11 Chinese Biotech Firms File for Hong Kong IPOs

Hong Kong is witnessing a surge in healthcare listings, with 11 Chinese biotech and healthcare companies filing for IPOs at the end of September 2025.

The roster includes some of the sector’s biggest names, such as We Doctor Holdings, Sichuan Biokin Pharmaceutical, and Betta Pharmaceuticals, a well-known cancer drug maker. Other applicants are Anhui Huaheng Biotechnology, Annoroad Gene Technology, Binhui Biopharmaceutical, Good Doctor Cloud Healthcare, Shanghai Synyi Medical Technology, Changchun High-Tech Industry, Shaanxi Micot Pharmaceutical, and Yantai Lannacheng Biotechnology.

In total, 23 healthcare and life sciences firms submitted IPO applications in September 2025, with most focusing on drug development, medical devices, and biotech innovations.

Key Highlights

11 Chinese healthcare firms, including We Doctor and Betta Pharma, filed Hong Kong IPOs
Part of 23 total healthcare IPO filings in Sept 2025
Hang Seng Biotech Index up 109 percent in 2025, but earnings remain uneven

The surge underscores Hong Kong’s appeal as a capital-raising hub for mainland healthcare players, despite global market volatility.

The momentum also reflects strong investor appetite, with the Hang Seng Biotech Index rising 109 percent in 2025, outperforming broader indices. However, fundamentals remain mixed — companies such as We Doctor and Biokin reported losses in recent earnings, highlighting ongoing challenges in profitability despite rapid sector growth.

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The influx of listings signals continued optimism around China’s healthcare innovation pipeline, particularly in cancer therapies, genomics, and cloud-based medical services. Analysts suggest that Hong Kong could see one of its strongest IPO years in the biotech sector if market sentiment remains favorable.