After recently experiencing “eight consecutive negative results,” the Hang Seng Healthcare Index finally broke out of a long-lost positive line on October 20. The biggest increase in the intraday period also exceeded 2.5% at one point. Against this background, Haihaixi New Pharmaceutical (02637)'s stock price performance was slightly poor.
However, the Zhitong Finance App observed that recent research reports from a number of institutions have covered Haixi New Drug. Overall, high expectations have been placed on the Haixi New Drug Innovation Pipeline, and the target price given by some agencies is significantly higher than the current stock price of Haixi New Pharmaceutical. For investors, this may be a positive market weather vane sign.
After the listed stock price surged 250%
In fact, compared to Haixi Pharmaceutical's stock price drop of more than 30% since April, although the Hong Kong Stock Innovative Drug Index also fluctuated and fell during the same period, the overall decline was only about 8.99%. It can be seen that the stock price of Haixi Pharmaceutical is significantly weaker than the index. Therefore, compared to sector fluctuations, there are independent suppressing factors at the individual stock level, which is probably an important reason dominating Haixi Pharmaceutical's stock price trend at this stage.
The Zhitong Finance App observed that after the Hong Kong stock listing on October 20 last year, Haixi Pharmaceutical's stock price continued to rise. The new intraday stock price of HK$302.40 on April 28 was already 250% higher than its listing price of HK$86.40. In particular, starting in late March of this year, the company's stock price began to rise rapidly from around HK$140/share, doubling in just one month. Meanwhile, on April 20, the ban was lifted for half a year after the launch of Haixi New Pharmaceutical. Among them, cornerstone investors held 1.981,700 shares, accounting for 2.52% of the total share capital after issuance.
Therefore, in late April of this year, Haixi Pharmaceutical actually faced the pressure of “doubling the stock price after marketing+the cornerstone lifting window” to fulfill the high valuation.
In particular, the company was officially included in the Hong Kong Stock Connect list in March of this year. While the Hong Kong Stock Connect mechanism has significantly increased its stock market liquidity and southbound capital participation, it has also further amplified the stock price fluctuations of this mechanism B innovative pharmaceutical stock with low circulation and high expectations.
However, Haixi Pharmaceutical's stock price in this downward channel did not fall unilaterally; rather, high fluctuation and decline alternated over and over again with rebound recovery. Taking the market since July 31 as an example, Haixi Pharmaceutical's stock price experienced an inverted V-shaped trend from “platform volume breakthrough - high level divergence - weak recovery after volume decline” at this stage.
The Zhitong Finance App observed that after the market on August 4, the company announced that its innovative drug HX9428 was approved by the US FDA Phase II clinical IND. At the same time, a second positive controlled phase II clinical trial was initiated domestically. It is planned to enroll 60 cases of NaMD patients, head-to-head with abibasip. It was also the market's revaluation of the company's value brought about by the clinical promotion of HX9428 that contributed to its stock price increase in the first half of August.
With favorable support from innovative drugs, Haixi Xinyao's stock price increase in early August was accompanied by continued volume growth, and the pullback did not significantly drop in volume. Among them, the company's stock price expanded to 2.41 times the average volume of the previous 20 days on August 14, and broke through the edge of the platform; then, on August 17, its single-day trading volume once again expanded to 2.65 times the average volume of the previous 20 days, and pushed the stock price to a phased high of HK$248 the next day.
On the corresponding technical side, on August 18, the 5th, 10th, and 20th EMAs representing the short to medium term were all in a bullish arrangement and the trend was not broken; at the same time, the MACD indicator accelerated above the zero axis on the same day, and there was no significant exhaustion of momentum; however, the RSI index was only about 62.4, which had not reached the extreme overbought zone, indicating that there was still a certain trend inertia at the time.
However, on the other hand, on the KDJ index of Haixi Pharmaceutical on August 18, the J value has fallen from a high level, indicating that short-term momentum has begun to cool down; on the BOLL line index, while the company's stock price closed on the same day, BOLL bandwidth reached about 33.8%, and the expansion of volatility associated with strong breakthroughs in stock prices often means that it is about to face fluctuations in the short term. However, the different technical indicators mentioned above indicate the direction of different stock price trends, which to a certain extent indicate the beginning of high level differences within the market.
Research reports from multiple institutions covered, and market trends have emerged
After August 18, the overall trend of Haixi Pharmaceutical's stock price clearly weakened after a high level of disagreement, and gradually reached a bearish technical structure that broke downward in contraction over the next 2 months.
It is easy to see that the market period from August 18 to now is clearly divided into two stages, and the key point is September 17.
The Zhitong Finance App observed that on September 17, Haixi New Pharmaceutical experienced abnormal volume and price fluctuations: the company's stock price closed down 4.23% on the same day, and the maximum retracement was larger than the closing; the corresponding turnover reached HK$93.3516 million, which was significantly higher than the previous few days, reflecting intense long and short differences in the day's intraday.
The reason for this is that on September 16, Haixi New Pharmaceutical issued an announcement disclosing the latest data from the phase I/II clinical study of its core innovative drug, Hx9428, to treat NAMD. According to the announcement, the Chinese phase I clinical study of HX9428 for the treatment of neovascular age-related macular degeneration (NaMD) has completed 24 weeks of treatment data observation; the Chinese phase II dose extension study is still ongoing, and phased clinical data have been obtained.
Among them, phased data from the HX9428 China Phase II dose extension study showed that the average BCVA and CST data continued to improve as the medication period was extended. As of August 14, 2026, 11 patients who had completed 24 weeks of treatment had an average improvement of 5.4 letters of BCVA from baseline and an average decrease of 72.5 μm from baseline. The overall efficacy trend was consistent with the results of the Phase I study. Due to the limited number of patients who have completed 24 weeks of treatment, the above data is a phased result and still needs to be further verified as the study progresses and the sample size increases.
After the announcement was revealed, a number of domestic institutions updated relevant research reports, and overall, high expectations were placed on Haixi's new drug innovation pipeline. Among them, brokerage firms such as Huafu, China Merchants, and Cathay Pacific Haitong gave buy/increase ratings based on HX9428 clinical data, oral compliance advantages, and the BD cooperation window period, and the target price given by some agencies was significantly higher than the current stock price of Haixi New Pharmaceutical.
However, the agency also mentioned that the phase I/II clinical trial of HX9428 initially showed positive efficacy and safety trends, but its 24-week BCVA improved by 5.2/5.4 letters, and the absolute value was lower than the 52-week improvement of 7.6-10.9 letters in abibasip VIEW 1 & 2. The CST drop of about 73 μm was also less than 110-160 μm of abasip.
In other words, although the HX9428 data is safe, the efficacy data is still in its early stages, and further verification is needed as research progresses and sample size increases. This may be one of the reasons why some recent funding options have been successfully realized.
However, in reality, the stock price changes that occurred after September 17 reflect, to a certain extent, that the market's short- and medium-term strategy for Haixi Pharmaceutical is shifting back from “imaginative space pricing” to “data monetization pricing.”
Also, it is worth noting that the recent volume and price structure of Haixi New Drug only reflects a high level change of hands under the catalyst of the announcement. Currently, the dominant logic of Haixi New Drug is still the scarcity of HX9428 as a potential oral fundus disease drug. This also means that as more active data on subsequent core varieties is read, the valuation repair of Haixi New Drug can still be expected.