截至今年2月28日，16种 GLP-1受体激动剂已在中国获批准，超过20种GLP-1受体激动剂候选药物正在中国进行T2DM治疗的临 床试验。 需要指出 ...

Group 1: Company Overview - Contemporary Amperex Technology Co., Limited (CATL) has successfully listed in Hong Kong, raising HKD 35.657 billion, making it the largest IPO in the Hong Kong market since Kuaishou [1] - CATL's IPO could potentially become the largest globally by 2025 if the over-allotment option is exercised, raising the total to HKD 41 billion [1] Group 2: Market Dynamics - The innovative drug sector is currently experiencing significant growth, with companies like 3SBio seeing stock price increases of over 60% in recent trading days, driven by positive market sentiment [1] - The global market for Type 2 diabetes (T2DM) and obesity treatments is projected to grow significantly, with T2DM expected to reach USD 106.2 billion and obesity USD 58.5 billion by 2032, reflecting compound annual growth rates of 4.9% and 22.9% respectively [9] Group 3: Company Specifics - Paig Biological - Paig Biological, a biotechnology company focused on chronic disease therapies, is currently in the process of an IPO in Hong Kong, with a subscription period from May 19 to May 22, 2025 [2][5] - The company has undergone multiple rounds of financing, with a post-money valuation of approximately CNY 4 billion as of June 2023 [4] Group 4: Product Pipeline and Competition - Paig Biological's core product, PB-119, is a GLP-1 receptor agonist aimed at treating T2DM and obesity, with its NDA for T2DM accepted by the National Medical Products Administration in September 2023 [9][10] - The competitive landscape for PB-119 is challenging, with 13 competitors in the T2DM space and over 15 in the obesity treatment sector, including established players like Novo Nordisk and Eli Lilly [10] Group 5: Financial Performance - Paig Biological has reported net losses of CNY 306 million, CNY 279 million, and CNY 283 million for the years 2022, 2023, and 2024 respectively, alongside significant R&D expenditures [11]