Pipeline and Business Development Overview of 30 Hong Kong Biotech IPO Candidates in 2025

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Since the Hong Kong Stock Exchange launched Chapter 18A of the Listing Rules in 2018, allowing pre-revenue biotech companies to go public, this sector has become a key "barometer" and "funding pool" for the development of China's innovative drug industry.

In 2025, the Hong Kong stock market once again welcomed a group of biotech companies submitting their IPO applications in a concentrated manner. Compared with a few years ago, this round of companies planning to go public exhibits more distinct characteristics: most of their R&D pipelines have entered the mid-to-late stages, with some products nearing or already achieving commercialization. Some companies have gained international recognition by realizing value through external licensing. In comparison, the technological approaches of these enterprises are also more diversified, covering cutting-edge fields such as small nucleic acids, AI drug discovery, and oncolytic viruses.

According to incomplete statistics, approximately 30 biopharmaceutical companies are expected to submit IPO applications on the Hong Kong Stock Exchange by 2025. This article will focus on analyzing the future development directions in the capital market of five distinctive companies — Henan Zhenzhen Biotechnology Co., Ltd., Sciwind, Sirius Therapeutics, BINHUI BIOPHARM, and Insilico Intelligence.

From the nearly 30 companies reviewed, the current biotech sector in Hong Kong's stock market is showing a clear tiered trend. Some companies have already taken the lead in accessing the capital markets, while more firms are lining up with differentiated stories awaiting their turn.

As of now, three biopharmaceutical companies have successfully listed on the Hong Kong Stock Exchange this year.Minghui Pharmaceutical Ltd.Recognized for its "ADC Product Matrix + Early BD Licensing" model, the core asset B7H3 ADC was licensed to Qilu Pharmaceutical before its IPO.

ElpiscienceAs a company focusing on tumor immunology and owning an independent bispecific antibody platform (BiME), its early-stage platform collaboration with Astellas demonstrates the international recognition of the value of its technology platform.

BAOJI PHARMACEUTICALIts experience is quite dramatic, from the licensing cooperation with Organon to the termination, and then to the exclusive sales agency agreement with Anke Bio, demonstrating its flexible adjustment capabilities on the path to commercialization.

 The above table: According to publicly available data, incomplete statistics

Overall, both the "pioneers" who have already gone public and the "subsequent teams" currently in the queue are attempting to construct unique investment narratives by focusing on a specific senior field, major BD deals, or betting on the next-generation platform.

To gain insight into the most representative directions and challenges of the future of innovative drugs, it is necessary to delve into leading companies in various fields that have successfully navigated cycles with commercialized products.Zhenzhen Biotechnology, setting a record in global BDSciwind, Betting on the next-generation platform technologySirius TherapeuticsAndBINHUI BIOPHARM, as well as facing validation as a benchmark in AI drug discoveryInsilico Medicine。

In November 2025, Zhenzhen Biotechnology (Henan Zhenzhen Biotechnology Co., Ltd.) is making its third attempt at a Hong Kong IPO. The focus of this IPO may be on how to reconstruct the value proposition of an antiviral company in the "post-pandemic era" and whether it can craft a new narrative that goes beyond Azvudine.

Its focus is on viral infections, tumors, and cardiovascular and cerebrovascular diseases, with core pipelines.Azvudine has been approved for marketing., used to treat HIV infection and COVID-19 infection, while also exploring oncology indications. The subsequent pipeline includes CL-197, EGFR inhibitors, TOPO1 inhibitors, etc.

Figure: Zhenzhen Biotechnology Pipeline

Sciwind officially submitted its IPO application to the Hong Kong Stock Exchange in September this year. The company focuses on developing innovative therapies for obesity and related metabolic diseases. Its core product, Ecnoglutide (XW003), is the world's first "biased" GLP-1 receptor agonist and has already been submitted for marketing approval in China. The subsequent pipeline also includes an oral weekly formulation of this product, small-molecule GLP-1 agonists, and Amylin analogs, demonstrating a comprehensive layout.

The company's internationalization capabilities are particularly prominent, having successfully completed two major overseas licenses:

* In 2024, the rights to Enoglutide in South Korea were licensed to HK Inno.N, securing nearly $60 million in upfront and milestone payments.

* In January 2025, an agreement was reached with the UK's Verdiva Bio to license the global rights (excluding Greater China and South Korea) for oral enograstrin (XW004) and other products. The potential total value of the deal exceeds $2.4 billion, setting a new record for the highest overseas licensing amount in China’s metabolic field.

These two transactions not only brought considerable cash flow to the company but also strongly demonstrated the global competitiveness and commercial value of its products.

Figure: Sciwind Pipeline under Research

Sirius Therapeutics focuses on developing small nucleic acid (siRNA) therapies, with its pipeline precisely targeting the vast cardiovascular metabolic market. Its core products are aimed at cutting-edge targets such as FXI, Lp(a), and INHBE.

The key highlight of the company lies in its unique "Platform Value Realization" model. In May 2025, FXI siRNA and CRISPR Therapeutics will adopt a 50:50 approach.GlobalCo-development Model, Obtain$25 million in cash, $70 million in equity, and $800 million in milestone payments, this deeply integrated cooperation model goes far beyond a regular licensing agreement.

Sirius Therapeutics represents the progression from "product development" to "platform empowerment." Its value lies not only in individual pipelines but also in the proven ability to discover and develop siRNA.

 Figure: Sirius Therapeutics Pipeline Under Development

BINHUI BIOPHARM is an oncolytic virus therapy company with over 20 years of R&D experience, and its core focus is on developingBased on Herpes Simplex Virus (HSV) Innovative Tumor Immunotherapy。

The lead pipeline BS001 (OH2) has entered Phase III clinical trials and is expected to become the world's first oncolytic virus therapy based on HSV-2. Unlike common oncolytic virus vectors, its HSV platform has the potential to induce systemic anti-tumor immune responses. Meanwhile, the company has established a nucleic acid drug platform to develop immunomodulatory products based on LNP delivery (such as BS003), demonstrating a strategic vision of expanding from "viral vectors" to a "broader gene therapy" platform.

Phase III clinical data will directly determine the value realization of its core product. Meanwhile, whether its "oncolytic virus + nucleic acid" dual-platform story can gain market recognition will test the market's evaluation logic regarding the long-term value of next-generation gene therapy platforms.

 Figure: BINHUI BIOPHARM Pipeline Under Development

Insilico Medicine is an AI-driven drug discovery company that has become a global benchmark in the field after a decade of development. Its core value lies not in a single pipeline but in its proven end-to-end AI drug discovery platform.

The lead pipeline TNIK inhibitor (for idiopathic pulmonary fibrosis) is one of the first molecules globally discovered by AI to enter clinical trials. It was recently included in the breakthrough therapy designation program by the National Medical Products Administration, marking official recognition of its clinical potential. While advancing its first product, subsequent pipelines (such as USP1, KAT6, and other inhibitors) continue to progress.

Insilico's IPO Will Be a Key Test for the Market on "AI Drug Discovery." Whether AI can not only shorten R&D time but also discover molecules with significant clinical advantages may be its next challenge.

 Figure: Insilico Medicine Pipeline

In 2025, the biotech sector of Hong Kong's stock market ushers in a new round of IPO windows, with each company’s strategies and pathways becoming increasingly clear. All biopharmaceutical enterprises applying for an IPO point to one definitive trend: the industry is progressively moving away from homogeneous competition into a new development phase where differentiated innovation and substantive progress serve as core competitiveness.

We look forward to domestic biopharmaceutical enterprisesNot only can it successfully land in the capital market, but also take this as an opportunity to continuously focus on real clinical value and achieve a leap from catching up to running neck-and-neck in core technology fields.

References: Official websites of various companies, public information