HJ Science’s Hong Kong debut quickly became a valuation test for pre-revenue biotech listings. The Sichuan-based company began trading on June 23. Two days later, as of publication, its share price had fallen by more than half.
The weak debut followed an unusually volatile gray market session on June 22. HJ Science priced its IPO at HKD 81.8 (USD 10.4) per share. In Futu’s gray market, where shares trade before their official listing, the stock opened at HKD 100.8 (USD 12.9), up 23%, and briefly climbed to HKD 159.6 (USD 20.4), nearly double the offer price. It then fell as low as HKD 73.85 (USD 9.4) and closed at HKD 79.1 (USD 10.1), 3.3% below the IPO price. The session’s trading range reached 104.83%, with turnover of HKD 132 million (USD 16.8 million).
The swing stood out in a market where, according to 36Kr, more than 90% of new Hong Kong listings in 2026 had risen on their first trading day. HJ Science’s first 48 hours suggested that investors were questioning whether the company’s pipeline and cash runway could support its valuation.
The IPO mainly buys time
HJ Science was founded in Chengdu in 2017 by specialists in autoimmune disease, metabolism, and oncology. It listed under Hong Kong’s Chapter 18A regime, which allows qualifying biotech companies without revenue or profit to go public. CITIC Securities was the sole sponsor. The company has no approved drugs and no product revenue.
