Biotech company Hao Ding (4174) recently announced that its Phase III trial for a new immunotherapy drug for triple-negative breast cancer has failed, leading to two consecutive days of trading halts as the stock price plummeted to a low of NT$35. This dramatic drop stands in stark contrast to the stock's peak price of NT$755 in December 2015. Hsieh Chin-Ho, chairman of 財信媒體, highlighted on social media that in a situation where a company has no revenue, the inequity of information could lead ordinary investors to significant losses.

He noted that after 15 years of research, Hao Ding's failure in drug trials once again caused a stark decrease in stock price, reflecting deep skepticism towards market hype. A decade ago, Hao Ding was projected to have a life-saving drug, drawing substantial investor interest and driving the stock price up to NT$755, only to face scrutiny following the trial failures. He compared this with the case of another company, '基亞', which also suffered from similar pitfalls.

Hsieh emphasized that it is illogical for companies with no revenue to trade at excessively high valuations and urged investors to exercise caution.