China's Pharma IPO Momentum Continues in 2026 with Two Companies Filing for Hong Kong Listings Within a Week

　　【Pharmaceutical Network Industry DynamicsIn 2025, driven by policy relaxation, innovation-driven growth, and deep recognition in international markets, China's pharmaceutical industry witnessed a surge in IPO activity. Statistics show that within the year, 27 healthcare/biotechnology companies successfully went public on the Hong Kong Stock Exchange, raising over 280 billion Hong Kong dollars in total. In 2026, pharmaceutical IPOs remained active, with two pharmaceutical companies having submitted their listing applications to the Hong Kong Stock Exchange as of January 7.
 

On January 6, Zhejiang Borui Biopharmaceutical Co., Ltd. submitted an application to the Hong Kong Stock Exchange for the public offering of H shares and listing on the Main Board, and published the application materials on the Hong Kong Stock Exchange website on the same day.
 

Public information shows that Zhejiang Borui Biopharmaceutical Co., Ltd. is a professional biopharmaceutical company in China focusing on immunotherapy, with integrated R&D, production, and marketing capabilities. It is committed to providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, tumor immunology diseases, and malignant tumors of the immune system itself. The company currently has eight commercialized products, including the world's first-in-class IL-17A/F inhibitor Beijiele® (Bikizumab), and China’s first approved innovative drug targeting CD20, Anruixi® (Zebetumab); it also possesses an innovative pipeline represented by Beijiele® (Bikizumab), Anruixi® (Zebetumab), and BR2251.
 

In recent years, the company's performance has maintained a stable growth trend. For the fiscal years 2023 and 2024, as well as the nine months ended September 30, 2025, the company achieved revenues of approximately RMB 1.257 billion, RMB 1.623 billion, and RMB 1.379 billion, respectively. During the same periods, the company recorded gross profits of RMB 1.033 billion, RMB 1.286 billion, and RMB 1.025 billion, with gross profit margins of 82.2%, 79.2%, and 74.4%, respectively.
 

On January 4, InventisBio announced that the company had submitted an application to the Hong Kong Stock Exchange on January 1 for the issuance of H shares and listing on the Main Board of the Hong Kong Stock Exchange, and published the application materials for this issuance and listing on the Hong Kong Stock Exchange website on the same day.
 

InventisBio mainly focuses on major disease areas such as oncology, metabolism, and autoimmune diseases, specializing in the development of innovative targeted drugs. According to the prospectus, the company's current product and R&D pipeline includes two licensed marketed products: Befutinib (BPI-D0316) and Glesatinib (D-1553); two core clinical-stage products: D-2570 and Terinoser (D-0502); one clinical-stage candidate product: Dabinorel (D-0120); and three preclinical candidate products (YF087, YF550, and YF057).
 

Notably, due to its heavy reliance on limited revenues from licensing collaborations and the fact that multiple products are still under research, InventisBio has yet to achieve profitability. In the first three quarters of 2023-2025, the company reported revenues of RMB 186 million, RMB 169 million, and RMB 30.8935 million, respectively, while the net losses attributable to the listed company were RMB 284 million, RMB 240 million, and RMB 181 million during the same periods.
 

In addition to the above companies, a large number of enterprises such as BrainCo, CARsgen Therapeutics, and RiboBio also plan to file for listing in 2026. In this regard, the industry believes that the pharmaceutical IPOs in 2026 are expected to remain hot, but at the same time will be accompanied by profound differentiation and higher thresholds. Companies with a global perspective, possessing hardcore innovation data, and having planned clear commercialization paths will be more favored.
 

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