Report: China Biopharma IPOs Outmuscle U.S. Activity

There is yet another metric depicting how China is aggressively readying itself to challenge, and potentially surpass, America’s long-held leadership in the life sciences industry. 

In the first three quarters of 2025, Chinese biopharma companies filed for initial public offerings (IPOs) in Hong Kong at four times the rate of U.S. counterparts on Nasdaq or the New York Stock Exchange, Endpoints News reported. American biotech companies logged about a dozen IPO filings; Chinese companies totaled at least 42. 

This follows China, for the first time, outpacing the U.S. in the number of clinical trials launched last year. 

According to Endpoints News, at least 10 Chinese biotech companies registered on the Hong Kong Stock Exchange during the first three quarters compared with nine U.S. companies on American exchanges. 

China’s accelerating momentum signals a potential power shift the U.S. cannot ignore. 

The surge is not resistant to industry cycles. The Hong Kong IPO market peaked with 20 biotech listings in 2021, then dropped to eight in 2022 and seven in 2023, per Endpoints News. Still, China’s ascent, which is fueled by institutional momentum that includes strong government backing, an influx of talent and scale of innovation, could drive its biopharma sector atop the global hierarchy. 

That is, unless the U.S. acts swiftly. 

Policymakers must protect American biotech jobs, patient access to cutting-edge treatments, and national security. Without strategic investment, America risks losing its competitive edge to China’s expanding sector. 

Endpoints News noted there is resilience in the U.S. biotech landscape with at least one upcoming IPO offering a hopeful sign for the sector’s future. We Work For Health has captured another glimpse of the industry’s strength: according to news reports and company announcements, over $425 billion in investment has been committed to the U.S. life science industry this year, more than 13 times the 2024 figure. 

The U.S. needs smart, forward-thinking policy-incentives to maintain the sector, securing its global leadership while advancing patient care and protecting critical industry strengths.