Report on Hong Kong-Listed
Biotech Companies
April 2023
Skadden, Arps, Slate, Meagher &
Flom LLP and Affiliates
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
We are excited to share our third annual
report on biotech companies listed on
The Stock Exchange of Hong Kong
Limited (HKEX).
Since introducing a new listing regime for pre-revenue biotech companies in February 2018,
HKEX has become a leading capital market for biotech companies. At the date of this
report, 56 companies have listed under the biotech regime regulated under Chapter 18A of
the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited
(Listing Rules).
Our latest report, covering the year ended December 31, 2022, shows that the challenging
conditions for capital markets globally during the past 12 months have also impacted
the biotech sector in Hong Kong. During 2022, only eight biotech companies listed on
HKEX, raising an aggregate of US$473 million, which is a significant reduction compared
to previous years in terms of both number of deals and aggregate funds raised. Follow-on
capital raising activity in 2022 was also muted.
However, Hong Kong continues to serve a thriving biotech ecosystem and is well positioned
to attract further companies to list as global market conditions recover.
As in previous years, we hope that our report will help biotech companies contemplating
an HKEX listing to benchmark themselves against companies that have already listed,
enable listed companies to benchmark their corporate governance practices and give other
stakeholders an overview of the landscape for listed biotech companies in Hong Kong.
Our report covers:
− Key features of the biotech companies completing IPOs on HKEX during 2022.
Where relevant, we also compare the data for companies listed in 2022 with that
for companies listed in previous years.
− Corporate governance aspects of biotech companies, including board composition
and demographics. The corporate governance data included in this year’s report
encompasses all 56 biotech companies listed on HKEX as of December 31, 2022,
giving readers a comprehensive overview of the market
in its current state.
iii Skadden, Arps, Slate, Meagher & Flom LLP and Affiliatesiii Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
2021 Survey of Hong Kong-Listed
Biotech Companies
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report 1
Overview of HKEX-Listed
Biotech Companies 2
Status and Maturity of the
Business at the Time of IPO 3
IPO Information 8
Corporate Governance 12
Post-IPO Performance 15
Report Methodology 19
Contacts 20
1 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
Report
2 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Overview of HKEX-Listed Biotech
Companies
Eight biotech companies listed on HKEX during 2022, a significant reduction from the
20 listings seen in 2021.
Of those eight companies, two were incorporated in the Cayman Islands and six were
incorporated in the People’s Republic of China (PRC) and listed H-shares on HKEX. This
marks a significant change from previous years when PRC issuers were a minority and
most biotech issuers were incorporated in the Cayman Islands. This development has
several implications for the structure and features of these companies and their IPOs,
which we explain further in other sections of this report.
Shanghai continues to be the leading hub for China’s biotech industry.
Cayman Islands
China
Hong Kong
British Virgin Islands
18
2
1
35
Jurisdiction of
Incorporation
Number of Companies Listed by Year
2018 2019 2020 2021 2022
14
9
5
8
20
HQ Locations
20
Shanghai
6
Hangzhou
9
Beijing
2
Chengdu
2
Taizhou
2
Yantai
1
Guangzhou, Hong Kong,
Ningbo, Tianjin or Zhongshan
10
Suzhou
Data represents all 56 biotech
companies listed on HKEX as
of December 31, 2022.
Data represents all 56 biotech
companies listed on HKEX as
of December 31, 2022.
Total Number of Listed
Companies and Market
Capitalization
Aggregate market capitalization of all
Hong Kong-listed biotech companies at
December 31, 2022, was US$94 billion.
2018
2019
2020
2021
2022
5
16.4
14
29.9
28
90
48
119
56
94
Number of biotech companies
Aggregate market capitalization
at year-end (US$ billion)
3 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
Status and Maturity of the
Business at the Time of IPO
Consistent with previous years, biotech companies listing in 2022 were at a relatively
mature stage of development. Biotech companies going public on HKEX in 2022:
− Listed on average 10 years after founding (compared to an average of 9.1
years after founding in 2021 and 8.6 years after founding in 2020).
− Conducted an average of 4.25 rounds of pre-IPO investment (compared
to 4.7 rounds in 2021 and 4.5 rounds in 2020).
− Raised an average of US$230 million in aggregate pre-IPO funding
(compared to US$216 million in 2021 and US$229 million in 2020).
− Spent an average of approximately US$93.1 million on R&D during the
two full financial years prior to IPO (compared to US$33 million in 2021
and US$91 million in 2020).
This is by design: Hong Kong regulators crafted the biotech regulatory regime to
ensure that only pre-revenue biotech companies at a relatively advanced stage of
development are able to list on HKEX. A company must have at least one “Core
Product” that is “beyond concept stage” (see below), been engaged in business
for at least two full financial years and conducted R&D of its Core Product(s) for a
minimum of 12 months prior to listing.
A “Core Product” is a biotech product that
is required by applicable laws to be evaluated
and approved by the U.S. Food and Drug
Administration, the China Food and Drug
Administration, the European Medicines
Agency or an equivalent authority approved
by HKEX (a Competent Authority) based on
data derived from clinical trials (i.e., on human
subjects) before the product can be marketed
and sold in the market regulated by that
Competent Authority.
“Beyond the concept stage” means that
Phase I clinical trials have been completed
and the relevant Competent Authority has no
objection to the commencement of Phase II
clinical trials.
Data in this section represents the eight
biotech companies listed in calendar year
2022 only.
15
12
9
6
3
0
10
Average years
from founding
to IPO
Biotech companies that listed on HKEX in 2022
Years From
Founding to IPO
(inclusive of both year
of founding and IPO)
Number of years
5
9
11
14
12
9
10
10
4 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
R&D Spend Across Track Record Period
The Listing Rules require a company to include two full financial
years of financial information in its prospectus, together with
a stub period if the prospectus is issued more than six months
after the end of the most recent financial year. Due to this
requirement, the R&D expenditures shown in this chart may
not be directly comparable with one another — for example,
for some companies, the amounts cover only two financial
years, while for others they cover two financial years and a
six-month stub period. R&D amounts may also not be directly
comparable to one another due to differences in accounting
practices and the judgments made by management when
categorizing expenses.
Percentage of Board/Management Ownership Immediately Prior to IPO
Figures reflect the percentage of issued share capital held by founders and other individuals named in the prospectus, excluding
employee share plan holding vehicles. Given that many of the companies listed in 2022 were incorporated in the PRC, due to
regulatory considerations, management shareholding may be solely through such vehicles rather than direct holdings.
Actual percentage of interests held by these individuals may be higher in some cases due to their receiving grants of restricted
stock units, options or other equity-based awards that have not yet vested or been exercised.
57.95%
19.33%
0%
High
Average
Low
50%
40%
30%
20%
10%
0%
US$93.1 million
Average R&D spend during
track record period
US$ millions
50% 60%40%30%20%10%
$200M
$100M
$50M
$150M
Biotech companies that listed on HKEX in 2022
Percentage of company expenditures devoted to R&D
Biotech companies that listed on HKEX in 2022
70% 80%
60%
Five of the eight companies that listed in 2022 featured board/management ownership.
5 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
4.25
Average number of pre-
IPO investment rounds
US$230
million
Average funds
raised from pre-IPO
investment rounds
Pre-IPO Funding Rounds
Number of pre-IPO investment rounds
Funds raised from pre-IPO
investment rounds (US$ millions)
Biotech companies that listed on HKEX in 2022
Product Development Status at IPO
Number of pipeline products
Number of Core Products
At the time of their IPOs, companies listing in 2022 had an average of 13 product candidates in their pipelines.
Unlike in past years, most companies undertaking an IPO in 2022 had more than one product meeting HKEX’s
definition of “Core Product” in their product portfolios.
Biotech companies that listed on HKEX in 2022
$350M
$400M 8
7
6
5
4
3
2$0
$250M
$300M
$200M
$150M
$100M
$50M
25
20
5
15
0
10
Funds raised from pre-IPO
investment rounds
Number of pre-IPO
investment rounds
14
4
12
1
5
2
12
2
10
2
12
1
23
2
15
4
6 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
In-Licensing and Collaboration
HKEX permits companies to rely on an in-licensed product to meet the Core Product require-
ment, provided that a company has conducted 12 months of further R&D on the product.
However, only two of the eight companies listed in 2022 had a Core Product that was
in-licensed or the product of collaboration. Half the companies analyzed engaged in some
form of in-licensing or collaboration for their other products, consistent with previous years.
Companies With In-Licensed Core
Products/Products of Collaboration
Companies With Other In-Licensed
Products/Products of Collaboration
Number of companies with
in-licensed Core Products products/
products of collaboration
Number of companies without
in-licensed Core Products products/
products of collaboration
Number of companies with other
in-licensed products/products
of collaboration
Number of companies without
other in-licensed products/products
of collaboration
6
2
4
4
Biotech companies that listed on HKEX in 2022
Biotech companies that listed on HKEX in 2022
7 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
Intellectual Property Ownership at IPO
Number of
registered patents
Number of patents
under application
97
Average patent
registrations
64.6
Average patent
applications
Biotech companies that listed on HKEX in 2022
300
250
200
150
100
50
0
8 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
IPO Information
Biotech companies undertaking IPOs in Hong Kong during 2022 raised an average of
US$59 million in gross proceeds. This was a significant decrease compared to prior
years: Average gross proceeds were US$345 million in 2020 and US$243 million in 2021.
Related to this reduced deal size, companies listing in 2022 chose to issue only a small
proportion of their overall capital: All eight companies listed in 2022 featured deal sizes
representing less than 10% of their total issued share capital, with two companies issuing
as little as 2%, a record low for biotech companies listing in Hong Kong. (In contrast, in
2021, only five out of the 21 companies listed had IPOs representing less than 10% of
their total issued share capital.)
Overall, this data not only reflects challenging market conditions and reduced deal sizes,
but may also suggest that these companies may have pursued an IPO for reasons other
than immediate fundraising needs, for example as a means to offer liquidity to existing
shareholders or to provide a platform for future fundraising. As six of the eight companies
listing in 2022 were PRC issuers, they may also be contemplating future A-share listings
on the Shanghai Stock Exchange and therefore reducing Hong Kong IPO deal sizes to
accommodate those plans for future issuances.
Market capitalization at IPO remained comparable to levels seen in previous years, with an
average of US$1.2 billion market capitalization for companies listed in 2022 compared to
an average of US$1.6 billion market capitalization for companies listed in 2021.
IPO Size and Percentage of Share Capital Issued
7%
8%
6%
5%
30
60
90
120
150
2%
3%
4%
0
1%
US$59.1
million
Average gross
funds raised
Percentage of issued share capital
Gross funds raised (US$ millions)
IPO size Percentage of issued share capital
Biotech companies that listed on HKEX in 2022
9 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
$1.6 billion
$1.2 billion
$583 million
High
Average
Low
2000
1500
1000
500
0
6 out of 8
IPOs featured
cornerstone
investors
61%
Average
percentage
of deal
subscribed
Percentage of deal subscribed
Number of cornerstone investors
Number of cornerstone investors
Percentage of deal subscribed
3
Average number
of cornerstone
investors
(Averages are based
on only those deals
with cornerstone
investors.)
Market Capitalization at IPO
5
60%
70%
80%
50%
40%
30%
20%
10%
3
4
1
2
0 0%
Biotech companies that listed on HKEX in 2022
Biotech companies that listed on HKEX in 2022
Market capitalization in US$ millions
Number of Cornerstone Investors and Percentage
of Deal Subscribed
Cornerstone investors remain an important feature of Hong Kong IPOs, including in the
biotech space. Six out of the eight biotech companies listing in 2022 included at least
one cornerstone investor, with cornerstone investors in all such cases taking significant
portions of the deals: between 43% and 71% in aggregate.
In four out of those six cases, cornerstone investors included existing shareholders of
the company. (HKEX will grant waivers to biotech companies to permit their existing
shareholders to subscribe as cornerstone investors in the IPO, a special concession
not normally available to other companies listing on HKEX.)
1,579
1,533
940
1,291
1,550
866
583
1,301
10 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Employee Equity Compensation Schemes
Employee equity schemes play a key role for biotech companies in attracting, retaining
and incentivizing employees. Equity compensation schemes not only allow biotech
companies at a pre-revenue stage to conserve cash for R&D spending, but also align
the interests of management and employees with those of shareholders. If a company
is successful post-IPO, such equity aawards can accrue significant value for grantees.
In past years, biotech companies listing in Hong Kong have made extensive use
of equity incentive schemes, including share award or restricted stock unit (RSU)
schemes and share option schemes. For example, of the 20 companies that listed
in 2021, 14 adopted some form of equity incentive scheme.
In 2022, only three out of the eight companies listing made use of traditional option
or RSU schemes. This is related to the fact that six out of the eight companies listing
were incorporated in the PRC, where legal and regulatory restrictions constrain
their ability to offer equity incentives to PRC-based employees.
As a result:
− Of the two companies listed in 2022 that were incorporated in the Cayman
Islands, one adopted a pre-IPO RSU scheme and one adopted a pre-IPO share
option scheme.
− One of the companies listed in 2022 that was incorporated in the PRC adopted
a pre-IPO RSU scheme.
− The other five companies — all of which were incorporated in the PRC —
did not adopt any traditional RSU or option scheme. However, all five of those
companies made use of some form of “employee share ownership platform.”
Under this structure, sometimes referred to as a “trust scheme,” a special
purpose vehicle is established by the company or its founders to hold shares
in the listed company for the benefit of employees.
Types of Employee
Incentive Schemes
Adopted
Pre-IPO share
option scheme
Pre-IPO RSU
scheme
Employee share
ownership platform
1
2
5
Biotech companies that listed on HKEX in 2022
11 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
Commercialization Plans
The Listing Rules do not mandate that biotech companies need to manufacture drugs them-
selves once the products have been approved for sale: Companies can choose to build their
own manufacturing capabilities, outsource to a contract manufacturing organization (CMO)
or use a combination of both approaches.
We found that three out of the eight companies listed in 2022 stated intentions to build their
own manufacturing capabilities, while the remaining five proposed to adopt a combination of
both internal capabilities and outsourced manufacturing. None were proposing to rely entirely
on outsourcing to a CMO.
Number of companies building
in-house manufacturing capabilities
Number of companies using a
combined approach to manufacturing
Manufacturing Approaches
3
5
Biotech companies that listed on HKEX in 2022
12 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Corporate Governance
When investing in pre-revenue biotech companies, investors rely on the ability of
the senior management team and the board of directors overseeing the activities
of senior management to identify promising drugs and make wise decisions about
research and development and commercialization. Corporate governance therefore
plays a crucial role in determining the success of these companies, and the loss of
investor faith in the board or senior management team could significantly impair a
biotech company.
This corporate governance review in our third annual report reflects data from all 56
biotech companies listed on HKEX as of December 31, 2022, unless otherwise noted.
Board Size and Composition
Number of EDs
Number of NEDs
Number of INEDs
The Listing Rules require that independent nonexecutive directors (INEDs) comprise no
less than one-third of a company’s board, subject to a minimum of three INEDs. Of the
56 companies reviewed, 11 have more than the minimum necessary number of INEDs.
15
13
11
9
1
3
5
7
Total board size
Biotech companies listed on HKEX in 2018-2022
13 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
Data represents biotech companies listed on HKEX in 2018-2022
Board Diversity
Diversity is a key focus for regulators, investors, listed companies and their stakeholders.
In 2022, HKEX introduced new Listing Rules requiring all currently listed companies to
have at least one female director as soon as practicable and not later than December 31,
2024. New listing applicants must comply with the requirement as of their time of listing.
As a result, the proportion of companies with at least one female director on their boards
has increased compared to metrics from the periods covered in our previous reports.
Of the eight companies listed in 2022, only one did not have any female directors, and
that company has undertaken to appoint a female director within 12 months after listing.
Six of the 56 reviewed companies (11%) did not have a female director on their boards
at the time of this report, compared to 10 companies with no female director out of
the 48 companies (21%) covered in the 2021 report.
Despite this improvement in female representation, women still make up a low propor-
tion of overall director numbers: Of 487 total directors in the 56 companies covered
in this year’s report, 81 were women (17%), proportionately only slightly higher than
the 66 women of 427 total directors (16%) in last year’s report. Companies thus have
significant room to make improvements in this area.
Number of Women
on Surveyed Boards
7
14
28
6
1
Number of women on boards for biotech
companies listed on HKEX in 2018-2022
Number of companies
Gender Representation on Surveyed Boards
Number of females
Number of males
406
81
Only one of the eight
companies listed in 2022 did not
have any female directors.
14 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Board Nationality
Combined CEO/Chair
Number of companies
combining the roles
Number of companies
separating the roles
The Listing Rules recommend that the roles of chairperson and CEO be performed
by separate individuals, but permits companies to combine the roles provided
that firms articulate the rationale for doing so. Perhaps owing to the critical role
played by a key founder in a biotech company, the same individual served as both
chairman and CEO at 41 of the 56 biotech companies listed on HKEX.
Number of Senior Management Team
Members Named in Prospectus
HKEX does not prescribe a minimum number of senior management members
or define who constitutes “senior management.” Each company has discretion
to determine which individuals to list as senior management in its prospectus.
This results in significant variation in the number of senior management team
members reported from company to company, ranging from as low as two
members to as many as 13.
2 3 84 95 106 117 13
Number of companies
Number of senior management team members for
biotech companies listed on HKEX in 2018-2022
2
4
6
10
12
8
China America
China (HK)
Other
Biotech companies that listed on HKEX in 2022 only
84%
1%
4%
11%
41
15
Data represents biotech companies listed on HKEX in 2018-2022
6.5
Average
number of senior
management
team members
15 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
Post-IPO Performance
Post-IPO Share Price
Of the 56 companies listed between 2018 and 2022, only 12 were trading above
their IPO prices as of December 31, 2022, and average share price change from
IPO through to December 31, 2022, across all companies represented a loss of
27%. (For broader context, the Hang Seng Index fell around 22% from December
31, 2018, to December 31, 2022.)
However, underperformance across the broader sector masked outperformance
by individual companies, with some companies showing gains of between 130%
and 200% during the same period as certain market participants began to see their
R&D and commercialization efforts yield success.
Number of Companies With
a Share Price Above IPO Price
-28%
Average share
price change from
IPO through
December 31, 2022
Data represents biotech companies listed on HKEX in 2018-2022
At or above IPO price
Below IPO price
43
13
16 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Follow-On Fundraising
A key reason for conducting an IPO and becoming a public company is to create a plat-
form for future fundraising activities. This is particularly important for companies in the
biotech space, which have an ongoing need for capital to fund R&D activities prior to
drug candidates being commercialized. However, the Listing Rules restrict new share
issuances by newly listed companies for a period of six months after listing in order to
avoid undue dilution to IPO investors.
In our previous report, we noted that as of December 31, 2021, 33 biotech companies
had been listed on HKEX for more than six months, of which 14 had conducted one or
more equity capital raisings subsequent to IPO.
For the period covered by this report, notwithstanding challenging market conditions,
follow-on fundraisings for biotech issuers in Hong Kong have been relatively healthy, with
nine companies (of the 50 listed for six months or more) conducting follow-on equity capi-
tal raisings in the year ended December 31, 2022, and a further six companies conducting
follow-on equity capital raisings from January 1, 2023, through to the date of this report.
In our previous report, we identified a strong correlation between positive post-IPO share
price performance and the decision and/or ability to raise further capital, with 12 of the 14
companies raising capital as of December 31, 2021, featuring a share price trading above
IPO price. We saw that trend continuing during the year ended December 31, 2022: Six
out of the nine companies raising equity capital last year were among those with a share
price trading above IPO price.
Also of interest is that three of the nine equity raisings in 2022 involved companies
raising capital in the mainland China market by offering A-shares and undertaking a
listing on the Shanghai Stock Exchange.
US$227.23
million
Average funds raised from
follow-on capital raisings
Follow-On Fundraising Levels
600
500
400
300
200
100
0
Amount raised (US$ millions)
Companies that conducted follow-on capital raisings in 2022
Nine
companies
conducted follow-on
fundraising in 2022
(out of 50 companies listed
for six months of more).
17 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
“B” Marker Status
Companies listing pursuant to Chapter 18A of the Listing Rules must include a “B”
marker next to their stock name to signify their status to investors as a pre-revenue
biotech company.
Under Listing Rule 18A.11, after a company begins to generate revenues such that it
meets one of the three financial tests in Listing Rule 8.05, it can apply to HKEX to have
the “B” marker removed. Removal of the “B” marker also eliminates certain restrictions
imposed under Chapter 18A of the Listing Rules, such as the requirement to consult HKEX
if a fundamental change occurs to the principal business activities of the company.
During the period analyzed, two additional companies — CanSino Biologics Inc. and
Zai Lab Limited — joined the other four companies (BeiGene, Ltd., Innovent Biologics,
Inc., Shanghai Junshi Biosciences Co., Ltd. and Shanghai Henlius Biotech, Inc.) that
had successfully applied to have the “B” marker removed as a result of meeting one
or more of the financial tests. In both new cases, this was achieved 26 months after
the companies’ initial listings.
Profits test: A company must
report a profit of no less than
HK$35 million in the most recent
financial year and an aggregate
profit of no less than HK$45 million
in the two years prior to that.
Market cap/revenue/cash flow
test: A company must report a
market capitalization of no less
than HK$2 billion, revenues of at
least HK$500 million in the most
recent financial year and positive
cash flow from operating activities
of no less than an aggregate of
HK$100 million over the three
preceding financial years.
Market cap/revenue test:
A company must report a market
capitalization of no less than
HK$4 billion and revenues of
at least HK$500 million in the
most recent financial year.
1
2
3
The three financial
tests are as follows:
Time From IPO to Removal of B-marker
Shanghai Junshi
Biosciences Co., Ltd.
BeiGene, Ltd.
Biosciences Co., Ltd.
Shanghai Henlius
Biotech, Inc.
Innovent Biologics, Inc.
Zai Lab Limited
CanSino Biologics Inc.
Number of months
302520155 100
Two
companies
were able to remove
the “B” marker in 2022.
18 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report
Methodology
and Contacts
19 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report on Hong Kong-Listed
Biotech Companies
19 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Report Methodology
This report includes data on the
following eight biotech companies
that listed on HKEX during the year
ended December 31, 2022:
3D Medicines Inc.
Biocytogen Pharmaceuticals (Beijing) Co., Ltd
Cryofocus Medtech (Shanghai) Co., Ltd.
Jenscare Scientific Co., Ltd.
Jiangsu Recbio Technology Co., Ltd.
Lepu Biopharma Co., Ltd.
Rainmed Medical Limited
Shandong Boan Biotechnology Co., Ltd.
In addition, where noted in the text,
this report includes data on the
following 48 biotech companies
that listed on HKEX prior to
January 1, 2022:
Abbisko Cayman Ltd.
Acotec Scientific Holdings Limited
Akeso, Inc.
Alphamab Oncology
Antengene Corporation Limited
Ascentage Pharma Group International
Ascletis Pharma Inc.
BeiGene, Ltd.
Beijing Airdoc Technology Co., Ltd.
Brii Biosciences Limited
Broncus Holding Corporation
CANbridge Pharmaceuticals Inc.
CanSino Biologics Inc.
CARsgen Therapeutics Holdings Limited
Clover Biopharmaceuticals, Ltd.
CStone Pharmaceuticals
Everest Medicines Limited
Genor Biopharma (formerly JHBP
(CY) Holdings Limited)
HBM Holdings Limited
Hua Medicine (Shanghai) Ltd.
Immunotech Biopharm Ltd
InnoCare Pharma Limited
Innovent Biologics, Inc.
Jacobio Pharmaceuticals Group Co., Ltd.
JW (Cayman) Therapeutics Co. Ltd
Keymed Biosciences Inc.
Kintor Pharmaceutical Limited
Mabpharm Limited
MicroPort CardioFlow Medtech Corporation
MicroTech Medical (Hangzhou) Co., Ltd.
New Horizon Health Limited
Ocumension Therapeutics
Peijia Medical Limited
RemeGen Co., Ltd.
Shanghai Bio-Heart Biological Technology Co., Ltd.
Shanghai HeartCare Medical Technology
Corporation Limited
Shanghai Henlius Biotech, Inc.
Shanghai Junshi Biosciences Co., Ltd.
Shanghai MicroPort MedBot (Group) Co., Ltd.
SinoMab BioScience Limited
Sirnaomics Ltd.
Suzhou Basecare Medical Corporation Limited
TOT BIOPHARM International Company Limited
Transcenta Holding Ltd.
Venus Medtech (Hangzhou) Inc.
Zai Lab Limited
Zhaoke Ophthalmology Limited
Zylox-Tonbridge Medical Technology Co., Ltd.
Sources
All data in this report was obtained
from publicly available sources.
Exchange Rates
The exchange rates used in this report are
US$1 = HK$7.75 and US$1 = RMB6.5.
Report on Hong Kong-Listed
Biotech Companies
20 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
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