Insilico Medicine, an AI-driven drug discovery and development company, successfully listed on the HKEX main board on 30 December 2025. Davis Polk, Jingtian & Gongcheng, Walkers, Cooley and Commerce & Finance Law Offices advised on the transaction.
Raising total proceeds of HKD2.28 billion, Insilico Medicine’s offering marked the largest biotech IPO in Hong Kong in 2025. The company offered around 94.69 million shares globally at HKD24.05 per share, with 10% allocated to the Hong Kong public and the remaining 90% placed internationally. Morgan Stanley, CICC and GF Securities acted as joint sponsors.
Unlike pre-profit biotech companies listed under HKEX’s Chapter 18A, which comprise most of the sector, Insilico Medicine is the first AI-driven biomedical company to successfully list under the HKEX main board’s Rule 8.05 profit test.
Of the six companies that debuted on the HKEX on 30 December, four were AI-focused businesses. In addition to Insilico Medicine, the cohort included “first physical AI stock” 51World, AI data company Xunce Technology and OneRobotics, billed as the first home embodied AI robotics company to list in Hong Kong. This marked the final batch of IPOs on the exchange in 2025.
Davis Polk served as Hong Kong and US legal adviser to Insilico Medicine, with the team led by global partners James Lin, Steve Wang and Jason Xu. Jingtian & Gongcheng advised on PRC law, led by partners Chen Zejia, Gao Xiang, Zhou Hanshuo, Hu Zhiqiang, Jiang Xiaoying and Zhang Jing. Walkers provided Cayman Islands law advice, with partners Andrew Barker and Mark Cummings leading the team.
Cooley advised the joint sponsors on Hong Kong and US law, with the team led by partners Michael Yu, Liu Yiming and Will Cai. Commerce & Finance provided PRC legal advice, led by partners Wang Bo and Dai Yun.
Founded in 2014, Insilico Medicine is headquartered in New York and Hong Kong, and focuses on drug discovery and development using its proprietary artificial intelligence platform, Pharma.AI.
The company’s path to listing was not straightforward. Between June 2023 and May 2025, three separate listing applications lapsed. Insilico Medicine was long regarded as a leading contender to become China’s first listed AI drug discovery company, but was overtaken in June 2024 by another AI drug developer, XtalPi Holdings.
Its prospectus states that IPO proceeds will fund further clinical research and development of key clinical‑stage pipeline drug candidates, research and development of new generative AI models, further development and expansion of automated laboratories, early‑stage drug discovery and development, as well as working capital and general corporate purposes.
