China’s Biotech IPO Comeback — Sparked by Innogen’s 285% Debut

After a multi-year lull in Hong Kong’s biotech board, 2025 has seen a surge of investor enthusiasm, highlighted by Guangzhou Innogen Pharmaceutical (HKEX: 2591)’s extraordinary market debut. On August 15, Innogen’s shares skyrocketed 285% intraday from the HK$18.68 offer price, briefly reaching nearly HK$72 before closing slightly lower.

The frenzy reflected confidence in isupaglutide α, a long-acting GLP-1 receptor agonist approved for type 2 diabetes, and record-breaking IPO demand: the Hong Kong offering was oversubscribed 5,364×, attracting ~HK$370 billion in bids. About 260,000 retail investors competed for 3.655 million shares (10% of the total), with a per-lot allocation of just 0.5%. Phase IIb/III trials for obesity and MASH are ongoing, and the IPO raised HK$1.4 billion (~US$180 million) to fund development and commercialization.

Duality Biotherapeutics — Oncology Innovation with Global Reach

The first major IPO of 2025, Duality Biotherapeutics (HKEX: 9606), went public on April 15, raising US$211 million (HK$1.65 billion). Shares surged ~130% on debut, peaking at +134.7% before closing +112%.

Duality’s portfolio emphasizes next-generation antibody–drug conjugates (ADCs) for solid tumors and T-cell engagers (TCEs). Its flagship asset, DB‑1303 (BNT323), is a HER2-targeting ADC partnered with BioNTech and is expected to file for FDA accelerated approval in HER2-expressing endometrial cancer in 2025. The broader pipeline includes 12 candidates (six clinical-stage) across HER2, TROP-2, B7H3, and immune-modulating ADCs such as BD‑2304 for SLE.

Nanjing Leads Biolabs — Bispecifics and Immune Modulation

Nanjing Leads Biolabs Co. Ltd (HKEX: 9887) raised US$189 million (HK$1.48 billion) on July 25, 2025, opening 50%+ on debut. Its portfolio spans immuno-oncology, autoimmune, and infectious diseases, with specialized platforms for bispecific antibodies, TCEs, and ADCs. Key assets include:

• LBL‑024: PD-L1/4-1BB bispecific antibody for extrahepatic neuroendocrine carcinoma (EP-NEC)
• Alcestobart (LBL‑007): anti-LAG3 monoclonal antibody for solid tumors

Pipeline targets both blood cancers and solid tumors, along with preclinical autoimmune candidates.

TransThera Sciences — Small-Molecule Precision Oncology

On June 23, 2025, TransThera Sciences (HKEX: 2617) listed in Hong Kong, raising an estimated US$25–26 million. Shares climbed ~78% on debut. Its focus is oncology and inflammatory diseases, primarily small-molecule kinase inhibitors. Lead candidate Tinengotinib (TT‑00420) targets cholangiocarcinoma and other FGFR-driven cancers and is in Phase III trials with FDA Fast Track designation.

TransThera represents the growing small-molecule and targeted therapy niche in China, contrasting with the ADC- and bispecific-heavy IPOs dominating headlines.

Ab&B Bio-Tech — Vaccines Capture Investor Enthusiasm

Ab&B Bio-Tech (HKEX: 2627), a vaccine-focused firm, listed on August 11, 2025, raising US$66 million (HK$518 million). Shares soared ~170% on debut, highlighting strong retail and institutional appetite for infectious disease plays.

The company develops vaccines for high-burden conditions in China, including influenza, pneumococcal, shingles, RSV, and rabies. Core candidates in late-stage development leverage China’s ~$25 billion vaccine market, demonstrating the commercial potential of public health-focused biotech ventures.

Jiangsu Hengrui Pharmaceuticals — The Large-Cap Innovator

The H-share IPO of Jiangsu Hengrui in H1 2025 raised HK$11.4 billion (~US$1.26 billion). Shares were stable post-listing, reflecting the company’s established blue-chip status. Hengrui’s broad pharma portfolio includes oncology, anesthesia, and chronic disease treatments, anchored by Camrelizumab (AiRuiKa®), a PD-1 inhibitor, and over 260 pipeline candidates spanning ADCs and small molecules. The IPO emphasizes scale and innovation maturity compared to high-volatility early-stage biotech listings.

China vs. U.S. Biotech IPOs — Contrasting Recovery Paths

In 2025, the Hong Kong biotech IPO market has experienced a significant rebound, driven by:

• Flexible listing rules (TECH channel, confidential filings)
• Retail enthusiasm for metabolic and oncology themes
• Clear clinical data for late-stage candidates

Conversely, U.S. biotech IPOs in 2025 have been more cautious, often insider-led. While average deal sizes remain larger in the U.S., first-day percentage gains are higher in Hong Kong, exemplified by Innogen, Duality, Leads, and Ab&B.

Notable U.S. biotech IPOs this year include:

• Caris Life Sciences (NASDAQ: CAI): Leveraging AI for molecular profiling and drug research; raised US$494 million on June 18, opening 28.6% above the $21 offer price, peaking at $29.40.
• Omada Health (NASDAQ: OMDA): Digital health startup specializing in chronic condition management; went public on June 6 with a $1.1 billion valuation, opening at $23 and rising to $28.40.
• Heartflow (NASDAQ: HTFL): Medtech backed by Bain Capital; debuted on August 8 with a $2.27 billion valuation, shares surged 47.4% on the first day.

These U.S. IPOs highlight a growing investor appetite for innovative healthcare companies, particularly those integrating AI and digital health solutions.

Looking Ahead — Will Momentum Hold?

Investors remain bullish, but caution is warranted:

• NRDL pricing negotiations may pressure margins
• GLP-1 and ADC/TCE categories are highly competitive
• IPO performance, trial readouts, and regulatory approvals will dictate momentum

The 2025 listings suggest a vibrant market, blending high-risk/high-reward early-stage players with mature, innovation-focused companies.

China & China-Linked Biotech IPOs 2025 — At-a-Glance Table

U.S. Biotech IPOs 2025 — At-a-Glance Table