In 2025, Hong Kong’s biotech sector saw significant growth, with Chapter 18A listings quadrupling to 16 and the sector’s market value rising 109% to $1.33 trillion (US$169 billion). Despite smaller IPO sizes compared to previous years, biotech companies that went public in 2024 and 2025 raised an average of $785 million (US$100 million), reflecting a shift towards IPOs for liquidity and future fundraising rather than just for immediate capital needs. The reforms have positioned Hong Kong as the world’s second-largest biotech fundraising platform, largely driven by Chinese companies, with cornerstone investors remaining active in the market.
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Link to original article source: https://hongkongbusiness.hk/in-focus/biotech-market-cap-more-doubles-133t-in-2025
