Core Viewpoint - The Hong Kong IPO market is experiencing significant activity, highlighted by the strong performance of new listings such as Baoji Pharmaceutical-B, which saw its stock price surge over 115% in pre-listing trading [1][2]. Group 1: Baoji Pharmaceutical-B - Baoji Pharmaceutical-B's stock price reached 56 HKD in dark pool trading, a 112.28% increase from its offering price of 26.38 HKD [2][3]. - The company raised 2.6921 billion HKD in margin financing, indicating an oversubscription rate of 2690.8 times against its public offering amount of 1 million HKD [1]. - The IPO attracted significant cornerstone investors, including prominent institutions that collectively subscribed for 200.6 million HKD, accounting for 20.06% of the total fundraising [4]. Group 2: Company Overview - Established in 2019 and headquartered in Shanghai, Baoji Pharmaceutical is a biotechnology company focused on developing and providing recombinant biopharmaceuticals [4]. - The company has a pipeline of 12 in-development products, including three core products, with one recently approved for market and others in various stages of clinical trials [4]. Group 3: Financial Performance - Baoji Pharmaceutical has not yet achieved profitability, with projected revenues of 6.93 million HKD and 6.16 million HKD for 2023 and 2024, respectively, and net losses of 160 million HKD and 364 million HKD [5]. - In the first half of 2025, the company expects a revenue increase to 41.99 million HKD, a year-on-year growth of 2716.23%, although it will still incur a net loss of 183 million HKD [5]. Group 4: Market Trends - The Hong Kong IPO market has been robust, with 91 companies completing IPOs in the first 11 months of the year, raising a total of 259.889 billion HKD, a 228% increase year-on-year [10]. - The average oversubscription rate for Hong Kong IPOs in 2025 reached 1675 times, a significant increase compared to previous years, indicating heightened investor interest [10]. - The average first-day return for new listings in 2025 was 38%, a substantial increase of 347 percentage points from the previous year, with the first-day loss rate dropping to 23.08%, the lowest in five years [10].