Core Viewpoint - Zeling Bio has submitted its IPO application to the Hong Kong Stock Exchange, marking its official attempt to go public [1] Group 1: Company Overview - Zeling Bio, founded in 2019, is an innovative biotechnology company focused on late-stage clinical development [4] - The company was incubated under the incentive policies for technology transfer from Sichuan University West China Hospital [2] - The founder, Dr. Chen Lijuan, has extensive experience in the biotechnology industry and holds multiple degrees in chemistry and pharmacy [4][6] Group 2: Financial Information - Zeling Bio recently completed a C-round financing of nearly 600 million RMB, led by Daming Capital and Qiming Venture Partners, bringing its valuation to approximately 3.411 billion RMB [2][8] - The company has raised a total of about 1.18 billion RMB across five financing rounds since its inception [8] - Financial data shows that Zeling Bio reported a net loss of 91.656 million RMB for the fiscal year 2024, with losses expanding to 119.043 million RMB in the first three quarters of 2025 [12][13] Group 3: Product Pipeline - The company has a pipeline of eight products, including two core products in Phase III clinical trials and two candidates in clinical stages [11] - The lead product, Fluorotinib, is aimed at treating myeloproliferative neoplasms, with plans to submit a new drug application to the National Medical Products Administration in 2027 [11][10] - Zeling Bio has not yet commercialized any products and has not generated revenue from product sales [12]

Group 1: Company Overview - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. (Zeling Bio) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Jefferies and CICC as joint sponsors [1] - The company recently completed a C round financing of nearly 600 million RMB, led by Daming Capital and Qiming Venture Partners, bringing its valuation to approximately 3.411 billion RMB [1] - Zeling Bio was founded in 2019 and focuses on innovative therapies for blood diseases, tumors, central nervous system disorders, and immune/inflammatory diseases [2] Group 2: Product Pipeline - Zeling Bio has established three technology platforms: ZeniFol for small molecule drug identification and optimization, ZeniMin for AI-driven drug development, and ZeniScreen for clinical-related screening and target discovery [2] - The company has a pipeline of eight products, including two core products in Phase III clinical trials, two candidates in clinical stages, and four in preclinical stages [3] Group 3: Key Products - The lead product, Malate Fluorotinib (FM), is a first-in-class triple-target inhibitor aimed at treating myeloproliferative neoplasms, including myelofibrosis and polycythemia vera [4] - FM is positioned against Novartis' Ruxolitinib, which has been a cornerstone therapy since its approval in the U.S. in 2011 [4] - Zeling Bio plans to submit a new drug application for FM to the National Medical Products Administration (NMPA) in 2027 and has initiated a Phase IIb head-to-head clinical trial against Ruxolitinib [6] Group 4: Financial Performance - Zeling Bio reported revenues of 19.66 million RMB and 7.12 million RMB for 2024 and the first three quarters of 2025, respectively, with significant losses of 91.66 million RMB and 119.04 million RMB during the same periods [9] - The primary reasons for the losses are high R&D expenditures and changes in the value of redeemable debt, with a significant focus on the two core products FM and PM [10] Group 5: Funding and Shareholding - The company has completed five rounds of financing, raising a total of 1.18 billion RMB, with investors including Qiming Venture Partners and Tencent [12] - Chen Lijuan holds a combined direct and indirect stake of 25.6%, making her the largest shareholder group [14]

Core Insights - BeiGene reported a strong performance in Q3 2025, with quarterly revenue exceeding 10 billion RMB, reaching 10.077 billion RMB, a year-on-year increase of 41.1% [1] - The company adjusted its full-year revenue guidance for 2025, now expecting revenue between 36.2 billion RMB and 38.1 billion RMB, driven by the strong market position of its product, Brukinsa (Zebutinib) [1] Financial Performance - In Q3 2025, BeiGene's product revenue was 9.954 billion RMB, up 40.6% year-on-year [1] - For the first three quarters of 2025, total revenue reached 27.595 billion RMB, a 44.2% increase compared to the previous year, surpassing the total revenue of 27.21 billion RMB for the entire year of 2024 [1] - The net profit attributable to shareholders for the first three quarters was 1.139 billion RMB, primarily due to significant product revenue growth and improved cost management [1] Product Performance - Zebutinib's global sales in Q3 2025 were 7.423 billion RMB, a 51.0% increase year-on-year, making it the leading revenue generator in the BTK inhibitor market [2] - In the U.S., Zebutinib sales reached 5.266 billion RMB, up 46.9%, driven by strong demand across all indications [2] - In Europe, Zebutinib sales were 1.165 billion RMB, a 68.2% increase, reflecting market share gains in key countries [2] - In China, Zebutinib maintained its leadership with sales of 661 million RMB, a 36.2% increase [2] R&D Milestones - BeiGene is entering a concentrated phase of R&D, with 20 key milestone events expected in the next 18 months [4] - The company is advancing its BCL2 inhibitor, Sotorasib, with global development plans and has completed patient enrollment for a pivotal trial [4] - The company anticipates starting patient enrollment for a trial comparing Sotorasib combined with Zebutinib against another treatment in H1 2026 [4] Additional Developments - BeiGene's other core product, Tislelizumab, achieved sales of 1.363 billion RMB in Q3 2025, a 16.6% increase [3] - The company is making progress in various innovative therapies for solid tumors, with several clinical trials expected to start in 2026 [6]

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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 榮昌生物製藥（煙台）股份有限公司 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 董事長兼執行董事 王威東先生 中國煙台 2025年8月22日 （股份代號：9995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 * 僅供識別 荣昌生物制药（烟台）股份有限公司 2025 年半年度报告摘要 公司代码：688331 公司简称：荣昌生物 荣昌生物制药（烟台）股份有限公司 2025 年半年度报告摘要 ...

Core Viewpoint - Nanjing Weilizhibo Biotechnology Co., Ltd. is embarking on its journey to list on the Hong Kong Stock Exchange, focusing on innovative therapies for cancer and autoimmune diseases, with a pipeline of 12 drug candidates, 6 of which are in clinical stages [1][3]. Financial Performance - In 2023, the company reported revenue of 8.87 million RMB, with no new revenue recorded thereafter. The losses for 2023 and 2024 were 360 million RMB and 301 million RMB, respectively, with R&D expenditures of 231 million RMB and 186 million RMB [1][2]. - Administrative expenses increased from 38 million RMB to 87.69 million RMB from 2023 to 2024. In Q1 2025, R&D spending was 57.75 million RMB, with a loss of 75.37 million RMB, showing a reduction compared to the same period last year [2][3]. Cash Position and Funding - As of March 31, 2025, the company held cash and cash equivalents of 431 million RMB, providing support for ongoing R&D and market expansion [3]. - Since its inception, Weilizhibo has raised over 1 billion RMB through multiple funding rounds, including a significant 607 million RMB in its C round in 2021, and has established partnerships that may yield substantial returns [3]. Shareholding Structure - The company's executive directors, including Dr. Kang Xiaoqiang and Dr. Lai Shoupeng, collectively control approximately 20.08% of the voting rights through a concerted action agreement. Major shareholders include well-known investment firms such as Enran Venture Capital and Zhengxin Valley Capital [3][5].