IPO雷达丨爱科百发冲刺港股IPO：无营收、无商业化产品，上半年亏损1亿元

Core Viewpoint - Shanghai Aikebaifa Biopharmaceutical Technology Co., Ltd. (referred to as "Aikebaifa") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, marking its third attempt to enter the capital market [1][2] Company Overview - Aikebaifa was established in 2013 and focuses on innovative therapies for respiratory and pediatric diseases, developing candidate drugs to address acute, chronic, and terminal stages of these conditions [1] - The company has developed a pipeline of six candidate drugs, including its core product combination for RSV, AK3280, and AK0901, as well as other candidates for chronic obstructive pulmonary disease (COPD) and influenza [1] IPO Journey - Aikebaifa's first IPO attempt was in June 2021, which was approved by the regulatory authority in October 2021 but was voluntarily terminated in early 2022 [1] - The company then shifted its focus to the A-share market, where its IPO application was accepted in April 2023 but was withdrawn in January 2024 after a seven-month review [1] Financial Performance - As of 2023, Aikebaifa reported revenue of 6.7 million yuan, but it is projected to have no further income [2] - The company incurred losses of 270 million yuan in 2023 and 197 million yuan in 2024, with a loss of 104 million yuan in the first half of 2025, representing a nearly 20% increase compared to the same period in the previous year [2] Shareholder Composition - Despite its financial struggles, Aikebaifa has a strong shareholder base, including notable investment firms such as Qiming Venture Partners and Hillhouse Capital [2] - Prior to the IPO, the actual controller, Wu Zheng, holds a total of 25.17% of the shares through various entities [2]