As of early 2025, approximately 30 pharmaceutical companies have submitted listing applications to the Hong Kong Stock Exchange. On February 12, Jinxin Pharmaceutical announced it had filed for a Hong Kong IPO, marking the start of its dual listing journey on both A-share and H-share markets.

Innovation is a key theme among these applicants. Of the 30 companies, 13 are unprofitable biotech firms, identified by the special "B" suffix, focusing on innovative drugs and medical devices. The Hong Kong exchange's Chapter 18A, introduced in 2018, allows pre-revenue biotech companies to list, providing crucial funding channels for R&D-intensive firms.

The trend also highlights a surge in "A+H" listings. Besides Jinxin Pharmaceutical, other A-listed companies like Biocytogen, Dizal Pharma, and InventisBio have applied for Hong Kong listings this year. Additionally, Salubris and Hiteck Bio have announced plans to pursue Hong Kong IPOs.

Jinxin Pharmaceutical, established over two decades ago, has evolved from producing intermediates and active pharmaceutical ingredients to developing innovative drugs for central nervous system and cardiovascular diseases. In 2024, the company reported revenue of RMB 4.159 billion and a net profit of RMB 719 million, with R&D investment reaching RMB 384 million.

Among unprofitable biotech applicants, Zhenxiang Pharmaceutical, which focuses on antiviral and oncology therapies, reported no revenue in 2024 and a loss of RMB 145 million. Another applicant, Deshi Biotechnology, specializes in AI-assisted chromosome analysis software but has yet to achieve profitability.

Experts note that Hong Kong listings provide flexible financing options and international exposure for biotech firms. However, the surge in applications may lead to increased market scrutiny and valuation differentiation, emphasizing the need for solid clinical milestones and commercial viability.