Cloudbreak Pharma (2592 HK), a clinical-stage eye-disease drug developer, was listed on the HKEx on the 3rd July 2025 at HK$10.10/share, and promptly fell 39% on debut.
The downward trend continued. Shares were suspended by the SFC on the 10th September 2026, with a last trading price of HK$1.19/share, down 88.2% from IPO.
The SFC said it has “serious concerns“ that Cloudbreak’s 2025 IPO “may have been rigged to create an artificial impression of demand“ for its shares.
Cloudbreak, to me, is a famous Fijian surfing break, hence the somewhat lame title. Sorry about that.
FWIW, one of the eyedrops Cloudbreak is seeking to perfect for pterygiums, are sometimes called “surfer’s eyes” .....
Cloudbreak is suspended by the SFC, so there is nothing to do right now.
This insight is somewhat of a vanity project just to get a handle on what happened here.
Cloudbreak Pharma (2592 HK)'s Wipeout
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