In-depth Analysis of Baize Medical (02609.HK) New Stock Performance and Market Attention

This analysis is based on hot list information about Baize Medical (02609.HK) from the East Money App (Hong Kong stock market), combined with internal analyst reports [0] and external sources for comprehensive analysis. Baize Medical listed on the Hong Kong Main Board on June 23, 2025, with an issue price of HK$5.72, and its first-day gain reached 42.2% [5]. The public offering received 25.9x oversubscription [6], indicating high market attention. The company focuses on oncology medical services and collaborates with well-known institutions and experts [1], but interim results show expanded losses [8]. After being included in the Stock Connect, it has become an object of attention for southbound funds [0], with short-term arbitrage risks [2].

As a new stock in the oncology medical services sector, Baize Medical (02609.HK) has delivered an impressive listing performance: it closed at HK$6 on its first day, up 42.2% from the issue price [5], with a dark pool trading gain of 30.3% [7]. The public offering received 25.9x oversubscription, with a one-lot success rate of 20% [6], reflecting investors’ confidence in its business prospects. The company’s business model centers on specialized oncology medical services, managing 6 for-profit hospitals and 2 non-profit hospitals. It has established in-depth cooperation with Peking University Cancer Hospital [1], and enhanced its professional capabilities by binding experts such as academician Shi Xuemin of the Chinese Academy of Engineering through equity [1].

In terms of market attention, the company was included in the Stock Connect targets in September 2025 [0], becoming an object of southbound fund layout. Against the backdrop of healthcare sector rotation in 2025 [0], the new stock attribute combined with industry trends has driven its market performance. However, financial data shows that interim revenue in 2025 increased slightly by 0.7% to RMB 575 million, but the loss attributable to shareholders expanded to RMB 27.62 million [8], reflecting operational pressure.

1. New Stock and Industry Synergy
   : Baize Medical’s strong IPO performance stems not only from the new stock effect but also benefits from the rotation trend of the healthcare sector [0], as investor interest in the oncology medical sub-sector has increased.
2. Double-Edged Sword of Resource Binding
   : Cooperation with well-known institutions and experts has enhanced the company’s credibility [1], but it needs to translate this into actual operational efficiency and profitability to alleviate loss pressure [8].
3. Dual Impact of Southbound Funds
   : Inclusion in the Stock Connect brings a broader investor base for the company [0], but there is also the risk of short-term arbitrage by southbound hot money [2], which may exacerbate stock price volatility.

• Risks
  : Expanded interim losses [8], operational efficiency to be improved; short-term speculative trading may lead to stock price fluctuations [2]; the medical services industry is highly competitive, requiring continuous investment to maintain advantages [1].
• Opportunities
  : Growing demand in the oncology medical services market [1]; access to southbound fund support after inclusion in the Stock Connect [0]; cooperation with well-known institutions is expected to improve service quality and market share [1].

As a new stock in the Hong Kong healthcare sector, Baize Medical (02609.HK) has delivered strong initial listing performance and high market attention. The company has high-quality cooperative resources and business layout, but needs to address operational losses and market volatility risks. Investors should comprehensively consider its industry prospects, operational capabilities, and market environment to make rational decisions.