Thirty-six biotechnology, pharmaceutical and medical device companies sought a capital raise on the Hong Kong Stock Exchange (HKEX) in the first half (H1) of 2025, a review by BioWorld found. Of those, 34 companies were from mainland China.
In June alone, 12 Chinese biotechnology, pharmaceutical and med-tech companies filed for a Hong Kong IPO including Genfleet Therapeutics (Shanghai) Inc., Hanx Biopharmaceuticals (Wuhan) Co. Ltd., Sunshine Lake Pharma Co. Ltd., Guangzhou Innogen Pharmaceutical Group Co. Ltd., Hangzhou Diagens Biotechnology Co. Ltd. and Bliss Biopharmaceutical (Hangzhou) Co. Ltd.
In July, allergy and autoimmune biologics maker Hunan Mabgeek Biotech Co. Ltd. and Shanghai Meditrust Health Technology Group Co. Ltd., a health care payer platform provider, applied for a stock sale in Hong Kong, marking the first HKEX filings in the third quarter (Q3) of 2025.
Filings do not always translate to financings, however. Fuijan Haixi Pharmaceuticals Co. Ltd., Mabwell (Shanghai) Bioscience Co. Ltd. and Genuine Biotech Ltd. had respective IPO applications lapse this year.
Leads readies potential HK$142M IPO
Of upcoming IPOs, Nanjing Leads Biolabs Co. Ltd. is next in line for a potential $142 million raise on the Hong Kong market, with the stock sale slated for July 25.
Announced July 17, Leads plans to offer about 32 million H shares at a price band of HK$31.60 (US$4.03) to HK$35 per share. The IPO could gross up to HK$1.12 billion if the shares are offered at the upper end of the range.
Founded in 2012, Leads’ one core product is LBL-024, a registrational-stage PD-L1/4-1BB dual-targeting bispecific antibody under investigation for advanced extra-pulmonary neuroendocrine carcinoma (EP-NEC) as a third line-plus monotherapy or first-line combination therapy. Thirteen other candidates are in the pipeline, including five clinical candidates and eight preclinical-stage candidates. Its anti-GPRC53/CD3 bispecific antibody, LBL-034, for advanced multiple myeloma (MM) has IND clearance in both the U.S. and China.
Leads’ shares are expected to launch under the ticker “9987” July 25. CCB International Capital Ltd., Citic Securities Co. Ltd., CLSA Ltd., CMB International Capital Ltd. and Morgan Stanley Asia Ltd. are the joint bookrunners and joint lead managers.
More IPOs may come from new Shanghai pathway
While the People’s Republic of China (PRC) tightened regulations in the mainland in the past years, recent “deepening reforms” may be working in the opposite direction to bolster roundabout modes of financing for science and technology-based firms in China.
Earlier this month, Wuhan Healthgen Biotechnology Co. Ltd. gained clearance to list on a reinstated IPO growth tier on the Shanghai Stock Exchange (SSE) called the “unprofitable” track, geared toward supporting biotechs without revenue. Healthgen’s founder Daichang Yang, a former senior scientist and lab director of Junction City, Kan.-based Ventria Bioscience Inc., was found by the U.S. International Trade Commission (ITC) in 2022 to have stolen trade secrets from Ventria, a ruling that was affirmed in 2025.
More Chinese biotechs are “currently in line” to list under the pathway, according to the SSE, including Guangzhou Bebetter Medicine Technology Co. Ltd., Hrain Biotechnology Co. Ltd., Harbin Sagebot Intelligence Medical Equipment Co. Ltd. and Insight Lifetech Co. Ltd.
Other China financings: Cstone’s $60M placement
Shanghai- and Suzhou-based Cstone Pharmaceuticals Co. Ltd. announced July 16 gaining about HK$468.28 million from a placement of new 100 million new shares at a price of HK$4.72 per share, representing about 6.83% of the company’s issued share capital.
The raise pushed Wuxi Healthcare Management LLC’s stake up to 21.50% and Pfizer Inc.’s to 8.50%. Jianxin Yang (5.43%), Edward Hu (0.21%), Kenneth Walton Hitchner III (0.19%) and Wei Li (0.15%) were named as the other shareholders.
Net proceeds are expected to total HK$232.3 million, of which 90% will fund R&D of Cstone’s “pipeline 2.0,” including its clinical ROR1 antibody-drug conjugate (ADC) candidate, CS-5001, and PD-1/VEGFA/CTLA-4-targeting trispecific antibody CS-2009. The remainder will be used for general corporate purposes.
Henlius spinoff makes $40M Taiwan debut
Shanghai Henlius Biotech Inc.’s subsidiary, Hanchorbio Inc., announced July 16 that it raised NT$1.2 billion (US$40.77 million) with an IPO on Taiwan’s Taipei Exchange June 20. The offering comprised 120 million shares priced at NT$10 per share. Hanchorbio shares (TPEX:7827) closed at NT$62.50 per share July 17.
Scott Liu, founder, chairman and CEO, HanchorbioTaipei-, Shanghai- and San Franscisco-based Hanchorbio was cofounded in 2020 by Scott Liu and Weidong Jiang as a spinoff from Henlius, which Liu originally cofounded and led. Hanchorbio’s lead asset, HCB-101, began phase II study in March 2025 across Taiwan, the U.S. and China after interim phase Ia results were posted at the 2025 ASCO meeting.
“When we started this journey just a few years ago, our vision was bold: to build a next-generation immunotherapy company with global impact,” said Liu, also chairman and CEO of Hanchorbio. “Today, we are one step closer to realizing that vision with a differentiated platform; an advanced pipeline with more than six first-in-class, multifunctional fusion proteins and encouraging clinical results.”
“This IPO is more than a financial milestone – it’s a defining moment for all of us at Hanchorbio,” he said.
