Five biotech firms filed for listings on Hong Kong's 18A and Shanghai's STAR Market in late July, signalling renewed investor confidence in the sector. InnoGen passed its Hong Kong hearing for a GLP-1 receptor agonist targeting diabetes and obesity, while TenNor Therapeutics and Vigonvita Life Sciences submitted applications. On the mainland, Trinomab filed for a STAR Market listing with its anti-infective antibody TNM002, and CAR-T developer Immunochina began IPO preparations. The sector has seen 22 healthcare IPOs in 2025 raising RMB 13.8 billion, surpassing 2024's full-year totals.

InnoGen reported RMB 38.1 million in Q1 2025 revenue from diabetes drug YN014 but widened losses to RMB 97.9 million due to commercialisation costs, while Trinomab seeks RMB 1.5 billion to fund its RSV antibody TNM001's Phase III trial, having recorded RMB 169,300 in initial TNM002 sales.

Separately, ATTEC secured Series A funding led by SIIC Capital to advance its Parkinson's disease protein degrader ATCN1001, developed using proprietary ATTEC technology licensed from Fudan University. PharmCube's MedAlpha® database shows that ATTEC completed a pre-Series A in July 2022. Click here to request a free trial for MedAlpha®.