July Sees Intensified Pharma IPO Activity with Multiple Companies Entering Key Stages of Listing Process

　　【Pharmaceutical Network | Pharmaceutical Stock Market] Since 2026, the enthusiasm for IPO applications among pharmaceutical companies has continued to rebound. Data shows that as of the end of June, the STAR Market had cumulatively accepted listing applications from 16 biopharmaceutical companies within the year; the Hong Kong stock market also saw the listing of 85 new stocks, including 11 Chapter 18A biotech companies. Notably, in early July, the IPOs of several pharmaceutical companies reached key milestones.
 

On July 7, Beijing TRT Healthcare was listed on the Hong Kong Stock Exchange. It is understood that Beijing TRT Healthcare is a subsidiary of Tong Ren Tang, strategically focused on traditional Chinese medicine (TCM) healthcare services in China. It operates seven self-owned hospitals, three outpatient departments, and three clinics, in addition to managing 12 medical institutions and one internet hospital.
 

For this listing, the company plans to issue approximately 108 million H shares, with an indicative offer price range of HK$5.48 to HK$6.21 per share, and is expected to raise a maximum net proceeds of approximately HK$671 million. According to the prospectus, Beijing TRT Healthcare intends to allocate approximately 47.5% of the net proceeds from the global offering to expand its traditional Chinese medicine (TCM) healthcare network, further enhancing service capabilities through self-built facilities or strategic acquisitions; approximately 23.6% will be used to enhance TCM service capabilities by procuring advanced medical equipment; approximately 18.9% will be used to repay certain outstanding bank loans; and approximately 10% will be allocated for working capital and general corporate purposes.
 

On July 3, Jingze Bio submitted a listing application to the Main Board of the Hong Kong Stock Exchange. The company had previously filed applications with the Hong Kong Stock Exchange on June 27, 2025, and December 31, 2025, respectively.
 

The prospectus reveals that Jingze Bio is a biopharmaceutical company focused on two major sectors: assisted reproductive drugs and ophthalmic drugs. The company currently has eight candidate drugs, three of which are in the late stage. Among them, the core product JZB30 (recombinant human follicle-stimulating hormone lyophilized powder for injection) has received NDA approval; one of the main products, JZB33 (recombinant human follicle-stimulating hormone aqueous injection), has submitted an NDA application; and the core candidate drug JZB05 (anti-VEGF intravitreal injection) is currently undergoing Phase III clinical trials, with completion and submission for marketing approval expected in the second half of 2026.
 

On July 2, the Shenzhen Stock Exchange website announced that Novast’s IPO on the ChiNext board will undergo review by the listing committee on July 9. It is reported that Novast plans to raise approximately RMB 950 million in this listing effort.
 

Public information shows that NOVAST is a R&D-driven high-tech enterprise primarily engaged in the research and development, production, and sales of complex pharmaceutical formulations. As early as 2022, NOVAST submitted its prospectus to the STAR Market. After undergoing three rounds of inquiries, it voluntarily withdrew its listing application in September 2024. In June 2025, the company shifted its focus to the ChiNext Board, submitting its prospectus three times and undergoing two rounds of inquiries before facing this major “exam.”
 

On July 1, Trinomab disclosed its issuance arrangements, announcing that it would publicly offer shares and list on the STAR Market through a combination of strategic placement, offline inquiry-based placement, and online fixed-price issuance. The company plans to issue 69,081,928 shares, accounting for 15.00% of the total share capital after the issuance. The preliminary inquiry date is July 7, 2026, and the subscription date is July 10, 2026.
 

Trinomab is an innovative biopharmaceutical company dedicated to alternative therapies for blood products. Currently, its core product, Stedutamab Injection (Xintituo), has achieved commercial sales, while the marketing application for another core product, TNM001 (anti-respiratory syncytial virus [RSV] monoclonal antibody), has been included in the priority review program.
 

　　Disclaimer: Under no circumstances shall the information contained herein or the opinions expressed constitute investment advice to any person.