花旗.张凌：过去半年生物科技融资，出现东升西降，香港资本市场突发猛进

瑞恩资本Ryanbe...2025-08-11

据瑞恩小编统计，今年(截至8月11日)香港新上市的55家中，14家来自医疗健康行业、占比25.5%。来源：MoneyDJ花旗集团投资银行医疗健康部亚太区主管(Managing Director, Head of Asia Pacific Healthcare Investment Banking at Citigroup)张凌(Ling Zhang)周一(8月11日)在亚太生物科技投资论坛上表示，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2558166639?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-08-11 13:18","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2558166639","market":"sh","top_or_hot":-1,"title":"花旗.张凌：过去半年生物科技融资，出现东升西降，香港资本市场突发猛进","media":"瑞恩资本Ryanbe...","content":"<div>\n<p>据瑞恩小编统计，今年(截至8月11日)香港新上市的55家中，14家来自医疗健康行业、占比25.5%。来源：MoneyDJ花旗集团投资银行医疗健康部亚太区主管(Managing Director, Head of Asia Pacific Healthcare Investment Banking at Citigroup)张凌(Ling Zhang)周一(8月11日)在亚太生物科技投资论坛上表示，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250811132501a4814634&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>花旗.张凌：过去半年生物科技融资，出现东升西降，香港资本市场突发猛进</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n花旗.张凌：过去半年生物科技融资，出现东升西降，香港资本市场突发猛进\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-11 13:18 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250811132501a4814634&s=b><strong>瑞恩资本Ryanbe...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>据瑞恩小编统计，今年(截至8月11日)香港新上市的55家中，14家来自医疗健康行业、占比25.5%。来源：MoneyDJ花旗集团投资银行医疗健康部亚太区主管(Managing Director, Head of Asia Pacific Healthcare Investment Banking at Citigroup)张凌(Ling Zhang)周一(8月11日)在亚太生物科技投资论坛上表示，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250811132501a4814634&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2580892789.USD","symbol_name":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250811132501a4814634&s=b","article_id":"2558166639","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250811132501a4814634&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2558166639","pubTimestamp":1754889536,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"但过去6个月出现东升西降趋势，香港资本市场突发猛进，美国生物科技资本市场反而相对安静。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159837":"生物科技","600276":"恒瑞医药","603259":"药明康德","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","BK0060":"抗癌","01276":"恒瑞医药","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","BK0196":"行业龙头","LU1997245177.USD":"安联神洲A股基金","BK0239":"医药制造","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","BK0183":"MSCI概念","BK0188":"融资融券","BK0012":"证金概念","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","BK0028":"国家队","02359":"药明康德","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD"},"translate_title":"Citigroup Zhang Ling: In the past six months, biotechnology financing has risen in the east and fallen in the west, and Hong Kong's capital market has suddenly surged","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159837":1,"600276":0.9,"603259":0.9,"01276":0.9,"02359":0.9},"content_text":"据瑞恩小编统计，今年(截至8月11日)香港新上市的55家中，14家来自医疗健康行业、占比25.5%。来源：MoneyDJ花旗集团投资银行医疗健康部亚太区主管(Managing Director, Head of Asia Pacific Healthcare Investment Banking at Citigroup)张凌(Ling Zhang)周一(8月11日)在亚太生物科技投资论坛上表示，欧洲生物科技融资热度下降，企业首选是去美国以及亚太市场，十二个月以前首选都是美国，但过去六个月发生天翻地覆改变，出现东升西降趋势，不仅有中国资金的北水，国际资金也有积极参与。张凌表示，欧洲已不再是Biotech等生物科技融资的热门区域，很多欧洲企业更倾向去美国融资，甚至有不少大型药企如阿斯利康等，考虑将上市地区，从伦敦转去美国。不过他也提到一个值得关注的趋势，在过去一到两年，企业首选美国，目标进入美国资本市场，做Crossover融资，甚至部分公司为了在美上市而转移注册地。但过去6个月出现东升西降趋势，香港资本市场突发猛进，美国生物科技资本市场反而相对安静。他以指数举例，香港生物科技ETF今年迄今上涨30%，美国同期则未有表现，而今年香港恒生指数表现不俗，医疗制药版块表现最好，其中次族群中的Biotech上涨80%，药厂则有60%。他认为，中国生物科技产业有一定的行业韧性，这也可以从药明康德期中财报看来，获利已经有强劲恢复，股价也从最低40港币回升到100港币。但美国近二年生物科技新股IPO，90%跌破发行价，华人企业或基金关联的个股，表现相对较好。至于外界关注香港此波生物科技板块的上涨，是否有国际资金参与？他则说，包括近期花旗完成恒瑞医药(01276.HK)的筹资或一档新IPO个股维立志博-B(09887.HK)等，都有见到国际资金的参与，显示此波港股的上涨，不光只是大陆资金北水。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2558166639","isCrawlerRequest":true}