Eight Innovative Biopharma Companies Rush to Hong Kong IPO Amid Lack of Commercialized Products

　　【Pharmaceutical Network Medical Stock MarketAccording to HKEX data, as of October 24, no fewer than eight innovative pharmaceutical companies have submitted listing applications intensively within the past month. Among the companies that have filed, many, such as Yantai Lannacheng Biotechnology Co., Ltd., Sirius Therapeutics, and BINHUI BIOPHARM, do not yet have commercially marketed products. Although Impel Pharmaceuticals has obtained approval for its product to be marketed, its commercial performance remains to be seen.
 

Taking Yantai Lannacheng Biotechnology Co., Ltd. as an example, the company has been in continuous loss since its establishment, and the loss in the first half of 2025 expanded compared to the same period in 2024. The main reason is the large investment in R&D, and the products have not been commercialized, leaving no source of income. Future profitability depends on whether the products can be successfully approved for marketing and the sales performance after commercialization.
 

However, as an innovative pharmaceutical company focused on the discovery, development, and commercialization of radiopharmaceuticals for oncology diagnosis and treatment, Yantai Lannacheng Biotechnology Co., Ltd. has established a pipeline consisting of 13 candidate drugs, three of which are promising core products: 18F-LNC1001, a PSMA-targeted diagnostic radiopharmaceutical candidate in the registration stage, being developed for positron emission tomography ("PET") imaging in patients with PSMA-positive prostate cancer; 18F-LNC1005, an FAP-targeted diagnostic radiopharmaceutical candidate specifically developed for PET imaging in patients with FAP-positive solid tumors (such as gastric cancer); and 177Lu LNC1011, a PSMA-targeted therapeutic radiopharmaceutical designed for the treatment of PSMA-positive metastatic castration-resistant prostate cancer ("mCRPC").
 

Similarly, Sirius Therapeutics, which is dedicated to the development of siRNA (small interfering RNA) therapies, currently has no revenue. According to the prospectus, the company's net losses for 2023 and 2024 were RMB 309 million and RMB 342 million, respectively. It is reported that Sirius Therapeutics' main product assets include SRSD107, SRSD216, SRSD384, etc.
 

Among them, the core product SRSD107 is an siRNA drug targeting coagulation factor XI (FXI), designed to treat coagulation dysfunction diseases such as venous thromboembolism (VTE). The product is currently in the European Phase II multicenter clinical trial stage and is planned to initiate another Phase II trial in China, Australia, and New Zealand. SRSD216 is a potential best-in-class siRNA targeting Lp(a) for cardiometabolic diseases, currently in Phase IIa trials in China and the United States; SRSD384 is a candidate drug targeting INHBE for obesity, advancing towards the new drug clinical trial application stage.
 

BINHUI BIOPHARM, similarly, currently has no products available for commercial sale. Its revenue mainly relies on non-core businesses such as research and development services and reagent sales, with its scale remaining persistently low: revenue was 981,000 yuan in 2023, increased to 1.725 million yuan in 2024, but plummeted to 140,000 yuan in the first half of 2025, marking a 44% year-on-year decline. Industry insiders stated that BINHUI BIOPHARM's core value lies in the advanced nature of its HSV-2 vector platform. However, the success of innovative drugs ultimately depends on the triple resonance of clinical value, commercialization capability, and regulatory adaptability. If this Hong Kong listing can successfully raise funds, it will alleviate short-term cash flow pressures. However, in the long term, how to establish sales barriers before the market explodes and respond to regulatory changes remains an ongoing challenge.
 

Notably, among the innovative pharmaceutical companies that have "submitted applications" to the Hong Kong Stock Exchange during this period, Betta Pharmaceuticals went public on the ChiNext Board of the Shenzhen Stock Exchange in 2016, and Baili Tianhe has also been listed on the STAR Market of the A-share market. Previously, both companies had attempted to enter the Hong Kong stock market twice, and this marks their third attempt. Their strong desire to broaden financing channels and pursue international development is evident.
 

Regarding the phenomenon of innovative pharmaceutical companies flocking to list in Hong Kong, industry insiders believe that as the comprehensive strength of China's innovative pharmaceutical companies continues to improve and their R&D pipelines keep expanding, the demand for capital has become increasingly urgent. The Hong Kong stock market offers relatively flexible policies for the listing of innovative pharmaceutical companies, providing an important financing channel for those that have yet to achieve profitability. This helps companies address issues such as high R&D investment and tight cash flow, offering financial support for pipeline incubation and successful product launches.
 

However, going public in Hong Kong is not the end point, but a new starting point. For these innovative pharmaceutical companies, the key to achieving long-term stable development lies in how to accelerate the clinical trial process of pipeline products, enhance the clinical value of products, build a mature commercialization system, and deal with a complex regulatory environment after successfully raising funds through an IPO.
 

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