Core Insights - The article highlights the significant application value of recombinant human hyaluronidase in the medical field, particularly in subcutaneous administration combined with antibodies, offering multiple advantages over traditional intravenous delivery [1][7]. Market Overview - The global recombinant human hyaluronidase market is projected to reach USD 799 million by 2024, with a year-on-year growth of 18.4% [1][7]. - North America maintains a leading position in the market due to its mature healthcare system, while the Asia-Pacific region, including China, shows strong growth potential [1][7]. Industry Policies - The Chinese government has implemented various policies to support the development of the pharmaceutical manufacturing industry, including the recombinant human hyaluronidase sector, creating a favorable policy environment for growth [4][5]. Industry Chain - The upstream of the recombinant human hyaluronidase industry includes gene components, host cells, culture media, consumables, and production equipment. The midstream focuses on R&D, production, quality control, and registration, while the downstream encompasses applications in assisted reproduction, antibody drug development, aesthetic medicine, gene therapy, and tumor treatment [5][6]. Development Status - The recombinant human hyaluronidase industry in China is entering a rapid growth phase, with a projected market size of CNY 186 million by 2024, reflecting a year-on-year increase of 143.8%, significantly outpacing the global average [7][8]. - The industry is driven by national innovation policies and increasing clinical demand, with expanding applications in medical aesthetics and tumor treatment [7][8]. Competitive Landscape - Several recombinant human hyaluronidase products have been approved globally, including Halozyme Therapeutics' rHuPH20 and Alteogen's Tergase. Shanghai Baijia Pharmaceutical Co., Ltd. has established a first-mover advantage in China with its KJ017 product, which is currently in the NDA registration stage [9][10]. - Baijia Pharmaceutical's revenue from recombinant human hyaluronidase is expected to reach CNY 3.111 million in 2024, marking a year-on-year growth of 681.7% [9][10]. Development Trends - Future innovations in recombinant human hyaluronidase will focus on optimizing gene engineering technology to enhance product purity and activity, as well as developing long-acting formulations and composite preparations [11][12]. - The application scenarios for recombinant human hyaluronidase are expected to diversify, expanding into targeted tumor therapy, assisted reproduction, and orthopedic disease treatment [11][12]. - Domestic companies are anticipated to accelerate the process of replacing international giants in high-end product areas, supported by policy backing and enhanced R&D capabilities [12].

Core Viewpoint - The resurgence of interest in 18A companies in the Hong Kong stock market is evident, with institutional investors focusing on biotech firms that meet the criteria for listing under Chapter 18A of the Hong Kong Stock Exchange, which allows unprofitable and revenue-less biotech companies to go public [1][4]. Group 1: Market Trends - The total IPO fundraising in Hong Kong is expected to exceed HKD 200 billion this year, second only to the peak in 2021 when it surpassed HKD 320 billion [1]. - As of December 3, 2023, 13 18A companies listed in Hong Kong have raised over HKD 26 billion [1]. - The average first-day and one-month post-listing gains for new stocks in Hong Kong have reached 38.4% and 40.2% respectively, with 18A companies showing even higher gains of 69.4% and 88.7% [4]. Group 2: Company Performance - Baoyi Pharmaceutical, a notable 18A company, plans to raise approximately HKD 1 billion through its IPO, having already received approval for a new drug prior to its listing [2][11]. - Baoyi Pharmaceutical's revenue has significantly increased, with a reported rise of over HKD 40 million in the first half of the year due to licensing and technical service income [9]. - The company has a robust pipeline with 12 in-development products, including three core products nearing commercialization [2][11]. Group 3: Investment Sentiment - Investors are increasingly favoring 18A companies with commercialized products, as these represent self-sustaining opportunities [3]. - The sentiment among investors is positive, with many experiencing significant returns from investing in 18A companies compared to other sectors [4]. - The number of 18A companies applying for IPOs has nearly doubled in the second half of the year, indicating a strong market demand [6]. Group 4: Competitive Landscape - The competitive environment for 18A companies is intensifying, with over 5,000 such companies established in China, leading to increased scrutiny from investors regarding the quality and pipeline of these firms [21]. - Baoyi Pharmaceutical's innovative products are positioned to compete effectively in the market, with expectations of substantial revenue growth in the coming years [18][23]. Group 5: Future Outlook - The trend of 18A companies going public is expected to continue, driven by pent-up demand and improved market conditions [8][26]. - Baoyi Pharmaceutical is exploring partnerships and innovative business models to enhance its market position and revenue streams [22][24].