Pharma Firms Should Stop Flocking to Hong Kong Listings
Chinese biotech companies that rushed to list in Hong Kong in 2026 are finding the market unforgiving. Most now trade with daily turnover of just tens of millions of Hong Kong dollars, deterring institutional investors and deepening share-price declines. The mismatch between long R&D cycles and short-term pricing pressures suggests many should have stayed private unless they could secure follow-on financing.
