Core Viewpoint - The trend of companies moving from Hong Kong to the A-share market is emerging, with Ying'en Biotechnology (9606.HK) planning to list on the Sci-Tech Innovation Board, marking a significant reverse operation in the current market context [1][2]. Group 1: Company Overview - Ying'en Biotechnology is a biopharmaceutical company that has not yet received approval for any drugs, primarily generating revenue through a "License-out" model, which involves licensing its candidate drugs for upfront payments, milestone payments, and sales shares [2]. - Despite generating revenue of 1.227 billion yuan through licensing deals with pharmaceutical companies like GSK in the first half of 2025, Ying'en Biotechnology remains in a loss position, reporting a net loss of 292 million yuan, which has increased over six times year-on-year [2]. Group 2: Market Context - The A-share IPO market is recovering, leading to expectations that more Hong Kong-listed companies may initiate their return to the A-share market [2]. - Other biopharmaceutical companies planning to list on the Sci-Tech Innovation Board this year are showing signs of profitability, contrasting with Ying'en Biotechnology's current financial struggles [2]. Group 3: Financial Position - Ying'en Biotechnology raised nearly 1.8 billion yuan when it listed on the Hong Kong Stock Exchange in April 2023, which has provided funding for its research and development [3]. - As of June 30, 2025, the company had cash and cash equivalents nearing 3 billion yuan, indicating a relatively strong liquidity position [4]. Group 4: Future Outlook - The necessity for further financing by Ying'en Biotechnology is being questioned, given its current cash reserves and the challenges it faces in gaining market recognition for its Sci-Tech Innovation Board IPO plan [5].
“先H后A”年内第二单：港股募资近18亿后，映恩生物备战科创板