Report on Hong Kong-Listed Biotech Companies

Skadden Publication

Paloma Wang Kai Sun Anthony Pang Martina To Lillian Lian


Our fourth annual report on Hong Kong-listed biotech companies examines how the sector performed during the continuing challenging market conditions of the last full calendar year. Although the number of biotech companies listing on the Stock Exchange of Hong Kong Limited (HKEX) during 2023 represented a significant drop from the biotech listings peak in 2021, the number that listed in 2023 was similar to what we saw in 2022. Our report provides a comprehensive overview of the market, examining key data points for biotech companies undertaking IPOs on HKEX in calendar year 2023 and analyzing the corporate governance practices of all 63 biotech companies listed on HKEX as of December 31, 2023.

Some of our findings include the following:

  • Seven biotech companies listed on HKEX in 2023, raising an aggregate of US$510 million. Average biotech IPO size in 2023 was US$72.8 million. So far in 2024, a further two biotech companies have successfully completed listings on HKEX.
  • Aggregate market capitalization of all HKEX-listed biotech companies was US$78.5 billion as of December 31, 2023, down from US$94 billion at the end of 2022.
  • Shanghai and the nearby cities of Suzhou and Hangzhou are consolidating their position as biotech hubs for PRC issuers.
  • Follow-on fundraising continued in 2023: Nine biotech companies conducted follow-on fundraising during the year, with an average of US$74 million raised, including one company that raised over US$304 million.
  • No new companies in 2023 demonstrated the necessary profit and/or revenue to remove the “B” marker from their stock codes.
  • In 2023, 16 companies filed for Chapter 18A listings.

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