“三无”公司华芢\生物两年三闯港交所：它的生死对手，是时间错配

Core Viewpoint - Huazhang Biotech has submitted its third IPO application to the Hong Kong Stock Exchange, despite being in a "three no" state: no commercial products, no stable revenue, and no profit [2][4][12] Company Overview - Established in April 2012, Huazhang Biotech focuses on developing protein drugs for clinical needs, particularly in the wound healing treatment area [3][4] - The company has a pipeline of ten candidate products, with two core products, Pro-101-1 and Pro-101-2, currently in clinical research stages [3][4] Product Development - Pro-101-1, aimed at treating burns, has completed Phase IIb clinical trials and is expected to start Phase III trials in Q4 2025, with a goal to be approved in China by Q4 2027 [4][5] - Pro-101-2, targeting diabetic foot ulcers, is in Phase II trials and aims for market introduction by 2030 [4][5] Financial Performance - The company has reported minimal revenue, with figures of 472,000 RMB, 261,000 RMB, and 0 RMB for 2023, 2024, and the first five months of 2025, respectively [7][8] - Losses have significantly increased, with amounts of 105.2 million RMB, 212.3 million RMB, and 72.4 million RMB for the same periods [7][8] Funding and Valuation - Huazhang Biotech has completed three rounds of financing, with valuations increasing from approximately 805 million RMB in May 2021 to 3.3 billion RMB in October 2023 [9][10] - The company faces stringent conditions from investors, including a requirement to complete its IPO by the end of 2026, or face share buyback obligations [11][12] Challenges Ahead - The transition from Phase II to III clinical trials is fraught with high failure rates, and the company has not yet validated its core products through Phase II trials [5][11] - The company’s liquidity is tightening, with a current ratio dropping from 20.9 in 2023 to 4.9 by May 2025, indicating potential cash flow issues [9][11]