2026年1月21日，北京普祺医药科技股份有限公司（简称：普祺医药）正式向港交所递交IPO申请，中信证券与民银资本担任联席保荐人。 这家深耕免疫炎症领域的零主营收入Biotech，选择借道港股18A规则开启资本化新征程，而这距其撤回北交所IPO申请仅三个月。 截至2025年9月，普祺医药现金及现金等价物仅1.55亿元，按当前消耗速度怕是无法维持一年正常经营。 普祺医药的核心价值，正扎根于免疫炎症赛道的蓝海市场与自身产品的差异化优势。 这一领域是全球第三大慢性病市场，全球自身免疫性疾病药物市场2033年预计达2170亿美元，过敏性疾病市场将至1311亿美元。 其中，中国市场增速更显著，两大领域2033年规模将分别达2196亿元、2938亿元，特应性皮炎、过敏性鼻炎患者分别超7500万、2.5亿，且现有治疗手段存 在疗效、安全或价格短板。 行业研发正朝着精准靶向、局部递送方向发展，口服JAK抑制剂的全身副作用让局部给药成为新风口。 普祺医药的上市之路曲折且具代表性，2022年12月新三板挂牌为冲击北交所铺路，2024年3月启动北交所辅导，2025年6月完成B轮超3亿融资后递交申请， 却因四个多月未获受理最终主动撤 ...

Core Viewpoint - The recent surge in pharmaceutical companies applying for listings on the Hong Kong Stock Exchange (HKEX) reflects a trend towards "A+H" dual-platform listings, which enhances financing channels and supports the domestic innovation of drugs and high-end medical devices [1][2][5][8]. Group 1: Listing Trends - Approximately 25 pharmaceutical companies have submitted listing applications to HKEX in September alone, with many already listed on A-shares, indicating a clear trend towards "A+H" dual-platform strategies [2][5]. - Notable companies such as Huaheng Biological and Baile Tianheng have recently applied for H-share listings, aiming to deepen their global strategic layout and enhance international financing capabilities [2][4]. Group 2: Industry Impact - The influx of companies seeking to list in Hong Kong is expected to accelerate industry consolidation, concentrating resources among financially robust listed companies and strengthening their market positions [4][8]. - Capital influx from these listings is anticipated to promote rapid development of innovative drugs and technologies, allowing companies to invest more in high-risk R&D projects, thereby improving overall industry innovation efficiency [4][8]. Group 3: Market Conditions - The favorable conditions for pharmaceutical companies include the advantages of the HKEX listing system, particularly the 18A listing rules introduced in 2018, which provide a pathway for unprofitable biotech companies to go public [5][8]. - The increasing demand for healthcare driven by population aging and accelerated regulatory approvals from domestic drug authorities create a conducive environment for pharmaceutical growth [5][8]. Group 4: Financial Performance - Many companies applying for listings are currently unprofitable, such as Maike Aote and its subsidiary Lanacheng, which reported significant losses during their respective financial periods [7][8]. - Financial data indicates that Maike Aote's R&D expenditures for 2023-2025 are projected to be approximately 87.01 million, 107 million, and 40.43 million yuan, with corresponding losses of about 195 million, 157 million, and 49.9 million yuan [7].

Core Viewpoint - He Mei Pharmaceutical is seeking to list on the Hong Kong Stock Exchange under the 18A chapter, aiming to attract capital for its development of small molecule drugs targeting autoimmune diseases and tumors, despite currently having no revenue or profit [1][3]. Group 1: Company Overview - He Mei Pharmaceutical was established in 2002 and focuses on developing small molecule drugs for autoimmune diseases and tumors, with a strong position in the industry [1]. - The company is developing seven small molecule drug candidates, all in clinical stages, and relies on government subsidies and financing for sustainable operations [1][3]. Group 2: Financial Performance - In 2023 and 2024, He Mei Pharmaceutical reported other income of approximately 4.05 million and 5.298 million RMB, respectively, primarily from government subsidies [3][4]. - The company incurred losses of approximately 156 million and 123 million RMB in the same periods, with significant expenditures in research and development [3][4]. Group 3: Product Pipeline - The core product, Mufemilast, is a novel small molecule PDE4B inhibitor, currently undergoing critical clinical trials for various indications, including psoriasis and Behçet's disease [5][6]. - Mufemilast is positioned as a unique drug with a dual mechanism of action, potentially reducing central nervous system side effects [6][7]. Group 4: Market Potential - The psoriasis drug market in China is projected to grow from 13.9 billion RMB in 2023 to 89.4 billion RMB by 2032, with a compound annual growth rate of 59.1% from 2023 to 2032 [7]. - He Mei Pharmaceutical is preparing for comprehensive clinical development of Mufemilast across eight major indications, indicating a strategic approach to capture market share [10][11]. Group 5: Competitive Landscape - The market for psoriasis treatments is becoming increasingly competitive, with major pharmaceutical companies also developing small molecule targeted therapies [10]. - He Mei Pharmaceutical's limited industry influence and recognition may pose challenges in differentiating its products in a crowded market [10][11].