HK Stock Market Move | Hansart E-tail Group Limited (03378) dropped over 45% on its first day of trading, nearly halving its IPO price, and its total market value is less than HK$2.4 billion.

Han Thinking I-tai-B (03378) opened low on its first day of trading, with a low of 17.2 Hong Kong dollars seen during the trading session, nearly halving from the IPO price of 32 Hong Kong dollars. As of the time of writing, it has dropped by 45.5%, trading at 17.44 Hong Kong dollars with a turnover of 2.12 billion Hong Kong dollars, and a total market value of less than 2.4 billion Hong Kong dollars. According to the prospectus, Han Thinking I-tai is a biotechnology company with independent professional technology and experience in structural biology, translational medicine, and clinical development. Since 2016, Han Thinking I-tai has developed a product pipeline, including a core product and nine other candidate products, namely three clinical-stage candidate drugs for oncology, including core product HX009, and main products HX301 and HX044; and seven preclinical-stage candidate drugs, including antibody-drug conjugates, bispecific antibodies, and monoclonal antibodies targeting the autoimmune and oncology markets. In terms of finances, during the historical period, Han Thinking I-tai did not make a profit and incurred operating losses. In the fiscal years 2023, 2024, and the eight months ended August 31, 2025, the company recorded losses of 85.16 million yuan, 1.17 billion yuan, and 87.438 million yuan respectively. The company's overall loss mainly comes from research and development costs and administrative expenses.