2024年港股18A生物科技公司发行投资活报告

Live Report on the Issuance and Investment ofHKEX 18A Biotechnology Company 联合出品方/沙利文捷利（深圳）云科技有限公司弗若斯特沙利文有限公司捷利交易宝金融科技有限公司头豹国际有限公司博鳌亚洲论坛全球健康论坛大会组委会 出品日期/2024年7月 摘要 随着全球生物科技产业的迅猛发展和创新技术的不断涌现，生物科技企业正在成为推动经济增长的重要力量 ◼18A企业分布在创新医药赛道，64家18A企业中已有12家企业成功摘“B”，创新药、高科技医疗器械等领域的企业陆续赴港上市，港股市场生物科技板块迎来大繁荣 自2018年 港 交 所 推 出 上 市 规 则 第18A章，允许未盈利的生物科技企业在港上市后，截至2024年3月31日，共有64家生物科技公司据此完成上市，涵盖了小分子药物、核酸药物、抗体药物、AI医学影像、手术机器人等多个创新医药赛道。并且已有企业成功摘“B” 截至2024年3月31日，共有64家生物科技公司据此完成上市，其中有12家企业的财务业绩改善至符合上市规则第8章收入测试的要求，成功摘“B”。18A企业作为生物科技领域的佼佼者，凭借其独特的上市条件、资金实力、融资能力以及市场定位，展现出强大的竞争力和市场影响力 ◼18A发行热度跟随港股新股发行总体情况，经历了起始、火热和降温回落的阶段，前期资本簇拥下产生的估值泡沫被逐个戳破，已进入市场冷静期 18A章节为生物科技企业提供了一个独特的上市渠道，为这些企业提供了更为广阔的融资平台和市场空间。18A企业作为生物科技领域的佼佼者，凭借其独特的上市条件、资金实力、融资能力以及市场定位，展现出强大的竞争力和市场影响力 纵观港股18A整体行情表现，已上市公司股价表现呈现出显著的起伏。截至2024年3月31日，64家已上市18A企业中，仅有4家企业的股价仍处于发行价之上。在市场低迷的状态下，市场如今更倾向于关注真正能在创新药械领域那些研发实力雄厚、有望实现产品商业化的企业 ◼国家政府持续输出政策红利，生物科技公司和创新属性较强的公司长期受益明确 在此背景下，本报告旨在分析港股18A生物科技产业的布局与趋势，通过系统性的梳理，面向拟上市及已上市公司股东、资本市场中介机构、市场投资者，为其更全面、深入地了解港股18A生物科技板块，为市场估值、管线评估、资本动态、企业战略等提供研究指引 2022年1月出台的纲领性文件《“十四五”医药工业发展规划》明确提出了大力推动创新产品研发，吸引全球医药创新要素向国内集聚等目标。此外，监管部门还针对药物临床、审评审批、医保、融资等多个环节推出支持性政策，鼓励创新的同时，引导真实而有效的医药创新方向 ◼随着18A企业的核心产品进入收获期和出海，将有望推动企业实现盈利，迎来新的发展机遇 长期看，随着中国老龄化程度加剧，中国对生物医药方面需求将快速释放，医疗保健支付稳步提升下，将有效支撑医药行业新兴技术的成长，药品、生物技术和医疗器械等细分行业将长期收益，相关企业未来长期成长能力突出 Abstracts ◼18A companies are distributed across innovativepharmaceutical sectors, with 12 of the 64 18Acompanies having successfully removed the "B"mask. Companies in areas such as innovative drugsand high-tech medical devices have continued tolist in Hong Kong, ushering in a significant boom inthe biotechnology sector. With the rapid development ofthe global biotechnology industryand the continuous emergence ofinnovative technologies,biotechnology companies arebecoming an important force inpromoting economic growth. As of March 31, 2024, a total of 64 biotechnologycompanies have completed their listings under Chapter 18A,with 12 of them improving their financial performance tomeet the revenue test requirements of Chapter 8 of thelisting rules, successfully removing the "B" mask. As leadersin the biotechnology field, 18A companies demonstratestrong competitiveness and market influence with theirunique listing conditions, financial strength, financingcapabilities, and market positioning. Since the HKEX introducedChapter 18A of the listing rules in2018, allowing unprofitablebiotechnology companies to list inHong Kong, as of March 31, 2024,a total of 64 biotech companieshave completed listings under thisrule, covering multiple innovativepharmaceutical tracks such assmall molecule drugs, nucleic aciddrugs, antibody drugs, AI medicalimaging, and surgical robots.Additionally, some of thesecompanies have successfullyremoved the "B" mask. (To becontinued on the next page) ◼The enthusiasm for 18A listings has followed theoverall trend of new stock listings in the HongKong stock market, experiencing stages ofinception, fervor, and subsequent cooling off. Thevaluation bubbles created by the influx of capital inthe early stages have gradually burst, and themarket has entered a period of calm. Looking at the overall performance of Hong Kong 18Astocks, the stock price performance of listed companies hasshown significant ups and downs. As of March 31, 2024,among the 64 listed 18A companies, only 4 companies'stock prices are still above the issue price. In the sluggishmarket, the market is now more inclined to pay attention tothose companies that are truly strong in the field ofinnovative drugs and medical devices and are expected tocommercialize their products. Abstracts (From the previous page)Chapter18A provides a unique listingchannel for biotech companies,and provides them with a broaderfinancing platform and marketspace. As leaders in the biotechfield, 18A companies havedemonstrated strongcompetitiveness and marketinfluence with their unique listingconditions, financial strength,financing capabilities and marketpositioning. ◼The national government continues to deliverpolicy dividends, and biotech companies andcompanies with strong innovative attributes willbenefit clearly in the long term The guiding "14th Five-Year Plan for PharmaceuticalIndustry Development" issued in January 2022 clearlyproposed the goals of vigorously promoting the researchand development of innovative products and attractingglobal pharmaceutical innovation elements to gather inChina. In addition, the regulatory authorities have alsointroduced supportive policies for multiple links such asdrug clinical trials, review and approval, medical insurance,and financing, encouraging innovation while guiding realand effective pharmaceutical innovation directions. In this context, this report aims toanalyze the layout and trends ofthe Hong Kong 18A biotechindustry. Through systematicsorting, it aims to provide a morecomprehensive and in-depthunderstanding of the Hong Kong18A biotech sector forshareholders of listed and listedcompanies, capital marketintermediaries, a