Inflection Point Reached: Four Chinese Small Nucleic Acid Therapeutics Companies File for Hong Kong IPOs

Jan 18, 2026 07:21 CST Updated 07:21

Ribo Life Science

Small Nucleic Acid Drug Developer

Argo

RNAi Drug Developer

Sirius Therapeutics

Oligonucleotide Drug Developer

Free Early Bird Tickets, Limited to 200

January 18, 2026

eMedClub News

Lead: The moment Ribo Life Science rang the bell at the Hong Kong Stock Exchange, the curtain officially rose on the capitalization of China's small nucleic acid drugs in 2026.

In 2025, the Hong Kong IPO market experienced a strong recovery, with a total of 117 companies going public on the Hong Kong Stock Exchange through new stock offerings, reclaiming the top spot globally in terms of IPO scale. Among them, the biopharmaceutical sector stood out, with 20 biopharmaceutical companies such as DualityBio, Hengrui Medicine, and PAG Biotech going public in rapid succession, becoming the focus of the capital market.

Behind this prosperous scene lies the dual catalysts of policy support and industrial breakthroughs. In 2025, the National Medical Products Administration approved 76 innovative drugs for marketing, far surpassing the number approved by the U.S. FDA.(46 itemsNew drug, another8 vaccines and gene therapies), marking a critical transition for China's innovative drug industry from "R&D narrative" to commercial realization. At the same time, the out-licensing of domestically produced innovative drugs（BD）The number of transactions exceeds 150, with a total value surpassing 130 billion US dollars, demonstrating the global competitiveness of China's pharmaceutical innovation.

In this wave of corporate IPO fever, small nucleic acid therapy development companies have attracted significant attention due to their technological breakthroughs and market potential, becoming a new hotspot track in biopharmaceutical investment.

On January 9, 2026, Suzhou Ribo Life Science Co., Ltd. officially went public on the Main Board of the Hong Kong Stock Exchange, with its market value surpassing 13 billion Hong Kong dollars on the first day, injecting strong momentum into the global small nucleic acid sector. It can be said that the listing of Ribo Life Science is no accident; it represents the determination and action of China's innovative pharmaceutical companies accelerating towards the capital market in the small nucleic acid field.

Leading Companies "Gather in Hong Kong Stock":

China's Power in the Small Nucleic Acid Field

In the "third wave of modern pharmaceuticals" represented by small nucleic acids, leading companies such as Ribo Life Science, Argo, Sirius Therapeutics, and Yoku Pharmaceutical are making a push for the Hong Kong stock market. With differentiated technology platforms and rich pipeline layouts, they demonstrate the strong capabilities of China's small nucleic acid industry.

Ribo Life Science: A Leading Pioneer with Two Decades of Dedication

As the first Hong Kong-listed company in the small nucleic acid field in 2026, Ribo Life Science was founded in 2007 and is one of the earliest companies in China to deeply engage in the small nucleic acid sector. Dr. Liang Zicai, the founder and a pioneer of China's small nucleic acid industry, has led his team for nearly 20 years to build a complete technological system.

The core competitiveness of the company lies in its self-developed liver-targeting RiboGalSTAR™ platform, the first RNAi liver-targeting technology platform in China to be successfully out-licensed. This platform has effectively overcome the patent barriers of foreign GalNAc conjugation technologies. Based on this platform, Ribo Life Science has developed a pipeline of 7 clinical-stage candidates, covering major disease areas such as cardiovascular, metabolic, renal, and hepatic diseases, with 4 of them currently in Phase II clinical trials.

▲ Ribo Life ScienceProduct Pipeline Chart (Source: Prospectus)）

Ribo Life ScienceThe core product RBD4059 is the fastest-progressing globally developedTreatmentThrombotic DiseaseDisease siRNA Candidate DrugPhase I clinical trials showed that even with FXI inhibition levels exceeding 90%, there was no increased risk of bleeding.Be regarded as having the potential to challenge annual salesOver 20 billion US dollarsThe Potential Candidate of the Heavyweight Drug Apixaban；

RBD5044 is the world's second siRNA targeting APOC3 to enter clinical development. Phase I clinical data showed that a single dose achieved significant inhibition of ApoC3 by up to 84%, accompanied by a reduction in triglyceride levels of up to 70%, with effects lasting more than 6 months.

RBD7022 is a PCSK9 siRNA that increases the density of LDL receptors in hepatocytes and enhances the body's ability to clear LDL cholesterol from circulation by specifically inhibiting the expression of PCSK9 in the liver. Phase I results show that RBD7022 has LDL-C lowering effects comparable to Inclisiran, with the potential for a dosing frequency of once every 6 months.

RBD1016 is expected to provide new possibilities for the functional cure of chronic hepatitis B and has initiated Phase IIa clinical trials.

In the future, Ribo Life Science will continue to advance the global multi-center clinical research of its core products, while relying on the liver-targeted RiboOncoSTAR™.(Tumor Targeting)With RiboPepSTAR™(Kidney and CNS Targeted)Platform, expanding into more disease areas.

Argo: The BD Star Rising in Four Years

Founded just four years ago, Argo has become a "dark horse" in the small nucleic acid赛道 (track) with its excellent technical platform and global cooperation capabilities. In January 2024, Argo reached its first collaboration with Novartis, receiving an upfront payment of $185 million, with a potential total transaction value of up to $4.165 billion. In September 2025, the two parties further deepened their cooperation, with Argo receiving another $160 million in advance payments and potential milestone payments totaling $5.2 billion. Within two years, Argo received a total of $345 million from Novartis, with a potential total transaction value exceeding $9.3 billion, setting a new ceiling for BD transactions in China's small nucleic acid field.

▲ Argo siRNA Platform RADS

Argo's core technology platform is the self-developed RADS platform, which, through systematic optimization of sequence design, chemical modification, and delivery strategies, is expected to achieve stronger activity, more persistent efficacy, and higher safety for siRNA drugs, supporting quarterly, semi-annual, and even annual dosing regimens. Based on this platform, the company has built over 20 R&D pipelines covering therapeutic areas such as cardiovascular diseases, rare diseases, viral infections, metabolic diseases, and central nervous system disorders, with multiple pipelines advancing into clinical stages.

The cardiovascular field is a strategic focus for Argo., whose core product BW-00163 targets angiotensinogen（AGT）, has advanced to Phase II clinical trials, targeting the same antihypertensive siRNA product Zilebesiran as Alnylam. In June 2025, Argo's investigational siRNA new drug for hypertension was approved to enter Phase II clinical trials in China and received a milestone payment from Novartis. BW-00112 is an siRNA product targeting ANGPTL3 for lipid-lowering, currently in Phase II clinical trials in both the United States and China. The European Society of Cardiology 2025（ESC）Recently, Argo announced the Phase II data of BW-00112: after 12 weeks of treatment, patients' triglycerides decreased by an average of 65%, and the effect lasted for 6 months.

Rare Disease FieldBW-40202 is a complement factor B targeted therapy（CFB）siRNA, developed for the treatment of paroxysmal nocturnal hemoglobinuria（PNH）And other complement-mediated diseases. In September 2025, BW-40202 was approved for Phase II clinical research in China. BW-20805 is a prekallikrein-targeting（PKK）siRNA Therapy, by Targeting and Inhibiting the Expression of PKK, Holds Promise for Preventing Hereditary Angioedema（HAE）The onset of the condition and has significant long-acting therapeutic potential. According to the official website, BW-20805 is currently in Phase II clinical research.

Antiviral FieldBW-20507 is an siRNA therapy that precisely targets the HBV S region mRNA, strongly inhibiting viral gene expression and achieving a rapid and sustained decrease in HBsAg. In September 2025, BW-20507 completed the first patient dosing in its Phase II clinical trial. Previously, in June, this candidate drug was designated as a breakthrough therapy by the CDE.

Currently, Argo has initiated preparations for a Hong Kong stock listing, planning to leverage the capital market to further support the global clinical development of its core pipeline.

Sirius Therapeutics: A Differentiated Player Focused on Chronic Diseases

In September 2025, Sirius Therapeutics officially submitted its prospectus to the Hong Kong Stock Exchange. Established in 2021, this company has quickly become a key competitor in the small nucleic acid赛道 with its unique technology platform and precise pipeline layout.

According to the introduction, the core technology platform of Sirius Therapeutics is PEPR chemical modification technology, which shows stronger and more persistent target protein knockdown effects than Alnylam when targeting AGT sequences.

Sirius Therapeutics Focuses on Three Billion-Dollar Tracks: Coagulation Disorders, Cardiometabolic Diseases, and Obesity.

The core product of the company, SRSD107, is a targeted coagulation factor XI.(FXI) The siRNA candidate drug is currently in Phase II multicenter clinical trials in Europe. The product demonstrated up to a 95% reduction in circulating FXI levels in Phase I trials and is expected to become the world's first-in-class FXI siRNA therapy.In May 2025, Sirius Therapeutics reached a cooperation agreement with CRISPR Therapeutics, receiving $25 million in cash, $70 million worth of CRSP stock, and $800 million in milestone payments.。

SRSD216 is an siRNA targeting Lp(a), developed for the treatment of high Lp(a) levels and related cardiovascular diseases. Preclinical data show that this candidate drug can achieve over 95% Lp(a) inhibition after administration, with effects lasting more than 12 weeks, demonstrating potential for a "once every six months" or even "once a year" dosing regimen. In December 2025, Sirius Therapeutics announced the completion of the first patient dosing in the Phase II clinical trial of SRSD216 for the treatment of hyperlipoproteinemia (a).

SRSD384 is a siRNA candidate drug targeting INHBE for obesity, designed to promote fat reduction by regulating energy expenditure while protecting skeletal muscle to achieve "muscle preservation and weight loss." Data shows that the company is actively advancing the IND application for SRSD384.

▲Sirius Therapeutics Financing History （Source: Prospectus）

As of June 2025, Sirius Therapeutics has completed three rounds of financing, with a post-money valuation reaching $2.525 billion. Its shareholder lineup includes well-known institutions such as OrbiMed and Tencent, providing solid support for its subsequent clinical advancement and commercialization.

Yuekang Pharmaceuticals: A+H Dual-Platform Multimodal Layout

On December 29, 2025, Yuhong Pharmaceutical, already listed on the A-share market, officially submitted its application for an IPO on the Hong Kong Stock Exchange, aiming to establish a dual A+H capital platform.ThisA company that started with generic drugs has become a comprehensive player in the small nucleic acid field through forward-looking layout.

The prospectus shows that Yuelong Pharmaceuticals has built a multimodal technology system covering oligonucleotides, mRNA vaccines, peptides, and innovative traditional Chinese medicine. In the nucleic acid drug field, it has laid out 10 pipelines, covering major diseases such as liver cancer, hepatitis B, hyperlipidemia, and infectious diseases.

▲ Yuekang Pharmaceuticals Small Nucleic Acid Pipeline (Source: Prospectus）

Core siRNA Pipeline of Yikang Pharmaceuticals Includes:

YKYY013 is a liver-targeted siRNA therapy for chronic hepatitis B, designed to silence viral pregenomic RNA and all hepatitis B virus derived from the S region.（HBV）Transcript, thereby addressing the key virological drivers of the disease. YKYY013 has now entered Phase I clinical trials and achieved dual filings in China and the United States;

YKYY015 is a cardiovascular and metabolic siRNA therapy targeting PCSK9. It is the only long-acting candidate drug in China targeting the same point that has been approved for clinical trials by the U.S. FDA, with the potential to achieve lipid-lowering efficacy of "two injections per year."

YKYY029 is a drug targeting angiotensinogen.（AGT）The siRNA therapy aims to achieve sustained blood pressure control through long-acting liver-targeted gene silencing, with the goal of improving treatment durability and reducing variability associated with daily oral administration. YKYY029 has entered clinical research in China and received U.S. regulatory approval for clinical trials.

CT102 is an injectable antisense oligonucleotide.（ASO）Candidate Drug Targeting Insulin-like Growth Factor 1 Receptor（IGF-1R）Development for the treatment of primary hepatocellular carcinoma（HCC）CT102 is designed to recognize and bind to the precursor of IGF-1R mRNA with sequence specificity, mediating its degradation and reducing IGF-1R protein expression. Thus, CT102 aims to modulate signaling pathways associated with the pathogenesis of HCC, thereby inhibiting tumor progression at the molecular level. Currently, CT102 has entered Phase II clinical development.

The company has also developed two mRNA vaccines, YKYY025 and YKYY026, which cover respiratory syncytial virus and shingles, both approved for clinical trials by U.S. regulatory authorities.

Yuekang Pharmaceutical's transformation represents the breakthrough path of traditional pharmaceutical enterprises in the wave of innovation.——Through technology accumulation, pipeline layout, and capital support, achieve a comprehensive upgrade from product dominance to innovation-driven and global expansion.

Conclusion: Opportunities and Challenges for China's Small Nucleic Acid Industry

Ribo Life Science's listing kicks off the 2026 small nucleic acid track HKEX IPO, marking the entry of China’s small nucleic acid industry into a scaled and capitalized phase. With the support of favorable policies, capital investment, and technological breakthroughs, Chinese small nucleic acid companies have built a complete ecosystem ranging from technology platforms to pipeline layouts, and from clinical development to commercialization, gradually occupying a significant position in the global arena.

The long-term commitment of capital and the realization of value are particularly highlighted in this process.After Ribo Life Science's IPO, Gaoling Venture Capital achieved a 5x return on investment after six years of support, while Panlin Capital made six rounds of investments within a decade, becoming one of the most notable investment institutions benefiting from its listing.These tangible benefits not only confirm the enormous commercial value of the small nucleic acid sector but will also attract more capital inflows, continuously injecting momentum into the industry's development.

But challenges exist as well: the continuous iteration of delivery technology, the validation of clinical data, the construction of commercialization capabilities, and the competition in the global market are all thresholds that companies need to overcome. However, as leading companies secure sufficient funds through Hong Kong IPOs, they continue to advance technological innovation and pipeline expansion.China's small nucleic acid industry is expected to repeat the successful trajectory of the antibody industry ten years ago, becoming an advantageous industry with global influence.

We believe that with the current technological breakthroughs, more outstanding small nucleic acid therapy development companies will accelerate the development of better new drugs with the support of capital, benefiting patients worldwide. Meanwhile, the Hong Kong stock market will continue to serve as the financial backbone for China's small nucleic acid enterprises, witnessing the rise and surpassing of China's innovative drugs in the "third wave" and writing a win-win chapter of technological innovation and capital empowerment.

References:

1. HKEX official website, publicly available online information

Shanghai Zhaowei Technology

Shanghai Zhaowei Technology Development Co., Ltd. has been deeply engaged in the nucleic acid field since its establishment in 1998. The company has established mRNAA full-industry-chain platform for CDMO and small nucleic acid drug CDMO, with a production base for small nucleic acid drugs at a ton-scale or above, providing customers with...Providing development and production services from preclinical to commercialization stages, the independently developed enzymatic synthesis process technology has achieved public availability globally for the first time.Industrial production at the jin-level scale.

The company also has a phosphoramidite product line with an annual capacity of 58 tons, as well as raw material capacity supporting over 10.5 billion doses of mRNA vaccines.The company has established long-term cooperative relationships with biotechnology and pharmaceutical companies around the world, providing services for numerous nucleic acids in clinical stages and those already commercialized.Pipeline supplies raw materials.

For more information about Zhaowei Technology and its products and services, please visit the official website www.hongene.com and follow our WeChat Official Account "Shanghai Zhaowei Hongene".」。

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