"Second 'H first, then A' deal of the year: InnoCare Biotech prepares for STAR Market after raising nearly 1.8 billion HKD in Hong Kong"

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As A-share companies rush to the Hong Kong Stock Exchange, reverse operations are quietly emerging.

Recently, InnoCare Pharma (9606.HK) announced plans to list on the STAR Market.

This comes after Bio-Thera Solutions (2315.HK), the first "H first, then A" case this year, successfully obtained registration approval from the China Securities Regulatory Commission—making this another Hong Kong-listed company planning to return to the A-share market.

With the A-share IPO market warming up, whether more Hong Kong-listed companies will embark on the journey back to A-shares is drawing attention.

However, InnoCare Pharma’s path to a STAR Market IPO may face some controversy.

On one hand, as a biopharmaceutical company, InnoCare Pharma currently has no approved drugs on the market. It mainly generates revenue through a “license-out” model—that is, by licensing out its self-developed drug candidates in exchange for upfront payments, milestone payments, and sales royalties. This makes its revenue unstable.

Despite earning 1.227 billion yuan in revenue in the first half of 2025 from licensing deals with pharmaceutical companies like GSK, InnoCare Pharma remains mired in losses. Its net loss during the same period reached 292 million yuan, expanding more than sixfold year-on-year.

A look at other biopharmaceutical companies preparing to list on the STAR Market this year shows that most are on the verge of profitability.

Bio-Thera Solutions, specializing in model animals, achieved a net profit of 48 million yuan in the first half of 2025; Wuhan Healthgen Biotechnology Corp, a soon-to-be-listed biopharma company, has yet to turn a profit, but its core product—plant-derived recombinant human serum albumin injection—has already been approved for market launch and is about to become profitable.

On the other hand, the necessity of InnoCare Pharma’s additional financing is being challenged.

In April this year, InnoCare Pharma listed on the Hong Kong Stock Exchange and raised nearly 1.8 billion yuan, which has already replenished its R&D capital.

By the end of June 2025, InnoCare Pharma’s cash and cash equivalents had approached 3 billion yuan.

Given this backdrop, whether InnoCare Pharma’s new financing plan on the STAR Market can gain market recognition remains to be seen.

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