嘉因生物成立于2019年，是一家专门研发基因疗法和寡核苷酸药物的生物制药公司。公司已建立由 AAVarta(AI辅助AAV衣壳进化发现平台)及SODA(沉默寡核苷酸设计方法)组成的双技术平台系统，研发 范围覆盖神经系统疾病、眼科疾病，以及各类遗传性、慢性疾病，形成了多元化的产品管线。 对于此次IPO募集的资金，嘉因生物在招股书中明确了用途：主要用于核心产品EXG001-307、关键产品 EXG102-031和EXG202的后续研发，同时推进其他管线产品的研发、强化核心技术平台能力，其余将用 于日常营运、业务拓展和一般企业用途，持续攻坚基因治疗领域的核心难题。 商报讯(记者孟佳俊)基因治疗正成为企业攻坚的核心赛道。日前，专注于基因治疗研发的杭州嘉因生物 科技有限公司(下称"嘉因生物")正式向港交所递交了招股书。 目前，嘉因生物已经拥有10款在研候选产品，其中4款已经进入临床阶段。核心产品EXG001-307(针对 SMA1型)将于今年下半年将进入Ⅲ期临床。根据弗若斯特沙利文的数据，该产品不仅是治疗SMA1型的 潜在同类最佳候选产品，更是中国首个进入注册性临床试验阶段的国产SMA基因疗法。另外两款关键 产品EXG ...

Group 1 - The core focus of the Hong Kong IPO market since 2026 has been on the pharmaceutical industry, particularly innovative drugs, with several companies seeking to list on the Hong Kong Stock Exchange [1] - Exegenesis Bio Inc. (嘉因生物) has submitted its application to the Hong Kong Stock Exchange, aiming to list under Chapter 18A, with CCB International as its sole sponsor [1] - The company has raised a total of 940 million RMB in multiple financing rounds since its establishment in May 2019, with a post-investment valuation of approximately 5.78 billion USD (around 40 billion RMB) as of June 2021 [4] Group 2 - Exegenesis Bio focuses on gene therapy and oligonucleotide drugs, having developed a dual technology platform consisting of AAVarta and SODA, which are crucial for gene delivery and regulation [9][10] - The company has several product pipelines, including EXG001-307 for treating spinal muscular atrophy (SMA) type 1, and EXG102-031 and EXG202 for age-related macular degeneration (wAMD) and other eye diseases [12][22] - The global market for SMA drug treatments is projected to grow from 4.64 billion USD in 2024 to 5.93 billion USD by 2030, with a compound annual growth rate of 4.2% [16] Group 3 - Exegenesis Bio reported a loss of 314 million RMB during the reporting period, with cash and cash equivalents amounting to 262 million RMB as of September 30, 2025 [23][27] - The company has not yet achieved profitability since its inception, with losses of 220 million RMB and 94.33 million RMB recorded in 2024 and the first nine months of 2025, respectively [25][26] - The company faces significant competition in the gene therapy sector, with multiple international pharmaceutical giants also developing treatments for SMA and wAMD [24][29]

Group 1: Yuanji Food - Yuanji Food Group submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, aiming for a main board listing, with Huatai International and GF Securities as joint sponsors [3] - Established in 2017, Yuanji Food has become the largest Chinese and global fast-food enterprise, focusing on handmade dumplings and wontons, with 4,266 stores across China and Southeast Asia as of September 30, 2025 [3] - The gross merchandise value (GMV) for Yuanji Food's stores was 4.772 billion yuan in 2023 and 6.247 billion yuan in 2024, representing a year-on-year growth of 30.9% [3] - Revenue for Yuanji Food was 2.026 billion yuan in 2023 and 2.561 billion yuan in 2024, with a year-on-year growth of 26.4% [4] Group 2: Qian Dama - Qian Dama International Holdings submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, with CICC and Agricultural Bank of China International as joint sponsors [5] - Founded in 2014, Qian Dama focuses on providing fresh, high-quality products and a convenient shopping experience, leading the community fresh retail market in South China with a GMV of approximately 9.8 billion yuan in 2024 [5][6] - As of September 30, 2025, Qian Dama operated 2,938 community stores across 14 provinces and municipalities in China [6] - Revenue for Qian Dama was 11.744 billion yuan in 2023 and 11.787 billion yuan in 2024, with a gross margin of 10.2% in 2024 [7] Group 3: Big Pizza - Big Restaurant International Holdings submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with Bank of China International as the sole sponsor [8] - Established in 2002, Big Pizza operates 342 stores across 28 provinces and cities in China, with plans to open approximately 610 to 790 new stores from 2026 to 2028 [8][9] - The GMV for Big Pizza was 1.7 billion yuan in the first three quarters of 2025, ranking first among local pizza restaurants in China [9] - Revenue for Big Pizza was 944 million yuan in 2023 and 1.147 billion yuan in 2024, with a significant increase of 66.6% to 1.389 billion yuan in the first three quarters of 2025 [10] Group 4: Zeling Bio - Chengdu Zeling Biomedical Technology submitted its prospectus to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as joint sponsors [12] - Founded in 2019, Zeling Bio focuses on developing differentiated small molecule therapies for unmet medical needs in blood system diseases, tumors, and CNS diseases [12] - As of January 5, 2026, Zeling Bio has established a pipeline of eight proprietary assets, including two core products in Phase III clinical trials [12][13] Group 5: Exegenesis Bio - Exegenesis Bio Inc. submitted its prospectus to the Hong Kong Stock Exchange on January 14, 2026, with CCB International as the sole sponsor [15] - Founded in 2019, Exegenesis Bio specializes in gene therapy and oligonucleotide drugs, with a focus on innovative delivery systems [15][16] - The core candidate product EXG001-307 is a potential best-in-class therapy for spinal muscular atrophy (SMA) type 1, currently in the registration clinical trial phase [16] Group 6: Yuyuantang - Harbin Yuyuantang Traditional Chinese Medicine Clinic Group submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with 招银国际 and 国元国际 as joint sponsors [17] - Established in 2018, Yuyuantang provides a full lifecycle treatment model for traditional Chinese medicine, operating 48 licensed medical institutions in Northern China as of January 6, 2026 [17][18] - Revenue for Yuyuantang was 150 million yuan in 2023 and 215 million yuan in 2024, with a significant increase of 96.6% to 284 million yuan in the first three quarters of 2025 [18] Group 7: Laoxiangji - LXJ International Holdings updated its prospectus for the Hong Kong Stock Exchange, continuing its listing process with CICC and Guotai Junan as joint sponsors [19] - Founded in 2003, Laoxiangji operates 1,658 stores across 61 cities in China, with a market share of 0.9% in the Chinese fast-food industry [19][20] - Revenue for Laoxiangji was 4.528 billion yuan in 2022, 5.651 billion yuan in 2023, and 6.288 billion yuan in 2024, with a 10.9% increase to 4.578 billion yuan in the first eight months of 2025 [20][21] Group 8: Immvira Bioscience - Immvira Bioscience updated its prospectus for the Hong Kong Stock Exchange on January 14, 2026, with Citigroup and CICC as joint sponsors [22] - Immvira is a biotechnology company with a focus on oncolytic immunotherapy candidates and innovative engineered exosome therapeutic products [22] - The core product MVR-T3011 targets a wide range of solid tumors, including bladder cancer and head and neck squamous cell carcinoma [22]

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting several companies that have submitted their prospectuses for listing on the Hong Kong Stock Exchange. Group 1: Yuanji Food - Yuanji Food Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, aiming for a main board listing, with Huatai International and GF Securities as joint sponsors [3] - Established in 2017, Yuanji Food has become the largest Chinese fast-food enterprise globally and the largest dumpling and wonton company in China, focusing on "handmade, freshly wrapped and cooked" products [3] - As of September 30, 2025, Yuanji Food operated 4,266 stores across China and Southeast Asia, with a GMV of 47.72 billion yuan in 2023 and 62.47 billion yuan in 2024, representing a year-on-year growth of 30.9% [4] Group 2: Qian Dama - Qian Dama International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, with CICC and Agricultural Bank of China International as joint sponsors [6] - Founded in 2014, Qian Dama focuses on providing fresh, high-quality products and has pioneered the "discount day clearance" sales model, becoming the absolute leader in the community fresh food retail market in South China [6] - As of September 30, 2025, Qian Dama had 2,938 community stores across 14 provinces, with a GMV of 148 billion yuan in 2024 [7] Group 3: Big Pizza - Big Restaurant International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with Bank of China International as the sole sponsor [10] - Established in 2002, Big Pizza operates 342 stores across 28 provinces and cities in China, with plans to open approximately 610 to 790 new stores from 2026 to 2028 [10] - In the first three quarters of 2025, Big Pizza achieved a GMV of 17 billion yuan, ranking first among domestic pizza restaurants [10] Group 4: Zeling Bio - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as joint sponsors [14] - Founded in 2019, Zeling Bio focuses on developing innovative small molecule therapies for unmet medical needs in blood system diseases, tumors, and CNS diseases [14] - As of January 5, 2026, Zeling Bio has established a pipeline of eight proprietary assets, including two core products in Phase 3 clinical trials [14] Group 5: Jia Yin Bio - Exegenesis Bio Inc. submitted its prospectus to the Hong Kong Stock Exchange on January 14, 2026, with Jianyin International as the sole sponsor [18] - Founded in 2019, Jia Yin Bio specializes in gene therapy and oligonucleotide drugs, with a focus on developing a diverse and scalable product pipeline [18] - The core candidate product EXG001-307 is a potential best-in-class therapy for spinal muscular atrophy (SMA) type 1, currently in the registration clinical trial phase [19] Group 6: Yu Yan Tang - Harbin Yu Yan Tang Traditional Chinese Medicine Clinic Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with 招银国际 and 国元国际 as joint sponsors [21] - Established in 2018, Yu Yan Tang provides a full lifecycle of TCM medical services, operating a network of 48 licensed medical institutions in northern China [21] - The company ranked fifth among private chain TCM service providers in China by total revenue in 2024, with a customer repurchase rate of 81.1% in the first three quarters of 2025 [22] Group 7: Lao Xiang Ji - LXJ International Holdings Limited updated its prospectus to continue the listing process on the Hong Kong Stock Exchange, with CICC and Guotai Junan as joint sponsors [24] - Founded in 2003, Lao Xiang Ji operates 1,658 stores across 61 cities in China, with a market share of 0.9% in the Chinese fast-food industry [24] - The company reported revenues of 45.28 billion yuan in 2022, 56.51 billion yuan in 2023, and 62.88 billion yuan in 2024, with a 10.9% increase in revenue in the first eight months of 2025 [26]

Core Viewpoint - Exegenesis Bio Inc. (嘉因生物) is focused on gene therapy and oligonucleotide drugs, with a strong emphasis on innovative delivery systems and a diverse product pipeline aimed at addressing significant unmet clinical needs in both rare and common diseases [2][4]. Company Overview - Exegenesis Bio Inc. was established in 2019 and has developed advanced delivery vector technologies, positioning itself as a leader in the biopharmaceutical industry [2]. - The company has submitted its IPO application to the Hong Kong Stock Exchange, with CCB International acting as the sole sponsor [2]. Product Pipeline - The company’s core candidate product, EXG001-307, is a promising gene therapy for Spinal Muscular Atrophy (SMA) type 1, expected to be a best-in-class treatment [4][5]. - Other key candidates include EXG102-031, targeting wet Age-related Macular Degeneration (wAMD), and EXG202, aimed at treating retinal neovascular diseases, including wAMD and Diabetic Macular Edema (DME) [4][5]. - EXG001-307 is noted for its single-dose administration and its ability to minimize expression in peripheral tissues, addressing safety concerns associated with current gene therapies [4]. Market Potential - The global market for SMA treatments is projected to grow from $4.6401 billion in 2024 to $5.9319 billion by 2030, and further to $9.4469 billion by 2035 [4]. - The market for retinal neovascular disease treatments is estimated to increase from $15.6 billion in 2024 to $29.5 billion by 2030, and to $55.8 billion by 2035 [5]. Investment and Funding - Exegenesis Bio has attracted investments from notable institutions such as Hillhouse Capital, Sequoia, and Temasek, among others [6]. - The net proceeds from the IPO are intended to fund the development of core products EXG001-307, EXG102-031, and EXG202, as well as to enhance technological capabilities and support general corporate purposes [6].

Company Overview - Exegenesis Bio has submitted a listing application to the Hong Kong Stock Exchange, with CCB International as the sole sponsor [1] - The company specializes in gene therapy and oligonucleotide drugs, possessing globally leading delivery vector technology according to Frost & Sullivan [1] - Exegenesis Bio has developed proprietary platforms AAVarta (AI-assisted AAV capsid evolution discovery platform) and SODA (silencing oligonucleotide design method) [1] Key Products - The core candidate product EXG001-307 (for SMA type 1) aims to be the best-in-class therapy for spinal muscular atrophy (SMA) type 1, having received IND approval from the National Medical Products Administration in June 2022 and completed Phase I/II clinical trials in China [1] - Key candidate products EXG102-031 (AAV gene therapy for wet age-related macular degeneration, wAMD) and EXG202 (AAV gene therapy for retinal neovascular diseases including wAMD) aim to overcome the limitations of existing anti-VEGF biologics [1] Market Potential - The global gene therapy market is projected to grow from approximately $2.8 billion in 2024 to $32 billion by 2035 [2] - The Chinese gene therapy market is expected to reach RMB 11.6 billion by 2035 [2] - The global SMA drug market is anticipated to increase from $4.6401 billion in 2024 to $9.4469 billion by 2035 [2] - The Chinese SMA drug market is projected to grow from RMB 550.9 million in 2024 to RMB 3.2945 billion by 2035 [2]

Core Business and Business Model - Exegenesis Bio Inc. focuses on gene therapy and oligonucleotide drug development, established in 2019, with headquarters in the Cayman Islands and operational entities in Hangzhou and Guangzhou, China. The company utilizes two core technology platforms: AAVarta and SODA, targeting rare and common diseases for innovative therapy development [1] - The company has 11 candidate products in development, including treatments for spinal muscular atrophy (SMA), wet age-related macular degeneration (wAMD), and Fabry disease. The core product EXG001-307 (for SMA type 1) is in Phase III clinical trials, while EXG102-031 (for wAMD) and EXG202 (for retinal neovascular diseases) are in Phase I/II [1] Revenue and Financial Performance - As of the first nine months of 2025, the company reported revenue of 1.299 million RMB, primarily from R&D services for overseas clients, indicating a lack of commercialized products and a revenue scale significantly below industry averages [2][3] - The net loss for the first nine months of 2025 reached 94.33 million RMB, continuing a trend of increasing losses primarily due to high R&D expenditures, which accounted for 87.3% of total operating expenses [2] - The gross margin for the first nine months of 2025 was only 10%, reflecting a weak profitability of the current business model, which relies heavily on R&D services rather than product sales [2] Customer and Supplier Concentration - The company’s revenue is entirely dependent on a single overseas client, resulting in a customer concentration of 100%, which poses a significant risk to business continuity [3][7] - The company has a high dependency on suppliers, with the top five suppliers accounting for 47.6% of procurement in the first nine months of 2025, indicating potential supply chain risks [8] Financial Challenges - As of September 2025, the company faced severe financial challenges, with net current liabilities of 1.632 billion RMB and a cash burn rate of approximately 70 million RMB per month, suggesting that existing cash reserves can only sustain operations for about 3.7 months [5][6] Competitive Landscape - Compared to peers, Exegenesis Bio's R&D efficiency is lower, with 145 million RMB spent in 2024 to advance only one Phase III and two Phase I/II products, while competitors have achieved more significant milestones with higher investments [6] - In the SMA treatment market, competition is intense, with Novartis's Zolgensma already approved globally, and domestic competitors advancing more rapidly in clinical trials [6][10] Management and Governance - The company is controlled by a founding team holding 31.16% of voting rights, which may lead to a lack of checks and balances in decision-making due to concentrated ownership [9] - The management team has extensive experience in gene therapy, but there is a lack of transparency regarding their compensation and incentive mechanisms [9] Regulatory and Commercialization Risks - The company faces multiple risks related to clinical development, regulatory approval, and commercialization, particularly with the core product's clinical data showing inferior efficacy compared to competitors [10][11][12] - As a biotechnology company under Chapter 18A, it must meet ongoing R&D requirements post-listing, with potential delisting risks if core product development fails [11] - The company has not yet established a sales team, raising concerns about its commercialization capabilities in a competitive market [12]

Company Overview - Exegenesis Bio Inc. is a biopharmaceutical company focused on gene therapy and oligonucleotide drugs, possessing leading delivery vector technology according to Frost & Sullivan [3] - The company has developed a diverse and scalable product pipeline, including its core candidate EXG001-307 for SMA type 1, and two key candidates EXG102-031 and EXG202 for age-related macular degeneration and retinal vascular diseases respectively [3][4] Product Development - EXG001-307 is designed to reduce systemic exposure risks and enhance overall safety while restoring SMN physiological balance in motor neurons, addressing limitations of current SMA gene therapies [4] - EXG001-307 received IND approval from the National Medical Products Administration in June 2022 and has completed a Phase I/II clinical trial in China [4] - EXG102-031 and EXG202 aim to overcome limitations of existing anti-VEGF biologics, such as short half-lives and incomplete pathway inhibition [4] Financial Information - The company reported no revenue for the fiscal year ending December 31, 2024, and generated revenue of RMB 1.299 million from R&D services for a foreign client in the nine months ending September 30, 2025 [5] - R&D expenses were RMB 145 million for the fiscal year 2024 and RMB 81.64 million for the nine months ending September 30, 2025 [6] Industry Overview - The global gene therapy market is projected to grow from approximately USD 2.8 billion in 2024 to USD 12.6 billion by 2030, with a compound annual growth rate (CAGR) of 28.4% [8] - The Chinese gene therapy market is expected to grow from approximately RMB 0 billion in 2024 to RMB 2.3 billion by 2030, with a CAGR of 123.0% [11] SMA Market Insights - The global SMA drug market is expected to grow from USD 3.0308 billion in 2020 to USD 4.6401 billion in 2024, with a CAGR of 11.2% [14] - The Chinese SMA drug market is projected to increase from RMB 0.070 billion in 2020 to RMB 0.5509 billion in 2024, with a CAGR of 67.5% [17]

Company Overview - Exegenesis Bio Inc. is a biopharmaceutical company focused on gene therapy and oligonucleotide drugs, possessing leading delivery vector technology according to Frost & Sullivan [3] - The company was established in 2019 and has developed a diverse and scalable product pipeline, including its core candidate EXG001-307 for SMA type 1 and two key candidates EXG102-031 and EXG202 for age-related macular degeneration and retinal vascular diseases [3][4] Product Pipeline - The core candidate EXG001-307 is designed to reduce systemic exposure risks and enhance overall safety while restoring SMN physiological balance in motor neurons, addressing limitations of current SMA gene therapies [4] - EXG001-307 received IND approval from the National Medical Products Administration in June 2022 and has completed a Phase I/II clinical trial in China [4] - EXG102-031 and EXG202 are single-dose AAV-based gene therapies aimed at overcoming limitations of existing anti-VEGF biologics [4] Financial Information - The company reported no revenue during the fiscal year ending December 31, 2024, and generated revenue of RMB 1.299 million from R&D services for an overseas client in the nine months ending September 30, 2025 [5] - R&D expenses were RMB 145 million for the fiscal year 2024 and RMB 81.64 million for the nine months ending September 30, 2025 [6] Industry Overview - The global gene therapy market is projected to grow from approximately USD 2.8 billion in 2024 to USD 12.6 billion by 2030, with a compound annual growth rate (CAGR) of 28.4% [8] - The Chinese gene therapy market is expected to grow from RMB 0 in 2024 to RMB 2.3 billion by 2030, with a CAGR of 123.0% [11] SMA Market Insights - The global SMA drug market is anticipated to grow from USD 3.0308 billion in 2020 to USD 4.6401 billion in 2024, with a CAGR of 11.2% [14] - The Chinese SMA drug market is projected to increase from RMB 0.070 billion in 2020 to RMB 0.5509 billion in 2024, with a CAGR of 67.5% [17]

Group 1 - Exegenesis Bio Inc. submitted its listing application to the Hong Kong Stock Exchange on January 14, with CCB International as the sole sponsor [1] - The company has developed a diverse and scalable product pipeline leveraging its proprietary AAVarta and SODA technology platforms [1] - Core candidate product EXG001-307 targets SMA type 1, along with two key candidates EXG102-031 and EXG202 [1]