Axiom Biosciences, a San Diego-based developer of regenerative and genetic medicines, has announced plans for a primary listing on the Hong Kong Stock Exchange in 2027, followed by a secondary U.S. listing in 2029. The company’s founder and CEO, Remo Moomiaie-Qajar, described this as a 'contrarian' strategy aimed at tapping into Asia’s sophisticated biotech investor base and strengthening ties with clinical and commercial partners across the region [1]. Moomiaie-Qajar highlighted that Hong Kong’s stricter listing standards compared to the U.S. reflect a mature biotech ecosystem, and recent biopharma IPOs in Hong Kong have outperformed those on Nasdaq, with the Hang Seng Biotech Index rising over 75% since its January 2025 low, compared to 40%-50% gains in U.S. biotech indices during the same period, according to LSEG data [1].
The move comes amid a challenging fundraising environment for biotech firms, as clinical trial costs rise and venture capital becomes more selective, especially for companies lacking major early backers [1]. Hong Kong’s appeal as a biotech fundraising hub has grown, bolstered by reforms in the previous year that streamlined the IPO process. Since 2018, 86 companies have listed in Hong Kong, raising more than $17.8 billion, according to Hong Kong Exchanges and Clearing [1]. Danny Xiang, founding partner at Fontus Capital, noted that while the U.S. remains the deepest biotech capital pool globally, Hong Kong’s proximity to Chinese pharmaceutical partners offers advantages such as faster clinical trials and lower costs. However, Xiang also pointed out that local investors tend to favor companies with clear China connections, seeking opportunities for co-development, manufacturing, or sales with Chinese partners [1].
George Wu, a partner at DLA Piper, added that Hong Kong’s lower valuations relative to Nasdaq have attracted international investors looking for upside potential [1]. Despite Hong Kong’s growing prominence, Xiang emphasized that it is rare for a purely American biotech firm to choose Hong Kong as its primary listing venue, underscoring the uniqueness of Axiom’s approach [1].
The U.S. market is also experiencing a strong run of biotech IPOs, suggesting robust investor interest on both sides of the Pacific [1].
CONCLUSION
Axiom Biosciences’ decision to prioritize a Hong Kong IPO reflects shifting dynamics in global biotech fundraising, with the city’s maturing ecosystem and investor base offering new opportunities. While the U.S. remains a dominant venue, Hong Kong’s reforms and performance have made it increasingly attractive, especially for firms seeking Asian partnerships and upside potential. The move signals growing cross-border competition for biotech capital and innovation.