Core Viewpoint - Gaohong Pharmaceutical has officially submitted its listing application to the Hong Kong Stock Exchange, with a post-investment valuation of 2.462 billion RMB following its latest round of financing [2][10]. Financing and Valuation - The company has raised a total of 662 million RMB in financing since its establishment in 2017, with the latest Series C round contributing to its current valuation [2]. - The post-investment valuations for previous financing rounds are as follows: 264 million RMB for Series A, 500 million RMB for Series B, 1.001 billion RMB for Series B+, 1.3625 billion RMB for Series B2, 1.9503 billion RMB for Pre-C, and 2.462 billion RMB for Series C [3]. Product Pipeline and Development - The core product, TLL-018, is a highly selective JAK1/TYK2 inhibitor aimed at treating chronic spontaneous urticaria (CSU) and rheumatoid arthritis (RA), with plans to submit a New Drug Application (NDA) by the end of 2026 [8][9]. - The company is also exploring additional indications for TLL-018, including atopic dermatitis and systemic lupus erythematosus, indicating a broad market potential [8]. - Other products in the pipeline include TLL-041/BHV-8000 for neurodegenerative diseases and various HL series products targeting autoimmune and metabolic diseases [14]. Leadership and Expertise - Dr. Liang Congxin, the founder, is a renowned drug design expert with over 30 years of experience in new drug development, having contributed to the creation of several blockbuster drugs [4]. - The company's competitive edge lies in its proprietary kinase chemistry platform and a promising product pipeline, which together create significant technical barriers and market advantages [4][5]. Strategic Goals - The year 2026 is identified as a critical year for commercialization, with TLL-018 expected to be the company's first commercial product, marking a new revenue chapter [9]. - The company is pursuing global expansion through collaborations, such as with Biohaven for TLL-041, and has initiated clinical trials in the U.S. for other products [9].