Chinese Biopharma Firms Rush to List on STAR Market and HKEX by End of 2025

　　【Pharmaceutical Network Industry DynamicsSince 2025, the pharmaceutical industry has been experiencing a wave of initial public offerings (IPOs). In particular, more than 20 biopharmaceutical companies have successfully gone public in the Hong Kong stock market this year, raising a total amount close to 27 billion Hong Kong dollars. As the year draws to a close, the pace of pharmaceutical companies heading to the Hong Kong stock market and the STAR Market continues to accelerate, with companies such as B&K CORPORATION and Wuhan AITai Management Consulting Co., Ltd. recently announcing their listing!
 

On December 23, HANXI AITAI was listed on the Hong Kong Stock Exchange. The company globally offered 18,321,000 H shares in this offering, with 10% allocated to the Hong Kong public offering and 90% to international placement. The offering price was HK$32 per share, raising a net amount of HK$531 million globally.
 

The prospectus shows that Wuhan AITai Management Consulting Co., Ltd. is a biotechnology company with proprietary expertise and experience in structural biology, translational medicine, and clinical development. Currently, the company has a rich product pipeline, including core product HX009, key products HX301 and HX044, as well as seven preclinical candidate drugs, such as antibody-drug conjugates, bispecific antibodies, and monoclonal antibodies targeting autoimmune and oncology markets.
 

On December 22, B&K CORPORATION successfully listed on the Main Board of the Hong Kong Stock Exchange. Public information shows that B&K CORPORATION is a company dedicated to developing various therapies, with a focus on developing protein drugs for indications with medical needs and market opportunities.
 

Currently, the company's pipeline includes ten candidate products, seven of which are PDGF candidates, including two core products: Pro-101-1 for the treatment of burns and scalds and Pro-101-2 for the treatment of diabetic foot ulcers. These are rhPDGF-BB (recombinant human platelet-derived growth factor BB) drugs.
 

On December 10, Baoji Pharma-B officially listed on the Hong Kong Stock Exchange. This global offering by Baoji Pharma consisted of 37,911,700 shares, with a public offering price of HK$26.38 per share, totaling approximately HK$1 billion. The proceeds will primarily be used for the research and development and commercialization of its core products, as well as the advancement and registration of its existing pipeline.
 

Baoji Pharmaceuticals is a biotechnology company in the clinical and commercialization stage, focusing on the industrialization and commercialization of recombinant protein drugs and antibody drugs. The company currently has more than ten independently developed products in its pipeline. Among them, the core products have entered the commercialization, NDA registration, or late-stage clinical trials in China.
 

In addition to the above-listed pharmaceutical companies, recently, a large number of enterprises have also entered the critical stage where their IPO applications have been officially accepted by regulatory authorities. For instance, on December 22, Suzhou Xennovir BioTech Co., Ltd. officially submitted its prospectus to the Shanghai Stock Exchange, planning to list on the Sci-Tech Innovation Board. On December 21, Ribo Life Science successfully passed the listing hearing of the Hong Kong Stock Exchange. On December 19, Zelgen submitted its listing application to the Hong Kong Stock Exchange, and the listing materials have been officially accepted...
 

The industry believes that the surge in IPOs of pharmaceutical companies in 2025 is the result of the resonance among enterprises, policies, and capital, which will guide China's pharmaceutical industry towards a higher quality and more globally competitive future. However, it should be noted that in recent years, China's capital market regulatory policies are gradually shifting from "quantity expansion" to "quality enhancement." In the future, only high-quality enterprises with genuine development potential and in line with market demands will be able to successfully go public.
 

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