Biokin delays Hong Kong debut as biotech sentiment cools

Chinese biotech Biokin Pharmaceutical (SHA: 688506) has postponed its planned Hong Kong share listing, citing prevailing market conditions as analysts point to cooling risk appetite late in the year. The offering had been scheduled to begin on Monday and is now under review, though the company said the delay does not affect operations.

Biokin had sought to raise 3 billion yuan ($420 million) in its secondary listing to fund research and development and expand manufacturing outside China. The firm reported 2024 revenue of 5.8 billion yuan, with licensing income, largely from Bristol Myers Squibb (NYSE: BMY).

Analysts note that Chinese biotech shares have drifted lower quarter-to-date, with valuations, sector rotation and year-end portfolio adjustments all weighing on sentiment.