After a challenging few years, the Hong Kong Stock Exchange (HKEX)’s IPO market bounced back strongly in 2025. By the end of Q3 2025, HK listings raised USD 23.9 billion across 66 IPOs (up 192 percent vs the previous year). Pre-revenue biotech listings, predominantly from mainland China, are also up with 14 pharma and medical device firms making use of the Chapter 18A mechanism already in 2025, surpassing the full year 2024 total of 12. See below for the full list, courtesy of PharmCube.
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