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Our third annual report on Hong Kong-listed biotech companies examines how the sector performed during the challenging conditions for capital markets globally over the past 12 months. Although aggregate listing and subsequent fundraising activity for biotech firms in Hong Kong decreased over the past year, Hong Kong continues to serve a thriving biotech ecosystem and is well positioned to attract further companies to list as global market conditions recover. The report provides a comprehensive overview of the market in its current state, examining key data points for biotech companies undertaking IPOs on the Stock Exchange of Hong Kong Limited (HKEX) in calendar year 2022 and analyzing the corporate governance practices of all 56 biotech companies listed on HKEX as of December 31, 2022.