Suzhou-based Innovent Bio becomes the fourth biotech from mainland China to go public in Hong Kong, and its strong first-day performance may have given the seemingly spooked market so far for such companies a shot of confidence.

A rapidly reforming policy and regulatory environment and a growing culture of innovation are encouraging capital and talent to pour into China, making it a question of when, rather than if, the payoffs will come for both consumers and investors.

The first IPOs to get away under Hong Kong's new relaxed rules for the listing of pre-revenue bioventures have seen mixed performances so far, and observers also have varying views on the likely success of the initiative, although the territory's stock exchange remains bullish as more companies line up to float.