翰思艾泰-B(03378)今日首日挂牌交易，盘中股价一度大跌9.56%，开盘报28.9港元，较发行价32港元低开9.69%。
消息面上，翰思艾泰的核心产品HX009是全球唯一靶向PD-1与CD47的双抗药物，但CD47靶点因严重血液毒性风险被国际药企普遍放弃，其管线尚未跨过临床II期"死亡谷"，商业化前景存疑。公司近年净亏损持续扩大，2025年前8个月亏损同比增超80%，且存在对赌协议压力，若2026年底前未达里程碑或触发大额赎回。
此外，公司董事会高龄化（60岁以上占比55%），历史上有高管职务犯罪记录，且研发深度依赖创始人关联企业，进一步加剧投资者对治理风险的担忧。尽管香港公开发售获3074倍超额认购，市场最终用脚投票反映了对这类高风险生物科技标的的理性定价。
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