NewTimeSpace | Share Price Plummets Nearly 60% Over 14 Trading Days; Ab&B Bio-Tech (02627.HK) Suspends Trading Due to Delayed Annual Results

Amid a continuous decline in its share price, Ab&B Bio-Tech (02627.HK) announced on March 31, 2026, the postponement of its annual results publication.

NewTimeSpace noted that in the 14 trading days leading up to the suspension, Ab&B Bio-Tech’s share price suffered a cumulative drop of nearly 60%, experiencing a massive sell-off.

Trading Suspended Due to Delayed Results; Earnings Preview Forecasts Narrowed Losses

NewTimeSpace learned that on March 31, 2026, Ab&B Bio-Tech issued an inside information announcement stating that the audit of the Group’s financial statements for the year ended December 31, 2025, had not been completed. This delay primarily concerns auditing procedures for certain fund investments and consultancy payments, as well as the incomplete internal inquiries initiated by the Audit Committee of the Board, which require further investigation. Consequently, the company was unable to publish its 2025 annual results by the scheduled deadline of March 31, 2026.

The Board believes that publishing unaudited management accounts at this stage would be inappropriate, as they may not accurately reflect the Group's financial performance and position. The company stated its objective is to resolve these matters as soon as reasonably practicable and coordinate with auditors to complete the outstanding audit procedures.

As a result, trading in the company’s shares has been suspended from 9:00 a.m. on April 1, 2026, pending the publication of the 2025 annual results. The Board meeting originally scheduled for March 31 has also been postponed.

It is understood that Ab&B Bio-Tech released a positive profit alert on February 26, 2026, estimating total revenue for fiscal year 2025 to be between RMB 446 million and RMB 493 million, representing a year-on-year increase of approximately 71.8% to 89.9%. The net loss is expected to range from RMB 157 million to RMB 197 million, a reduction of approximately 23.9% to 39.3% compared to the RMB 259 million net loss in 2024.

Based on the preview, the company’s performance appeared strong, with significant revenue growth and narrowing losses. Following the profit alert, the share price rose by approximately 30% through March 11, 2026.

Profit-Taking Leads to Nearly 60% Slump Over 14 Trading Days

NewTimeSpace learned that during its IPO placement, Ab&B Bio-Tech was highly sought after by investors. During the public offering phase, 191,000 applicants participated, resulting in an oversubscription of 4,007 times and freezing over HK$210 billion in capital, making it the undisputed "Oversubscription King" of the Chapter 18A biotech sector that year.

Upon its debut on the HKEX on August 11, 2025, the company opened at an offer price of HK$12.90 and surged by 157.98% in a single day, setting the record for the highest first-day gain among Hong Kong new listings in 2025.

On March 9, 2026, Ab&B Bio-Tech was officially included in the Stock Connect program. On the following day, its share price jumped over 20% intraday, closing at HK$71.40, with year-to-date gains briefly exceeding 60%.

Based on its IPO price from August 11, 2025, Ab&B Bio-Tech’s cumulative gain reached 453.49% by the close of March 11, 2026.

However, starting from March 12, 2026, the stock began to weaken. By the close on March 31, 2026, the share price had fallen by a cumulative 58.94%. Over 14 trading days, the company’s market value shrank from HK$28.089 billion to HK$11.54 billion.

Industry insiders pointed out that the share price had already accumulated massive gains before its inclusion in the Stock Connect, with 5-day, 20-day, and year-to-date increases reaching 40%, 53%, and 60% respectively. This implies that a large amount of short-term capital had positioned itself in advance; once the positive news of the Stock Connect inclusion materialized, profit-seekers exited en masse, putting pressure on the stock price. This scenario of "priced-in expectations followed by cashing out on the news" is not uncommon in the Hong Kong market, with Ab&B Bio-Tech being the latest example.

An analysis of the stock’s unusual movement on the Hithink Flush (Tonghuashun) investment advisory platform clearly stated that the core logic behind the crash was "large short-term gains + Stock Connect inclusion + profit-taking."

Operations Progressing Steadily; Revenue Structure Remains Concentrated

As a domestic innovative vaccine enterprise, Ab&B Bio-Tech possesses two core products: a Quadrivalent Influenza Virus Subunit Vaccine (trade name: Huierkangxin®) and a lyophilized human rabies vaccine candidate.

NewTimeSpace learned that Huierkangxin® received approval from the NMPA in May 2023. It is currently the first and only approved quadrivalent influenza virus subunit vaccine in China for individuals aged 3 and above.

Supported by its in-house sales and marketing team, Huierkangxin® has secured market access across 30 provinces in China and has been selected by over 1,100 district- and county-level Centers for Disease Control and Prevention (CDCs). Both its pass rate and batch release approval rate have reached 100%. In 2024, Ab&B Bio-Tech’s sales revenue soared to RMB 260 million, a nearly 400% increase from RMB 52.2 million in 2023. However, with 99% of revenue derived from Huierkangxin®, the company's product revenue structure remains highly concentrated.

The company's other core product, a lyophilized human rabies vaccine candidate (human diploid cells), has also garnered significant market attention. This vaccine is expected to be a viable alternative to mainstream Vero cell-based rabies vaccines. The company completed Phase I clinical trials for this candidate in October 2024 and plans to initiate Phase III trials in the third quarter of 2025.

Beyond these two core products, Ab&B Bio-Tech’s pipeline includes 11 other vaccine candidates, such as a trivalent influenza virus subunit vaccine, a 23-valent pneumococcal polysaccharide vaccine, a recombinant herpes zoster vaccine (CHO cells), and a respiratory syncytial virus (RSV) vaccine.

In early March 2026, Ab&B Bio-Tech announced that its self-developed Monkeypox mRNA vaccine received IND clearance from the U.S. FDA, making it the first in China and the third globally to enter clinical trials. Meanwhile, BioNTech’s similar candidate, BNT166, is making steady progress with localized production and Phase II trials in Africa.

On March 13, 2026, Ab&B Bio-Tech announced the formal signing of an overseas strategic cooperation agreement for influenza subunit vaccines with Walvax Biotechnology Hong Kong Limited in Taizhou. The parties will jointly promote the registration, sale, and commercialization of the trivalent subunit influenza vaccine "Huierkangxin 3" in overseas markets.

Currently, Ab&B Bio-Tech’s overall operations appear to be proceeding in an orderly manner, and the continued decline in its share price seems largely driven by profit-taking. However, while focusing on the company's long-term value, investors must cautiously evaluate risks such as the delay in annual report disclosure, the singular product structure, and potential setbacks in innovative vaccine R&D and commercialization.

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