CPEA&Yaodu: China's Biopharmaceutical Investment and Financing Blue Book 2024

In 2024, a total of 19 Chinese biopharmaceutical companies completed IPOs in mainland China, Hong Kong and Nasdaq in the United States. Among them, 6 A-shares were listed (1 on the Science and Technology Innovation Board, 2 on the Growth Enterprise Market, 2 on the Main Board, and 1 on the Beijing Stock Exchange), raising 3.026 billion yuan (672 million yuan on the Science and Technology Innovation Board, 1.058 billion yuan on the Growth Enterprise Market, 939 million yuan on the Main Board, and 357 million yuan on the Beijing Stock Exchange). 11 companies were listed on the Hong Kong Stock Exchange, raising 8.091 billion yuan. Two companies were listed on the Nasdaq in the United States, raising a total of 1.656 billion yuan. It should be noted that in the statistical process, in addition to biopharmaceutical R&D companies, IPO-listed companies in medical services, medical devices, and medical digitalization are also included.

Overall, the IPO amount in 2024 will decline by more than 50% compared with 2023, and the number of IPOs will decrease by 10, which directly reflects the continued decline in the IPO enthusiasm of biopharmaceutical companies. In terms of listing locations, the number and amount of listings in mainland China have declined significantly compared with last year. In 2023, there were 21 companies in the biopharmaceutical industry listed in mainland China, and in 2024, the number has dropped to 6.

From another perspective, more companies choose to list on the Hong Kong stock market, with the number of Hong Kong stock market listings increasing from 5 in 2023 to 11 in 2024, a significant increase in quantity; but the amount is far less than last year's IPO listing of only 5 Hong Kong stocks, which created a financing amount of HK$28.582 billion. Last year's abnormally high IPO financing amount of Hong Kong stocks was mainly due to the IPO fundraising of JD Health, which raised HK$26.457 billion in a single IPO listing.

In the Nasdaq market, two Chinese biopharmaceutical companies successfully went public in the United States in 2024, raising a total of 1.656 billion yuan. The number is not much different from previous years, and the amount of financing is much higher than the amount of financing in 2023. Combined with the IPO situation of domestic biopharmaceutical companies in recent years, it is expected that the overall IPO listing number and fundraising amount of Chinese biopharmaceutical companies will continue to be low for some time.

This article is quoted from the "China Biopharmaceutical Investment and Financing Blue Book"

​The document link will be shared to 199IT Knowledge Planet. Scan the QR code below to view it!