Biotech at HKEX

Overview

Biotech is a dynamic, fast-growing sector, and HKEX has transformed its listing regime to build a diverse ecosystem of innovative biotech companies, establishing Hong Kong as a global fundraising hub.

The HKEX product ecosystem has also expanded to meet investors' needs, with an offering that spans single stocks, indexes, ETFs, structured products and futures.

Biotech @ HKEX – Key Facts

#1 Reforms have accelerated biotech IPOs

The introduction of Chapter 18A to enable the listing of pre-revenue biotech companies in 2018 marked a turning point for Hong Kong’s healthcare markets. Since the launch, 80 companies have listed via Chapter 18A, as of end-November 2025. In May 2025, HKEX and the Securities and Futures Commission launched a dedicated Technology Enterprises Channel (TECH) to facilitate new listing applications from prospective biotech companies.

#2 HKEX is the second largest biotech funding platform globally

With more than US$17 billion in IPO fundraising since our 2018 listing reforms, Hong Kong ranks as the second largest biotech fundraising platform in the world.

#3 Our issuer ecosystem has expanded to include a diverse range of innovative companies

Our issuers come from some of the most exciting and innovative sectors, such as immuno-oncology, AI-powered drug discovery, next-generation vaccines, surgical robotics and digital therapeutics.

#4 Hang Seng Biotech Index ETF AUM has surged

Launched in 2019, the Hang Seng Biotech Index ignited a surge in biotech-linked ETFs - growing Assets under Management (AUM) from HK$1.5 billion in March 2021 to HK$11.0 billion in September 2025.

#5 The market for biotech-related structured products is expanding

29 of the 30 constituent companies in the Hang Seng Biotech Index are eligible for Derivative Warrant issuance. The number of structured products linked to biotech stocks has grown from 132 in January 2025 to 439 as of October 2025 and ADT for the asset class reached HK$510 million in September 2025.

#6 Hang Seng Biotech Index Futures grows the product suite

The Hang Seng Biotech Index Futures contract covers the 30 companies included in the Hang Seng Biotech Index (HSBIO), 10 of which were listed via Chapter 18A, and six of which have graduated from pre-revenue status, as of September 2025. This new futures contract offers a new tool for exposure, risk management, and price discovery.

Connect with HKEX's Biotech Product Ecosystem

HKEX’s comprehensive product ecosystem, including single stocks, ETFs, structured products and derivatives, now includes a new Biotech Futures contract, and offers diversified exposure and strategic risk management across the biotech sector.

Biotech Index Futures

Trade biotech sector performance with index-based futures contracts.

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Biotech Stocks

Invest in leading biotech companies driving healthcare innovation.

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Biotech ETPs

Diversified exposure to biotech through exchange-traded products.

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Biotech Structured Products

Tailored biotech-linked returns with risk-managed investment solutions.

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Biotech Insights

Accessing China’s Biotech Breakthrough via HKEX’s Product Ecosystem

Building a World Leading Healthcare Fundraising Ecosystem

Biotech Trends

Kelvin Teo, Head of Asia, Global Issuer Services at HKEX, explores Hong Kong’s vibrant biotech ecosystem and looks at what trends are shaping the future of biotech fundraising

Executive Perspectives

“By attracting a solid supply of innovation growth companies and building a diverse product ecosystem, we are cultivating a robust, world-leading biotech platform that connects scientists, innovators and change makers with global capital to create breakthroughs that transform lives and address some of humanity's most urgent challenges.”

Gregory Yu
HKEX Head of Markets

“Hong Kong has become the world’s second-biggest biotech fundraising platform, and the breadth and depth of our markets enables a diverse suite of exciting, innovative companies in different cycles to access both global and onshore capital to fund their growth and innovations.”

Johnson Chui
HKEX Head of Global Issuer Services

“Our biotech product ecosystem has expanded from single stocks, to include indexes, ETFs, and now futures. We have created a suite that deepens market liquidity, provides risk management solutions, connects investors with opportunities in the fast-growing global biotech sector, and reinforces Hong Kong’s position as Asia’s leading biotech marketplace.”

Brian Roberts
HKEX Head of Equities Product Development

Biotech Milestones

Apr 2018

HKEX introduces Listing Chapters 18A (pre-revenue biotech), 8A (weighted voting rights) and 19C (secondary listings).

Aug 2018

The first pre‑revenue biotech company lists under 18A.

Jul 2019

The first Hong Kong-listed biotech thematic ETF launches.

Dec 2019

Hang Seng Biotech Index launched.

Mar 2020

Hang Seng Stock Connect Biotech 50 Index launches.

Nov 2020

Southbound investors allowed to buy eligible 18A biotech constituents of Hang Seng Composite.

Mar 2021

The first Hang Seng Biotech Index ETF lists in Hong Kong.

Dec 2021

20 biotech IPOs under 18A, the peak year to date.

Mar 2023

Chapter 18C launches to complement 18A.

H1 2025

HKEX reports 73 Chapter 18A listings since 2018, raising US$16bn via IPOs.

Nov 2025

HKEX Biotech Futures launches.

Listing at HKEX - What's the Process?

We offer a choice of routes for companies to the Hong Kong markets; and offer our Issuers step-by-step support on the journey to listing.

Main Board

A market for more established companies that satisfy our financial and track record requirements. Companies listed on our Main Board range from conglomerates, banks and property developers to internet companies and healthcare providers. Issuers can choose to list on the Hong Kong Main Board in the form of shares or Hong Kong depository receipts.

Chapter 18A provides a listing route for clinical‑stage, pre‑revenue biotech companies. Learn more here >

Chapter 18C facilitates listings for specialist tech companies (including pre‑commercial) – to access capital and accelerate R&D and growth. Learn more here >

A dedicated technology enterprises channel (TECH) launched by HKEX and the Securities and Futures Commission (SFC) facilitates listing applications from Biotech and Specialist Technology companies by providing guidance on listing rules and procedures. Learn more here >

GEM

A market for small and mid-sized companies, with less stringent eligibility criteria but similar continuing obligations as the Main Board. Learn more >

We know that an IPO is one of the most significant events for any company. We are here, every step of the way:

Step 1:

Potential issuer preparation

Appoint sponsors and other professional advisors

Due diligence and application documents preparation

Pre-consultation with listing department if necessary on confidential basis

The TECH channel offers specialised reviews and guidance for Chapter 18A/ 18C candidates

Submit listing application to HKEX Listing Division

Chapter 18A and 18C candidates have an option for confidential filings

Step 2:

Vetting and approval

Listing application accepted by HKEX

Vetting by Listing Division

Hearing by Listing Committee

Obtain listing approval in principal

Step 3:

Marketing and listing

Marketing period

List on the Stock Exchange of Hong Kong

Listing celebration

Step 1:

Potential issuer preparation

Appoint sponsors and other professional advisors

Due diligence and application documents preparation

Pre-consultation with listing department if necessary on confidential basis

The TECH channel offers specialised reviews and guidance for Chapter 18A/ 18C candidates

Submit listing application to HKEX Listing Division

Chapter 18A and 18C candidates have an option for confidential filings

Step 2:

Vetting and approval

Listing application accepted by HKEX

Vetting by Listing Division

Hearing by Listing Committee

Obtain listing approval in principal

Step 3:

Marketing and listing

Marketing period

List on the Stock Exchange of Hong Kong

Listing celebration

Enquire about listing >
Listing Process for Listing on the Main Board >
Listing Process for Listing on GEM >
Frequently Asked Questions >
List of Recognised Stock Exchanges >