After the Hong Kong Exchanges and Clearing Limited's (HKEX) 2018 move to allow pre-revenue biotech companies to raise capital in Hong Kong under its Chapter 18A mechanism, biotech listings surged with pre-clinical companies chosing to list on HKEX as a means of accessing global capital, raising around HKD 118 billion in funding. After a record year of new biotech listings in 2021, HKEX saw a significant drop-off in 2022, but listings have continued to evolve with several companies generating revenues and graduating from Chapter 18A status. See the below snapshot of HKEX biotech listings from 2018-2023.
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