Core Insights - The Hong Kong IPO market has seen a significant presence of biopharmaceutical companies, with most listing under the HKEX Chapter 18A for unprofitable biotech firms, achieving strong first-day performance with many stocks rising over 100% [1] - The geographical distribution of these listings is concentrated, with 13 out of 19 biopharmaceutical companies coming from the Yangtze River Delta region, which includes 7 from Jiangsu, 4 from Zhejiang, and 2 from Shanghai [1] - The Yangtze River Delta contributes 30% of the national biopharmaceutical output, 30% of drug sales, and 70% of domestically produced Class 1 new drugs, with an industry value exceeding 1 trillion [1] - Additionally, 6 companies have listed under HKEX Chapter 18C for specialized technology firms, with 3 of these from the Guangzhou-Shenzhen area [1] - Market analysis suggests that as new first-tier cities enhance their IPO cultivation efforts, combined with the Hong Kong market's inclination towards specialized technology sectors, future mainland IPOs are expected to exhibit a "core leading, multi-point blossoming" trend [1] - Local governments are encouraged to align their local industry characteristics with the demands of the Hong Kong stock market [1]