Huajian Future-B Plunges 56.89% on Debut as IPO Valuation Hits 400x PS Multiple

According to Zhitong Finance, Huajian Future-B (06132) collapsed 56.89% on its first trading day on June 23 in Hong Kong, closing at 35.26 HKD versus an IPO price of 81.80 HKD. The biotech company's valuation nearly doubled within a year—from approximately 2.7 billion CNY in July 2025 to 5.39 billion CNY at IPO—while its price-to-sales multiple exceeded 400x based on 2025 revenue of 12.98 million CNY, highlighting a significant mismatch between its valuation and near-term commercial prospects.

The company's core asset, HJ787, a topical TYK2 inhibitor for atopic dermatitis, remains in Phase II trials with approval not expected until 2029. The IPO was structured with 90% international tranche and only 10% public offering, with short-term trading investors holding a larger proportion than comparable debuts, leaving limited price-support mechanisms during market volatility.