Biotech IPOs on the Chinese mainland have dried up since June 2023 due to regulatory tightening, but Hong Kong is still open to listings of pre-revenue ventures and has seen its first offering of this year.

China's top regulator grants approvals to a record number of novel drugs, including multiple oncology products from domestic companies, which are increasingly shifting to innovation, supported by positive regulatory changes over the past few years.

From AI-assisted drug discovery to oncotherapy development, China has seen investment pour in over the past week, while the nation's largest online pharmacy is readying for a big Hong Kong debut.