Group 1 - The Hang Seng Innovation Drug Index is expected to achieve its first annual increase since 2020 after four consecutive years of decline, with a year-to-date increase of 116% as of August 22, 2025, outperforming the Hang Seng Index's 30.5% rise and the overall healthcare sector's 91.2% increase [1][5] - The strong performance of the index has brought it to its highest level since December 2021 [1] - The healthcare sector has shown the best performance among 12 industry indices, with a year-to-date increase of 91.2%, followed by materials (+73.1%) and information technology (+44%) [5][6] Group 2 - The IPO market for the healthcare sector has rebounded, with the top five IPOs of 2025 coming from this sector, showing first-day increases between 78.7% and 206.5%, compared to an average increase of 18.4% for the overall IPO market [9][11] - As of August 22, 2025, healthcare-related IPOs have raised HKD 20.7 billion, a 299% increase compared to the total raised in 2024, marking the highest level since 2021 [9][11] - The rebound in healthcare IPOs is primarily driven by pharmaceuticals and biotechnology, which accounted for approximately 93% of the total funds raised in the sector [9] Group 3 - The Hang Seng Innovation Drug Index was launched in May 2023 to reflect the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [13] - The index's calculation method was adjusted on June 30, 2025, to better reflect its target by excluding companies primarily engaged in contract research and manufacturing [13][14] - Following the adjustment, the weight of biotechnology and pharmaceuticals in the index changed to approximately 54% and 46%, respectively, from 62% and 38% prior to the adjustment [14][16]