HK Stock Market Move | (03378) fell over 13%, slashed compared to the IPO price by half, with a total market value of approximately HK$2 billion.

(03378) fell more than 13%, hitting a new low of 15.05 Hong Kong dollars during trading, down over 50% from the IPO price of 32 Hong Kong dollars. As of the time of writing, it has dropped 13.4% to 15.06 Hong Kong dollars, with a trading volume of 17.4468 million Hong Kong dollars and a total market value of 2.061 billion Hong Kong dollars. It is reported that Hanseatic Biotech is a biotechnology company with independent core technology and rich experience in structural biology, translational medicine, and clinical development. Currently, it has three clinical stage candidate drugs in the field of oncology and seven preclinical stage investigational drugs. The company's core product HX009 is a self-developed bifunctional fusion protein antibody targeting PD-1 (an immune checkpoint receptor) and SIRP. It is worth noting that Hanseatic Biotech's pipeline has not yet been commercialized. In terms of finances, the company incurred losses of 85.16 million yuan, 1.17 billion yuan, and 87.438 million yuan in the first eight months of 2023, 2024, and 2025 respectively. As of October 31, 2025, the company's cash and cash equivalents were 133 million yuan, with total current liabilities of 220 million yuan.