Hengrui HK IPO Marks New Start

（the article has been updated to make it concise and cohesive)

Jiangsu Hengrui Medicines Co. Ltd., China’s largest drug maker, is preparing to raise funds through a Hong Kong IPO, marking a significant step in its ambition to go global. According to a report from Futubull, a Hong Kong finance outlet, the dual listing after Hengrui’s Shanghai debut could take place as soon as 2025.

The IPO could potentially raise as much as $2 billion, making it one of the largest listings for a pharma company from Mainland China. This move signals Hengrui’s continued ambition to expand beyond China, as the company looks to solidify its position in the global biopharma market.

In an interview earlier this year, Lianshan Zhang, Hengrui’s Global Head of R&D and Deputy GM, explained that the company’s strategy sets it apart from other biotechs. Hengrui's focus is on solving issues for China as a Chinese company. The company is positioning itself for the long haul, emphasizing product royalties over upfront payments and milestones, which are common in many global deals. This strategy highlights Hengrui’s cautious and steady approach as it seeks to grow internationally.

Hengrui boasts a rich pipeline of more than 200 assets, with several products already on the market, reducing its immediate need for cash flow. However, Zhang stressed the company’s need to go global, citing limitations in the domestic market such as price cuts on biologics and insufficient insurance coverage for expensive drugs as key drivers for expansion.

The Hong Kong IPO is part of a broader trend where Chinese drug makers are looking to expand their reach and access global capital markets. Hong Kong’s proximity to the Mainland provides strategic advantages, positioning it as an attractive alternative to listings in Nasdaq. As more Chinese pharmaceutical companies look to scale up, the demand for fundraising and expanding beyond local markets is expected to grow—making Hengrui’s upcoming IPO a notable step in the evolution of China’s biopharma sector.