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]

来源：智通财经 智通财经记者 | 黄华 智通财经编辑 | 谢欣 近日，创新药公司爱科百发再次向港交所递交了上市申请。近些年内，该公司多番冲击IPO，这已是其 五年内二度尝试港股上市。 据行业媒体药研网报道，爱科百发首次公开冲刺IPO的时间可追溯至2021年6月，当时目标是港股主 板，随后在2022年年初选择主动终止上市申请。 智通财经此前报道，2023年上半年，爱科百发放弃港交所IPO之后，正式向科创板递交了IPO招股书； 但在2024年初，爱科百发撤回了发行上市申请。 9月18日上午，就港股IPO动态一事，智通财经记者向爱科百发官网投资者关系邮箱发送了采访提纲， 截至发稿时尚未收到回复。同日上午，智通财经记者拨打了爱科百发官网联系电话，通话没有被接通。 若是从财务面看，爱科百发由于缺乏商业化产品，加之前几年的大研发投入，目前的现金状况较为糟 心，入不敷出态势严峻，这也可能促使企业再度启动IPO计划。 企业招股书显示，截至今年上半年末，爱科百发现金及现金等价物不足1亿元。但在同期，公司的研发 成本和行政开支分别是8613.8万元、1943.4万元。今年上半年，该公司继续亏损，期内亏损也过亿。 | | 截至12 ...

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].

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, with a focus on developing therapies for respiratory and pediatric diseases [1][2]. Company Overview - Aikebaifa, established in 2013, has developed a pipeline of six candidate drugs, including core products targeting respiratory syncytial virus (RSV) and other related diseases [2]. - The company employs a dual-track strategy combining licensed high-potential candidate drugs and internal research and development [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 [4][6]. - Revenue for 2023 was RMB 6.7 million, with no revenue expected for 2024 and the first half of 2025 [4][5]. Research and Development Costs - R&D costs for 2023, 2024, and the first half of 2025 were RMB 216 million, RMB 165 million, and RMB 86 million, respectively [3][5]. - The core products, including Aikebaifa's lead drug, accounted for a significant portion of R&D costs, with 53.7%, 66.5%, and 44.1% of total R&D expenses in the respective years [3]. Cash Flow and Expenditures - The company experienced negative operating cash flows of RMB 233 million, RMB 189 million, and RMB 72 million for 2023, 2024, and the first half of 2025, respectively [6]. - Aikebaifa anticipates a significant increase in expenses due to ongoing clinical development activities and regulatory approvals for its candidate drugs [7].

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, with a focus on developing therapies for respiratory and pediatric diseases [1][2]. Group 1: Company Overview - Aikebaifa was established in 2013 and has developed six candidate drugs, including its core product, Qiruisuo Wei, aimed at treating respiratory syncytial virus (RSV) infections [2]. - The company employs a dual-track strategy for drug development, combining licensed high-potential candidates with internal research efforts [2]. 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 [6][8]. - In 2023, Aikebaifa achieved revenue of RMB 6.701 million, with no revenue projected for 2024 and the first half of 2025 [4][5]. Group 3: Research and Development Costs - Research and development costs for 2023, 2024, and the first half of 2025 were RMB 216 million, RMB 165 million, and RMB 86 million, respectively [3][5]. - The core products, Qiruisuo Wei and AK3280, accounted for 53.7%, 66.5%, and 44.1% of the total R&D costs in the respective years [3]. Group 4: Future Plans and Funding Needs - The funds raised from the IPO are intended for the development of core products, clinical trials for other candidates, and commercialization efforts in the Chinese market [3]. - The company anticipates significant increases in expenses due to ongoing clinical development activities and may require additional funding through various means to sustain operations [8][9].