BioMap, a biotech firm set up by Baidu's (9888) founder Robin Li Yanhong, plans to build a biocomputing platform in Hong Kong, targeting key development areas such as the Northern Metropolis, leveraging the mainland ties, the company said at International Bio-Computing Innovation Summit 2026 on Friday.
Hong Kong is the preferred listing location for the company, but there are no more details on the initial public offering to reveal now, said Liu Wei, co-founder and chief executive of BioMap.
Financial Secretary Paul Chan Mo-po said that in the past 70 years, even as the science grew more sophisticated, the cost of bringing a new drug to patients doubled roughly every nine years. But today, three forces — advances in computing technology, China's drug innovation and long-term capital — are creating opportunities to cut the cost of new drug R&D.
As the power of computing is transforming biological research, this year, a drug discovered by generative artificial intelligence has entered phase three clinical trials, which is a late stage trial on patients. The company behind it is listed in Hong Kong, Chan said.
Meanwhile, China is no longer just a market for global pharmaceutical companies. It has become an indispensable part of their global research and development network. Last year, overseas licensing deals for innovative drugs from China reached nearly US$140 billion (HK$1.1 trillion) in total value, almost 10 times the level in 2021, Chan added.
While global venture funding for biopharma has fluctuated in recent years, the Hong Kong government is making these industries a priority, with a commitment to supporting their growth, calling for efficient investment with public-private partnership, supported by patient capital that crowds in private investment, he added.
Clara Chan Ka-chai, chief executive of the Hong Kong Investment Corporation (HKIC), said since HKIC announced the investment in and partnership with BioMap, as well as the establishment of InnoHub two years ago, BioMap has delivered both financial return and strategic contribution to Hong Kong's development.
"The HKIC is very committed to enabling this partnership and playbook of success to compound and be replicated," she said.
Frank Feng
