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Robust capital market
Table 2 Selected biotech venture capital funds
As a leading international financial centre, Hong Kong has had the and private equity funds in Hong Kong
world’s biggest IPO market in the HKEX for several years. Owing to (in no particular order)
the city’s robust and vibrant capital market, a sizeable number of
biotech venture capital funds and private equity funds from the Headquartered Established offices in Hong Kong
Mainland and abroad have set up headquarters or offices here (see in Hong Kong Headquartered in Headquartered
Table 2) to take advantage of the excellent financing opportunities mainland China overseas
and to foster the development of biotech enterprises. In addition, Advantech Capital Hillhouse Capital OrbiMed
with the HKEX’s 2018 introduction of Chapter 18A to its Listing Rules,
pre-revenue biotech companies may apply for listing upon completion Ally Bridge Group Sequoia China Lilly Asian
of Phase I clinical trials of a core product and fulfilment of some other Ventures
10
requirements. Since then, a number of biotech enterprises have Eight Roads
flocked to the Hong Kong market to raise capital. As of June 2021, Boyu Capital 6 Dimensions Capital Ventures
a total of 33 pre-revenue biotech companies have been listed under Blue Pool Capital Qiming Venture Partners
the new regulations. Currently, the HKEX ranks just behind NASDAQ
as the world’s second-largest biotech financing centre. Nan Fung Life CBC Group
Sciences

Taikang Asset
Management Legend Capital

LC Capital Hony Capital
CDH Investments

YF Capital
Greater Bay Area Homeland
Development Fund

Country Garden
Venture Capital
10 This includes having an initial market capitalisation at the time of listing of at least
HKD 1.5 billion, having been in operation in the current line of business for at least
two financial years prior to listing under substantially the same management, ensuring
sufficient working capital, etc. 19