Hengrui targets $1.3 billion as Hong Kong IPOs rebound

Chinese pharmaceutical group Jiangsu Hengrui Pharmaceuticals (SHE: 600276) is set to raise up to HK$9.89 billion ($1.27 billion) through a public offering on the Hong Kong Stock Exchange, marking one of the largest listings in the city this year. The move signals renewed momentum in Hong Kong’s capital markets after a prolonged slump.

Hengrui plans to offer 224.5 million shares at a price range of HK$41.45 to HK$44.05 per share. About 12.3 million shares are earmarked for retail investors in Hong Kong, with the remainder available to global institutional buyers.

If priced at the top end, the offering would bring in roughly $1.27 billion, making it one of the largest IPOs in Hong Kong so far in 2025.