Core Viewpoint - HeMei Pharmaceutical has received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing application, indicating several compliance and procedural inquiries that need to be addressed before proceeding with the listing [1][2][4]. Group 1: Listing Process and Regulatory Feedback - The CSRC has requested detailed information on the company's previous A-share listing guidance and whether it plans to continue with the A-share listing process [1]. - The company must clarify the legality and compliance of its historical restructuring, including foreign exchange registration and tax procedures [2]. - HeMei Pharmaceutical submitted its listing application to the Hong Kong Stock Exchange on May 29, 2023, with GuoZheng International as the sole sponsor [4]. Group 2: Company Background and Financials - Established in 2002, HeMei Pharmaceutical is an innovative biopharmaceutical company focused on developing small molecule drugs for autoimmune diseases and tumors, with key therapeutic areas including psoriasis, Behçet's disease, and inflammatory bowel disease [4]. - The company has completed six rounds of financing, raising a total of approximately 951 million yuan, and its post-investment valuation reached 3.9 billion yuan after the E round of financing in Q4 2024 [4]. Group 3: Clinical Development and Challenges - As of the latest feasible date, HeMei Pharmaceutical has developed seven small molecule drug candidates, with two drugs in Phase III clinical trials or NDA stages [5]. - Despite the advancement of its core pipeline, the clinical data of the company's core pipeline is significantly weaker than competitors, indicating potential challenges in future commercialization [5].

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for nine companies, including Hemei Pharmaceutical, regarding their overseas listing applications [1] - Hemei Pharmaceutical is required to clarify its previous A-share listing guidance and whether it plans to continue with the A-share listing process [1] - The company was founded in 2002 and focuses on discovering and developing small molecule drugs for autoimmune diseases and tumors, positioning itself at the forefront of the industry [2] Group 2 - As of May 21, 2025, Hemei Pharmaceutical has developed seven small molecule drug candidates targeting unmet needs in autoimmune and tumor diseases, with four candidates in clinical trials or NDA stages for twelve indications [2] - The core product, Mufemilast, is a novel small molecule PDE4B protein expression blocker and PDE4 inhibitor, showing potential for treating a wide range of autoimmune diseases [2] - According to Frost & Sullivan, Mufemilast may be a first-in-class drug with dual mechanisms of action, blocking PDE4B protein expression and inhibiting PDE4 activity [2]