Core Viewpoint - Huazhan Biotechnology is attempting to go public in Hong Kong despite not having any commercialized products and facing significant financial losses [1][8]. Company Overview - Huazhan Biotechnology focuses on wound healing therapies, particularly PDGF (platelet-derived growth factor) drugs, with two core products that have not yet been commercialized [1][3]. - The company has reported revenues below 500,000 yuan in both 2023 and 2024, with no revenue generated in the first five months of 2025 [3][8]. Product Development - The two core products are Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot ulcers [3][6]. - Pro-101-1 has completed Phase IIb clinical trials in China and is the fastest PDGF candidate for burn treatment in clinical development [3][4]. - Pro-101-2 is currently undergoing Phase II clinical trials in China [6]. Market Competition - The market for PDGF drugs is competitive, with several similar products already approved, including 12 drugs for burn treatment and others for diabetic foot ulcers [1][4]. - Existing treatments for diabetic foot ulcers and burns include negative pressure therapy and skin substitutes, which have limitations in accelerating wound healing [8]. Financial Performance - Huazhan Biotechnology has incurred losses of approximately 105 million yuan in 2023 and 212 million yuan in 2024, with a loss of 72.38 million yuan reported by May 31, 2025 [8][9]. - The company's administrative and R&D expenses were approximately 42.12 million yuan and 39.91 million yuan in 2023, and increased significantly in 2024 [9]. Liquidity and Debt - The company's liquidity ratio has significantly decreased from 20.9 in 2023 to 4.9 by May 31, 2025, indicating weakened debt repayment capacity [10][11]. - Huazhan Biotechnology has undergone three rounds of financing, with valuations increasing from 800 million yuan in 2021 to 3.3 billion yuan in 2023 [11][12]. IPO Urgency - The company is under pressure due to two "bet agreements" requiring it to complete an IPO by December 31, 2026, or face obligations to buy back shares from investors [12].