Hong Kong's Chapter 18A Sees Surge in Biotech IPOs: 18 Innovative Pharma Companies File for Listing

　　【Pharmaceutical Network Medical Stock MarketAccording to data statistics, in the first two months of 2026, eight pharmaceutical and healthcare companies successively listed on the Hong Kong Stock Exchange's Chapter 18A, with 18 companies submitting their prospectuses, including innovative forces such as TenNor Therapeutics, Zenitar, Salubris, BriBio Pharmaceuticals, ViroCure, and GenHouse Bio.
 

Among them, TenNor Therapeutics is a biotechnology company nearing the commercialization stage. It focuses on discovering, developing, and commercializing differentiated innovative drug products to address unmet clinical needs in the field of bacterial infections and bacteria-related metabolic diseases. Since its establishment, TenNor Therapeutics has completed seven rounds of equity financing. In July 2025, the company completed its Series E financing round, with a post-money valuation of approximately 2.013 billion yuan. The company’s key product has entered the final stage of commercialization.
 

As of now, TenNor Therapeutics has seven innovative projects, with Rifafornil (TNP-2198) and Rifalazil (TNP-2092 Injection) as its core products. It is reported that Rifafornil (TNP-2198) entered the New Drug Application (NDA) stage with the National Medical Products Administration (NMPA) in August 2025, and its application has been accepted, with the potential to be approved by the end of 2026. Rifalazil (TNP-2092 Injection) is a triple-target candidate drug for treating implant-related bacterial infections, artificial joint infections, left ventricular assist device infections, and central venous catheter-related bloodstream infections in both China and the United States. It has received Investigational New Drug (IND) approval from the National Medical Products Administration and the FDA.
 

Zenitar is a biotechnology company in the late clinical stage, dedicated to integrating structural biology, artificial intelligence, and clinical-related disease models to develop promising, highly differentiated small-molecule therapies. It is reported that the company received three rounds of financing in 2025. In November last year, Zenitar completed its Series C financing of nearly 600 million RMB. The post-money valuation of the Series C round was 3.411 billion RMB, which increased nearly four times from the 695 million RMB valuation of the previous round.
 

As of now, the company's R&D pipeline covers eight products, including two core products that have entered the Phase III registrational clinical trial stage, two clinical-stage drug candidates, and four preclinical-stage drug candidates. Among them, Flunotinib Maleate (FM) is Zenitar's flagship product currently under development, mainly for treating myeloproliferative neoplasms, including myelofibrosis and polycythemia vera. The prospectus shows that Zenitar plans to submit a new drug application for FM to the National Medical Products Administration in 2027 and intends to file an IND application for FM in treating GvHD in 2026.
 

Salubris, which has been listed on the A-share market for many years, is now seeking to go public in Hong Kong with an "A+H" dual listing to expand its global presence. According to the prospectus, Salubris plans to use the proceeds for innovative drug research and development, potential global collaborations and strategic investments, marketing network expansion and academic promotion, as well as enhancing production capabilities.
 

It is reported that Salubris has been vigorously transitioning towards innovation in recent years and is gradually moving past the impact of centralized procurement. In the first three quarters of 2024 and 2025, the company's revenue reached 4.012 billion yuan and 3.241 billion yuan respectively, gradually rebounding to 2017 levels; net profit attributable to shareholders was 602 million yuan and 581 million yuan, showing continuous improvement. In 2023, 2024, and the first three quarters of 2025, its innovative drug sales revenue amounted to 922 million yuan, 1.357 billion yuan, and 1.478 billion yuan respectively, with the proportion of total revenue increasing from 27.4% to 45.6%.
 

Bright Biology primarily focuses on immunotherapy. The company targets autoimmune, inflammatory diseases, and cancer indications such as rheumatoid arthritis, psoriasis, diffuse large B-cell lymphoma, and ankylosing spondylitis. It currently has eight commercialized products, including six well-established products represented by Anjianne (Adalimumab) and Anruize (Trastuzumab), as well as two innovative products, Anruixi (Zebetumab) and Beijiele (Briakinumab).
 

From the prospectus, Boehringer Ingelheim is committed to strategically transforming from a validated molecule development company into an innovative biopharmaceutical company driven by proprietary technologies. This includes leveraging its differentiated Antibody-Drug Conjugate (ADC) platform to develop a series of promising ADC candidates.
 

Industry insiders indicate that the current wave of 18A biotech listings on the Hong Kong Stock Exchange is the result of a synergy between intrinsic industry momentum and favorable capital market conditions. In the future, as market competition intensifies, companies with strong innovation capabilities, differentiated pipelines, and clear commercialization strategies are expected to stand out. The listing and development of these companies will not only inject impetus into their own R&D and commercialization efforts but also drive China's pharmaceutical and healthcare industry toward greater innovation and globalization, offering more new options for clinical treatments.
 

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