12月22日和12月23日，连续2个"18A大肉"上市首日破发，让不少投资者在年末感受到了一丝市场寒意。继12月22日华芢生物-B(02396)首挂当日股价收跌近 30%后，12月23日首挂上市的翰思艾泰-B(03378)同样受到市场"暴击"。 智通财经APP观察到，首挂当日，翰思艾泰以28.9港元开盘，较发行价32港元低开9.69%，随后公司股价一路下探至最低17.20港元，全天最大跌幅达到 46.25%。并且其股价午后触底反弹无力，未能将跌幅收窄至40%以内，最终公司以全天最低价报收17.20港元，让首挂当日跌幅锁定在46.25%。 其实对比华芢生物和翰思艾泰两家18A的配售结果，其实能看出市场对于创新药企的打新热情。 根据发行计划，此次翰思艾泰全球发售1832.1万股H股。香港公开发售方面，翰思艾泰获3074.09倍认购，公开发售股份最终数目为183.21万股股份，占发售 股份总数的约10%。获得约13.97万份有效申请，受理申请数目17689份，一手中签率约为1%;国配阶段，翰思艾泰获5.78倍认购，国际发售股份最终数目为 1648.89万股股份，相当于发售股份总数的90%，此外还另有15%超额配股权 ...

Group 1 - The core viewpoint of the article is that Hansai Aitai Biopharmaceutical Technology (Wuhan) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with ICBC International as the exclusive sponsor [1] - The company focuses on structural biology, translational medicine, and clinical development, having developed an innovative drug pipeline since 2016, including its core product HX009 and nine other pipeline candidates [1][2] - HX009 is a self-developed PD-1/SIRPα dual-function antibody fusion protein currently undergoing multiple clinical trials in China for treating advanced melanoma, relapsed/refractory EBV-positive non-Hodgkin lymphoma, and advanced biliary cancer [1][2] Group 2 - The company has two main products, HX301 and HX044, with HX301 being a multi-target kinase inhibitor in a Phase II clinical trial for glioblastoma in China, and HX044 being a novel dual-function anti-CTLA-4 antibody SIRPα fusion protein in Phase I/IIa trials for advanced solid tumors in Australia and China [2] - According to a Frost & Sullivan report, HX009 is leading globally in clinical trial progress among similar CD47-targeting bispecific antibodies/dual-function fusion proteins, while HX044 is the only CTLA-4/SIRPα dual-specific antibody/dual-function fusion protein in clinical trials [2] - The company has developed proprietary platforms, VersatiBody and autoRx40, for creating antibody drugs with enhanced therapeutic capabilities, and has received royalties from HX008, a PD-1 monoclonal antibody approved in 2022 [2] Group 3 - As of the fiscal years ending December 31, 2023, and 2024, the company's R&D costs are projected to be RMB 46.7 million and RMB 74.7 million, accounting for 73.0% and 61.8% of total operating expenses, respectively [2] - The company has not yet achieved profitability and continues to invest heavily in R&D activities [2] - The company faces significant risks, including uncertainties in drug development, potential unmet expectations in clinical trial results, and challenges in obtaining regulatory approvals or commercializing its products [3]