Suspended for investigation by the Securities and Futures Commission of Hong Kong, Bocon Cloud's IPO is suspected of being artificially manipulated, and its share price has dropped by more than 88% since its listing.
Listed on the Hong Kong Stock Exchange for only 14 months, the Hong Kong-listed 18A biopharmaceutical firm Clearmind Vision-B (02592.HK) has been suspended from trading and placed under investigation by the Securities and Futures Commission of Hong Kong (SFC).
On September 10, Clearmind Vision issued a trading suspension announcement, which shows that in accordance with Article 8(1) of the Securities and Futures (Listing on the Stock Market) Rules, The Stock Exchange of Hong Kong Limited (hereinafter referred to as "HKEX"), upon the instruction of the Securities and Futures Commission of Hong Kong, has suspended the trading of Clearmind Vision's shares with effect from 9:00 a.m. on September 10, 2026.
On the same day, the SFC released a statement on its official website that "the SFC expresses serious concern that the initial public offering of Clearmind Vision may have been artificially manipulated to create a false impression of demand for Clearmind Vision's shares." Therefore, the SFC believes that during the ongoing investigation, suspending the trading of the relevant shares is necessary or appropriate to maintain an orderly and fair market for Clearmind Vision's shares and safeguard the interests of the investing public.
As the investigation is still in progress, the SFC stated that it "will not make further comments."
The issue price of Clearmind Vision at listing was HK$10.10 per share, and its share price fell by 38.61% on the first day of listing. Since then, Clearmind Vision's share price has continued to decline. As of the eve of the trading suspension on September 9, the company's share price stood at HK$1.19 per share, down 88.22% from the issue price, with a total market value of HK$1.1 billion.
Institutional investors showed low willingness to subscribe at the time of listing
Clearmind Vision did not disclose the specific reason why the SFC required it to suspend trading in the announcement. The SFC stated in the aforementioned announcement that its investigation was launched in accordance with Section 182(1) of the Securities and Futures Ordinance.
A reporter from Time Weekly learned from the official website of the SFC that the aforementioned ordinance has a wide scope of application. Under the following circumstances, the SFC has the right to instruct HKEX to suspend the trading of shares of a listed company, including that the issuer's announcements, statements, notices or other documents contain false, incomplete or misleading information in material respects; it is necessary to maintain an orderly and fair market; safeguard the interests of the investing public or the public interest, etc.
Clearmind Vision was listed on the Main Board of HKEX on July 3, 2025. According to the placement result announcement at that time, the Hong Kong public offering part of Clearmind Vision was 78.78 times subscribed, and the international offering part was 0.89 times subscribed.
The offering shares of Hong Kong stock IPOs are divided into two parts: "international placement" and "public offering", among which the international placement is in the dominant position. According to the interpretation of Hong Kong stock IPOs by the Strategy Research Department of Huatai Securities, international placement is mainly targeted at international institutional investors and high-net-worth individuals, and it is the main way for institutional investors to participate.
This means that during the listing process of Clearmind Vision, institutional investors showed low willingness to subscribe, while public investors had high enthusiasm for subscription.
Under the above circumstances, Clearmind Vision launched the reallocation procedure specified in the prospectus. The total number of shares under the global offering of Clearmind Vision is 60.582 million shares, of which 54.5235 million shares are initially available for subscription under the international offering, and 6.0585 million shares are initially available for subscription under the Hong Kong public offering.
Finally, Clearmind Vision reallocated 6.057 million shares from the international offering to the Hong Kong public offering.
After the reallocation, 48.4665 million shares are offered under the international offering of Clearmind Vision, accounting for 80% of the total number of shares under the global offering; 12.1155 million shares are offered under the Hong Kong public offering, accounting for 20% of the total number of shares under the global offering.
In response to the SFC's wording of "creating a false impression of demand for Clearmind Vision's shares", Shen Meng, Executive Director of Chanson Capital, told the reporter of Time Weekly that this may mean that in the process of prospectus subscription, a significant proportion of the subscription applications are non-genuine, and the active subscription is artificially created rather than a real market response, which will mislead other investors' judgment on the value of the company and lead to potential loss risks.
On September 11, the reporter of Time Weekly contacted Clearmind Vision regarding issues such as the progress of the SFC's investigation into the company, and no reply had been received as of press time.
Losses exceeded 47 million US dollars in the first half of the year
Clearmind Vision focuses on the R&D of new ophthalmic drugs. It was founded in California, the United States in 2015, and mainly operates in the United States and China. The founder of the company is Ni Jinsong, and its R&D team is composed of the R&D team of the international ophthalmic drug group "Allergan". Members of the team have participated in the R&D of a number of blockbuster new ophthalmic drugs launched by Allergan.
In 2021, Clearmind Vision located its R&D headquarters, global production base, and Greater China marketing center in Suzhou High-tech Zone.
No product of Clearmind Vision has been commercialized yet. According to the 2026 semi-annual performance report, the company's R&D pipeline includes ten candidate drugs for the treatment of major diseases in the anterior and posterior segments of the eye, six of which are in the clinical stage and four are in the preclinical stage.
Among them, three pipeline products of Clearmind Vision have entered the relatively late stage of clinical development, including the core product CBT-001, a topical ophthalmic eye drop emulsion for the treatment of pterygium; another core product CBT-009, a novel atropine ophthalmic formulation for the treatment of myopia in adolescents; and CBT-004 for the treatment of pinguecula.
At present, Clearmind Vision has reduced its R&D investment in CBT-009. The net proceeds from Clearmind Vision's listing last year was HK$522 million, and it issued an announcement in May this year stating that it would change the use of the net proceeds.
Clearmind Vision stated that it has decided to voluntarily withdraw the new drug clinical trial application submitted for the potential Phase 3 clinical trial of CBT-009 in China, and reallocate the HK$104 million originally allocated to CBT-009. Among them, HK$32 million is reallocated for continuous clinical R&D activities of CBT-001 and CBT-004; HK$43 million is reallocated for continuous clinical R&D activities of CBT-358 and CBT-277; HK$29 million is reallocated for the company's working capital and other general corporate purposes.
Clearmind Vision stated in the performance report that this is to avoid R&D risks and focus the company's resources more efficiently.
At present, Clearmind Vision is still in a loss-making state. In the first half of 2026, the company's revenue was 0; the loss for the period was 47.947 million US dollars, while it recorded a profit of 5.186 million US dollars in the same period of 2025. Meanwhile, Clearmind Vision is still making continuous R&D investment. Its R&D expenditure in the first half of this year was 31.846 million US dollars, a year-on-year increase of 34.19%.
As of the end of June 2026, the total assets of Clearmind Vision were 54.138 million US dollars, and cash and cash equivalents were 32.745 million US dollars.
This article is from the WeChat official account "Time Weekly" (ID: timeweekly), the author is Yan Xiaohan, and it is published with authorization from 36Kr.