Analysis of Hong Kong Stock Heat for Baize Medical (02609): Impact of Listing Performance and Index Inclusion

This analysis is based on the Hong Kong Stock Hot List (2025-11-24) event from the East Money App, focusing on the reasons and impacts of Baize Medical (02609) becoming a popular Hong Kong stock. The company listed on the Hong Kong Stock Exchange on June 23, 2025, with a first-day gain of 42%[4], and was subsequently included in the Hang Seng Index Series constituent stocks in September[5], driving further share price increases. The 2025 H1 report shows the company achieved revenue of RMB 575 million but a net loss of RMB 20.3 million[2]. The main reasons for its popularity include excellent listing performance, passive capital inflows from index inclusion, and market attention to the healthcare sector[0].

Baize Medical is a medical group focusing on the oncology treatment field, with businesses covering oncology specialist hospital operations, early cancer screening, and medical management consulting[0]. The company listed on the main board of the Hong Kong Stock Exchange on June 23, 2025[1], raising approximately HK$560 million[4].

On the first day of listing, Baize Medical’s share price rose 42.18% to close at HK$6.00[4], becoming the market focus of the day. On September 15, the share price surged 64.84% in a single day, further increasing market attention[0].

On September 8, 2025, the company was included in 7 Hang Seng Index Series constituent stocks such as the Hang Seng Composite Index and Hang Seng Healthcare Industry Index[5]. Index inclusion usually brings passive capital inflows, supporting the share price[0].

The 2025 H1 report shows the company had revenue of RMB 575 million, gross profit of RMB 106 million, but a net loss of RMB 20.3 million[2]. The loss is mainly due to listing expenses and business expansion investments[0].

The healthcare sector received market attention in 2025, with obvious sector rotation effects driving increased activity of related stocks[0].

1. Index Inclusion and Passive Capital
   : After being included in the Hang Seng Index Series constituent stocks, Baize Medical obtained passive capital allocation, becoming an important driver of share price increases[5].
2. Sustained Listing Effect
   : Excellent listing performance accumulated market popularity for the company, and subsequent share price fluctuations are still affected by market sentiment in the initial listing period[4].
3. Industry Trend Resonance
   : The overall popularity of the healthcare sector resonates with the company’s track advantage in the oncology treatment field, enhancing market attention[0].

1. Profit Pressure
   : The 2025 H1 report shows a net loss of RMB 20.3 million, reflecting that the company is still in a loss state and its profitability needs to be improved[2].
2. Share Price Volatility
   : As a popular stock, the share price is easily affected by market sentiment, with high volatility risk[0].

1. Index Inclusion Dividend
   : Inclusion in the Hang Seng Index Series constituent stocks will bring sustained passive capital inflows, which is long-term positive for the share price[5].
2. Industry Growth
   : Supported by policies and affected by population aging, the healthcare sector has great growth potential in the future[0].

Baize Medical (02609) became a popular Hong Kong stock due to the combined effects of listing performance, index inclusion, and industry trends. Although the company is currently in a loss state, index inclusion and industry growth bring long-term opportunities. Investors need to pay attention to the company’s profit improvement and changes in market sentiment[0].