Drugtech Stock Plunges 98% From $270B Valuation After Lock-Up Expiry on June 23; Global Trial Completes Enrollment

According to Zhitong Caijing, Medicatech-B (02617) stock plunged 59.71% on June 23 following the second-phase lock-up expiration one year after listing, closing at 11.25 Hong Kong dollars with market capitalization falling to 4.1 billion Hong Kong dollars, down 98% from its historical peak of 270 billion Hong Kong dollars reached in September 2025.

The company announced a share buyback program on June 28 with a maximum amount of 100 million yuan or equivalent Hong Kong dollars, with stock rebounding over 50% intraday the following day. On July 1, Medicatech disclosed that its global multi-center Phase III clinical trial FIRST-308 for tenofovir-based regimen completed full patient enrollment across the U.S., EU, UK, South Korea, and Taiwan, validating the company's global clinical operations and cross-border project management capabilities.