According to Futu News on November 9, Rongchang Bio, which was listed on Monday, opened 16.31% higher on its first day. As of press time, the increase widened to 33.21% to HK $69.40, with a temporary turnover of HK $1.601 billion.

It is reported that Rongchang Biology, founded in 2008, is an innovative biopharmaceutical company dedicated to the development and commercialization of pioneering and best-in-class biopharmaceuticals for the treatment of autoimmune (systemic lupus erythematosus SLE), oncology and ophthalmology diseases.

It is worth noting that the company's core product, Tetaxime, is the only innovative biomedicine under research in China for optic neuromyelitis spectrum disease in the stage of III clinical development. Sales revenue in the target market is growing at a compound annual growth rate of 29.3%. It is expected to obtain a conditional listing license and achieve sales in the fourth quarter of 2020.

In terms of financial data, the company currently has no approved commercial sale of its products and no revenue from product sales. During the track record period, the company made no profit and incurred an operating loss. In 2018, 2019 and the first half of 2020, the company recorded net losses of 270 million yuan, 430 million yuan and 250 million yuan respectively. The vast majority of the company's operating losses come from research and development expenses, administrative expenses and financial costs.

It is worth mentioning that biotech stocks as a whole strengthened today. As of press time, Genscript Biotech Corporation is up more than 14%; the new stock, Ming Junuo, is up more than 7%; Fangda Holdings is up more than 6%; and Jiahe Biology and CANSINOBIO are up more than 5%.