Bayzed Health (02609.HK) Hot Stock Analysis: Risks and Opportunities Behind the Over 50% Share Price Pullback

This analysis is based on GMT8 market reports [1], published on January 7, 2026. Bayzed Health, an oncology-focused healthcare service group newly listed in June 2025, has recently become a market focus due to sharp share price fluctuations. The company’s share price dropped over 6% intraday, with a cumulative pullback of over 50% from its September 2025 high, while the lock-up period for cornerstone investors expired on December 23, 2025, drawing market attention to potential unlock pressure. Despite facing performance pressure in the first half of 2025, the company has received industry recognition such as Gelonghui’s “Annual Outstanding Healthcare Enterprise Award” and maintains a leading market position in the oncology healthcare niche.

---

Bayzed Health Investment Group Co., Ltd. (BAYZED HEALTH) is a healthcare service group focused on full-cycle oncology services, listed on the Main Board of the Hong Kong Stock Exchange on June 23, 2025 [4]. The company’s business covers the entire process of cancer screening, diagnosis, treatment, and rehabilitation, making it a key player in China’s private oncology healthcare sector. Ranked 4th nationwide in terms of 2023 self-owned hospital oncology service revenue, the company also ranks first in the industry in the number of early cancer screening centers and the number of gastroscopy and colonoscopy cases [4].

The company builds competitive barriers through in-depth integration of high-quality medical resources. Beijing West Cancer Hospital was co-established by Bayzed Health and Beijing Cancer Hospital, while Tianjin Shishi Hospital was set up in cooperation with the team of Academician Shi Xuemin [4]. In June 2025, the company, together with over 30 top tertiary hospitals including Peking University Third Hospital, jointly compiled the 2025 Expert Consensus on Cancer Rehabilitation, demonstrating its academic influence in the cancer rehabilitation field [2]. This dual-driven model of “medical resource integration + academic output” lays a foundation for the company to build differentiated competitive advantages against the backdrop of DRG/DIP payment system reforms.

Recent sharp share price declines are the direct reason Bayzed Health has become a hot stock. According to GMT8 market monitoring data, the company’s share price dropped over 6% intraday in early January 2026, falling 5.24% to HK$4.34 as of press time, with a turnover of HK$25.2952 million [1]. More crucially, the current share price has dropped over 50% from its September 2025 high, a huge pullback that has attracted both bargain-hunting buying and panic selling attention.

. According to public information, the lock-up period for cornerstone investor Harvest Oriental SP expired on December 23, 2025, with approximately 35.3178 million shares to be unlocked [1]. For a company with a total market capitalization of approximately HK$5.34 billion, the unlocked shares account for a relatively high proportion of tradable shares, which may increase short-term selling pressure and affect market supply and demand balance.

From the first half of 2025 financial data, the company is in a transition period of business expansion and loss narrowing. Operating revenue reached RMB 575 million, a slight year-on-year increase of 0.66%, indicating basically stable business scale [1][4]. However, attributable losses to shareholders reached RMB 27.62 million, a significant year-on-year expansion of 139.18%, mainly affected by listing-related expenses and business integration costs. Notably, adjusted net profit reached RMB 9.4 million, a year-on-year increase of 72.8%, indicating that core business profitability is gradually improving.

The improving trend in the company’s gross profit margin is worthy of attention. Taking Henan Wuzhi Jimin Hospital as an example, after being integrated into the company’s management system, it successfully upgraded from a Grade II A general hospital to a Grade III general hospital, with its gross profit margin surging from 6.6% in 2022 to 18.6% in 2024 [2]. This case shows that the company has the ability to improve the operational efficiency of its medical institutions, and overall profitability is expected to continue to improve as more hospital integrations are completed.

The healthcare sector shows a differentiated pattern in global capital markets. The US stock healthcare sector has performed relatively well, but performance within the Hong Kong stock healthcare sector varies significantly. The private hospital track where Bayzed Health is located faces policy changes brought by DRG (Diagnosis Related Groups)/DIP (Diagnosis-Intervention Packet) payment system reforms.

From a positive perspective, payment system reforms are driving the healthcare system to transform from “volume-based” to “quality-based” efficiency, and private medical institutions with specialized service capabilities and refined management levels are expected to gain competitive advantages in the reform [2]. Bayzed Health’s professional advantages in early cancer screening and precise diagnosis are exactly in line with the policy guidance direction. From a challenging perspective, payment system reforms put forward higher requirements on hospitals’ cost control capabilities and diagnosis and treatment efficiency, testing the company’s operational management capabilities.

---

As a newly listed stock that only went public in June 2025, Bayzed Health has been listed for less than half a year, and its valuation system is still being established. The sharp pullback of over 50% from the post-IPO high not only reflects the market’s re-pricing of the company, but may also breed valuation recovery opportunities. From historical data, newly listed stocks often experience chip structure restructuring in the early post-listing period, and the game between cornerstone investors, institutional investors, and retail investors will affect short-term share price trends.

The company’s 52-week share price range is HK$3.68 to HK$19.88, and the current share price is close to the 52-week low [6]. From a technical analysis perspective, the 52-week low of HK$3.68 forms an important support reference level. If it can receive effective support and stabilize in this area, a phased bottom structure may form.

From Hong Kong Stock Connect data, Bayzed Health has relatively active trading volume recently, with

[3]. This ratio indicates that Northbound capital maintains high attention on the company, providing liquidity support for the share price to a certain extent. Considering that the company was included in the Hang Seng Index Series constituent stocks and Hong Kong Stock Connect list on September 8, 2025 [4], continuous inflows of passive allocation capital are expected to provide medium- to long-term support for the share price.

Despite weak share price performance, the company has received high recognition from professional institutions. On December 22, 2025, the company won the “Annual Outstanding Healthcare Enterprise Award” at Gelonghui’s “Golden Gelong Award · Annual Outstanding Company List” selection, and Chief Financial Officer Mr. Yao Le also won the “Annual Outstanding CFO Award” [2]. This honor reflects the capital market’s high recognition of the company’s governance capabilities and professional quality of the core team.

There is a certain expectation gap between the current share price performance and the professional recognition received by the company. In the short term, unlock pressure and performance losses may continue to suppress the share price; but in the medium to long term, if the company can continue to improve profitability and consolidate its leading position in the oncology healthcare sector, the valuation recovery space is worthy of attention.

---

Risk Type	Specific Description	Impact Assessment
Unlock Risk	The lock-up period for cornerstone investors has expired, and 35.3178 million shares may enter the tradable market [1]	Increased short-term selling pressure
Performance Losses	Attributable losses to shareholders in H1 2025 widened by 139.18% year-on-year [1][4]	Valuation pressure
Valuation Volatility	The valuation system of the newly listed stock is not yet stable, and the share price may fluctuate sharply	High uncertainty
Industry Policy	DRG/DIP payment system reforms bring challenges to the operating model of private hospitals	Need continuous adaptation

: The scale of China’s oncology healthcare service market continues to expand, and the increasing penetration rate of early cancer screening provides a solid demand foundation for the company’s business growth. The company’s layout in the full-cycle oncology service track is expected to fully benefit from the structural growth of the industry.

: The gross profit margin of the company’s hospitals continues to improve, proving that the company has the ability to improve the operational efficiency of medical institutions. As more integration projects are implemented, core profitability is expected to continue to strengthen.

: The state promotes high-quality development of the healthcare system, which benefits private medical institutions with specialized service capabilities. Bayzed Health’s professional advantages in early cancer screening and precise diagnosis and treatment are in line with policy guidance directions.

: Period of unlock pressure release, the share price may continue to be under pressure; attention should be paid to changes in trading volume and performance of support levels.

: After the unlock pressure is fully digested, if performance continues to improve, a valuation recovery market can be expected.

: Industry growth certainty is strong, the company’s leading position is stable, and it has medium- to long-term allocation value.

---

Indicator	Data	Remarks
Stock Code	02609.HK	Hong Kong Main Board
Current Share Price	Approximately HK$4.05-4.34	Near 52-week low
52-Week High	HK$19.88	-
52-Week Low	HK$3.68	Important support reference level
Total Market Capitalization	Approximately HK$5.34 billion	-
Hong Kong Stock Connect Holding	Approximately 14.30%	Focused by Northbound Capital [3]
H1 2025 Revenue	RMB 575 million	+0.66% year-on-year
H1 2025 Adjusted Net Profit	RMB 9.4 million	+72.8% year-on-year

: Sustained performance losses, huge unlock pressure, high valuation volatility of newly listed stock, weak market sentiment.

: Leading industry position (4th in oncology healthcare services), recognized by authoritative institutions, strong long-term growth certainty of the oncology healthcare track, continuous attention from Northbound Capital.

Price Type	Price Range	Technical Significance
Strong Support Level	HK$3.68	52-week low; if broken, may test lower levels
First Support Level	HK$3.8-4.0	Lower edge of current intensive trading zone
Current Price Range	Approximately HK$4.05-4.34	In recent low range
Short-Term Resistance Level	HK$4.5-4.8	Lower edge of previous consolidation platform
Important Resistance Level	HK$5.5-6.0	Integer level and moving average pressure zone

---

[1] GMT8 - HK Stock Market Move: BAYZED HEALTH (02609) fell more than 6% during trading
[2] Gelonghui - Full-Cycle Oncology Layout Empowers Growth, Bayzed Health (02609.HK) Wins Gelonghui’s “Annual Outstanding Healthcare Enterprise Award”
[3] Bank of China International - Hong Kong Stock Connect Stocks
[4] Arterial Network - Bayzed Health Company Information
[5] Department of Justice, Hong Kong SAR Government - Case Studies of Hong Kong Professional Services Supporting Mainland Chinese Enterprises’ Successful Global Expansion
[6] Yahoo Finance - Bayzed Health (2609.HK) Share Price, Quotes and Records