From a frenzy of 4000x to a one-day surge of 158%, AB&B BIO-TECH-B (02627) becomes the new global black swan hedge against hard currency?

When the gong of the Hong Kong Stock Exchange rang on August 11, 2025, AB&B BIO-TECH-B (02627) instantly ignited the enthusiasm of the capital market. This new stock opened at HK$12.9, soared by nearly 170% at its peak, and closed at HK$33.28, a single-day surge of 157.98%, setting a record for the highest first-day gain of a new stock on the Hong Kong stock market in 2025. The following day, the stock price of AB&B BIO-TECH-B continued to skyrocket, rising by 31.31%, with a market value exceeding HK$17 billion. The frenzy surrounding the listing of AB&B BIO-TECH-B had been foreshadowed. During the public offering phase, 191,000 people scrambled to subscribe, with an oversubscription multiple of 4007 times, freezing over HK$210 billion, making it the undisputed "over-subscription king" in the biotechnology sector in 2018. In addition, in the grey market trading, its stock price had already surged by nearly 160%, setting a record for the highest increase in a grey market for new stocks in 2018. It is worth mentioning that prior to its listing, AB&B BIO-TECH-B conducted three rounds of financing, with its valuation soaring from HK$746 million to HK$4.189 billion, and attracting the participation of globally renowned long-term funds such as VanCapital and InfiniCapital. Whether in the primary market or the secondary market, capital is highly bullish on AB&B BIO-TECH-B. This optimism is not unfounded, but rather based on the company's solid fundamentals. Let's look at the fundamentals first. As an innovative vaccine company in China, AB&B BIO-TECH-B has two core products, namely a quadrivalent influenza virus subunit vaccine (trade name Huierkangxin) and an investigational lyophilized human rabies vaccine. It is understood that Huierkangxin was approved by the National Medical Products Administration in May 2023, making it the first and only quadrivalent influenza virus subunit vaccine approved for use in China, targeted at individuals aged 3 and above. This vaccine has been significantly upgraded from traditional split virus vaccines, retaining only highly pure hemagglutinin (HA) and neuraminidase (NA) antigen components, offering advantages such as comprehensive protection, high component antigen purity, and low risk of adverse reactions. Clinical trial results have shown that Huierkangxin can induce a strong immune response, helping to enhance immune efficacy and better combat influenza viruses.