business · AM730

Brackish Vision Cloud Suspended by SFC; Stock Down 88% Since July 2025 IPO

AM730 · 2 SOURCESabout 2 hours ago2 MIN

Summary

Ophthalmology biotech firm Brackish Vision Cloud (stock code: 2592) was suspended from trading on September 10, 2026, following a Securities and Futures Commission directive under the Securities and Futures (Listed Securities) Rules. The stock closed at HK$1.19 before suspension, representing an 88% decline from its July 2025 IPO price of HK$10.10. The company reported a first-half loss of approximately US$47.95 million .

Key Points

Brackish Vision Cloud (2592) was ordered to halt trading at 9:00 AM on September 10, 2026, per the SFC directive under Section 8(1) of the Securities and Futures (Listed Securities) Rules .
The stock closed at HK$1.19 on September 9, marking a decline of more than 88% from its IPO price of HK$10.10 in July 2025, with net IPO proceeds of approximately HK$522 million .
While the grey market trading before listing surged by nearly 40%, the stock consistently traded below its IPO price after listing, with its highest point at HK$9.58 in December 2025 .
The company's joint sponsors were CCB International and Huatai International .
According to the company's interim results released on August 31, 2026, it reported a loss of US$47.947 million for the first half of the year .

Why It Matters

This case highlights the significant risks facing Hong Kong's biotech sector, where companies with substantial capital needs and uncertain profitability prospects often see dramatic post-IPO declines. The SFC's intervention to suspend trading raises questions about market oversight and investor protection in Hong Kong's growth enterprise landscape .