Core Viewpoint - Libang Pharmaceutical (Jiangsu) Co., Ltd. focuses on the field of nephrology and has submitted a prospectus for an IPO on the Hong Kong Stock Exchange [1] Financial Performance - The core product AP301 is designed to treat hyperphosphatemia and has completed Phase III clinical trials in China, with plans to submit a new drug application soon. Global Phase III pivotal multicenter clinical trials are ongoing in the US and China [3] - The company's financial data shows no revenue in 2023, with projected revenues of 6.525 million in 2024 and 12.11 million in the first half of 2025. However, significant losses are reported, with losses of 365 million in 2023, 335 million in 2024, and 210 million in the first half of 2025 [3] - Adjusted net losses remain high, with 328 million in 2023, 286 million in 2024, and 149 million in the first half of 2025 [3] Cash Position and Shareholder Structure - The company holds cash and cash equivalents of 171 million [4] - The shareholder base includes significant stakes from Tencent at 11.732% and Guojin at 9.6166% [4]

Core Viewpoint - 礼邦医药 has submitted its listing application to the Hong Kong Stock Exchange, focusing on the renal disease sector with a product portfolio that includes both clinical candidates and a commercialized product [1][3]. Financial Performance - The company reported revenues generated solely from a single customer, the distributor of its product 美信罗 in China, with projected revenues of approximately RMB 1.969 million in the first half of 2024, RMB 6.525 million in 2024, and RMB 12.112 million in the first half of 2025 [2][4]. - The net losses for the years 2023, 2024 (first half), 2024, and 2025 (first half) are projected to be RMB 365.256 million, RMB 163.985 million, RMB 335.130 million, and RMB 209.662 million respectively [3][5]. Product Development - 礼邦医药's core product, AP301, is a potential phosphate binder for treating hyperphosphatemia and is currently in clinical development [3][6]. - The company has a total of seven candidate products, with three in clinical stages, and aims to address unmet medical needs in the renal disease field [3][6]. Research and Development - The company has a total of 65 employees in its internal R&D team, with only three being core researchers [6]. - R&D expenditures for the years 2023, 2024 (first half), 2024, and 2025 (first half) are approximately RMB 307.461 million, RMB 121.531 million, RMB 235.367 million, and RMB 110.061 million respectively, with core product R&D costs accounting for significant portions of these expenditures [6][7]. Supplier Dependency - The company’s procurement from its top five suppliers accounted for 48.9%, 57.0%, and 48.8% of total procurement in 2023, 2024 (first half), and 2025 (first half) respectively, indicating a reliance on a limited number of suppliers [8].

Core Viewpoint - Libang Pharmaceutical (Jiangsu) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Jefferies, BofA Securities, and HTSC acting as joint sponsors [1]. Company Overview - Libang Pharmaceutical is a global leader in biopharmaceuticals focused on kidney disease, possessing the most comprehensive innovative product portfolio in this field, with a wide range of indications [4]. - The chronic kidney disease (CKD) market is substantial, valued at several hundred billion dollars, indicating significant growth potential [4]. - The company has established a vertically integrated platform encompassing research and development, production, and commercialization [4]. Product Pipeline - The company has shifted its focus from hyperphosphatemia to the entire kidney disease sector, addressing unmet medical needs for patients affected by kidney diseases [4]. - As of October 27, 2025, the product pipeline includes seven candidate products (three in clinical stages) and one commercialized product [4]. - The core product, AP301, is a potential best-in-class phosphate binder for treating hyperphosphatemia, having completed Phase III clinical trials in China and currently undergoing global Phase III trials [4]. Financial Performance - For the fiscal years ending June 30, 2024, and June 30, 2025, the company reported revenues of approximately RMB 6.525 million and RMB 12.112 million, respectively [6]. - Research and development expenditures for the fiscal years 2023, 2024, and the first half of 2025 were approximately RMB 307.461 million, RMB 235.367 million, and RMB 110.061 million, respectively [6]. - The company reported a pre-tax loss of RMB 365.256 million for 2023, RMB 335.130 million for 2024, and RMB 209.662 million for the first half of 2025 [7].