Core Viewpoint - Libang Pharmaceutical (Jiangsu) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on the renal disease biopharmaceutical sector with a comprehensive product portfolio [2][3]. Financial Performance - The company reported revenues of 0 RMB in 2023, 6.525 million RMB in 2024, and 12.112 million RMB in the first half of 2025, with losses of 365.256 million RMB, 335.130 million RMB, and 163.985 million RMB respectively during the same periods [3][4]. - The gross profit for 2024 is projected at 830 thousand RMB, while the gross profit for the first half of 2025 is expected to be 5.262 million RMB [4]. Product Pipeline - As of the latest feasible date, Libang Pharmaceutical has a product pipeline consisting of seven candidate products, three of which are in clinical stages, and one commercialized product, Meixinluo® [2]. Shareholder Structure - As of October 30, 2025, the largest single shareholder group holds approximately 24.50% of the issued share capital, with various entities holding specific percentages [3]. Recent Financing Activity - Prior to the listing application, Libang Pharmaceutical completed a cross-round financing on October 23, 2025, involving the transfer of shares among several entities for a total consideration of approximately 98.4175 million RMB [5][6]. Leadership Background - Dr. Gavin Guoyao Xia, the co-founder and CEO of Libang Pharmaceutical, has extensive experience in the healthcare sector, with over 15 years in drug development and management of biotech startups [10][11].

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].