Hengrui Pharma(SH:600276) Huan Qiu Wang·2025-07-04 07:50Group 1 - The Hong Kong biopharmaceutical market experienced a strong IPO wave in the first half of 2025, with 10 biopharmaceutical companies successfully listed on the Hong Kong Stock Exchange by June 30, compared to only 12 for the entire previous year [1][3] - Among the 10 IPOs, 6 belong to the pharmaceutical biotechnology sector and 4 to the medical devices and services sector, making them the top two industries for IPO issuance in the first half of the year [1] - A total of 39 healthcare companies are currently waiting to go public on the Hong Kong Stock Exchange [1] Group 2 - In the first quarter of this year, there were 118 active listing applications on the Hong Kong main board, with the medical and pharmaceutical sectors accounting for 26% of the total [3] - The IPO momentum is reflected not only in the number of listings but also in the fundraising amounts, with the pharmaceutical biotechnology sector raising HKD 15.6 billion in the first six months, making it the second-highest fundraising sector for IPOs during this period [3] - The significant improvement in liquidity in the Hong Kong market has contributed to this IPO wave, with net purchases from southbound funds reaching nearly HKD 730 billion this year, the highest for the same period in history [3]