The Ongoing Queues for HKEX IPOs: How Will Innovative Pharma Companies Fulfill the ‘Cash-Burning Marathon’?

Exploring the potential in the primary market and the execution in the secondary market, the essence of the valuation difference lies in the cognitive gap, leading to a dilemma in the IPO decisions of companies. As HKEX in November 2025 hosts a continuous queue of IPOs for innovative pharmaceutical companies, it sets a new record with over 80 biopharmaceutical companies in various stages of application processing, submission, and preparation. Concurrently, 23 healthcare companies have successfully landed on HKEX, indicating a robust valuation system reconstructing as a core driving force for companies flocking to Hong Kong. With the market sentiment of…