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派格生物通过港股上市聆讯：时隔四年仍未商业化，董事长减持套现
Sou Hu Cai Jing·2025-05-09 13:02

Core Viewpoint - Recently, Paig BioPharma (Hangzhou) Co., Ltd. has disclosed its post-hearing information set on the Hong Kong Stock Exchange, following previous attempts to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1][3]. Group 1: Company Overview - Paig BioPharma was established in May 2008 and was previously known as Paig BioPharma (Suzhou) Co., Ltd. The company currently has a registered capital of approximately RMB 367 million [3]. - The major shareholders include Michael Min Xu, Yunfeng Fund, Yingke Capital, and Tigermed [3]. Group 2: Listing Attempts - In August 2021, the company submitted its prospectus to apply for listing on the Sci-Tech Innovation Board, aiming to raise RMB 2.538 billion for innovative drug R&D, production base construction, and R&D center establishment. However, the application was withdrawn in April 2022 after two rounds of inquiries [3]. - In February 2024, Paig BioPharma submitted an application for listing on the main board of the Hong Kong Stock Exchange, with the raised funds intended for the commercialization and indication expansion of its core product PB-119, further development of PB-718, and ongoing R&D for other pipeline candidates [3]. Group 3: Financial Performance - As of the end of 2023 and 2024, Paig BioPharma reported net income of approximately RMB 14.635 million and RMB 7.007 million, respectively, with annual losses of approximately RMB 279.181 million and RMB 283.351 million [15][16]. - The company's R&D expenses were RMB 236.731 million in 2023 and RMB 95.427 million in 2024, indicating a significant focus on R&D activities [16]. Group 4: Corporate Changes - In February 2025, the company changed its name and registered address from Suzhou to Hangzhou, which is not a common practice during the listing application phase [5][12]. - The company has also established a subsidiary, Paig Xinyi BioPharma Technology (Suzhou) Co., Ltd., in January 2025, which has seen a capital increase from RMB 1 million to RMB 5 million [5].