Hong Kong Biotech IPO Market 2026
A Comprehensive Review of Chapter 18A Listings

In 2024, the Hong Kong biotech IPO market hit its lowest point since the introduction of Chapter 18A in 2018 — just four listings for the entire year. Twelve months later, the picture could hardly be more different. Sixteen biotech companies went public in 2025, and the momentum has only accelerated into 2026. For anyone tracking China’s biotech industry or considering Hong Kong biotech IPO opportunities, understanding this turnaround is essential.

This report examines the data from the past two years — drawing on the Skadden 2026 Biotech Report and the latest 2026 market updates — to give you a clear, evidence-based view of where the HKEX biotech market stands today.

1. 2024–2025: From Trough to Takeoff

The numbers tell a dramatic story. In 2024, only 4 biotech companies listed under Chapter 18A — the lowest annual total since the regime’s inception. IPO fundraising was similarly depressed. But 2025 delivered a sharp reversal: 16 biotech IPOs, four times the previous year’s count.

At the close of 2025, the cumulative total of Chapter 18A listings since 2018 stood at 90 companies, with aggregate IPO proceeds of HK$142.9 billion (approximately US$18.4 billion). The 2025 rebound was not an isolated blip — it reflected genuine improving sentiment and structural factors that continue to drive activity in 2026.

What drove the turnaround?

Several factors contributed to the 2025 recovery. First, the valuation reset that began in 2023–2024 made Hong Kong listings more attractive for biotech companies that had delayed their IPO plans. Second, the improving liquidity environment and renewed investor appetite for healthcare innovation supported stronger deal flow. Third, the HKEX’s ongoing regulatory enhancements — particularly the launch of the TECH Channel in May 2025 — streamlined the listing process for biotech and specialist technology companies.

2. 2026: The Surge Continues

If 2025 was a recovery, 2026 is shaping up to be a breakout year. In the first half of 2026 alone, 11 unprofitable biotech companies listed under Chapter 18A, raising a combined HK$12.486 billion (approximately US$1.61 billion). These 11 listings accounted for 12.6% of all new listings (87 in total) and 5.9% of total IPO proceeds (HK$210.2 billion) in the first half of 2026.

By the end of June 2026, the cumulative number of Chapter 18A listings since 2018 had reached 94 companies (with 93 still trading). The aggregate IPO fundraising across all 94 companies stood at HK$148.03 billion.

The broader Hong Kong IPO market also delivered exceptional performance in the first half of 2026. According to EY, HKEX saw 84 IPOs raising HK$209.8 billion (US$26.8 billion) — a year-on-year increase of 100% in deal volume and 92% in proceeds. This placed Hong Kong as the second-largest IPO market globally in the first half of 2026, behind only Nasdaq.

Notable 2026 listings include TenNor Therapeutics, which achieved a record 9,026x oversubscription in its IPO and surged over 150% on its first day of trading; METiS TechBio, the world’s first publicly listed AI-powered drug delivery company; and Micot Pharma, the first Xi’an-based company to list under Chapter 18A. The pipeline remains strong: as of June 30, 2026, there were 38 active Chapter 18A listing applications pending.

3. Where Are These Companies Coming From?

One of the most significant structural shifts in the HKEX biotech ecosystem is the growing proportion of companies incorporated in mainland China. Among the 20 biotech companies that listed in 2024–2025, 14 were incorporated in mainland China — more than one-third of all Chapter 18A-listed companies now fall into this category. This trend reflects evolving regulatory conditions and the increasing willingness of Chinese biotech firms to use Hong Kong as their primary listing venue.

Geographically, Shanghai and the Yangtze River Delta region remain the dominant cluster for biotech innovation. More than half of all HKEX-listed biotech companies are headquartered in or around Shanghai, Suzhou, Hangzhou, Taizhou, Nanjing, Ningbo, and Shaoxing. This concentration reflects the region’s deep pool of scientific talent, research infrastructure, and supportive government policies.

Key Metrics at a Glance

Metric	2024	2025	H1 2026
Chapter 18A Listings	4	16	11
Total HKEX IPOs	~70	~100+	84
18A Share of Total IPOs	~5.7%	~16%	~12.6%
Total Market Cap (US$)	81B	169B	N/A

4. The TECH Channel Effect

Launched in May 2025 by HKEX and the Securities and Futures Commission, the TECH Channel was designed to streamline the listing process for biotech and specialist technology companies. The channel allows eligible companies to submit listing applications on a confidential basis — a significant departure from the traditional public filing process.

By February 2026, more than 100 companies in the Chapter 18A and 18C pipelines were already using the TECH Channel. The channel has been widely welcomed by the market, with 119 applications received by the end of 2025, including 73 from pre-revenue biotech companies. This streamlined process reduces preparation timelines, lowers compliance costs, and enhances financing efficiency — all of which have contributed to the surge in biotech listings.

5. What This Means for Investors and Business Partners

For overseas companies, investors, and professional services firms, the resurgence of the HKEX biotech market presents both opportunities and risks. On one hand, the depth and diversity of the listed biotech universe has expanded significantly — from small-molecule drugs and antibody therapies to cell and gene therapies, AI-powered drug discovery, and surgical robotics. The 18A index has gained 60% over the past two years, reflecting a broad-based valuation recovery.

On the other hand, the market remains highly differentiated. While some companies have delivered exceptional post-IPO returns — with share price gains exceeding 700% in some cases — others continue to trade below their offering prices. Thorough due diligence is more critical than ever.

For overseas companies and investors looking to engage with China’s biotech sector, understanding the regulatory landscape, corporate governance standards, and financial health of potential partners is essential. This is where reliable, authoritative China company information becomes indispensable.

Whether you are evaluating a potential investment, conducting due diligence on a Chinese biotech partner, or seeking to verify the credentials of a company that has listed — or is planning to list — on the HKEX, access to verified, official company information is non-negotiable. Services that provide official enterprise credit reports and professional due diligence reports can help bridge the information gap, enabling more confident decision-making.

6. Looking Ahead: What to Expect in the Second Half of 2026 and Beyond

PwC has projected that Hong Kong could host around 150 IPOs in 2026, raising between HK$320 billion and HK$350 billion. Of this, approximately HK$30 billion is expected to come from Chapter 18A biotech companies. With more than 300 companies already having filed listing applications and over 100 companies in the 18A/18C pipelines, the pipeline remains robust.

However, the market is also evolving. The HKEX is actively consulting on further competitiveness enhancements, including proposals to refine the innovation industry recognition mechanism. The trend toward A+H dual listings is also accelerating — eight of the top ten IPOs in H1 2026 were A+H listings, reflecting the growing preference of large, established Chinese companies to access both domestic and international capital markets.

For the biotech sector specifically, the key themes to watch are: global BD transaction activity (Chinese innovative drug BD deals totalled US$143.1 billion in 2025), commercialisation milestones (which trigger the removal of the “B” marker and signal maturity), and the continued internationalisation of Chinese biotech through licensing, co-development, and NewCo structures.

7. Conclusion

The Hong Kong biotech IPO market has demonstrated remarkable resilience. From the low point of 2024 to the surge of 2025 and the sustained momentum of 2026, the Chapter 18A ecosystem has proven its capacity to attract and support innovative biotech companies. With cumulative listings approaching 100, total market capitalisation exceeding US$169 billion, and a deep pipeline of applicants, Hong Kong has cemented its position as the second-largest biotech fundraising platform globally.

For overseas investors, corporate partners, and professional services firms, the message is clear: China’s biotech sector is open for business, and Hong Kong is the gateway. But success requires more than enthusiasm — it demands rigorous, reliable information about the companies you are engaging with. Whether you are verifying a company’s registration status, checking its credit history, or conducting a full-scale due diligence investigation, having access to accurate, official data is the foundation of sound commercial decisions.