Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 19 companies, including LUPENG Pharmaceutical, which is preparing for an IPO in Hong Kong. The CSRC has requested clarifications on the company's offshore structure compliance, shareholder transparency, and the arrangements of the actual controller's trust [1][2]. Group 1: Regulatory Requirements - The CSRC requires LUPENG Pharmaceutical to clarify the compliance of its offshore structure and reverse mergers, including details on foreign exchange management, offshore investment, and tax management [1]. - The company must provide a complete transparency report on its controlling shareholders and any shareholders holding more than 5%, including the rationale for recent share prices and any potential conflicts of interest [2]. - The company is also required to verify its stock option incentive plan in accordance with regulatory guidelines before its IPO [2]. Group 2: Company Overview - LUPENG Pharmaceutical is a biopharmaceutical company focused on developing high bioavailability oral drugs for cancer and autoimmune diseases, with a proprietary drug development platform [4]. - The company has established a product pipeline with six major candidates, three of which are in the new drug application and clinical stages [4]. - As of June 30, 2025, the company reported cash and cash equivalents of 66.7 million yuan, with no commercial revenue generated to date [4]. Group 3: Financial Performance - The company reported net losses of 1.59 billion yuan in 2023, 338.5 million yuan in 2024, and a projected profit of 35.9 million yuan in the first half of 2025 [5]. - Research and development expenses accounted for over 80% of total operating expenses, with a decreasing trend observed in 2024 and the first half of 2025 [5][6]. - The increase in fair value gains from preferred shares contributed to the company's profitability in 2024, despite overall losses in previous years [6]. Group 4: Shareholder Structure - The largest single shareholder group, including Dr. Tan, Ms. Li, and Dr. Chen, holds a combined 22.27% of the company, with other significant shareholders including Kaita Capital (16.15%) and Eli Lilly Asia (9.03%) [6]. - The company plans to use the funds raised from the IPO primarily for clinical development of core products, pipeline expansion, and operational funding [9].

12月26日，中国证监会发布《境外发行上市备案补充材料要求(2025年12月22日—2025年12月26日)》。 中国证监会国际司公示19家企业补充材料要求，其中，要求麓鹏制药补充说明搭建离岸架构及返程并购 的合规性等事项。据港交所10月31日披露，麓鹏制药有限公司向港交所主板提交上市申请书，中信证券 为独家保荐人。 证监会请麓鹏制药补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于搭建离岸架构及返程并购的合规性，请说明：(1)公司及境内股东搭建离岸架构和返程投资涉 及的外汇管理、境外投资、外商投资、税务管理等监管程序具体履行情况，并说明是否符合当时有效监 管规定的结论性意见；(2)公司取得境内运营实体的交易对价、定价依据、支付手段、支付期限、定价 的公允性，以及上述股权转让环节相关转让方纳税申报义务履行情况，是否符合《关于外国投资者并购 境内企业的规定》。 六、关于本次发行上市：(1)请说明公司股份拆细的具体计划安排，是否影响本次发行股份数量；(2)请 说明超额配售权行使前后的预计募集资金数量及其具体计算方式，募集资金具体用途，境内外用途占比 情况，以及履行境内外投资审批、核准或备案情况。 招股书 ...

智通财经APP获悉，12月26日，中国证监会发布《境外发行上市备案补充材料要求(2025年12月22日— 2025年12月26日)》。中国证监会国际司公示19家企业补充材料要求，其中，要求麓鹏制药补充说明搭 建离岸架构及返程并购的合规性等事项。据港交所10月31日披露，麓鹏制药有限公司向港交所主板提交 上市申请书，中信证券为独家保荐人。 证监会请麓鹏制药补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于搭建离岸架构及返程并购的合规性，请说明：（1）公司及境内股东搭建离岸架构和返程投资 涉及的外汇管理、境外投资、外商投资、税务管理等监管程序具体履行情况，并说明是否符合当时有效 监管规定的结论性意见；（2）公司取得境内运营实体的交易对价、定价依据、支付手段、支付期限、 定价的公允性，以及上述股权转让环节相关转让方纳税申报义务履行情况，是否符合《关于外国投资者 并购境内企业的规定》。 五、关于境内运营实体：（1）请说明公司境内运营实体注册资本实缴情况，历次增资及股权转让定价 依据，是否实缴出资，是否存在未履行出资义务、抽逃出资、出资方式存在瑕疵的情形，并就设立及历 次股权变动是否合法合规出具明确结论性意见 ...

Group 1: Recent IPOs - Minglue Technology, a data intelligence application software company, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.018 billion with a market capitalization of HKD 31.301 billion [1] - Seres, a new energy vehicle brand, completed its IPO on the Hong Kong Stock Exchange, raising around HKD 14.283 billion and achieving a market capitalization of HKD 247.6 billion [2] - Joyson Electronics, a provider of automotive technology solutions, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 3.412 billion with a market capitalization of HKD 31.388 billion [3] - Wangshan Wangshui, a biopharmaceutical company, completed its IPO on the Hong Kong Stock Exchange, raising about HKD 0.587 billion and achieving a market capitalization of HKD 13.743 billion [4] - WeRide, an L4 autonomous driving technology company, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 2.392 billion with a market capitalization of HKD 25.049 billion [5] Group 2: Companies Filing for IPO - Xinde Semiconductor, a semiconductor packaging and testing solutions provider, filed for an IPO on the Hong Kong Stock Exchange [6] - Haiguangxin, a provider of optical interconnect products, submitted an IPO application to the Hong Kong Stock Exchange, ranking 10th globally in professional optical module providers by revenue for 2024 [8] - Dingtai Pharmaceutical, a contract research organization, filed for an IPO on the Hong Kong Stock Exchange, offering integrated solutions for pharmaceutical companies and research institutions [9] - Haote Energy, an energy management solutions provider, submitted an IPO application to the Hong Kong Stock Exchange, focusing on data center energy management [10] - Guoxia Technology, a renewable energy solutions provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy storage systems [11] - Tiantong Vision, an L4 solution provider, submitted an IPO application to the Hong Kong Stock Exchange, offering comprehensive intelligent driving solutions [12] - Lupeng Pharmaceutical, a platform-based pharmaceutical company, filed for an IPO on the Hong Kong Stock Exchange, focusing on high bioavailability oral drugs [13][14] - Libang Pharmaceutical, a biopharmaceutical company specializing in kidney disease, submitted an IPO application to the Hong Kong Stock Exchange [15] - FSTech, a provider of electric drive solutions, filed for an IPO on the Hong Kong Stock Exchange, ranking second in China's industrial control sector by revenue for 2024 [16] - Ketao Co., a smart parking space operator, refiled for an IPO on the Hong Kong Stock Exchange after a previous application expired [17] - Zhihui Interconnect, an AI company, submitted an IPO application to the Hong Kong Stock Exchange, focusing on urban traffic management solutions [18] - Taotao Vehicle, an electric mobility company, filed for an IPO on the Hong Kong Stock Exchange, ranking second globally in the electric low-speed vehicle industry by revenue for 2024 [19] - Nanhua Futures, a financial services provider, refiled for an IPO on the Hong Kong Stock Exchange after a previous application expired [20] Group 3: Companies Passing Hearings - Haiwei Electronics, a capacitor film manufacturer, passed the listing hearing on the Hong Kong Stock Exchange, ranking second in China by capacitor film sales volume for 2024 [21] Group 4: Companies Approved for Filing - Xidi Zhijia received approval for overseas issuance and "full circulation" of unlisted shares from the China Securities Regulatory Commission [22]

Core Viewpoint - Lupu Pharmaceutical Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, focusing on the development of high bioavailability oral drugs for cancer and autoimmune diseases [3]. Financial Performance - The company recorded other income and revenue of RMB 25.536 million, RMB 12.072 million, RMB 6.935 million, and RMB 6.774 million for the years 2023, 2024, and the first halves of 2024 and 2025, respectively [4]. - The net loss for the years 2023 and 2024 was RMB -159.44 million and RMB -3.385 million, while the company is projected to achieve profits of RMB 32.897 million and RMB 35.896 million in the first halves of 2024 and 2025, respectively [4]. Product Pipeline - Lupu Pharmaceutical has established a product pipeline consisting of six major candidate products, with three core assets (LP-168, LP-108, and LP-118) currently in the new drug application and clinical stages [3]. Shareholding Structure - Dr. Tan Fenlai and Dr. Chen Yi, through various entities, control a combined voting power of 21.73% in the company, making them the largest shareholder group [5]. Executive Profile - Dr. Tan Fenlai, the Chairman, CEO, and Chief Medical Officer, has extensive experience in the pharmaceutical industry and has been with the company since June 2018 [8][9]. Executive Compensation - Dr. Tan Fenlai's compensation (excluding share-based payments) for the years 2023, 2024, and the first half of 2025 was RMB 2.249 million, RMB 2.394 million, and RMB 0.923 million, respectively [10].

Core Insights - Lupo Pharmaceutical Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company focuses on developing high bioavailability oral drugs to address unmet medical needs in cancer and autoimmune disease patients [2] R&D Expenditure - Lupo Pharmaceutical has a high proportion of R&D expenditure, with R&D costs accounting for 83.9%, 85.3%, and 82.3% of total operating expenses in the first half of 2023, 2024, and 2025 respectively [2] - The company's net profits for 2023, 2024, and the first half of 2025 are projected to be -159 million, -3.385 million, and 35.896 million respectively, indicating significant fluctuations in performance [2] Product Pipeline - The company has established a product pipeline that includes six major candidate products, with three core assets (LP-168, LP-108, and LP-118) in the new drug application and clinical stages [2] - The funds raised will primarily be used for the R&D of these core products and the continued development of the BeyondX oral drug chemistry platform [3] Supply Chain and Procurement - Lupo Pharmaceutical's main suppliers include CROs and other clinical service providers, with a procurement strategy in place to ensure alternative sources for supplies [3] - The procurement amounts to the top five suppliers were 45 million, 42 million, and 10 million for 2023, 2024, and the first half of 2025, representing 39.5%, 44.1%, and 38.1% of total procurement respectively [3] Development Risks - The company acknowledges that its candidate drugs involve development risks that could lead to delays and cost overruns in clinical development, regulatory approval, or commercialization [4] - The future business and financial outlook of the company heavily relies on the successful development, approval, and commercialization of its candidate drugs [4]