Meeting Preview | The ‘2026 Hong Kong Stock Market 18A Biotech Industry Development Blue Book’ will be released at the opening ceremony and general meeting of the 2026 Frost & Sullivan Summit

Overall Performance of the Global Biotech Capital Market

Systematically compares the trading activity and liquidity of major global biotech capital markets, highlighting the unique position of the Hong Kong capital market. It also deeply reviews the cyclical evolution of the global biotech capital market from 2016 to 2026, including changes in primary market financing and overall company market value. The ten-year cycle is divided into an upward period (2018–2020), an IPO peak (2021), a adjustment period (2022–2023), and a gradual recovery period (2024–2026), with stage boundaries adjusted flexibly based on data. Additionally, by comparing the performance of the Hang Seng Biotech Index, SSE Biotech Index, NASDAQ Biotech Index, and S&P Biotech Select Index over the past decade, it confirms the global competitiveness and activity level of the Hong Kong biotech market from multiple dimensions.

Analysis of the 18A Biotech Company Industry

Starting from six underlying logic, it systematically analyzes the core driving forces behind the development of the Hong Kong 18A sector, including policy drivers such as Hong Kong Stock Exchange’s 18A listing system innovation and China’s innovative drug policies, innovation-driven factors such as improved local R&D capabilities and rapid growth in pipeline numbers, continuous support from primary market financing amounts and cases, the international trading scale and expansion in the treatment field of Chinese biomedicine companies, technological breakthroughs in AI-enabled R&D model upgrades, and rational expectations due to the maturity of corporate listing attitudes. It also presents a comprehensive industry map of listed 18A companies in sub-sectors such as biomedicine (small molecules, antibodies, vaccines, peptides, nucleic acids, recombinant proteins, cells and gene therapies) and medical devices (interventional devices, surgical robots, IVD, AI medical imaging, diabetes management devices, digital therapies), and highlights newly listed companies in 2024 and 2025 to reflect industry trends. In the analysis of popular sectors, each sub-sector of biomedicine (small molecule targeting, antibodies, vaccines, small nucleic acids, peptides, cells and genes, growth hormones, and others) will show technical hotspots, development trends, market size, and driving factors, while the medical device sector (cardio interventional devices, surgical robots, brain-computer interfaces, IVD, endoscopes, medical equipment) will also analyze its current market situation and growth potential, and can include clinical data and competitive advantage cases related to sponsored products.

Introduction to 18A Biotech Companies

It systematically explains the company’s industry positioning, core technology labels, and technical platform architecture, highlighting their differentiated competitive advantages in specific sectors. It structures the product pipeline, including clinical progress of core pipelines, milestone breakthroughs, global multi-center layout, and overseas BD cooperation, to demonstrate R&D reserves and continuous innovation potential. It also systematically evaluates its capital market development path, commercialization capabilities, and global expansion strategy, assessing its value realization ability and long-term growth potential.

18A Biotech Companies’ Issuance Data

It comprehensively reviews key data before and after issuance. The secondary market performance overview includes the market value of the 2026 Hong Kong 18A index components, market value weight ranges, sector distribution, historical percentile of price-to-sales ratio, and total sales revenue and growth rate of commercialized products. Pre-issuance data includes the growth multiple of pre-listing valuation, distribution of financing rounds, growth rates of market value compared to the first and last rounds, duration from establishment to listing, and duration from initial listing to public offering. During issuance, detailed statistics include market value, total raised amount, issuance ratio, cornerstone shareholding ratio, issuance structure, number of public subscribers and multiples, and winning rate of allocation results. Post-issuance data analyzes cumulative price changes, dark market and first-day gains, proportion of listing expenses to total raised amount, and fee structure.

Analysis of the Current State of ESG Development in the 18A Biotech Industry

It systematically analyzes the current state of ESG development in the Hong Kong 18A biotech industry from three dimensions: ESG policies and standards, information disclosure and rating overview, and core issues performance. At the policy level, it reviews the evolution of Hong Kong Stock Exchange’s regulatory requirements, core characteristics of industry standards, and the iteration of China Credit Evaluation Group’s green finance rating model. At the disclosure level, it counts the disclosure rate of ESG reports and verification status, and analyzes the distribution of ratings from overall and E, S, G perspectives.

2025 Hong Kong Stock Market Rankings

This section will release several authoritative rankings, including those for 18A biotech IPO intermediaries (industry consultants, sponsors, law firms, accounting firms, etc.) and rankings of cornerstone investors sorted by investment scale and quantity, providing a clear reference for the industry ecosystem and capital landscape in the market.