Hanx Biopharmaceuticals raised HK$586 million (about US$75 million) in its Hong Kong IPO but saw its stock plunge roughly 46% on debut, signaling weak investor reception for some clinical‑stage immuno‑oncology issuers. The company plans to use proceeds to advance its immuno‑oncology pipeline, but the sharp opening decline tightens its near‑term access to follow‑on capital in public markets. The debut highlights market skepticism for early‑stage biotech listings amid broader sector volatility.