Frost & Sullivan released '2026 Hong Kong Stock Market 18A Biotech Industry Development Blue Book'.
Frost & Sullivan Releases '2026 Blue Book on the Development of Hong Kong-listed Chapter 18A Biotechnology Industry'
Since the implementation of Chapter 18A of the Main Board Listing Rules in 2018, Hong Kong has gradually established a capital market ecosystem covering listing, financing, trading, and refinancing for unprofitable biotech companies. After period adjustments, the biotech sector in Hong Kong stocks has shown significant recovery since the second half of 2024, with market liquidity, valuation levels, and new share issuance activity simultaneously improving. As of June 30, 2026, a total of 94 companies have listed under Chapter 18A, with 93 still active in the market; the Hang Seng Biotech Index and the Hong Kong 18A Index have increased by 64% and 60%, respectively, compared to June 2024. The '2026 Hong Kong 18A Biotech Industry Development Blue Book' provides a systematic analysis of the global biotech secondary market, the evolution of the 18A system, the overall situation of companies and specific sectors, pre-listing financing, issuance pricing and placement, post-listing trading and refinancing performance, as well as the professional service ecosystem including sponsoring institutions, industry consultants, auditing firms, and law firms. It aims to provide references for biotech companies, investment institutions, and capital market participants to understand market cycles, identify high-quality innovative assets, and develop listing and investment strategies.
Since the introduction of Chapter 18A of the Hong Kong Main Board Listing Rules in 2018, Hong Kong has developed a capital-market ecosystem that supports the listing, financing, trading, and follow-on fundraising of pre-revenue biotechnology companies. After a period of market correction, the sector has shown clear recovery since the second half of 2024, supported by improved liquidity, valuation levels, and IPO activity. As of 30 June 2026, 94 companies were listed under Chapter 18A, of which 93 remained listed. From June 2024 to June 2026, the Hang Seng Biotech Index and the Hong Kong Chapter 18A Index increased by 64% and 60%, respectively. The 2026 Blue Book on the Development of Hong Kong-listed Chapter 18A Biotechnology Industry provides a systematic analysis of global biotechnology equity markets, the evolution of the Chapter 18A regime, the company and subsector landscape, pre-IPO financing, pricing and allocation, post-listing trading and refinancing, as well as the ecosystem of sponsors, industry consultants, auditors, and legal advisers. It aims to assist biotechnology companies, investors, and capital-market participants in understanding market cycles, identifying high-quality innovation assets, and developing listing and investment strategies.
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如果您对港股18A生物科技行业发展有进一步的研究需求，请联系我们：
沙利文 李谦
E-mail: qian.li@frostchina.com
