Core Insights - The article discusses the recent acceptance of Core Medical's IPO application by the Shanghai Stock Exchange, with Hillhouse Capital and Zhengxin Valley recognized as senior professional institutional investors [2][5] - This marks the second company to be recognized as a senior professional institutional investor for the Sci-Tech Innovation Board, following Tianomai Bo, which also involved Hillhouse [2][5] Summary by Sections Senior Professional Institutional Investors - The China Securities Regulatory Commission has introduced a system for senior professional institutional investors for companies applying under the fifth listing standard of the Sci-Tech Innovation Board, which is becoming an important endorsement for IPO candidates [3][8] - Senior professional institutional investors are characterized by high recognition thresholds, requiring long-term investment capabilities and risk identification skills [8] Investment Criteria - These investors must have a solid governance structure and a good compliance record, with specific requirements regarding investment performance, scale, and duration [8] - They must have successfully invested in and facilitated the IPO of at least five companies on the Sci-Tech Innovation Board or ten on major domestic and international boards within the last five years [8] Market Implications - The presence of senior professional institutional investors is seen as a positive indicator for potential investors, suggesting "market wisdom" [9] - For companies aiming for IPO, having such investors is advantageous but not mandatory, as the regulatory framework does not require it for approval [8][9]

Core Viewpoint - Sirius Therapeutics has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for the development of its core products and pipeline projects in the cardiovascular disease sector [1][2]. Financial Performance - The company has not generated any revenue or sales costs to date. It reported losses of RMB 309 million and RMB 342 million for 2023 and 2024, respectively. However, it is projected to achieve a profit of RMB 34.46 million in the first half of 2025, compared to a loss of RMB 159 million in the same period last year, primarily due to non-recurring income from its collaboration with CRISPR [1][2]. - For the first half of 2025, other income and gains amounted to RMB 144 million, a significant increase from RMB 4.51 million in the previous year, attributed to fair value gains from financial assets related to the CRISPR collaboration [2]. Investment and Shareholding Structure - In April 2025, Sirius Therapeutics entered into a B2 round share purchase agreement, raising approximately USD 47.5 million by issuing 26,498,776 shares, resulting in a post-funding valuation of USD 253 million [3]. - OrbiMed Entities is the controlling shareholder, with OrbiMed Asia, OrbiMed U.S., and Creacion Ventures holding 20.23% each. The CEO, Dr. Curt William Bradshaw, holds 1.46%, while Tencent's subsidiary holds 8.14% [3].

Core Viewpoint - The company, Heptares Therapeutics, is gaining significant attention in the competitive biopharmaceutical industry, particularly in the fields of immune diseases and oncology, following a remarkable 51-fold increase in net profit in the first half of the year and a substantial investment from Singapore's GIC [1][6]. Investment and Partnerships - GIC increased its stake in Heptares Therapeutics by investing approximately HKD 511 million to acquire 40.22 million shares, raising its ownership from 1.62% to 6.37% [2]. - GIC, managing over USD 800 billion, is recognized for its long-term value investment strategy, and its investment in Heptares is seen as a validation of the company's technological capabilities and commercial prospects [2]. - Heptares has established multiple collaborations with major pharmaceutical companies, including three significant partnerships with AstraZeneca, which highlight its growing influence in the global biopharmaceutical sector [4][5]. Technological Advancements - Heptares has developed proprietary antibody technology platforms, such as Harbour Mice, which can generate fully human monoclonal antibodies in various forms, enhancing its drug development capabilities [3]. - The company’s innovative products, including immune cell connectors and bispecific immune cell antagonists, are positioned to provide significant therapeutic benefits in oncology and inflammatory diseases [3]. Financial Performance - In the first half of 2025, Heptares reported total revenue of approximately CNY 725 million, a year-on-year increase of 327%, and a net profit of about CNY 523 million, reflecting a 51-fold increase [6]. - The company’s cash reserves reached approximately CNY 2.291 billion, a 92% increase from the end of the previous year, indicating strong financial health [6]. - Heptares has established a sustainable business model through innovative product licensing and partnerships, with over 40 collaborations and a potential total deal value exceeding USD 10 billion [6]. Future Prospects - Heptares plans to accelerate the development of innovative product pipelines targeting both new and known targets, with several clinical trials underway [7]. - The company aims to expand its platform capabilities into immune and inflammatory disease areas, leveraging its advanced drug discovery engines [7].

Group 1 - Two companies received IPO approvals during the week, while one company, Chengdu Ruisi Environmental Technology Co., Ltd., terminated its review process on July 25 [1][2] - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. is the first company to have its IPO application accepted under the fifth set of listing standards for the Sci-Tech Innovation Board, aiming to raise 1.5 billion yuan [1] - Tainuo Maibo reported revenues of 4.34 million yuan in 2022, with losses of 429 million yuan, 446 million yuan, 515 million yuan, and 177 million yuan in the same period [1] Group 2 - High Ling Chen Jun, a private equity fund manager, holds a 3.94% stake in Tainuo Maibo, having invested in the company before its IPO application [2] - Delijia Transmission Technology (Jiangsu) Co., Ltd. and Changjiang Sanxing Energy Technology Co., Ltd. also received IPO approvals, with the former's application taking seven months from acceptance to approval [2] - Ruisi Environmental's main revenue source, the denitration reducing agent preparation system, accounted for over 71% of its main business income in recent years, indicating potential market expansion risks [3]

Core Viewpoint - The chairman and general manager of Maiwei Biotech, Liu Datao, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected short-term trading, which may impact the company's operations and market confidence [1][2][10]. Company Overview - Maiwei Biotech was founded in May 2017 and went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 18, 2022, focusing on innovative biopharmaceuticals across various therapeutic areas [6]. - The company has experienced significant revenue growth but has faced substantial net losses since its listing [7]. Financial Performance - In 2022, Maiwei Biotech reported revenue of 27.73 million yuan, a year-on-year increase of 70.88%, but incurred a net loss of 955 million yuan [7]. - Revenue rose to 128 million yuan in 2023, a 361.03% increase, yet the net loss expanded to 1.053 billion yuan [7]. - For 2024, revenue further increased to 200 million yuan, a 56.28% growth, but the net loss remained high at 1.044 billion yuan [7]. Cost and Investment - The company attributes revenue growth to successful market expansion and increased sales of its core products, but rising operating costs and high R&D expenses have compressed profit margins [8]. - R&D expenses were reported at 759 million yuan in 2022, 836 million yuan in 2023, and 783 million yuan in 2024, indicating sustained high investment levels [8]. Market Sentiment - Maiwei Biotech's stock price has been declining, with a cumulative drop of over 12% from April 25 to May 9 [5]. - The ongoing investigation into the chairman may further dampen market confidence and complicate the company's plans for an H-share listing in Hong Kong [10].