Core Viewpoint - The biotechnology sector in the Hong Kong stock market has seen a surge in new listings, with several companies experiencing significant first-day gains, indicating a favorable environment for IPOs in this industry [2][12] Company Overview - Aikobio, established in 2013, focuses on discovering and developing therapies for respiratory and pediatric diseases, with six candidate drugs targeting various stages of these conditions [2][10] - The company has made multiple attempts to go public, with its latest effort being the third attempt to list on the Hong Kong Stock Exchange [2][6] Product Pipeline - Aikobio has developed six candidate drugs, including: - Qiruisuo (AK0529), a novel RSV treatment that has shown positive results in pivotal Phase III trials [7][8] - AK0610, a monoclonal antibody for RSV prevention currently in Phase II [3] - AK3280, targeting idiopathic pulmonary fibrosis, in the post-proof of concept clinical stage [3][9] - AK0901, an ADHD treatment in the NDA stage [3] - Additional candidates include AK0705 for COPD and AK0406 for influenza [4] Financial Backing - Aikobio has secured multiple rounds of financing from notable investors, achieving a post-money valuation of 4.69 billion yuan after its D round in June 2022 [6] Financial Performance - In 2023, Aikobio reported revenue of 6.701 million yuan, but projected zero revenue for 2024 and the first half of 2025 due to a paused collaboration on an HBV candidate drug [10][11] - The company has incurred losses of 270 million yuan in 2023, 197 million yuan in 2024, and 104 million yuan in the first half of 2025, highlighting its reliance on external financing [11] IPO Plans and Fund Utilization - If successful in its IPO, Aikobio plans to allocate funds towards: - R&D for core products Qiruisuo and AK3280 - Clinical research for other candidates including AK0610, AK0901, AK0705, and AK0406 - Milestone payments and potential licensing opportunities - Commercialization efforts in the Chinese market - General operational expenses [11]

Core Viewpoint - Shanghai Aikebaifa Biopharmaceutical Technology Co., Ltd. (referred to as "Aikebaifa") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, marking its third attempt to enter the capital market [1][2] Company Overview - Aikebaifa was established in 2013 and focuses on innovative therapies for respiratory and pediatric diseases, developing candidate drugs to address acute, chronic, and terminal stages of these conditions [1] - The company has developed a pipeline of six candidate drugs, including its core product combination for RSV, AK3280, and AK0901, as well as other candidates for chronic obstructive pulmonary disease (COPD) and influenza [1] IPO Journey - Aikebaifa's first IPO attempt was in June 2021, which was approved by the regulatory authority in October 2021 but was voluntarily terminated in early 2022 [1] - The company then shifted its focus to the A-share market, where its IPO application was accepted in April 2023 but was withdrawn in January 2024 after a seven-month review [1] Financial Performance - As of 2023, Aikebaifa reported revenue of 6.7 million yuan, but it is projected to have no further income [2] - The company incurred losses of 270 million yuan in 2023 and 197 million yuan in 2024, with a loss of 104 million yuan in the first half of 2025, representing a nearly 20% increase compared to the same period in the previous year [2] Shareholder Composition - Despite its financial struggles, Aikebaifa has a strong shareholder base, including notable investment firms such as Qiming Venture Partners and Hillhouse Capital [2] - Prior to the IPO, the actual controller, Wu Zheng, holds a total of 25.17% of the shares through various entities [2]

爱科百发已向港交所提交上市申请。摩根大通和中信证券为联席保荐人。 公司拥有六种候选药物的管线，包括核心产品齐瑞索韦(NDA阶段的RSV治疗药物)、AK0610(II期RSV 预防单克隆抗体)、AK3280(II期IPF药物)以及AK0901(NDA阶段的ADHD药物)。 公司成立于2013年，专注于发现和开发治疗呼吸系统和儿科疾病的疗法，其候选药物可应对目前缺乏有 效治疗的疾病。 其他候选药物还包括AK0705(治疗COPD)和AK0406(治疗流行性感冒)。 ...

Core Viewpoint - Shanghai Aikebaifa Biopharmaceutical Technology Co., Ltd. (Aikebaifa) has submitted its listing application to the Hong Kong Stock Exchange, with JPMorgan and CITIC Securities acting as joint sponsors [1]. Company Overview - Aikebaifa, established in 2013, focuses on discovering and developing therapies to address medical needs in respiratory and pediatric diseases. The company has developed a pipeline of six candidate drugs targeting various stages of respiratory and pediatric diseases, including its core product Qiruisuo Wei, which is in the New Drug Application (NDA) stage for treating respiratory syncytial virus (RSV) infections [4][5]. Product Pipeline - The candidate drugs include: - Qiruisuo Wei: First-in-class drug for RSV treatment in NDA stage - AK0610: Monoclonal antibody in Phase II for RSV prevention - AK3280: Drug for idiopathic pulmonary fibrosis (IPF) in Phase II clinical stage - AK0901: ADHD drug in NDA stage - AK0705: Drug for chronic obstructive pulmonary disease (COPD) - AK0406: Drug for influenza [4][5]. Competitive Advantages - Aikebaifa claims several competitive advantages: - Leading global innovation in RSV treatment and prevention - Potential best-in-class new generation IPF drug - New generation ADHD treatment filling a critical market gap in China - Dual drug development engine with mature global business development and multi-platform R&D capabilities - Strong research and development leadership supported by notable stakeholders [5]. Financial Performance - The company reported losses for the fiscal years ending June 30, 2023, and 2024, amounting to approximately RMB 270 million and RMB 197 million, respectively. The losses for the six months ending June 30, 2024, and 2025, were approximately RMB 87.5 million and RMB 104.3 million, respectively [5][6].