Seventy-three pharmaceutical, biotechnology and medical device companies from mainland China filed for IPOs in Hong Kong this year, a review by BioWorld found. In the second half of 2025, 43 new securities reports were filed on the Hong Kong Stock Exchange, increasing from the 30 applications in the first half.

Biopharma financing activity from January through November reveals an environment that has cycled through dramatic peaks and subsequent normalization. In November 2025, $9.94 billion was collected through 96 transactions, down in both value and volume from $13.23 billion from 137 transactions in October.

Kazia Therapeutics Ltd. raised AU$50 million (US$33.15 million) in a private placement of equity securities to advance lead candidate paxalisib, a brain-penetrant dual PI3K/mTOR inhibitor in clinical trials for brain cancer and advanced breast cancer.

Laigo Bio BV has raised €11.5 million (US$13.7 million) in a seed round for the further development of a new approach to inducing targeted protein degradation by E3 ubiquitin ligases.

Aimedbio Inc. raised ₩70.73 billion (US$48.24 million) in its Dec. 4 IPO, marking the largest Kosdaq listing this year.