华芢生物的600倍超购热潮下,是一场情绪狂欢还是价值发现?

Ofweek光电信息网
Dec 18, 2025

当港股新股市场在2025年迎来久违的复苏,资金开始重新寻找下一个可以承载想象力的赛道。就在这样的背景下,一家尚未实现任何商业化收入、核心产品仍停留在II期与IIb期临床阶段的生物科技公司——华芢生物,却在招股阶段掀起了罕见的资金狂潮:孖展认购超过500亿港元,公开发售超购近600倍。支撑这场热度的,是“港股PDGF第一股”的稀缺叙事,是千亿级伤口愈合市场的长期想象力;而与之并行的,则是临床数据仍存...

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