嘉因生物冲击IPO，深耕基因疗法，尚无产品上市

Group 1 - The core focus of the Hong Kong IPO market since 2026 has been on the pharmaceutical industry, particularly innovative drugs, with several companies seeking to list on the Hong Kong Stock Exchange [1] - Exegenesis Bio Inc. (嘉因生物) has submitted its application to the Hong Kong Stock Exchange, aiming to list under Chapter 18A, with CCB International as its sole sponsor [1] - The company has raised a total of 940 million RMB in multiple financing rounds since its establishment in May 2019, with a post-investment valuation of approximately 5.78 billion USD (around 40 billion RMB) as of June 2021 [4] Group 2 - Exegenesis Bio focuses on gene therapy and oligonucleotide drugs, having developed a dual technology platform consisting of AAVarta and SODA, which are crucial for gene delivery and regulation [9][10] - The company has several product pipelines, including EXG001-307 for treating spinal muscular atrophy (SMA) type 1, and EXG102-031 and EXG202 for age-related macular degeneration (wAMD) and other eye diseases [12][22] - The global market for SMA drug treatments is projected to grow from 4.64 billion USD in 2024 to 5.93 billion USD by 2030, with a compound annual growth rate of 4.2% [16] Group 3 - Exegenesis Bio reported a loss of 314 million RMB during the reporting period, with cash and cash equivalents amounting to 262 million RMB as of September 30, 2025 [23][27] - The company has not yet achieved profitability since its inception, with losses of 220 million RMB and 94.33 million RMB recorded in 2024 and the first nine months of 2025, respectively [25][26] - The company faces significant competition in the gene therapy sector, with multiple international pharmaceutical giants also developing treatments for SMA and wAMD [24][29]