InSilico Medicine Debuts on HKEX With Market Cap Exceeding ~US$2.4B, Leading the Year’s Largest Biotech IPO in Hong Kong
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AI biopharma leader InSilico Medicine made a stellar debut on the Hong Kong Stock Exchange, raising US$294M in the year's largest biotech IPO there. Its shares surged 42% on the first day, valuing the company at over US$2.4 billion.
AI-driven biopharmaceutical company InSilico Medicine Cayman TopCo (“InSilico Medicine”) officially listed on the Main Board of the Hong Kong Stock Exchange on December 30, 2025, trading under the ticker 3696. It became the first AI biopharma company to successfully list under Rule 8.05 of the HKEX Main Board Listing Rules.
The IPO set multiple records. Total funds raised reached HK$2.277 billion (approx. US$294 million), making it the largest biotech IPO in Hong Kong by proceeds in 2025. The Hong Kong public offering was 1,427.37 times oversubscribed, freezing more than HK$328.35 billion (approx. US$42.4 billion) in capital, while the international tranche was 26.27 times oversubscribed, both ranking first among peer IPOs this year.
The company attracted 15 global cornerstone investors, including Eli Lilly and Company, Tencent, Temasek, and Schroders. Shares surged on debut, rising 42.04% from the offer price to HK$34.16 (approx. US$4.41) by 11:00 a.m., valuing the company at over HK$19 billion (approx. US$2.4 billion).
Founded in 2014, InSilico Medicine operates a dual-engine model built on its proprietary Pharma.AI platform, combining AI platform licensing with internal drug pipeline development. The company has established a pipeline of more than 30 innovative programs.
Its flagship asset, Rentosertib (ISM001-055)—a TNIK-targeting drug candidate for idiopathic pulmonary fibrosis (IPF)—was discovered entirely using AI. In April 2025, it was recommended for Breakthrough Therapy Designation by China’s Center for Drug Evaluation (CDE). Following completion of Phase IIa trials, the drug is expected to move directly into Phase III, potentially becoming the world’s first fully AI-discovered drug to enter Phase III clinical trials.
Financially, the company’s revenue grew from US$30.15 million in 2022 to US$85.83 million in 2024, while gross margin expanded from 63.4% to 90.4%. Net losses narrowed sharply from US$222 million to US$17.1 million over the same period. InSilico plans to allocate approximately 48% of IPO proceeds toward advancing key clinical-stage programs.
Source：IPOzaozidao
