Five Chinese Biotech Firms File for IPOs Simultaneously at End of July, Targeting HKEX 18A and STAR Market Rule 5

　　【Pharmaceutical Network Industry DynamicsAt the end of July, the capital market witnessed a concentrated effort in the biotechnology sector. Five Biotech companies—Yinuo Pharmaceuticals, TenNor Therapeutics, Vigonvita, Trinomab, and Beijing Yimiaoshenzhou Medical Techology Co., Ltd.—collectively targeted Hong Kong's Chapter 18A and STAR Market's Fifth Set of Standards, aiming to secure more resources and opportunities for their development in the capital market. This collective move not only reflects the strategic needs of individual companies but also mirrors the broader trend of the biopharmaceutical industry seeking breakthroughs in the capital market.
 

On July 31, the Hong Kong Stock Exchange website showed that Yino Pharmaceuticals passed the hearing and is about to be listed in Hong Kong. CITIC Securities and CICC are the joint sponsors. Data shows that Yino Pharmaceuticals has been focusing on the field of diabetes and metabolic diseases. Its core product, Emsupaglutide α, was approved in January 2025 for the treatment of type 2 diabetes, becoming the first domestically produced long-acting GLP-1 receptor agonist approved in China. Despite the company's initial commercial success, it has not yet reversed its loss-making situation and still requires substantial capital investment for R&D and market expansion. This move into the capital market aims to ease financial pressure and accelerate the development of subsequent product pipelines, such as those for obesity and overweight indications.
 

According to the disclosure by the Hong Kong Stock Exchange on July 31, Vigonvita has filed for listing on the Main Board of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor. Data shows that Vigonvita is an innovation-driven biopharmaceutical company dedicated to the fields of neurological and psychiatric diseases, infectious diseases, and reproductive health. Its Mindvy® (VV116) has been approved for marketing in Uzbekistan for COVID-19 treatment, while Minderui® (VV116) has received conditional approval from the China National Medical Products Administration for the treatment of mild to moderate COVID-19 infection in adults. Additionally, the new drug application for TPN171 for the treatment of male erectile dysfunction has been accepted. This push into the capital market will help Vigonvita expand production capacity, strengthen R&D investment, and further extend its market presence across multiple therapeutic areas.
 

On July 30, TenNor Therapeutics officially submitted its listing application to the Hong Kong Stock Exchange, planning to raise funds to advance the commercialization of its novel antibacterial drugs. Data shows that TenNor Therapeutics focuses on the field of infectious diseases, with a research and development pipeline covering multiple innovative antibacterial and antifungal drugs. Against the backdrop of growing global concern over antibiotic resistance, the R&D achievements of TenNor Therapeutics are of great significance. By listing on the Hong Kong Stock Exchange under Chapter 18A or the fifth set of rules of the STAR Market, TenNor Therapeutics will be able to raise capital to advance clinical research, accelerate product launches, and capture market share in the treatment of infectious diseases.
 

Trinomab, as the first company to be accepted for listing under the fifth set of standards on the Sci-Tech Innovation Board after its restart, holds special significance. On July 31, Trinomab's IPO application was accepted by the Shanghai Stock Exchange. The company focuses on antibody drug research and development, and by going public on the Sci-Tech Innovation Board, Trinomab can leverage the power of the capital market to accelerate R&D progress, enhance innovation capabilities, and strengthen market competitiveness.
 

Beijing Yimiaoshenzhou Medical Techology Co., Ltd. completed IPO coaching registration with the Beijing Securities Regulatory Bureau on July 29, planning to list on the STAR Market, with CITIC Securities as the coaching institution. Data shows that Beijing Yimiaoshenzhou Medical Techology Co., Ltd. has been deeply involved in the cell therapy field, and its developed CAR-T cell therapy products have shown potential in cancer treatment. As a cutting-edge medical technology, cell therapy is costly and time-consuming to develop. Going public on the STAR Market will provide financial support for Beijing Yimiaoshenzhou Medical Techology Co., Ltd., promote clinical trial progress, and enable it to gain a foothold in the highly competitive cell therapy market.
 

These Five Companies Rush to Capital Markets Collectively: On one hand, it shows that the innovation vitality of the biopharmaceuticals industry remains strong. Despite high R&D risks and long cycles, companies are still actively seeking development opportunities. On the other hand, Hong Kong's Chapter 18A and the fifth set of rules on Shanghai's STAR Market provide listing and financing channels for unprofitable biopharmaceutical companies, attracting many innovative Biotech enterprises. However, market competition is extremely fierce, and investors are increasingly scrutinizing companies' R&D capabilities, product prospects, and commercialization abilities. Whether these five companies can successfully go public and leverage capital to achieve take-off remains to be tested by the market.
 

Disclaimer: Under no circumstances shall the information or opinions expressed in this article constitute investment advice to any person.