四川首富又要敲钟了

This article centers on the entrepreneurial journey of Sichuan-based businessman Zhu Yi, who founded Bilin Pharmaceutical and is pursuing an A+H dual listing. It also outlines the current landscape of Chinese companies pursuing A+H listings in Hong Kong.

1. Zhu, a former university lecturer, entered business in the 1990s. After earning his first fortune, he returned to Chengdu to found Bilin, which first grew into a regional leader in generic drugs. Anticipating that generic drug margins would shrink, Zhu pivoted to a full commitment to innovative drug development in 2010, adopting a differentiated "fund R&D via mature business" model. The company rose to prominence with an $8.4 billion ADC drug collaboration deal, pushing its market cap above 100 billion yuan and making Zhu the richest person in Sichuan.

2. A+H listings are currently booming, with hard tech companies leading the trend. However, the market is sharply divided: many companies lacking a clear growth narrative have seen their shares drop below IPO price on debut, and the downside risks cannot be ignored.

This article provides multi-dimensional insights for brand companies planning to pursue innovation and expand globally.

1. In terms of industry trend, innovation is the core path for long-term brand growth. Bilin founder Zhu Yi predicted thin margins for generics as early as 2010, and reinvested all profits from generic drug sales into innovative R&D, ultimately seizing the opportunity in the ADC track to reach a 100 billion yuan market capitalization. This experience offers valuable reference for R&D strategy planning across all types of brands.

2. In terms of transformation path, brands can adopt the differentiated "fund new innovation via mature legacy business" model, using profits from established operations to fund R&D instead of over-relying on early-stage external financing, which reduces transformation risk. Bilin’s success with only two rounds of external financing before listing serves as a strong case study.

3. In terms of global expansion, an A+H listing is an effective path to access international capital and advance global operations. However, companies must be wary of the IPO breakout risk amid the current market divergence. Only hard tech and innovative brands with clear growth stories are more likely to win capital recognition.

This article discloses the latest trends of Chinese companies pursuing IPOs in Hong Kong, and outlines both opportunities and risks for operators with global expansion and financing needs.

1. On the opportunity side: A+H listings have become a major trend. In the first half of 2026 alone, 24 A-share listed companies conducted secondary listings in Hong Kong, accounting for nearly 60% of total IPO fundraising by Chinese companies on the Hong Kong stock market in the period. Hard tech and innovative drug companies lead this wave of listings, and companies in these sectors are far more likely to attract capital attention.

2. On the value side: The core benefit of a Hong Kong listing is access to international capital, which allows companies to reserve sufficient funds for global R&D and overseas capacity expansion, matching the current demand for globalized industrial chains among Chinese enterprises.

3. On the risk side: The Hong Kong IPO market is currently sharply divided. Companies without a clear growth story often face weak subscription, forced IPO price cuts, or even full withdrawal of applications. Multiple firms have already broken below their IPO price on debut, so operators planning a Hong Kong listing need to make thorough preparations in advance.

This article offers clear directional guidance for pharmaceutical manufacturing factories and manufacturing enterprises planning transformation and upgrading.

1. In terms of product strategy: Profit margins for traditional generic drugs will continue to narrow, and innovative product categories are the core opportunity for long-term development in manufacturing. Only companies that lay out R&D early can capture industry dividends. Bilin is a representative example: it grew from a small regional generic drug leader to a 100 billion yuan market cap pharmaceutical firm through early布局 in innovative ADC drugs.

2. In terms of business opportunities: Currently, high-quality domestic manufacturing enterprises, especially those in the hard tech sector, can access international capital via A+H listings to secure sufficient funding for R&D and global expansion, making this a compelling financing opportunity at present.

3. In terms of transformation path: Small and medium-sized manufacturing enterprises pursuing innovation can follow the "fund new innovation via mature business" model, reinvesting profits from existing established operations into innovative R&D. This approach avoids over-reliance on external financing and greatly reduces capital pressure and risk during transformation.

This article summarizes the latest development trends of innovative drug and hard tech companies, and clarifies business direction for service providers that offer capital, R&D and listing-related services to enterprises.

1. In terms of industry trend: A+H listing has become a core demand for leading A-share listed hard tech and innovative drug companies. In the first half of 2026 alone, 24 A-share companies conducted IPOs in Hong Kong, and hard tech has replaced consumer and traditional manufacturing as the main driving force of new listings. This has driven significant growth in demand for related services including listing counseling and capital connection.

2. In terms of client core pain points: As innovative enterprises enter the late stage of R&D, their capital demand rises sharply. At the same time, Chinese enterprises expanding globally need stable channels to connect with international capital, while most firms lack relevant resources and experience.

3. In terms of business direction: Service providers can build targeted service offerings for A+H listings, focus on the hard tech and innovative drug sectors, and provide supporting services such as listing counseling and international capital connection to capture growth opportunities from this industry wave.

This article discloses the latest demand from physical enterprises for capital platforms and the latest characteristics of the Hong Kong IPO market, providing reference for the operation and investment promotion of capital platforms.

1. In terms of enterprise demand: As R&D, production capacity and customer bases of leading Chinese enterprises gradually globalize, companies need platform support to connect with international capital, and A+H listing has become the mainstream choice for leading firms. Platforms need to optimize their targeted services to meet the demand of these leading enterprises.

2. In terms of investment promotion direction: Leading hard tech and innovative drug companies pursuing A+H listings attract high market attention and raise large amounts of capital, making them core high-quality resources for the Hong Kong IPO market. Platforms can prioritize attracting high-quality companies from these sectors to boost their own fundraising scale and influence.

3. In terms of risk mitigation: The A+H listing market is sharply divided, and companies without strong growth stories face high breakout risk. Platforms need to conduct strict qualification screening, optimize supporting services, avoid damage to overall platform reputation from widespread IPO breakouts, and maintain market stability.

This article presents the latest trends in China’s innovative drug industry and capital market, providing new research directions and materials for industry and capital market researchers.

1. On the industry side: A new localized innovative business model, "grow new innovation via mature legacy business", has emerged in China’s innovative drug sector, distinct from the traditional returnee founder VC-backed model. In this model, profits from mature generic drug operations fund innovative R&D. Bilin grew into a 100 billion yuan innovative pharmaceutical company via this approach, making this localized innovative business model worthy of in-depth research.

2. On the capital market side: An A+H listing boom is currently underway, with hard tech leading the new wave of listings. In the first half of 2026, 24 A-share companies listed in Hong Kong, accounting for nearly 60% of total IPO fundraising by Chinese companies on the Hong Kong bourse in the period. The collective move of leading Chinese enterprises to access international capital via Hong Kong is a new trend for both industry and capital markets.

3. On future research directions: The A+H market is sharply divided, and breakout risks are growing. How to improve China’s multi-layer capital market system, help high-quality domestic innovative enterprises better connect with international capital, and control listing risks is a new issue worthy of in-depth research.