Analysis of the Impact of Biocytogen's H+A Listing Expectations on Hong Kong Stock Valuation Reconstruction

Based on the collected data, I will systematically analyze the impact of Biocytogen’s H+A listing expectations on its Hong Kong stock valuation.

Biocytogen (02315.HK) is a biotech company focused on the R&D of innovative antibody drugs, with its core competitive advantages lying in the self-developed RenMice® platform and the “Thousand Mice, Ten Thousand Antibodies” initiative [1]. As an innovative drug enterprise striving for H+A dual listing, the company has currently completed its Hong Kong listing and is advancing the process of listing on the Science and Technology Innovation Board [1].

• Successfully turned losses into profits in 2024, with overseas revenue accounting for up to 70%, demonstrating strong international revenue-generating capabilities [1]
• The momentum of performance growth continued in 2025: first-half revenue increased by over 50% year-on-year, and revenue in the first three quarters reached 941 million yuan, a year-on-year increase of 60%, with net profit of 114 million yuan in the same period [1]
• Sustained performance growth provides solid fundamental support for the stock price

As an enterprise striving for H+A dual listing, with the approaching of A-share listing review and listing nodes, the Hong Kong stock price has shown increasingly strong performance [1]. The A/H premium is approximately 1.65 times, which implies that the current Hong Kong market valuation may not fully reflect the full value of its unique fully human antibody platform [2].

• Inclusion in Stock Connect Targets
  (December 24, 2025): The stock price soared 22.23% on the same day, and Southbound Funds began to reconstruct the valuation of the innovative drug platform [2]
• The average stock price increase of the 18 companies included in the Stock Connect reached 12.30%, and about 66.67% of the companies achieved positive returns [2]
• Inclusion in the Stock Connect significantly improved the liquidity and market attention of the company’s stock

The influx of Southbound Funds directly changed Biocytogen’s investor structure. Increased participation of institutional investors helps the market to give a more reasonable valuation pricing. Obtaining the status of a Stock Connect target means the company has entered a broader capital pool, and the valuation hub is expected to move up systematically.

• Listing on the Science and Technology Innovation Board will provide the company with more abundant financing channels to support subsequent R&D investment and pipeline advancement
• Dual listing helps narrow the A/H premium gap and improve the rationality of Hong Kong stock valuation
• A more transparent capital operation and regulatory environment helps reduce the valuation discount caused by information asymmetry

The innovative drug sector rebounded overall in 2025. As a leading company in the细分领域, Biocytogen’s valuation reconstruction also benefited from the industry Beta Effect. The market’s valuation logic for innovative drug enterprises is shifting from pure concept speculation to fundamental-driven, and the improvement of profitability has become the key to valuation enhancement.

A considerable part of the current 315% annual increase is based on liquidity and sentiment. With the arrival of lock-up expiry and the decline of sentiment, the valuation may face downward pressure [1].

The competition in the innovative drug track is becoming increasingly fierce. Although Biocytogen has differentiated advantages in the antibody technology platform, it still needs to pay attention to the uncertainty of pipeline advancement and commercialization implementation.

Factors such as the approval progress and issuance pricing of the Science and Technology Innovation Board listing will affect the final valuation realization effect.

Biocytogen’s H+A listing expectations have had a significant positive reconstruction effect on its Hong Kong stock valuation. The 315% increase in 2025 fully reflects the market’s recognition of this strategic layout [1]. However, investors need to pay attention to the emotional premium component in the current valuation. Long-term valuation still needs to return to the fundamental framework, focusing on core indicators such as pipeline differentiation, clinical advancement, and commercialization volume. With the substantial advancement of the Science and Technology Innovation Board listing, the continuous inflow of Southbound Funds, and the steady delivery of performance, Biocytogen’s Hong Kong stock valuation is expected to achieve further systematic enhancement.

---

[1] ByDrug - “2025中国创新药十大牛股，真相有点意外” (https://bydrug.pharmcube.com/news/detail/8c58888eb310e80a1bbad0e84008ecbf)
[2] 证券之星 - “百奥赛图H股正式’入通’：首日大涨逾22%，南向资金重塑创新药平台估值” (https://finance.stockstar.com/IG2025122900003415.shtml)
[3] Moomoo - “百奥赛图H股正式’入通’：首日大涨逾22%，南向资金重塑创新药平台估值” (https://www.moomoo.com/hans/news/post/63363816)