The ‘biology winter’ thaws: why investors are piling into Hong Kong’s biotech IPOs

Hong Kong’s biotech fundraising momentum is expected to extend into 2026, as licensing deals and strong post-initial public offering (IPO) trading last year persuaded investors that China’s drug developers are worth backing again – even before they generate revenue. “Chinese innovation drugs expanding into overseas markets have become the industry mainstream, indicating the domestic innovation sector has entered its harvest phase,” said Felix Huang, head of equity at Oakwise Capital. “New trends...