Core Viewpoint - The company Binhui Biotechnology is seeking to go public on the Hong Kong Stock Exchange, despite having no approved products, no sales revenue, and continuous losses, due to its HSV-2 oncolytic virus candidate drug entering Phase III clinical trials, attracting significant capital interest [1][3]. Company Overview - Binhui Biotechnology focuses on developing oncolytic virus therapies, specifically using the HSV-2 virus, which is believed to have better safety and greater gene-carrying capacity compared to the more common HSV-1 [5]. - The founder, Liu Binlei, has over 30 years of experience in tumor immunology and was involved in the development of the first FDA-approved oncolytic virus drug, IMLYGIC [4]. Market Potential - The global oncolytic virus market is projected to reach approximately $871 million in 2024, with the Chinese market estimated at around 45.3 million RMB. By 2030, the global market could grow to $7.5 billion, and the Chinese market may expand to 9.2 billion RMB [5]. Product Pipeline - Binhui has five products in various stages of development, with BS001 being the first HSV-2 oncolytic virus candidate to enter Phase III trials globally, and BS006 being the first bispecific antibody oncolytic virus currently in Phase I trials in the U.S. [7][8]. - BS001 has shown promising clinical data, with one-year and two-year overall survival rates of 91.0% and 72.0%, respectively, in melanoma patients [7]. Financial Performance - The company has reported cumulative losses exceeding 520 million RMB, with revenues from research services and reagent sales being minimal, indicating a "high investment, zero revenue" situation [9]. - As of June 30, 2025, Binhui had cash and equivalents of 166 million RMB, sufficient to cover operational needs for at least 12 months [9]. Investment and Financing - Binhui has completed seven rounds of financing, raising a total of 1.04 billion RMB, with significant early investments from local capital in Wuhan [10]. - The company's valuation has fluctuated significantly, with early investors experiencing both gains and losses in their share transfers [11]. Listing Journey - Binhui's path to listing has been complicated, having explored various markets including the Hong Kong Stock Exchange, STAR Market, and Beijing Stock Exchange before finally submitting its application to the Hong Kong Stock Exchange in September 2025 [12].

Core Viewpoint - The article discusses the innovative approach of using oncolytic viruses for cancer treatment, highlighting the case of Wuhan Binhui Biotechnology Co., Ltd. (Binhui Bio) as it applies for an IPO on the Hong Kong Stock Exchange despite having no approved products, no sales revenue, and continuous losses. The company is gaining attention due to its HSV-2 oncolytic virus candidate drug, which is the first to enter Phase III clinical trials globally [1][2]. Company Overview - Binhui Bio aims to become the first publicly listed company in China focused entirely on oncolytic virus therapies. The founder, Liu Binlei, has over 30 years of experience in tumor immunology and was involved in the development of the first FDA-approved oncolytic virus drug, IMLYGIC [2]. - The company has chosen a differentiated path by focusing on the HSV-2 virus platform, which is believed to have greater safety and gene-carrying capacity compared to the more common HSV-1 [2]. Market Potential - The global oncolytic virus market is projected to reach approximately $871 million in 2024, with the Chinese market estimated at around 45.3 million RMB. By 2030, the global market could grow to $7.5 billion, and the Chinese market may expand to 9.2 billion RMB [3]. - Oncolytic viruses are expected to have fewer side effects compared to traditional therapies and can synergize with existing treatments, potentially leading to enhanced efficacy [3]. Product Pipeline - Binhui Bio has five products in various stages of development, with BS001 and BS006 being the core products. BS001 is the first HSV-2 oncolytic virus candidate to enter Phase III trials and has received orphan drug designation from the FDA for treating advanced melanoma [4][5]. - Clinical data for BS001 shows promising survival rates, with one-year and two-year overall survival rates of 91.0% and 72.0%, respectively. The drug has also demonstrated a favorable safety profile [5]. Financial Overview - Binhui Bio has accumulated losses exceeding 520 million RMB, primarily due to R&D expenditures for BS001 and BS006. The company reported minimal revenue from R&D services and reagent sales, with drug sales generating no income [6][8]. - The company has raised a total of 1.04 billion RMB through seven rounds of financing, indicating strong investor interest despite its financial challenges [8]. IPO Journey - Binhui Bio's path to IPO has been complex, having considered multiple stock exchanges before finally applying to the Hong Kong Stock Exchange in September 2023. The company previously explored listings on the STAR Market and the Beijing Stock Exchange [11].