IPO News | Bonasia once again submitted the Hong Kong Stock Exchange ranking 14th in the Chinese clinical CRO service market in 2025
The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 20, Bonasia (Hangzhou) Pharmaceutical Technology Co., Ltd. (Bonasia for short) submitted a listing application to the main board of the Hong Kong Stock Exchange, with Xingzheng International and ICBC International as co-sponsors. The company submitted its listing to the Hong Kong Stock Exchange on February 11, 2026.
Company profile
According to the prospectus, Bonasia is a clinical contract research organization (“CRO”) organization headquartered in Hangzhou, China, dedicated to empowering clinical research through digitalization. Clinical CRO services generally cover all stages of drug clinical research, including clinical trial technical services, center management, data management, and biostatistical analysis that can be provided based on a project or FSP model.
The company's core business is to provide clinical trial technical services to domestic and foreign pharmaceutical and biotechnology companies, with the aim of accelerating the development and commercialization of chemical drugs and biological products. In 2025, among companies headquartered in China, the company ranked 14th in revenue from clinical CRO services, with a market share of 0.7%.
The company's clinical CRO service mainly focuses on clinical trial technical services. The scope of services covers the entire clinical development process, including new drug clinical trial applications (“IND”), phase I-IV clinical research, new drug marketing application (“NDA”) registration and FSP services and other services.
The company is headquartered in Hangzhou, China, and has more than 20 operating teams in major cities in China, including Beijing, Shanghai, Guangzhou, Hangzhou and Wuhan, to serve major clinical research institutions and different patient groups across the country. In addition, the company has subsidiaries and localization teams in the US and Australia. The company's overseas team has expertise in both Chinese and US IND reporting and early clinical development, and has carried out international multi-center clinical trials through strategic cooperation with mature partners in Europe and the US.
The company's customer base includes more than 200 innovative pharmaceutical and biotechnology companies, including many of the top 50 companies by sales revenue in China, such as Buchang Pharmaceutical and Guangzhou Pharmaceutical Baiyunshan. As of June 30, 2026, the company maintained an average of more than six years of cooperative relationships with the company in terms of revenue for each year or period of the track record period, and several customers had cooperative relationships for more than ten years.
Financial data
Earnings
In 2023, 2024, 2025 and the six months ended June 30, 2026, the company achieved revenue of approximately RMB 371 million, RMB 340 million, RMB 336 million and RMB 204 million, respectively.
Mouri
In 2023, 2024, 2025 and the six months ended June 30, 2026, the company recorded gross profit of approximately RMB 124 million, RMB 130 million, RMB 131 million and RMB 71 million, respectively, with gross margins of 33.5%, 38.3%, 38.9% and 35.0% respectively.
Annual/period profit
In 2023, 2024, 2025 and the six months ended June 30, 2026, the company recorded annual/period profit of approximately RMB 47 million, RMB 58 million, RMB 52 million and RMB 122 million respectively.
Industry Overview
The global pharmaceutical industry grew from about US$1,298.8 billion in 2020 to US$1615 billion in 2025, and is expected to reach US$2,507.3 billion in 2034, with a compound annual growth rate of 5.0% from 2025 to 2034. According to patent status and product exclusivity, the global pharmaceutical market can be broadly divided into innovative drugs, generic drugs, and bioanalogs. In 2025, the market size for innovative drugs was US$1,126.6 billion, while the market for generic drugs and bioanalogs was US$488.4 billion. From 2025 to 2034, the compound annual growth rate of innovative drugs is expected to surpass generic drugs and bioanalogs by 5.3%, and is expected to reach US$1,797.4 billion in 2034, accounting for more than 70% of the global pharmaceutical market.
China's pharmaceutical industry has grown substantially from approximately RMB 1,447.9 billion in 2020 to approximately RMB 1,654.6 billion in 2025, and is expected to reach RMB 2811.4 billion in 2034, with a compound annual growth rate of 6.1% from 2025 to 2034.
Innovative drugs are expected to be the main growth driver. The compound annual growth rate from 2025 to 2034 will greatly exceed generic drugs and bioanalogs, reaching 10.3%, thereby driving the continuous transformation of the market structure to innovative drugs.
As China's pharmaceutical industry enters a stage of high-quality development, R&D innovation will receive more and more government support and the attention of pharmaceutical companies. The scale of R&D expenditure in the Chinese pharmaceutical market has huge potential for growth. In 2025, China's total pharmaceutical R&D expenditure reached RMB 280.5 billion and is expected to continue growing, reaching RMB 951.8 billion by 2034, with a CAGR of 14.5%.
China's CRO service market mainly consists of three parts: drug discovery services, pre-clinical CRO services, and clinical CRO services. Among them, clinical CRO services account for the largest share, accounting for more than 50% of the total market. In 2025, the market size of clinical CRO services in China is RMB 48 billion. It is expected to reach RMB 91 billion and RMB 140.4 billion by 2030 and 2034, respectively. The compound annual growth rate from 2020 to 2025 is 12.8%, while the compound annual growth rate from 2025 to 2034 will be 12.7%. As China's innovative drug industry matures, the size of the clinical CRO market is expected to expand further.
In 2025, the global clinical CRO services market was valued at US$62.2 billion and is expected to grow to US$128.3 billion by 2034, with a compound annual growth rate of 8.4%. In 2025, China's clinical CRO service market was valued at US$6.7 billion and is expected to increase to US$19.5 billion by 2034, with a CAGR of 12.7%. As China's innovative drug pipeline continues to expand and demand for clinical R&D outsourcing increases, it is expected that during the forecast period, China's clinical CRO service market growth rate will be higher than the global market and the rest of the world.
Board of Directors and Executive Information
The board of directors of the company consists of seven directors, including three executive directors, one non-executive director and three independent non-executive directors. Directors serve for a term of three years and are eligible for re-election at the end of their term.
Shareholding structure
As of the last practical date (August 10, 2026), Mr. Zhao was the controlling shareholder of the company and directly held 57.28% of the company's shares. Furthermore, as the general partner and executive partner of Boda Innovation and Bohua Innovation, Mr. Zhao indirectly holds 12.70% and 4.23% of the company's shares, respectively.
Intermediary team
Co-sponsors: Xingzheng International Finance Co., Ltd., ICBC International Finance Limited
Our legal advisors: Hong Kong Law: King & Wood Mallesons; Related Chinese Law: Zhong Lun Law Firm
Co-sponsor and [Compiled] Legal Adviser: Related to Chinese Law: Deheng Law Offices
Auditor and reporting accountant: KPMG
Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.