89岁！创始人带领企业IPO！

Core Viewpoint - Tianchen Biopharmaceuticals (Suzhou) Co., Ltd. has resubmitted its listing application on the Hong Kong Stock Exchange, with Guojin Securities (Hong Kong) as the sole sponsor, marking a renewed effort after its initial application lapsed in August 2025 [1][42]. Company Overview - Tianchen Biopharmaceuticals, founded in October 2020, focuses on the development of new drugs for allergic and autoimmune diseases [6][44]. - The company is co-founded by Dr. Liu Heng and Dr. Sun Naichao, both experienced in antibody drug development [8][49]. Development Milestones - Key milestones include: - 2020: Company established and initiated research on LP-003 [9][54]. - 2021: Completed Series A financing [10]. - 2022: LP-003 received approval for clinical trials for chronic spontaneous urticaria (CSU) [11][56]. - 2023: LP-003 approved for allergic rhinitis (AR) clinical trials, and LP-005 approved for paroxysmal nocturnal hemoglobinuria (PNH) clinical trials [13][59]. - 2024: Initiated Phase III clinical trials for LP-003 for seasonal AR and Phase II trials for CSU and allergic asthma [16][61]. - 2025: Completed multiple rounds of financing and prepared for listing [19][64]. Financial Performance - The company has reported significant losses, with cumulative losses of approximately 370 million RMB over two years and nine months, primarily due to high R&D expenditures [22][66]. - Specific losses reported include 95.78 million RMB in 2023, 137.32 million RMB in 2024, and 138 million RMB in the first nine months of 2025 [22][66]. Shareholder Structure - The company’s ownership structure has evolved through various financing rounds, with the founding team holding shares through an employee incentive platform [25][68]. - Major investors include Dongfang Fuhai, Qiming Venture Partners, and Honghui Capital, among others [25][72]. Leadership Team - The executive team includes: - Dr. Liu Heng, Chairman and CEO, responsible for overall strategy and operations [33][77]. - Dr. Sun Naichao, Executive Director, guiding the company's R&D strategy [33][78]. - Mr. Xie Ming, Executive Director and Deputy General Manager, overseeing strategic execution [33][78]. - The board includes representatives from major investment firms and independent directors to ensure governance and oversight [41][85].