Biopharma IPO Momentum Continues with Two Companies Cleared for Listing and Six in the Queue

Sep 29, 2025 15:37 CST Updated 15:37

Biocytogen

Antibody Drug Developer

Avistone

Innovative Anti-Tumor Drug Developer

Sirius Therapeutics

Oligonucleotide Drug Developer

In the last week of September, a wave of biopharmaceutical company listings hit both the STAR Market of A-shares and the Hong Kong Stock Exchange.

According to the statistics from PharmaCube, from September 22 to September 29, one pharmaceutical company has passed the hearing in the Hong Kong stock market, and four innovative pharmaceutical and device companies have submitted listing applications.At the same time, the A+H listing of pharmaceutical companies continues to be popular. Following Beida Pharmaceutical, Bright Future Pharmaceuticals also recently announced plans for an H-share listing.

The opening of the STAR Market IPO in China's A-share market is also moving a step further:On September 24, Biocytogen officially passed the review and is about to be listed; On September 26, the STAR Market IPO application of Avistone was officially accepted. The listing process of this unprofitable innovative pharmaceutical company, which applied under the "STAR Market's Fifth Set" standards, will be a weathervane for the STAR Market IPOs of unprofitable biopharmaceutical enterprises in the near future.

New Generation Biotech Emerges

In the past few years, the secondary market has seen a pullback, and the IPO window has tightened. For Biotech companies that have grown amidst this "winter" and are still in the research and development stage, going public in Hong Kong now while the climate is favorable is truly an opportunity not to be missed.

On September 28, the website of the Hong Kong Stock Exchange showed that Sirius Therapeutics (hereinafter referred to as "Jingyin Pharmaceuticals") submitted an application for listing, planning to go public in Hong Kong.Goldman Sachs, Haitong International, and HSBC are the joint sponsors.

The prospectus shows that Sirius Therapeutics is a global clinical-stage biotechnology company committed to maximizing the clinical and commercial value of siRNA therapies. With a strategic foundation comprising three potentially blockbuster product pipelines, a proprietary siRNA technology platform, and a global collaboration network, the company aims to revolutionize current treatment standards for chronic diseases by developing first-in-class and best-in-class siRNA therapies that address significant unmet medical needs worldwide.

Sirius Therapeutics is prioritizing the advancement of three potential blockbuster product pipelines: coagulation disorders, cardiometabolic diseases, and obesity.

The layout of these product pipelines is represented by the following key pipeline products: SRSD107, as the company's core product, is a potential first-in-class siRNA drug targeting coagulation factor XI. It is currently undergoing a Phase II multicenter clinical trial in Europe, with plans to initiate another Phase II trial in China and Australia/New Zealand. The product is being advanced through a global co-development and commercialization collaboration established with CRISPR Therapeutics.

Figure | Sirius Therapeutics Pipeline

Source of the image: Prospectus

SRSD216 is a potential best-in-class siRNA targeting Lp(a), currently undergoing Phase IIa trials simultaneously in China and the United States.

SRSD384 is a candidate drug targeting INHBE for obesity, with compelling preclinical data, and is currently advancing IND application.

Financially, during the historical performance period, Sirius Therapeutics did not generate any revenue or cost of sales. In 2024 and for the six months ended June 30, 2025, the main research and development expenses (i.e., technical service fees) for its core product SRSD107 were RMB 48.8 million and RMB 19.8 million, respectively, accounting for 33.6% and 70.0% of the total technical service fees during the same periods, respectively.

OrbiMed Entities are the controlling shareholder of Sirius Therapeutics. Sirius Therapeutics was founded by OrbiMed Entities and Creacion Ventures. Since its establishment, the company has completed three rounds of investment, including Series A, Series B, and Series B2 financing, raising a total of approximately USD 144.0 million.

On September 26, the website of the Hong Kong Stock Exchange showed that Nanjing Impacts Pharma Co., Ltd. (hereinafter referred to as "Impacts Pharma") submitted an application for listing, planning to go public in Hong Kong.Goldman Sachs and CICC are its joint sponsors.

The prospectus shows that Impella Pharma, established in 2009, is an innovation-driven biotechnology company at the commercialization stage. It is committed to advancing precision oncology therapies based on the synthetic lethality mechanism on a global scale to redefine the standard of cancer treatment.

The pipeline products of Yingpai Pharmaceuticals include: (i) the core product Senaparib; (ii) IMP1734, a highly active next-generation PARP1 selective inhibitor; (iii) IMP9064, a potential first-in-China, best-in-class ATR selective inhibitor; (iv) IMP1707, a PARP1 selective inhibitor capable of penetrating the central nervous system; (v) IMP7068, the most advanced WEE1 inhibitor in clinical development in China, with best-in-class potential globally; (vi) five other preclinical assets targeting most key synthetic lethal targets (such as PKMYT1/WEE1, DHX9, ATM, USP1, and CHK1/2); and (vii) emerging therapies such as next-generation ADCs and degrader candidates.

Its core product, Senaparib (IMP4297), is a PARP1/2 inhibitor with best-in-class clinical performance and a comprehensive global development plan across multiple indications. It was approved in January 2025 for first-line maintenance treatment in the "entire population" of ovarian cancer patients in China and has since begun commercialization.

Since the establishment of the company, several rounds of investment have been carried out. Its investors include those focused on investing in the biotechnology and healthcare industries, such as LAV USD, Shanghai Lei Yi, Decheng Capital, Wuxi AppTec, and Hualing, among others.

Financially, for the years ended December 31, 2023 and 2024, and the six months ended June 30, 2025, Impulse Pharma incurred losses of RMB 19.9 million, RMB 254.8 million, and RMB 128.7 million, respectively.

Dr. Suixiong Cai is the Chief Executive Officer of the company and serves as its scientific and strategic leader. Dr. Cai has over 30 years of experience in the field of drug discovery and holds more than 100 authorized U.S. patents. He has held senior positions at EpiCept, Maxim Pharmaceuticals, and Cytovia Inc., successfully advancing multiple oncology programs into clinical trials, with two candidate drugs, Verubulin and Crolibulin, reaching Phase II clinical trials.

Exploring "The Fifth Set of Sci-Tech Innovation Board"

On September 26, the official website of the Shanghai Stock Exchange showed that the Sci-Tech Innovation Board IPO application of Beijing Avistone Biotechnology Co., Ltd. (hereinafter referred to as "Avistone") has been accepted.

Source of the image: Official website of the Shanghai Stock Exchange

The prospectus shows that Avistone is an innovative biopharmaceutical company stepping into the commercialization stage, focusing on disease areas such as cancer with significant unmet clinical needs.

As of the date of signing the prospectus, in the company's innovative drug pipeline, Vanbrex® (Beretinib) has been commercialized, Andatini is in the new drug marketing review stage, and ANS01 and ANS03 have entered the clinical research stage. The company is conducting multiple clinical research trials globally, including four Phase III clinical studies.

Boeritinib is a highly selective and potent innovative mesenchymal-epithelial transition factor - tyrosine kinase inhibitor (MET-TKI). It is the world's first-in-class drug for treating MET-amplified non-small cell lung cancer (NSCLC) and MET-abnormal glioma, and a potential best-in-class drug for treating MET exon 14 (ex14) skipping mutation NSCLC. It is also the world’s first and currently the only MET-TKI to validate "pan-cancer" treatment potential beyond NSCLC and gain marketing approval.

Andaletinib is an innovative epidermal growth factor receptor tyrosine kinase inhibitor (EGFR-TKI) independently developed by the company, featuring precise selectivity, high affinity, potent inhibition, and effective blood-brain barrier penetration. A new drug application for its use as a later-line treatment for EGFR exon 20 insertion (ex20ins) mutant NSCLC was accepted by the NMPA in May 2025 and granted priority review status. It is the second innovative small-molecule targeted drug globally to submit a new drug application for treating EGFR ex20ins mutant NSCLC (excluding products that have been withdrawn from the market).

In addition to Beretinib and Andatini, the company has independently developed several innovative drug molecules with significant clinical value and leading R&D progress in their respective fields. These have been progressively advanced to clinical research or clinical application stages, mainly including: a new generation MET-TKI (ANS01) aimed at filling the treatment gap of "no available drugs" after existing MET-TKI resistance; an innovative ROS1/NTRK-TKI (ANS03) that is expected to overcome common resistance mutations and even compound mutations of existing drugs; a new generation EGFR-TKI (ANS02) positioned to overcome various primary and secondary EGFR resistance mutations, as well as compound mutations; and a next-generation highly potent, broad-spectrum, low-toxicity, and highly selective HER2-TKI (ANS05) designed to address HER2 abnormalities.

In this application for listing, Avistone has chosen the listing standard stipulated in Article 2.1.2 (5) of the STAR Market Listing Rules: an estimated market value of no less than RMB 4 billion, with main business or products requiring approval from relevant national authorities, a large market space, and having achieved phased results so far; pharmaceutical industry enterprises must have at least one core product approved for Phase II clinical trials, and other enterprises that meet the positioning of the STAR Market must possess significant technological advantages and meet corresponding conditions.

Avistone stated that the funds raised this time will be mainly invested in the research and development of innovative anti-tumor drugs, which is closely related to the company's main business and core technology.

Financially, as of the end of the reporting period, the company had not yet turned a profit, with an accumulated unrecovered loss at the consolidated financial statement level of 782,010,700 yuan. The net profits attributable to the parent company’s shareholders (calculated based on the lower of the figures before or after excluding non-recurring gains and losses) for each reporting period were -163,677,700 yuan, -282,715,000 yuan, -478,713,300 yuan, and -91,652,900 yuan, respectively.

As of the date of signing the prospectus, its actual controller Shi Hepeng directly and through concert parties Kunshi Julin and Kunshi Heli, collectively controls 23.81% of the voting rights of the company's shares.

Mr. Shi Hepeng, born in November 1974, is a Chinese national with no permanent residency rights overseas, and holds a Ph.D. Mr. Shi Hepeng graduated from the major of Microbiology and Biochemical Pharmacy at Peking Union Medical College (formerly known as China Union Medical University), earning a Doctor of Science degree.

From April 2000 to June 2002, Mr. Shi Hepeng served as the leader of the R&D project team at China Resources Double-Crane Pharmaceutical Co., Ltd.; from May 2005 to October 2011, he served as the Executive Vice General Manager and Director of the Research Institute at Yangtze River Pharmaceutical Group Beijing Haiyan Pharmaceutical Co., Ltd.; from November 2011 to August 2012, he served as the R&D Director and Business Development Director at Harbin Yuheng Pharmaceutical Co., Ltd.; from December 2012 to present, he has served as the Executive Director and General Manager at Beijing Purui Ao; from July 2018 to September 2023, he served as the Chief Executive Officer of the issuer; from September 2023 to March 2024, he served as the Chairman and Chief Executive Officer of the issuer; from March 2024 to present, he has served as the Chairman, General Manager, and Chief Executive Officer of the issuer; from July 2025 to present, he has served as a director of Avistone.

Going Public in Hong Kong, Exploring "Innovation" and "Global Expansion"

Among the innovative pharmaceutical companies that have recently submitted applications for listing on the Hong Kong Stock Exchange, Changfeng Pharmaceuticals has recently passed the hearing. Its journey to list on the STAR Market/Hong Kong Stock Exchange, which began in 2021, has finally reached a milestone.

Changfeng Pharmaceuticals Focuses on the Research, Development, Production, and Commercialization of Inhalation Technologies and Inhalation Drugs, and Has Obtained Six Product Approvals from the National Medical Products Administration and the U.S. FDA.

Among them, CF017 —— Budesonide Suspension for Inhalation used to treat bronchial asthma —— is its first approved product and also the current flagship product. After CF017 was approved in May 2021, it was included in the centralized procurement (VBP) program. The sales revenue of CF017 accounted for 96.2%, 98.4%, 94.5%, and 91.6% of Changfeng Pharmaceuticals' total revenue in 2022, 2023, 2024, and the three months ended March 31, 2025, respectively.

According to Frost & Sullivan, in 2024, CF017 accounted for approximately 16% of China's budesonide inhalation drug market by sales volume. Changfeng Pharmaceuticals stated that the successful commercialization of CF017 increased its revenue from 349 million yuan in 2022 to 709 million yuan in 2024, with a compound annual growth rate of 31.9%. Gross profit also rose from 268 million yuan in 2022 to 491 million yuan in 2024.

With the "first bucket of gold" from CF017, Changfeng Pharmaceuticals decided to transform and innovate, and expand overseas.

On one hand, Changfeng Pharmaceuticals is actively exploring innovative inhaled drug formulations such as liposomes and siRNA, and venturing into new therapeutic areas like CNS diseases and anti-infective drugs. Additionally, the company is developing new therapies such as Endobronchial Valves (EBV) and working on potential first-in-class or China-first treatments for severe conditions like Idiopathic Pulmonary Fibrosis (IPF) and Pulmonary Arterial Hypertension (PAH).

For the three months ended March 31, 2025, and the years 2022, 2023, and 2024, Changfeng Pharmaceuticals' R&D expenses reached RMB 107 million, RMB 133 million, RMB 122 million, and RMB 32 million, respectively.

Figure |Changfeng Pharmaceuticals Pipeline
Source of the image: Prospectus (After Hearing)

On the other hand, Changfeng Pharmaceuticals is advancing the development of more than 20 candidate products for major markets such as China, the United States, and/or Europe, as well as emerging markets like Southeast Asia and South America. It is expanding into global markets through direct or technical service collaborations. In May 2024, Changfeng Pharmaceuticals' GW006 (Arformoterol Nebulizer Solution for the treatment of Chronic Obstructive Pulmonary Disease (COPD)) successfully received FDA approval for market launch.

Changfeng Pharmaceuticals is a microcosm of the current group of established pharmaceutical companies going public in Hong Kong — most of them started from active pharmaceutical ingredients or high-end generics, already have solid product revenue, and possess the experience and foundation for expanding into overseas markets. Today, these pharmaceutical companies are increasingly focusing on innovation and aiming to go global. In this regard, the Hong Kong stock market serves as the most powerful springboard.

CQP is also one of them.Recently, BrightGene Bio-Medical Technology announced that it has begun planning for a listing in Hong Kong.

This pharmaceutical company, established in 2001 and initially known for its high-quality generic, first-to-market generic, and difficult-to-copy formulations as well as high-end active pharmaceutical ingredients (APIs), has clearly shifted towards innovation in recent years. Particularly this year, it has become one of the highly watched "GLP-1 concept stocks."

Currently, active pharmaceutical ingredients (APIs) remain the revenue cornerstone for BrightGene Bio-Medical Technology, including antiviral, antifungal infection, immunosuppressant, respiratory system, and anticancer products. In the first half of 2025, BrightGene's operating revenue reached 537 million yuan, with a net profit attributable to shareholders of 17.17 million yuan. Of this, API product revenue was 407 million yuan, and formulation product revenue was 76.21 million yuan.

However, the proportion of R&D investment in Borui Pharmaceuticals' total revenue for the first half of 2025 increased from 21.71% in the same period last year to 64.83%, undoubtedly reflecting its commitment to innovative drugs.

Currently, BrightGene Bio-Medical Technology has placed the strategic focus of its innovative drug business on the metabolic field, particularly on multi-target drugs containing GLP-1. These mainly include BGM0504 Injection, a dual agonist of GLP-1/GIP receptors, and BGM1812 Injection, a long-acting amylin analog product. The former has become the largest valuation anchor for BrightGene's innovative drug business at present.

In June this year, BrightGene Bio-Medical Technology announced the Phase 2 clinical data of BGM0504 and the preclinical study results of BGM1812 at the ADA: BGM0504 has preliminarily demonstrated superior clinical efficacy compared to semaglutide, and the receptor activation capability of BGM1812 has been significantly enhanced, with the potential to become a new generation of obesity treatment drugs.

Based on this, in August this year,华润三九 extended an "olive branch" to 博瑞医药, reaching a cooperation agreement for the research, registration, production, and commercialization of BGM0504 injection in mainland China.

Currently, the Phase 3 clinical trials in China for the two indications of BGM0504 injection—Type 2 diabetes and weight loss—have completed full enrollment. The Phase 3 clinical research by BoRui Pharmaceuticals' partner in Indonesia has officially commenced. Additionally, an IND application for the weight loss indication of oral BGM0504 tablets has been submitted in China; the IND application submitted in the United States has been approved, and Phase 1 clinical research is currently underway.

The IND application for the weight loss indication of BGM1812 Injection has been submitted in China and the United States; oral BGM1812 tablets are in the preclinical research stage.

BrightGene Bio-Medical Technology stated that the purpose of its Hong Kong listing is to accelerate its international strategy and overseas business layout, enhance its overseas financing capabilities, and strengthen its capital position and overall competitiveness. The funds raised from this offering will primarily be used to support the research and development of its product pipeline, expand production capacity, conduct strategic investments and acquisitions, and supplement working capital, among other initiatives.

Upstream and Downstream Development in Tandem, a Promising Future for the Innovative Drug Industry

Not only innovative drug companies are participating in the current IPO boom, but enterprises at different stages of the innovative drug industry chain, such as CRO, IVD, and out-of-hospital services, have also started their listing processes.

On September 24, Biocytogen, a preclinical CRO and biotechnology company, passed the review under the "Fourth Set of Standards for Sci-Tech Innovation Board" and also became a sample of "H-share returning to A-share" on the Sci-Tech Innovation Board.

After a period of dormancy, the IVD field is welcoming an early cancer detection company—Wuhan AmiSense Life Science Co., Ltd. (hereinafter referred to as "AmiSense")—which recently submitted an application for listing on the Hong Kong Stock Exchange.

The prospectus shows that Ameson was established in January 2015, focusing on cancers with high incidence and high mortality rates, and pioneered the development of early cancer detection technology based on methylation.

To date, AmMagnum has two core products: Aixin Gan for liver cancer and Aiguang Le for urothelial cancer. Aixin Gan is the world's first liver cancer detection reagent based on methylation technology using real-time quantitative polymerase chain reaction (qPCR) technology. It achieves a sensitivity of 92.33% and a specificity of 93.35% in detecting liver cancer through blood samples, with a sensitivity as high as 84.43% for Stage I patients. Aiguang Le requires only 1 milliliter of urine sample to enable non-invasive detection of urothelial cancer, significantly improving efficiency and convenience compared to traditional methods.

Fig | Amison Pipeline
Source of the image: Prospectus

Amisun's commercialized products also include three other products: Aichangkang and Aichangjian for colorectal cancer, and Aisining for esophageal cancer, all of which have been approved by the National Medical Products Administration as Class III medical devices.

In addition, Ameson has six other candidate products, including Aiwei Yuan for gastric cancer, Aifei Chang for lung cancer, Aigong Le for endometrial cancer, and three multi-cancer detection products, including Aixiao An, Ailu Yuan, and Fan Ai.

Amison is also developing the fully automatic sample processing workstation AMStation for配套使用. It is expected to complete EMC testing and safety compliance testing by early 2026 and submit a Class I medical device registration application to the Wuhan Market Supervision Administration in Hubei Province, China.

From 2023 to 2024, Amicon has generated product sales revenue of 6.2 million yuan, 7.2 million yuan, and 6.5 million yuan, respectively, mainly due to the increase in sales revenue from its product Aichangkang. In the first half of this year, Amicon's sales revenue surged by 103.2% to 6.5 million yuan, primarily driven by an increase in approved products and a more diversified product supply.

Since its establishment, AmoyDx has completed multiple rounds of financing, with Jianchuang Zhongmin and Capricorn BioPharma being its long-term investors. Notably, in May 2018, AmoyDx granted Capricorn BioPharma the exclusive rights for the development, manufacturing, and commercialization of its early cervical cancer detection product, Aigongshu, for a period of ten years following the acquisition of the Class III medical device registration for Aigongshu.

In this IPO, AIMSEN plans to use the proceeds for the following purposes: (i) research and development, registration filing, and commercialization of its core products Aixinggan and Aiguangle; (ii) research and development, registration filing, and commercialization of multiple pipeline products; (iii) enhancement of general R&D capabilities and technological advancement; (iv) strengthening automation of production facilities; (v) continuous expansion and diversification of its product portfolio by potentially acquiring or licensing candidate products in the field of cancer detection; and as working capital and for other general corporate purposes.

In addition, Guangdong Rongtai Pharmaceutical Co., Ltd. (hereinafter referred to as "Rongtai Pharmaceutical") has also submitted an IPO application and plans to list in Hong Kong.CITIC Securities is the sole sponsor.

The prospectus shows that Rongtai Pharmaceutical is an off-hospital pharmaceutical service provider, focusing on digital marketing and supply chain solutions.

According to Frost & Sullivan, in terms of revenue in 2024, Rongtai Pharmaceuticals is the fourth-largest marketing and supply chain solutions provider in China's off-hospital pharmaceutical market, and the largest marketing and supply chain solutions provider targeting individual customers in China's off-hospital pharmaceutical market.

The following is a display of its business model:

Rongtai Pharmaceuticals primarily generates revenue by selling pharmaceutical products (i) to individual customers through third-party e-commerce platforms (S2B2C) and e-commerce stores (S2C); (ii) to grassroots terminals through regional sales partners (S2B2b) and e-commerce stores (S2b); and (iii) to large chain pharmacies (S2K).

Financially, its revenue increased from RMB 2,426.7 million in 2022 to RMB 2,916.0 million in 2023, and then slightly decreased to RMB 2,875.3 million in 2024. Its revenue also increased from RMB 1,382.2 million for the six months ended June 30, 2024, to RMB 1,540.1 million for the six months ended June 30, 2025.

The company recorded annual profits of RMB 14.8 million, RMB 45.7 million, and RMB 3.7 million in 2022, 2023, and 2024 respectively; it also recorded interim profits of RMB 3.7 million and RMB 17.1 million for the six months ended June 30, 2024, and the six months ended June 30, 2025, respectively.

The controlling shareholders of Rongtai Pharmaceuticals include Mr. Chen Changqing and Guangzhou Changfeng.

Mr. Chen Changqing is the Chairman and Executive Director of the company. He is a market pioneer and renowned entrepreneur with long-term dedication to the pharmaceutical industry. He is also a seasoned entrepreneur, boasting over 20 years of extensive experience in business development and management at prominent companies such as China National Pharmaceutical Group Corporation (Sinopharm) and Cascade.

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