沙利文发布《2026港股18A生物科技行业发展蓝皮书》
Frost & Sullivan Releases the "2026 Blue Book on the Development of Hong Kong-listed Chapter 18A Biotechnology Industry"
2018年《主板上市规则》第18A章正式生效以来，香港逐步建立起覆盖未盈利生物科技企业上市、融资、交易及再融资的资本市场生态。经历周期调整后，港股生物科技板块自2024年下半年起明显回暖，市场流动性、估值水平与新股发行活跃度同步修复。截至2026年6月30日，共有94家企业通过18A章上市，其中93家仍在市；恒生生物科技指数及港股18A指数较2024年6月分别上涨64%和60%。《2026港股18A生物科技行业发展蓝皮书》围绕全球生物科技二级市场、18A制度演进、企业及细分赛道全景、上市前融资、发行定价与配售、上市后交易及再融资表现，以及保荐机构、行业顾问、审计机构和律师事务所等专业服务生态展开系统分析，旨在为生物科技企业、投资机构及资本市场参与者理解市场周期、识别优质创新资产并制定上市与投资策略提供参考。
Since the introduction of Chapter 18A of the Hong Kong Main Board Listing Rules in 2018, Hong Kong has developed a capital-market ecosystem supporting the listing, financing, trading and follow-on fundraising of pre-revenue biotechnology companies. Following a period of market correction, the sector has shown a clear recovery since the second half of 2024, supported by improving liquidity, valuations and IPO activity. As of 30 June 2026, 94 companies had listed under Chapter 18A, of which 93 remained listed. From June 2024 to June 2026, the Hang Seng Biotech Index and the Hong Kong Chapter 18A Index rose by 64% and 60%, respectively. The 2026 Blue Book on the Development of Hong Kong-listed Chapter 18A Biotechnology Industry provides a systematic review of global biotechnology equity markets, the evolution of the Chapter 18A regime, the company and subsector landscape, pre-IPO financing, pricing and allocation, post-listing trading and refinancing, and the ecosystem of sponsors, industry consultants, auditors and legal advisers. It is intended to support biotechnology companies, investors and capital-market participants in understanding market cycles, identifying high-quality innovation assets and developing listing and investment strategies.
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沙利文 李谦
E-mail: qian.li@frostchina.com
