Analysis of BeBetter-U (688759)'s Strong Performance: Drivers and Risk Assessment Behind Consecutive Sharp Rises

This analysis is based on public information from Securities Times [1], Eastmoney [2][5], and the company’s investor relations activity records [4]. BeBetter-U (688759) saw sharp rises in two consecutive trading days from January 7 to 8, 2026. On January 7, it closed at RMB 41.40, with a 20.00% increase and a turnover rate of 21.58%; on the morning of January 8, it closed at RMB 49.68, with a 29.19% increase and a turnover rate as high as 58.89% [1][2]. The cumulative deviation of the closing price increases over three consecutive trading days reached 30%, triggering the abnormal fluctuation situation of the Shanghai Stock Exchange, and the company has issued an abnormal fluctuation announcement in accordance with regulations [1][2].

This stock started subscription on October 17, 2025, and has only been listed for about two months, making it a typical case of capital speculation on a newly listed IPO stock [6]. The company adopted the 5th listing standard of the STAR Market (for unprofitable biopharmaceutical enterprises), and its core product BEBT-908 was conditionally approved for listing by the National Medical Products Administration (NMPA) in June 2025 for the third-line and above treatment of relapsed/refractory diffuse large B-cell lymphoma (r/r DLBCL) [7][8].

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From the perspective of price trends, BeBetter-U shows typical characteristics of relay-style capital speculation. On January 8, the stock closed at the daily limit of RMB 49.68, with a turnover rate of 63.00% on that day and the value of buy orders at the limit-up price was only RMB 630,000, indicating insufficient upward momentum and heavy selling pressure [3]. In terms of trading volume, the trading amount was RMB 49.8812 million on January 7 and RMB 29.2546 million on the morning of January 8, showing extremely fierce capital turnover [1][2].

Notably, the turnover rate of this stock surged sharply from 21.58% to 58.89%, and this trend of rapid chip dispersion indicates that early profit-taking positions are accelerating their liquidation. Combined with the small limit-up buy order amount (RMB 630,000), technical indicators show that short-term upward momentum is waning, and the stock price faces a strong risk of correction.

The direct catalysts for this strong performance include the following three aspects. First, market interpretation of institutional research information - the company’s investor research activity on January 6, 2025 attracted the participation of multiple institutions including CITIC Securities, Fullgoal Fund, GF Securities, Guosen Securities, Sensi Investment, China AMC-Australia, Xianghe Investment, Huafu Securities, Manulife Fund, and Anxin Fund [4], and relevant information was over-interpreted by the market. Second, positive clinical data of the core product - the clinical data of BEBT-908 for the second-line treatment of r/r DLBCL was released at the 2025 ASCO Annual Meeting, showing an objective response rate (ORR) of 76.2%, a complete response rate (CR) of 47.6%, and a disease control rate (DCR) of 85.7% [4]. Third, progress in new drug R&D - the clinical trial application for the company’s self-developed siRNA drug SAL0145 Injection for the treatment of MASH has been accepted by the NMPA [5]; the IND application for BEBT-701 (the world’s first AGT/PCSK9 dual-target small nucleic acid drug) was accepted by the Center for Drug Evaluation (CDE) on November 29, 2025 [4].

However, the company has clearly announced that “there is no material information that should be disclosed but has not been disclosed”, and its daily operations are normal [1][2], which means that the current stock price rise lacks support from major fundamental changes and is a typical capital speculation behavior.

BeBetter is a clinical value-oriented biopharmaceutical enterprise focusing on independent R&D of innovative drugs, adopting a dual-drive R&D strategy of “small-molecule drugs and small nucleic acid (siRNA) drugs”, focusing on major disease fields such as oncology and metabolic diseases, and prioritizing the layout of First-in-Class drugs [6][7].

The company’s R&D pipeline includes: 1 approved product (BEBT-908), 1 product in Phase III clinical trials (BEBT-209, for HR+/HER2- advanced breast cancer), 1 product approved for Phase III clinical trials (BEBT-109), 5 products in Phase I clinical trials, and products in preclinical research such as BEBT-701 and BEBT-720 [4][6].

is the world’s first (First-in-Class) small-molecule dual-target inhibitor (PI3K/HDAC) to enter pivotal clinical trials. It was conditionally approved for listing by the NMPA on June 30, 2025 for the third-line and above treatment of r/r DLBCL, and was supported by the 13th Five-Year National Science and Technology Major Special Project for “Major New Drug Creation” [7][8]. The interim results of the Phase II clinical trial of BEBT-209 for metastatic triple-negative breast cancer (mTNBC) were released at the 2025 ASCO Annual Meeting, and the Phase III clinical trial for HR+/HER2- advanced breast cancer was approved by the CDE to proceed in November 2024 [4].

However, the company is currently in an unprofitable state. From January to September 2025, the company’s net profit attributable to shareholders of the parent company was -RMB 107.4699 million [1], and it has not yet achieved product sales revenue. Traditional valuation indicators (such as P/E ratio, P/B ratio) have limited applicability to this company.

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The strong performance of BeBetter-U reveals several structural characteristics of the biopharmaceutical sector on the STAR Market. First, the 5th listing standard of the STAR Market provides financing channels for unprofitable biopharmaceutical enterprises, but it also leads to such companies lacking traditional valuation anchors, making them more susceptible to market sentiment and capital games. Second, institutional research activities have a double-edged sword effect on stock prices - while they improve the company’s transparency and market attention, they may also be over-interpreted as positive signals by the market. Third, as the world’s first small-molecule PI3K/HDAC dual-target inhibitor, BEBT-908’s clinical data is indeed groundbreaking, but the market may have pre-emptively priced in the valuation expectations after the product’s commercialization.

The current stock price trend reflects several underlying market logics. First, scarcity premium of newly listed IPO stocks - small free float and concentrated chips allow a small amount of capital to drive relatively large price increases. Second, sentiment recovery in the biopharmaceutical sector - the overall sentiment of the biopharmaceutical sector has recovered since 2025, and capital’s risk appetite for innovative drug enterprises has increased. Third, amplification effect of information dissemination - institutional research information is amplified step by step during market dissemination, attracting more hot money to participate in speculation.

However, the company’s abnormal fluctuation announcement clearly reminds investors to pay attention to investment risks and make rational decisions [1][2], and this official statement should arouse great attention from investors. Combined with the data of a limit-up buy order amount of only RMB 630,000 and a turnover rate of 63%, it is highly likely that market capital is taking the opportunity to exit.

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• Stock price rise decoupled from fundamentals - the cumulative deviation of price increases over three consecutive trading days reached 30%, but the company clearly announced that there is no material undisclosed information [1][2]
• Rapid chip loosening - the turnover rate jumped from 21.58% to 63%, indicating that profit-taking positions are accelerating liquidation
• Weak limit-up buy orders - the limit-up buy order amount on January 8 was only RMB 630,000, with insufficient upward momentum and high correction risk
• Risk of herd speculation - it is a typical case of emotional speculation on a newly listed IPO stock, lacking fundamental drivers

• Unprofitable status - net loss of approximately RMB 107 million in the first three quarters of 2025 [1]
• R&D uncertainties - the biopharmaceutical industry has a long R&D cycle and high uncertainties, with risks of failure in safety and efficacy verification
• Lack of valuation anchor - as an unprofitable biopharmaceutical company, it lacks support from traditional valuation indicators

• Commercialization progress of core product BEBT-908 - as the world’s first small-molecule PI3K/HDAC dual-target inhibitor, smooth commercialization is expected to bring revenue growth
• R&D pipeline advancement - positive clinical data of products such as BEBT-209 (Phase III for HR+/HER2- advanced breast cancer) and BEBT-701 (the world’s first AGT/PCSK9 dual-target small nucleic acid drug) will enhance the company’s value
• Layout in MASH/metabolic disease field - the IND application for siRNA drug SAL0145 for MASH has been accepted, and there is a large unmet clinical need in this field

The short-term opportunity window has closed. The current short-term stock price increase has exceeded 30%, with an abnormally enlarged turnover rate, which is a typical characteristic of the late stage of capital speculation. It is recommended to avoid chasing the price.

Risk Type	Urgency Level	Priority	Recommendation
Short-term Correction Risk	High	Urgent	It is recommended to wait and see or strictly stop losses
Chip Loosening Risk	High	High	Monitor changes in turnover rate
Valuation Regression Risk	Medium	Medium	Wait for market sentiment to stabilize
Fundamental Layout Opportunity	Low	Long-term	May pay attention on dips

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The recent strong performance of BeBetter-U (688759) is mainly driven by the effect of a newly listed IPO stock and relay-style capital speculation, rather than major fundamental changes. The company’s core product BEBT-908 is indeed groundbreaking (the world’s first small-molecule PI3K/HDAC dual-target inhibitor), with an ORR of 76.2% in the second-line treatment of r/r DLBCL [4], and its R&D pipeline covers oncology and metabolic disease fields, giving it certain long-term value. However, the company is currently unprofitable, with a net loss of approximately RMB 107 million in the first three quarters of 2025 [1], and the short-term stock price increase has seriously decoupled from fundamental support.

From a trading perspective, this stock has triggered an abnormal fluctuation announcement, with a turnover rate of 63% and a limit-up buy order amount of only RMB 630,000. Technical indicators show that upward momentum is waning [1][2][3]. Investors should be wary of the risk of short-term correction and avoid chasing the rising price. In the mid-to-long term, they can pay attention to the commercialization progress of the core product BEBT-908 and subsequent clinical data readouts, but need to patiently wait for the stock price to return to a reasonable range before re-evaluating.

This report is for informational reference only and does not constitute investment advice. Investors should make prudent decisions based on their own risk tolerance.