Baize Medical (02609.HK) Popular Stock Analysis Report

Baize Medical (02609.HK) is a Chinese oncology specialty hospital operator that went public on July 24, 2025. On its IPO day, its stock price rose 42.2% from the issue price of HK$4.22 to HK$6.00 [2]. The core factors making this stock a popular Hong Kong stock include: being included in the Hang Seng Index series components on August 22 (effective September 8) [2], Huatai Securities predicting its potential inclusion in Stock Connect [3], and significant fluctuations in its stock price over the past 52 weeks (highest price HK$19.88/lowest price HK$5.01) [1].

As of December 3, 2025, Baize Medical closed at HK$5.14, down nearly 46% from its all-time high of HK$9.54. The trading volume that day was 4.8198 million shares, far lower than the average of 29.4673 million shares [1]. Its year-to-date performance lags behind the Hang Seng Index (Hang Seng Index up 28.42% vs. company down 2.10%), and investor sentiment is cautious but still attracted by the expectation of index inclusion [1].

1. Short-term index inclusion effect but limited sustainability: Inclusion in the Hang Seng Index series initially pushed the stock price to an all-time high, but the high valuation without profit support (EV/EBITDA of 279.68x) led to a rapid price decline [1].
2. Stock Connect inclusion potential remains a long-term catalyst: If successfully included in Stock Connect, it will attract mainland investors, increase liquidity and demand, but this needs to be observed in conjunction with the company’s profit improvement [3].
3. Volume deviates from price fluctuations: During the recent price decline, trading volume was far below the average level, indicating relatively small selling pressure and possible short-term rebound opportunities, but long-term attention needs to be paid to fundamental improvements [1].

• Overvaluation: EV/EBITDA is as high as 279.68x, far above the industry average, with great pressure for valuation correction [1].
• Profit challenges: The last 12 months’ net profit was -HK$29.53 million, earnings per share were -HK$0.020, and it has not yet achieved profitability [1].
• High volatility: The 52-week stock price fluctuation exceeds 200%, and investors need to bear greater market risks [1].
• Industry competition: The Chinese oncology medical market is highly competitive, and the company needs to continuously improve service quality to maintain market share [1].

• Potential dividend from Stock Connect inclusion: If included in Stock Connect, it will significantly increase stock liquidity and mainland investor participation [3].
• Growth of the oncology medical market: China’s oncology medical demand continues to grow, and the company as a specialty hospital operator is expected to benefit.

Baize Medical (02609.HK) has recently become a popular Hong Kong stock due to stock price fluctuations and index-related events. Although it has highlights in historical performance, it currently faces risks such as overvaluation, unprofitability, and high volatility. Investors should pay attention to the support level of HK$5.01 and resistance level of HK$5.41, while closely tracking the company’s profit situation, Stock Connect inclusion progress, and industry competition trends [1][2].