和美药业赴港上市收证监会反馈：需说明A股辅导、历史沿革等问题，搭建、拆除红筹架构过程中合法合规情况

Core Viewpoint - HeMei Pharmaceutical has received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing application, indicating several compliance and procedural inquiries that need to be addressed before proceeding with the listing [1][2][4]. Group 1: Listing Process and Regulatory Feedback - The CSRC has requested detailed information on the company's previous A-share listing guidance and whether it plans to continue with the A-share listing process [1]. - The company must clarify the legality and compliance of its historical restructuring, including foreign exchange registration and tax procedures [2]. - HeMei Pharmaceutical submitted its listing application to the Hong Kong Stock Exchange on May 29, 2023, with GuoZheng International as the sole sponsor [4]. Group 2: Company Background and Financials - Established in 2002, HeMei Pharmaceutical is an innovative biopharmaceutical company focused on developing small molecule drugs for autoimmune diseases and tumors, with key therapeutic areas including psoriasis, Behçet's disease, and inflammatory bowel disease [4]. - The company has completed six rounds of financing, raising a total of approximately 951 million yuan, and its post-investment valuation reached 3.9 billion yuan after the E round of financing in Q4 2024 [4]. Group 3: Clinical Development and Challenges - As of the latest feasible date, HeMei Pharmaceutical has developed seven small molecule drug candidates, with two drugs in Phase III clinical trials or NDA stages [5]. - Despite the advancement of its core pipeline, the clinical data of the company's core pipeline is significantly weaker than competitors, indicating potential challenges in future commercialization [5].