Hengrui Pharmaceuticals will list on the Hong Kong Stock Exchange (HKEX) on 23 May, pricing its H-shares at HKD 44.05 each to raise approximately HKD 9.46 billion (USD 1.2 billion). The offering attracted cornerstone investors including GIC and Hillhouse Capital, committing 43% of the total issue. Proceeds will primarily fund R&D (75%) and global capacity expansion. The company reported 2024 revenue of RMB 28 billion (USD 3.9 billion), with 19 approved novel drugs and over 90 clinical-stage candidates. Its 14 out-licensing deals since 2018 total USD 14 billion in potential value. The IPO strengthens Hengrui's position as one of China's leading innovators, with commercial presence in over 40 countries and over 20 global trials underway.