Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Aikobai regarding its compliance with stock incentive plans and reasons for not completing its overseas listing after previous approvals [1][2][3] Group 1: Regulatory Requirements - Aikobai is required to clarify the actual operations of its medical device production and business, including whether it has obtained the necessary qualifications and if its business scope involves areas listed in the "Negative List for Foreign Investment Access (2024 Edition)" [1] - The company must provide details on the regulatory procedures for overseas investments and foreign exchange management related to its overseas subsidiaries, along with a conclusive opinion on compliance [1] - Aikobai is also asked to explain the compliance of its implemented stock incentive plan, including the composition of participants, any relationships with other shareholders, and the legality and fairness of the plan [1] Group 2: Listing Status and Plans - The company needs to explain the reasons for not completing its overseas listing after previous approvals [3] - Aikobai is required to detail its prior A-share listing guidance and the reasons for withdrawing its application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, including whether it plans to continue pursuing A-share listing and any potential impacts on the current listing [3] Group 3: Company Overview - Aikobai, established in 2013, is a biopharmaceutical company focused on discovering and developing therapies for respiratory and pediatric diseases [3] - The company has developed a pipeline of six candidate drugs, including its core product Qiruisuo Wei, which targets respiratory syncytial virus (RSV) infections, and other drugs in various clinical stages for conditions such as idiopathic pulmonary fibrosis (IPF) and attention deficit hyperactivity disorder (ADHD) [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested Aikobai's supplementary explanations regarding compliance of its implemented equity incentive plan and reasons for not completing its overseas listing after previous approval [1][2][3] Group 1: Regulatory Requirements - Aikobai is required to clarify the actual operations of its medical device production and business, including whether it has obtained the necessary qualifications and if its business scope involves areas listed in the "Negative List for Foreign Investment Access (2024 Edition)" [1] - The company must provide details on the regulatory procedures for overseas investments and foreign exchange management related to its overseas subsidiaries, along with a conclusive opinion on compliance [1] - Aikobai needs to explain the compliance of its implemented equity incentive plan, including the composition of participants, their relationships with other stakeholders, and the fairness of pricing and decision-making processes [1] Group 2: Listing Status - The company must explain the reasons for not completing its overseas listing after previous approval [3] - Aikobai is also required to provide details on its prior A-share listing guidance and the reasons for withdrawal, including whether it plans to continue pursuing A-share listing and any potential impacts on the current issuance [3] Group 3: Company Overview - Aikobai, established in 2013, is a biopharmaceutical company focused on discovering and developing therapies for respiratory and pediatric diseases [3] - The company has developed a pipeline of six candidate drugs, including its core product Qiruisuo Wei, which targets respiratory syncytial virus (RSV) infections, and other drugs in various clinical stages for conditions such as idiopathic pulmonary fibrosis (IPF) and attention deficit hyperactivity disorder (ADHD) [3]

Core Insights - The respiratory syncytial virus (RSV) is currently in an epidemic phase in China, with a significant number of children being hospitalized, including cases in the ICU [1] - There is no specific treatment for RSV in infants, making prevention crucial, and several companies are developing RSV-related drugs [1][2] - The global market for passive immunization agents for RSV prevention in infants is projected to grow at a compound annual growth rate (CAGR) of 78.4% from 2024 to 2028, reaching 2.99 billion yuan [2] Drug Development Landscape - Three monoclonal antibodies (mAbs) for RSV have been approved globally: Palivizumab, Nirsevimab, and Clonabivimab, with Nirsevimab being the first long-acting mAb approved in China [3] - Six additional mAbs are in clinical trials, with TNM-001 from Zhuhai Tenomab Pharmaceutical progressing to Phase III trials [3] Vaccine Development - There are 188 RSV vaccines in development globally, with three approved: GSK's Arexvy, Pfizer's Abrysvo, and Moderna's mRESVIA, none of which are available in China yet [4] - Several Chinese companies, including Chengdu Huarenkang and Beijing Kexing Zhongwei, are actively developing RSV vaccines, with some in Phase III clinical trials [4] Innovative Drug Research - Currently, there are no approved specific treatments for RSV, but notable progress is being made in small molecule drug development [6] - Aikobaf's Qiruisuo is the first targeted RSV fusion protein inhibitor to complete Phase III trials and is recognized as a breakthrough therapy in China [6] - Shionogi's oral antiviral S-337395 is in Phase II trials and has shown promising results in reducing viral load [6] Future Outlook - The ongoing development of vaccines, monoclonal antibodies, and therapeutic drugs is expected to lead to more effective prevention and treatment options for RSV [7]

Core Viewpoint - The innovative pharmaceutical company Aikobai has submitted a new IPO application to the Hong Kong Stock Exchange, marking its second attempt in five years, following previous rejections and withdrawals from both the Hong Kong and STAR Market listings [1][3]. Financial Summary - As of mid-2023, Aikobai reported cash and cash equivalents of less than 100 million RMB, while its R&D costs and administrative expenses were 86.138 million RMB and 19.434 million RMB, respectively, leading to a loss exceeding 100 million RMB for the period [3][4]. - The company has experienced significant losses, with a pre-tax loss of 269.799 million RMB for the year ending December 31, 2023, and a projected loss of 197.419 million RMB for the year ending December 31, 2024 [4][12]. Product Development and Market Position - Aikobai is focusing on the development of Qiruisuo Wei (齐瑞索韦), a treatment for Respiratory Syncytial Virus (RSV), which is nearing market approval after submitting a new drug application to the National Medical Products Administration [5][8]. - The global market for RSV treatments is limited, with only three approved drugs for prevention, highlighting the potential market opportunity for Qiruisuo Wei as it is the only product close to approval in this category [8][9]. Industry Context - The company’s reliance on the licensing-in model for drug development is increasingly seen as outdated, especially as domestic innovation capabilities grow [10][11]. - The overall market for RSV treatments is expected to evolve, with new vaccines being approved, which may impact the commercial prospects for Aikobai's products [8][9][13]. - The challenges faced by Aikobai reflect broader issues within the biotech sector, particularly for companies that depend heavily on licensing models and have not yet achieved profitability [13].

Core Insights - A large number of medical companies, including Aikobio, are applying for listings on the Hong Kong Stock Exchange, indicating a trend in the healthcare sector [1] - Aikobio has previously attempted to list on the Hong Kong Stock Exchange and has shifted its focus to the A-share market, but later withdrew its application due to strategic considerations [2][3] - The company has a dual-track drug development strategy, combining both in-house research and external collaborations [8] Company Overview - Aikobio was founded in August 2013 and became a joint-stock company in March 2021, headquartered in Shanghai [5] - The company has received multiple rounds of investment from notable investors such as Hillhouse Capital and Qiming Venture Partners [5] - As of June 2025, the founder, Dr. Wu Zheng, controls 25.17% of the company and has a strong background in pharmaceutical research [6] Product Pipeline - Aikobio has developed six candidate drugs, including AK0529, which targets respiratory syncytial virus (RSV) and is in the NDA stage [10] - The company’s core product, AK0529, is the first RSV-specific antiviral drug to show positive results in pivotal Phase III trials [18] - Another key product, AK3280, is in Phase II and targets idiopathic pulmonary fibrosis (IPF), with a significant market potential projected to grow from $6.9 billion in 2024 to $22.2 billion by 2035 [23] Financial Performance - Aikobio has not yet commercialized any products and reported cumulative losses of 570 million RMB over two and a half years [28] - The company’s revenue primarily comes from a collaboration on a hepatitis B virus candidate drug, but this project has been paused [28] - As of December 2025, the company had approximately 96.73 million RMB in cash and cash equivalents, which is expected to sustain its operations for about 16 months at the current burn rate [30]

Core Viewpoint - Shanghai Aikobio Pharmaceutical Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan and CITIC Securities as joint sponsors. The company focuses on developing therapies for respiratory and pediatric diseases, with its core product, Ziresovir, being the first NDA-stage drug targeting respiratory syncytial virus (RSV) infection globally. However, the company has accumulated losses of 571 million yuan due to the product not yet being commercialized [1][4]. Company Overview - Aikobio was founded in 2013 and has not yet commercialized any products, remaining in a loss-making state. The company reported revenue of 6.7 million yuan in 2023 but has not generated further income since then. The revenue was related to a collaboration on a hepatitis B virus candidate drug, which has since been paused [4][5]. - The company has undergone multiple rounds of financing, with notable investors including Qiming Venture Partners, TF Capital, and Hillhouse Capital. In June 2022, Aikobio completed a Series D financing round, achieving a post-money valuation of 4.69 billion yuan [2][5]. Financial Performance - Aikobio has reported cumulative losses of 571 million yuan over two and a half years. The losses for the years 2020 to 2024 were 214 million yuan, 197 million yuan, 104 million yuan, 270 million yuan, and 197 million yuan, respectively. R&D costs were approximately 86 million yuan, with a year-on-year increase of 20.58% [4][5]. - The net cash flow from operating activities for 2023, 2024, and the first half of 2025 is projected to be -232.8 million yuan, -188.7 million yuan, and -71.7 million yuan, respectively. As of June 30, 2025, the company expects to have cash and cash equivalents of 96.74 million yuan [4]. Product Pipeline - Aikobio has developed six candidate drug pipelines, including Ziresovir, AK0610 (a monoclonal antibody for RSV prevention), and AK3280 (for idiopathic pulmonary fibrosis). The company has licensed several products from Roche, including Ziresovir, which is currently in the NDA stage [6][7]. - Ziresovir is specifically designed to treat RSV infections, a common and contagious RNA virus that causes respiratory diseases, particularly in vulnerable populations. The company submitted the NDA for Ziresovir to the National Medical Products Administration in August 2025 [7]. Market Competition - Although Ziresovir has a first-mover advantage, it faces competition from other approved monoclonal antibodies for RSV, such as nirsevimab and clesrovimab, which have already captured market share [8].

Core Viewpoint - Aikobio has submitted its prospectus for a third attempt to go public on the Hong Kong Stock Exchange after previous unsuccessful attempts in 2021 and 2023, with a post-investment valuation of 4.69 billion yuan and no commercialized products or profitability to date [1][2][18]. Company Overview - Aikobio, established in 2013, focuses on discovering and developing therapies for respiratory and pediatric diseases, with six candidate drugs in its pipeline, including the core product Qiruisuo Wei, which targets respiratory syncytial virus (RSV) [6][8]. - The company has developed a partnership with Roche for Qiruisuo Wei, granting Aikobio exclusive rights for global development and commercialization [9]. Financial Performance - Aikobio reported revenues of 6.7 million yuan in 2023, with losses of approximately 270 million yuan, 197 million yuan, and 104 million yuan for the years 2023, 2024, and the first half of 2025, respectively, indicating a lack of profitability [11][12][13]. - As of June 30, 2025, Aikobio held cash and cash equivalents of 96.74 million yuan, which may not be sufficient to sustain a year of research and development operations given its current expenditure rate [14]. Shareholder Structure - The actual controller of Aikobio is Jim Zhen Wu, who holds approximately 25.17% of the company's shares through various entities [16]. - Aikobio has received multiple rounds of financing, with its latest round in June 2022 raising 190 million yuan, supported by notable investors such as Qiming Venture Partners and Hillhouse Capital [18].

Core Viewpoint - Aikobio has submitted its prospectus for a third attempt to list on the Hong Kong Stock Exchange after previous unsuccessful attempts in 2021 and 2023, with a post-investment valuation of 4.69 billion yuan and no commercialized products or profitability [1][2]. Company Overview - Aikobio, founded in 2013, is a biopharmaceutical company focused on discovering and developing therapies for respiratory and pediatric diseases [2][3]. - The company has developed six candidate drugs, including its core product Qiruisuo Wei, which is the first drug in the NDA stage targeting respiratory syncytial virus (RSV) infection [3][4]. Financial Performance - Aikobio reported revenues of 6.7 million yuan in 2023, with losses of approximately 270 million yuan, 197 million yuan, and 104 million yuan for the years 2023, 2024, and the first half of 2025, respectively [4][5]. - The company has not yet achieved profitability and has incurred significant research and development costs, totaling approximately 216 million yuan, 165 million yuan, and 86.14 million yuan during the same period [5]. Ownership and Management - The actual controller of Aikobio is Jim Zhen Wu, who holds approximately 25.17% of the company's shares [6][7]. - Jim Zhen Wu has over 30 years of experience in drug development and has held various senior positions in prominent pharmaceutical companies before founding Aikobio [7]. Investment and Valuation - Aikobio has received multiple rounds of financing, with the latest round in June 2022 raising 190 million yuan, leading to a post-investment valuation of 4.69 billion yuan [7][8]. - Notable investors include Qiming Venture Partners, Hillhouse Capital, and TF Capital, among others [8].

Core Viewpoint - Aikobio has submitted its prospectus for a third attempt to list on the Hong Kong Stock Exchange after previous unsuccessful attempts in 2021 and 2023, with no commercialized products and a post-investment valuation of 4.69 billion yuan [1][2]. Company Overview - Aikobio, founded in 2013, is a biopharmaceutical company focused on developing therapies for respiratory and pediatric diseases [2][3]. - The company has developed six candidate drugs, including its core product Qiruisuo Wei, which is in the New Drug Application (NDA) stage targeting respiratory syncytial virus (RSV) infections [3][4]. Financial Performance - Aikobio reported revenues of 6.7 million yuan in 2023, with losses of approximately 270 million yuan, 197 million yuan, and 104 million yuan for the years 2023, 2024, and the first half of 2025, respectively [4][6]. - The company has not yet achieved profitability and has incurred significant research and development costs of approximately 216 million yuan, 165 million yuan, and 86.14 million yuan during the same period [6]. Cash Position - As of June 30, 2025, Aikobio held cash and cash equivalents of 96.74 million yuan, which may be insufficient to sustain a year of research and development operations at the current expenditure rate [7]. Ownership and Valuation - Aikobio's post-investment valuation stands at 4.69 billion yuan, with significant shareholders including Qiming Venture Partners and Hillhouse Capital [8][10]. - The actual controller of Aikobio, Jim Zhen Wu, holds approximately 25.17% of the company's shares and has extensive experience in drug development [8][9].

Core Viewpoint - Shanghai Aikebaifa Biopharmaceutical Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange for the third time, following previous attempts in 2021 and 2023, indicating ongoing challenges in achieving a successful public listing [1][2]. Group 1: Company Overview - Aikebaifa, established in 2013, focuses on discovering and developing therapies for respiratory and pediatric diseases, with a pipeline of six candidate drugs [2]. - The company has developed key products targeting respiratory syncytial virus (RSV) and other related diseases, with several candidates licensed from other firms [2][3]. Group 2: Financial Performance - The company reported net losses of RMB 270 million, RMB 197 million, and RMB 104 million for the years 2023, 2024, and the first half of 2025, respectively, accumulating losses exceeding RMB 1 billion since its inception [4][5]. - Revenue for 2023 was RMB 6.7 million, with no revenue expected for 2024 and the first half of 2025, highlighting the lack of commercialized products [4][5]. Group 3: Research and Development - Aikebaifa's R&D expenses for 2023, 2024, and the first half of 2025 were RMB 216 million, RMB 165 million, and RMB 86 million, respectively, with core products accounting for a significant portion of these costs [3][5]. - The company plans to use funds raised from the IPO primarily for the development of core products and other candidate drugs, as well as for operational expenses [3][8]. Group 4: Future Outlook - The company anticipates significant increases in expenditures due to ongoing clinical development activities and may require additional funding through various means to sustain operations [8].