Eight Biopharma Companies File for Hong Kong IPOs Within Six Days, Signaling Sustained Market Enthusiasm

Nov 04, 2025 15:28 CST Updated 15:28

NovaBridge Biosciences

Biological Agent Developer

TriApex

Drug R&D Contract Research Organization (CRO)

Alebund

Developer of Kidney and Chronic Disease Treatment Products

Lupeng Pharmaceutical

Developer of New Anticancer Drugs

BrightGene

Innovative Drug Research and Development Manufacturer

Ribo Life Science

Small Nucleic Acid Drug Developer

JIANGXI BIOLOGY

Researcher, Producer, and Distributor of Antitoxins and Immune Serum Biological Products

In 2025, the Hong Kong stock IPO market can be described as unprecedentedly thriving.

Deloitte previously estimated that in the first three quarters of this year, Hong Kong will welcome 66 new IPOs, with a total fundraising amount of 182.3 billion Hong Kong dollars. The number of new stocks increased by 47% compared to 45 in the same period last year, and the fundraising amount surged 228% from 55.6 billion Hong Kong dollars in the same period last year.

From the situation of Hong Kong stock listing applications,In the last six days of October, eight more biopharmaceutical companies filed for IPO, including Tripod Preclinical Research Laboratories, NovaBridge Biosciences, Alebund, Lupeng Pharmaceutical, BrightGene, Demai Pharmaceutical, Suzhou Ribo Life Science, and Jiangxi Institute of Biological Products.。It can be said that the热度 of Hong Kong IPOs has not diminished in the slightest.

As we enter the fourth quarter, Deloitte also anticipates this wave of enthusiasm to continue. It predicts that the Hong Kong IPO market will maintain its strong momentum in the final quarter, with biotechnology remaining one of the key drivers of this IPO boom.

Tripod Preclinical Research Laboratories: China's Leading Cardiovascular Metabolism CRO

On the last day of October, Tripod Preclinical Research Laboratories Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange. The prospectus reveals that this is a new type of CRO company dedicated to providing integrated solutions based on disease biology for pharmaceutical companies and research institutions worldwide. Through this business model, Tripod Preclinical Research Laboratories goes beyond the role of traditional CROs as external service providers handling fragmented tasks.Transform into a strategic R&D partner for customers.

Currently, Tripod Preclinical Research Laboratories Co., Ltd. provides comprehensive non-clinical safety, efficacy, and Drug Metabolism and Pharmacokinetics (DMPK) research, as well as integrated clinical trial services covering everything from concept validation to pivotal trials, thereby offering full lifecycle R&D support to its clients.

During the track record period, the vast majority of Tripod Preclinical Research Laboratories Co., Ltd.'s revenue came from providing non-clinical and clinical services, while the revenue from supplying research animals to third parties accounted for a very small proportion.

Tripod Preclinical Research Laboratories Co., Ltd. stated that it highly focuses on clinical value and has accumulated profound expertise and extensive experience in the fields of cardiovascular metabolic diseases, central nervous system (CNS) diseases, ophthalmology, autoimmune diseases, and oncology.According to Frost & Sullivan, Tripod Preclinical Research Laboratories Co., Ltd. is the largest CRO in China's non-clinical research field for cardiovascular and metabolic diseases based on relevant revenue in 2024.

Financially, from 2022 to 2024, Tripod Preclinical Research Laboratories Co., Ltd.'s operating revenues were 725 million yuan, 767 million yuan, and 713 million yuan respectively. In 2022, the company achieved a net profit of 143 million yuan, while in 2023 and 2024, it incurred net losses of 52 million yuan and 252 million yuan respectively. In the first half of 2025, Tripod Preclinical Research Laboratories Co., Ltd.'s performance showed signs of recovery, achieving an operating revenue of 377 million yuan and a net profit of 65 million yuan, successfully turning losses into profits.

Four Biotechs Rush to IPO, Multiple Global Innovations in Tow

Starting the Hong Kong IPO sprint on the same dayNovaBridge BiosciencesFormerly known as "I-Mab". As a global biotechnology platform company incubated by CBC Group, NovaBridge Biosciences focuses on the clinical development and global commercialization of innovative drugs. This Hong Kong IPO aims to raise funds to support the advancement of its core pipeline and expand the platform's ecosystem.

NovaBridge Biosciences, established in 2016, is a global biotechnology platform company adopting a development strategy not limited to specific therapeutic areas. It stated in its prospectus that it has recently adopted a new business model aimed at selecting and advancing high-value therapeutic assets through strategic partnerships and specialized subsidiary entities. With this model, it has become a biotechnology platform enterprise, setting up individual subsidiaries responsible for the development of therapy-oriented assets.

Currently, the core product of NovaBridge Biosciences, givastomig, is a novel bispecific antibody (bsAb) that can simultaneously target Claudin18.2, a tumor antigen predominantly expressed in gastric cancer, esophageal cancer, and pancreatic cancer, as well as 4-1BB, a T-cell co-stimulatory molecule.

Leveraging the broad expression characteristics of CLDN18.2 across various tumors, givastomig can target multiple indications, including gastric esophageal adenocarcinoma (GEA, including gastric cancer (GC), gastroesophageal junction cancer (GEJC), and esophageal adenocarcinoma), biliary tract cancer (BTC), and pancreatic ductal adenocarcinoma (PDAC).

Currently, NovaBridge Biosciences has completed the safety assessment of the Phase 1a portion and the Phase 1b dose-escalation study of the drug’s Phase I clinical research. A randomized Phase II study is scheduled to be launched in early 2026.

Except for givastomig, as of the latest practicable date, NovaBridge Biosciences has established a pipeline comprising three clinical-stage projects, including two oncology projects, uliledlimab and ragistomig, as well as an ophthalmology project, VIS-101.

FigureSource: NovaBridge Biosciences Prospectus

Financial data shows that NovaBridge Biosciences' revenue mainly comes from one-time business spin-off gains and a small amount of collaboration-related income, and it has not yet achieved sustained profitability. For the full years of 2023 and 2024, and the first half of 2025, the total comprehensive income was -US$202 million, -US$28.617 million, and -US$4.999 million, respectively.

Alebund PharmaceuticalFounded in 2018, it is a global leading biopharmaceutical company focused on the field of nephrology.According to Frost & Sullivan, Alebund has the most comprehensive innovative nephrology product portfolio with the widest range of indications.

According to its prospectus, Alebund has implemented a pipeline strategy focused on the renal disease field. On one hand, it is advancing therapies with BIC and/or FIC potential and high clinical success rates, while on the other hand, balancing disruptive therapies to ensure maximum clinical value and commercial return. As of the latest practicable date, its portfolio includes seven candidate products (three of which are in clinical stages) and one commercialized product.

FigureSource: Alebund Pharmaceuticals' Prospectus

Alebund's core product AP301 is a potential Best-in-Class (BIC) phosphate binder used for the treatment of hyperphosphatemia. Hyperphosphatemia is one of the most common complications of chronic kidney disease (CKD), with significant unmet medical needs. AP301 has completed its Phase III registration clinical trial in China and is expected to submit a New Drug Application (NDA) soon. Currently, a global Phase III pivotal multicenter clinical trial (MRCT) is being conducted in both the United States and China.

According to the data from CIC Consultancy,As of the latest practicable date, there are only two investigational molecules for hyperphosphatemia in clinical stages globally, namely AP301 and AP306 developed by Alebund.Among them, AP306 may have greater market potential than AP301, as AP306 could be effective for hyperphosphatemia patients who fail to achieve optimal phosphate control with phosphate binders. Alebund stated that it is currently exploring global commercial and development collaboration opportunities to maximize the global market value of AP301 and AP306.

Financially, Alebund reported adjusted net losses of RMB 328 million and RMB 286 million for 2023 and 2024, respectively; the adjusted net loss for the first half of 2025 was RMB 149 million, compared to RMB 138 million for the same period last year.

Founded 7 years ago, Alebund has undergone multiple rounds of financing and completed a crossover round of 335 million yuan in October 2025, with a post-investment valuation of 3.779 billion yuan.

AnotherLupeng PharmaceuticalEquipped with the self-developed BeyondX oral drug chemistry platform, it focuses on designing, discovering, clinically developing, and commercializing highly bioavailable oral drugs that go beyond the chemical space defined by the traditional "Rule of Five" guidelines for drug discovery, aiming to meet the unmet medical needs of patients with cancer and autoimmune diseases worldwide.

As of the latest practicable date, Lupeng Pharmaceutical has established a product pipeline comprising six key candidate products, three of which are core assets at the new drug application stage and clinical stage, namely the core products LP-168, LP-108, and LP-118.

FigureSource: Lupeng Pharmaceutical Prospectus

Among them, the core product LP-168 (Lobutinib), currently in the NDA stage, is the world's first and only BTK inhibitor with both "covalent and non-covalent" binding modes, demonstrating best-in-class potential. In August 2024, Lupeng Pharmaceutical’s LP-168 reached a collaboration agreement with Hansoh Pharma, granting Hansoh Pharma the rights to research, register, manufacture, and commercialize LP-168 for all non-oncology indications in China (including Hong Kong, Macao, and Taiwan regions). The total amount of this collaboration does not exceed 729 million yuan.

Since its establishment, Lupeng Pharmaceutical has completed multiple rounds of financing, with a USD 101.2 million Series B financing round in September 2025, and a post-investment valuation of USD 311 million.

Financially, the prospectus shows that Lupeng Pharmaceutical had no operating revenue in 2023, 2024, and the first half of 2025. The corresponding R&D expenditures were 168 million, 150 million, 70 million, and 53 million yuan, respectively, with net losses of 159 million, 3.4 million, 33 million, and 36 million yuan, respectively.

Suzhou Ribo Life Science Co., Ltd. (hereinafter referred to as“Ribo Life Science"）at10Month28Submitted a prospectus to the Hong Kong Stock Exchange. The joint sponsors are CICC and Citibank.

The prospectus shows that Ribo Life Science was founded in2007Year, a clinical-stage biopharmaceutical company, is also engaged in the research and development of small nucleic acid drugs, with a particular focus onsiRNAGlobal Key Players in Therapy.

Currently, Ribo Life Science has created the world's largestsiRNAOne of the drug pipelines has seven self-developed drug assets in clinical trial stages, covering seven indications related to cardiovascular, metabolic, renal, and liver diseases, four of which are...2In the clinical trial period.

According to Frost & Sullivan,Ribo Life Science's Core ProductsRBD4059(TargetedFXIThesiRNA) is the world's first and also the fastest-progressing treatment in clinical development for thrombotic diseases.siRNADrug.

Except Core ProductsRBD4059Externally,Ribo Life ScienceIs also advancing two key productsRBD5044AndRBD1016。

RBD5044Is the second globally to enter clinical development targetingAPOC3ThesiRNA。APOC3Is a protein that plays a key role in lipid metabolism.。

RBD1016By virtue ofItsHBsAgThe potent and long-lasting effect is the key to achievingCHBFunctionalityTreatmentAn important pillar therapy of the combined approach, as well as a treatmentCHDThe LeadingsiRNACandidate Drug.

In addition to the clinical product pipeline,Ribo Life ScienceMaintain Beyond20A preclinical project advanced to the clinical development stage.

Ribo Life Science Product Pipeline; Source: Ribo Life Science Prospectus

Financially, as of now, Ribo Life Science has not had any drug candidates approved for marketing and sales, thus generating no revenue from drug sales.2024Revenue from licensing and collaboration arrangements began in the year.2023Year to2025Year1-6Month, its income was44Thousand yuan,142,627Thousand yuan,103,813Thousand yuan; net losses were respectively437.3Million yuan,281.5Million yuan,97.8Million yuan.

According to the arrangement of the persons acting in concert, LiangZicaiDr. ZhangWild GeeseDr., Kunshan Ruikong, Kunshan Ruiman, Ms. Mo Hua, Professor Xi Zhen, Professor Zhang Lihe, and Kunshan Ruiji (together with Kunshan Ruixing, collectively referred to as“Persons Acting in Concert”, each for one“Persons Acting in Concert”) Self2017Year3Month8Consistent Action from the StartThe Concert Party will become the largest single shareholder group of Ribo Life Science.

Dr. Liang Zicai,Ribo Life ScienceThe founding chairman and CEO, a member of the core strategy team, primarily responsible for corporate strategy, technological innovation, and fundraising.

Dr. Liang in small nucleic acid technology andRNAAccumulated in drugs20Years of groundbreaking research experience, insiRNABreakthrough progress has been made in targeted delivery, chemical stability, and specificity. In2017Before serving as the full-time CEO in [Year], Dr. Liang was a tenured professor at the Institute of Molecular Medicine, Peking University, for over a decade and served as an associate professor at Karolinska Institutet in Sweden. Notably, Dr. Liang led China's first major project under the National High Technology Research and Development Program.siRNAResearch projects and have contributed to multiple national-level research programs over the past two decades.

JIANGXI BIOLOGY: Global Leader in Human Tetanus Antitoxin

Jiangxi Institute of Biological Products Inc. ("JIANGXI BIOLOGY") submitted its prospectus to the Hong Kong Stock Exchange on October 26. The joint sponsors are CICC and China Merchants Securities International.

The prospectus shows that JIANGXI BIOLOGY is the largest provider and exporter of human tetanus antitoxin ("human TAT") in China, as well as an antiserum platform company with a fully integrated industrial chain.

Human TAT is an antiserum product containing antibodies, used for the prevention and treatment of tetanus (an acute infection caused by Clostridium tetani).

According to Frost & Sullivan, JIANGXI BIOLOGY is also the largest provider of passive immunization products for human tetanus in China, with its human TAT sales volume accounting for 41.1% of the human tetanus passive immunization market size in 2024.

In addition to human-use TAT, JIANGXI BIOLOGY's existing product portfolio also includes several veterinary drug products, such as veterinary tetanus antitoxin and PMSG, as well as a number of hormone-based drugs used to supplement or support PMSG treatment.

In terms of products under development, JIANGXI BIOLOGY is expanding its portfolio of human antiserum products while developing antivenom for snake bites and equine rabies immunoglobulin F(ab’)2. Additionally, it has acquired the licensing rights for the production and commercialization of veterinary anti-infective drug pipelines.

Product Pipeline of JIANGXI BIOLOGY; Source: Prospectus of Jiangxi Institute of Biological Products Inc.

Financially, JIANGXI BIOLOGY's revenue is mainly generated through the sales of pharmaceuticals and other products as well as the provision of technical services.

Its total revenue increased from RMB 142.0 million in 2022 to RMB 198.0 million in 2023, and further increased to RMB 220.8 million in 2024.

In addition, its revenue increased from RMB 88.3 million for the six months ended June 30, 2024, to RMB 99.7 million for the six months ended June 30, 2025, primarily due to the increase in TAT product sales revenue, mainly driven by the growth in export sales revenue.

As of the latest practicable date, Ms. Jing Yue, the executive director and chairwoman of JIANGXI BIOLOGY, can exercise approximately 76.64% of the voting rights of the company through (i) Hainan Zhizheng and (ii) Qianhai Tianzheng, which hold 203,687,250 shares. Ms. Jing, Hainan Zhizheng, and Qianhai Tianzheng will constitute a group of controlling shareholders of the company under the listing rules.

Ms. Jing Yue, 32 years old, joined the group in May 2017 and has since served as a director. Since January 2022, she has served as the chairperson. On March 20, 2025, Ms. Jing was transferred to serve as an executive director. In addition, Ms. Jing currently also serves as the director and general manager of the group's subsidiary, Jiangsheng (Shenzhen) Biotechnology Research and Development Center Co., Ltd. She is primarily responsible for overseeing the group’s overall management, operations, and strategy.

Ms. Jing has over eight years of management experience in the biotechnology industry. From June 2016 to December 2017, she served as the General Manager of Shenzhen Jinrui Feng Biotechnology Co., Ltd., primarily responsible for overseeing the company’s overall management operations. In May 2016, Ms. Jing obtained a Bachelor's degree in Business and Political Economy from the Stern School of Business at New York University in the United States. She also completed an advanced training course in Financial Investment and Capital Operations at Tsinghua University Shenzhen Graduate School in Guangdong in December 2018. Currently, she is pursuing a Doctor of Business Administration degree at the Hong Kong Polytechnic University in Hong Kong. Since April 2019, Ms. Jing has been certified as a Certified Management Accountant by the Institute of Management Accountants in the United States.

BrightGene: Sprinting for A+H

BrightGene Bio-Medical Technology Co., Ltd. (hereinafter referred to as "BrightGene") submitted its prospectus to the Hong Kong Stock Exchange on October 30.

The prospectus shows that BrightGene, established in 2001, is a global pharmaceutical enterprise driven by innovation. It is committed to achieving breakthrough results in the treatment areas of metabolic and respiratory system diseases, as well as other fields with significant unmet medical needs.

BrightGene currently focuses its R&D efforts on developing globally innovative proprietary therapies for metabolic diseases and building a competitive portfolio of inhaled drug-device combination products for respiratory conditions.

Its metabolic disease pipeline centers around two leading innovative drug candidates: BGM0504 (a GLP-1/GIP dual agonist) and BGM1812 (a long-acting amylin analog).

In the field of respiratory diseases, BrightGene is developing high-end inhaled candidate products with high entry barriers, originating from the advanced delivery systems of our drug-device combination technology platform.

In addition to its deep cultivation in metabolic and respiratory diseases, BrightGene is also developing candidate products in other major therapeutic areas, including infectious diseases, immune diseases, and oncology.

As of the latest practicable date, BrightGene has a total of seven major innovative drug candidates. Among them, BGM0504 is the most representative. This GLP-1/GIP dual-target agonist has the potential to be the best-in-class globally and is applicable for the treatment of Type 2 Diabetes Mellitus (T2DM) and obesity/severe obesity.

BrightGeneProduct Pipeline Diagram; Source:BrightGeneProspectus

BrightGene has successfully commercialized more than 40 pharmaceutical products, including 12 formulations and 29 active pharmaceutical ingredients (APIs) and intermediates, covering multiple therapeutic areas such as infectious diseases, immune disorders, and oncology.

Financially, BrightGene's revenue for the years ended December 31, 2022, 2023, and 2024, as well as for the six months ended June 30, 2024, and June 30, 2025, was RMB 1,017.3 million, RMB 1,163.6 million, RMB 1,254.9 million, RMB 644.1 million, and RMB 523.8 million, respectively.

As of the years ended December 31, 2022, 2023, and 2024, BrightGene's annual/period profits were RMB 211.4 million, RMB 173.4 million, and RMB 141.3 million, respectively, while for the six months ended June 30, 2024, and 2025, they were RMB 82.2 million and RMB 1.7 million, respectively.

Dr. Yuan Jiandong, Ms. Zhong Weifang, and BrightGene Xinwen are the controlling shareholders of BrightGene.

Dr. Jian-dong Yuan, 55, is the founder, chairman, executive director, and general manager of the company. He is primarily responsible for providing strategic leadership to the group and overseeing the overall business and operations of the group.

With over 20 years of experience in scientific research, enterprise management, and strategic innovation, he has made significant contributions to the company's development. Additionally, he also serves as a director in several major subsidiaries.

Outside of this group, Dr. Yuan served as a director of Suzhou NovaBridge Biotechnology Co., Ltd. from June 2015 to August 2023, and as the chairman of BrightGene (Shandong) Pharmaceutical Co., Ltd. from July 2020 to April 2023. Additionally, Dr. Yuan has been serving as a director of Shenzhen Aoli Biotechnology Co., Ltd. since June 2025.

Dr. Yuan received his Bachelor of Organic Chemistry from Peking University, China, in July 1992, and earned his Ph.D. in Chemistry from the State University of New York, USA, in May 1998.

Sunrise Legend Subsidiary Heads for Hong Kong IPO

De Mei Pharmaceutical Co., Ltd. (hereinafter referred to as "De Mei Pharmaceutical") also submitted its prospectus to the Hong Kong Stock Exchange on October 30. The sole sponsor is Huatai International.

The prospectus shows that Dermagen Pharma is a leading Chinese pharmaceutical enterprise specializing in innovative skin health products. It operates an integrated R&D, production, and sales model focused on prescription dermatological drugs and cosmeceuticals, striving to provide comprehensive skin health solutions ranging from prevention and treatment to long-term care.

The main products of Demay Pharmaceuticals include dermatological prescription drugs and cosmeceuticals.

In the field of dermatological prescription drugs, its main product pipeline includes three marketed products, four candidate products in clinical or late stages, and approximately five preclinical candidate products.

In the field of dermatological skincare, its representative products include the Heling Soothing Series and Cicaplast®—Azelaic Acid Series.

Demay Pharma Product Pipeline; Source: Demay PharmaProspectus

Financially, DermaPharm's revenue increased from RMB 383.5 million for the year ended December 31, 2022, to RMB 472.6 million for the year ended December 31, 2023, and further increased to RMB 617.5 million for the year ended December 31, 2024. For the six months ended June 30, 2025, revenue reached RMB 498.0 million.

For the years ended December 31, 2022, 2023, and 2024, and the six months ended June 30, 2025, its net losses were RMB 55.2 million, RMB 4.7 million, RMB 105.6 million, and RMB 31.1 million, respectively.

Mr. Lin Gang and Treasure Sea are the controlling shareholders of Demai Pharmaceuticals. Treasure Sea is a company wholly owned by Mr. Lin Gang.

Mr. Lin Gang, 61, is the Chairman of the Board, Non-Executive Director, and Controlling Shareholder of De Mei Pharmaceuticals. Mr. Lin is the Chairman, Chief Executive Officer, and President of CMS Group and was appointed as a director of CMS on December 18, 2006. He was appointed as a director on November 18, 2020, and was re-designated as a Non-Executive Director on April 14, 2025.

Mr. Lin Gang is the founder of CMS Group. Mr. Lin is responsible for formulating, implementing, and managing the development strategy and growth strategy of CMS Group, as well as overseeing the overall operations of CMS Group. Mr. Lin has clinical experience and a deep understanding and knowledge of China's pharmaceutical industry, with unique insights and extensive experience in R&D, marketing, promotion, and sales. In July 1986, he obtained a Bachelor of Medicine degree from Zhanjiang Medical College (now known as Guangdong Medical University).

Mr. Lin serves as a director for the company's subsidiaries, including Dermavon BVI, Dermavon Hong Kong, Luqa Ventures Co., Limited, and Dermavon FZCO.

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