Our fifth annual report on Hong Kong-listed biotech companies examines how the sector performed over the last two full calendar years. The report provides a comprehensive overview of the market, examining key data points for biotech companies undertaking IPOs on HKEX in 2024 and 2025 and analyzing corporate governance practices of all 82 biotech companies listed on HKEX as of December 31, 2025.
The number of new biotech listings dropped to just four in 2024 (the lowest since the introduction of the regulatory regime in 2018), but rebounded to 16 in 2025, quadrupling the previous year’s total. This strong recovery, especially amid ongoing global market volatility, underscores the resilience and growing appeal of the biotech sector in Hong Kong.
Some of our findings include the following:
- Twenty biotech companies listed on HKEX in 2024-25, with an average IPO size was US$100 million.
- Aggregate market capitalization of all HKEX-listed biotech companies was US$169 billion as of December 31, 2025 (an increase of 109% compared to the US$81 billion market capitalization of all Hong Kong-listed biotech companies as of December 31, 2024).
- Shanghai continues to be the leading hub for China’s biotech industry, with more than half of HKEX-listed biotech companies headquartered in Shanghai or nearby cities such as Suzhou, Hangzhou, Taizhou, Nanjing, Ningbo and Shaoxing.
- Of the 82 biotech companies listed between 2018 and 2025 (which excludes a subsequently delisted company), 27 were trading above their IPO prices as of December 31, 2025.
- Average share price change from IPO through December 31, 2025, across all companies represented a gain of 13.28%.
- A total of 15 companies have successfully applied to remove their “B” markers as a result of meeting one or more financial tests by the end of 2025.