Core Viewpoint - Tianchen Biopharmaceuticals (Suzhou) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan Securities (Hong Kong) as the sole sponsor [1] Company Overview - Tianchen Biopharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of innovative drugs targeting allergic and autoimmune diseases, with a comprehensive pipeline of biological products across various medical fields [3] - The company has established two proprietary research and development platforms: a high-affinity antibody discovery platform and a bifunctional antibody development platform [3] Market Potential - The global autoimmune disease drug market is projected to grow from $138.9 billion in 2024 to $176.7 billion by 2030, with a compound annual growth rate (CAGR) of 4.1% [3] - The Chinese autoimmune disease drug market is expected to increase from $5.1 billion in 2024 to $19 billion by 2030, with a CAGR of 24.5% [3] - The global allergy disease drug market is anticipated to grow from $42.8 billion in 2018 to $68.8 billion in 2024, with a CAGR of 8.2%, reaching $111.4 billion by 2030 [3] Key Products - The core product, LP-003, is a next-generation anti-IgE antibody designed to treat allergic diseases, with the fastest clinical development progress among global candidates [4] - The key product, LP-005, is a bifunctional antibody fusion protein targeting C5 and C3b complement, aimed at treating various complement-mediated diseases [4] Clinical Development - LP-003 has received IND approval in China for multiple indications, including allergic rhinitis (AR) and chronic spontaneous urticaria (CSU), with ongoing Phase III trials for seasonal AR [5] - LP-005 is currently undergoing a Phase II clinical trial for treating paroxysmal nocturnal hemoglobinuria (PNH) and plans to initiate trials for other complement-mediated kidney diseases [5] Financial Overview - Tianchen Biopharmaceuticals reported other income and revenue of approximately RMB 2.23 million, RMB 3.07 million, RMB 1.38 million, and RMB 0.88 million for the fiscal years 2023, 2024, and the first half of 2025, respectively [6] - The company incurred total losses of approximately RMB 95.78 million, RMB 137.32 million, RMB 58.93 million, and RMB 94.21 million during the same periods [6][7]