Jiangsu Hengrui Pharmaceuticals Co. Ltd. is the latest mainland China pharmaceutical company to seek a capital raise on the Hong Kong stock exchange, winning clearance April 28 from the China Securities Regulatory Commission to float new H-shares.
Tightening of U.S. regulation and capital is leading Chinese biotechs to alternative and new models of financing, ranging from cross-border licensing deals, M&As, the so-called newco model and overseas listings.
Antibody-drug conjugate developer Duality Biotherapeutics Inc. debuted on the Hong Kong Stock Exchange (HKEX) with a HK$1.64 billion (US$211.4 million) IPO April 15, making it one of the biggest offerings made under the HKEX’s Chapter 18A listing regime since 2020.
Antibody-drug conjugate developer Duality Biotherapeutics Inc. debuted on the Hong Kong Stock Exchange (HKEX) with a HK$1.64 billion (US$211.4 million) IPO April 15, making it one of the biggest offerings made under the HKEX’s Chapter 18A listing regime since 2020.
Biopharma companies brought in $13.08 billion in financing during the first quarter (Q1) of 2025, marking a significant drop from every quarter of 2024. The number of financings also declined, with 239 transactions completed in Q1 this year, down from a quarterly average of approximately 299 deals in 2024.
Biopharma companies secured $3.82 billion across 81 public and private financings in March 2025, marking a 28% increase from the $2.98 billion raised through 59 transactions in February.
Visen Pharmaceuticals Co. Ltd. announced its initial public offering (IPO) on the Hong Kong Stock exchange (HKEX) to raise roughly HKD$603.3 million (US$77.6 million) to advance its pipeline of endocrinology assets.
Antibody-drug conjugate developer Duality Biotherapeutics Inc. is gearing up for a second IPO attempt this year, having filed on Feb. 27 a new prospectus on the Hong Kong Stock Exchange. Two other biotechs – Genuine Biotech Ltd. and Cloudbreak Pharma Inc. – also are having another go at a listing in Hong Kong in 2025.
Basel Medical Group Ltd. is the first Singapore-based med-tech to price an IPO on the Nasdaq this year, aggregating gross proceeds of $8.82 million on its debut. The funds will be used to power future M&As and business expansion plans in Singapore and Southeast Asia, the company said.
After withdrawing plans for an IPO last year, Orum Therapeutics Inc. made its debut on the Korea Exchange in 2025 with a ₩50 billion (US$34.7 million) raise as South Korea’s first biopharma IPO of the year.
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