Wan Gao Pharmaceutical's IPO on the Shenzhen Stock Exchange has been terminated. Its main business includes research, development, production, and sales of chemical drugs and traditional Chinese medicine.

On July 30, Jiangsu Wanga Pharmaceuticals Co., Ltd. (referred to as Wanga Pharmaceuticals) terminated its IPO on the Shenzhen Stock Exchange's ChiNext board. This decision was made because Wanga Pharmaceuticals and its sponsor withdrew their application for listing. According to the Shenzhen Stock Exchange's Stock Issuance and Listing Review Rules (2024 Revision) Article 62, the Shenzhen Stock Exchange decided to terminate the listing review. The prospectus shows that Wanga Pharmaceuticals' main business includes the research, production, and sales of chemical drugs and traditional Chinese medicine, as well as providing drug process research and production services to external parties (CMO/CDMO business). Since its establishment in 2003, the company has always focused on research and development, committed to an integrated approach to production and research, and has independently developed and produced drugs in various areas such as cardiovascular, diabetes and its complications, calcium supplements, anticancer, and gastrointestinal fields. The company has established a diverse product pipeline and research and production technology service system. Currently, Wanga Pharmaceuticals' main products include chemical drugs and traditional Chinese medicine. Chemical drugs include products such as Valsartan Hydrochlorothiazide tablets/disintegrating tablets, Calcium Dobesilate Capsules/disintegrating tablets, Calcium Carbonate D3 Chewable Tablets, and others. Traditional Chinese medicine includes products like Cod Liver Oil soft capsules. In addition, Wanga Pharmaceuticals also provides CMO/CDMO services in the pharmaceutical product research and production process for clients. Under the CMO model, drugs are proposed by clients and the company is commissioned to provide drug research and development phase verification, clinical sample production, auxiliary research work, as well as commercial production services after the drug is on the market. Under the CDMO model, some drugs are proposed by clients and the company is commissioned to provide research and production services; while others are independently proposed and developed by the company, with the company taking on research and development investment. Once the development reaches a specific stage, the company may transfer the technology to clients based on the company's product layout and market demand, and continue to provide clients with research and production services. The pharmaceutical manufacturing market in China is large, but there are many pharmaceutical companies, leading to intense competition in the market and low industry concentration. According to data from the National Bureau of Statistics, as of the end of 2021, there were 8,337 pharmaceutical manufacturing companies in China, with a high degree of marketization due to the large number of companies producing the same type of products. In terms of company size, there is a pyramid distribution of large, medium, and small companies in the industry, with small companies being the most common. Wanga Pharmaceuticals' main products cover a range of areas including cardiovascular diseases, diabetes complications, anticancer treatments, calcium supplements, gastrointestinal system medications, among others, and hold a certain market share in their respective categories. According to data from Zhongkang CMH or Yao Rongyun, from 2019 to 2021, the company's main products in the cardiovascular field such as Valsartan Hydrochlorothiazide tablets/disintegrating tablets and Benazepril Dispersible tablets, in the diabetes complication field such as Calcium Dobesilate Capsules/disintegrating tablets, and in the anticancer field such as Cod Liver Oil soft capsules, had a high market share among competing products, ranking within the top 3. The calcium supplement product Calcium Carbonate D3 Chewable Tablets, launched in 2019, increased its market share from 0.25% to 3.50%, showing a rapid development trend. As of the signing date of the prospectus, Wanga Pharmaceuticals had obtained 1 clinical trial approval for innovative drugs, which is currently in phase II clinical trials; obtained 1 clinical trial approval for improved new drugs; obtained 24 registration approvals for chemical generic drug formulations and 17 registrations for traditional Chinese medicine formulations, with 9 products included in the national essential drug list, 31 products included in the national medical insurance list, and 15 products passing or considered to pass the consistency evaluation (all achieved since the beginning of the reporting period); the company had obtained 28 invention patents. In terms of finance, in 2019, 2020, 2021, and the first half of 2022, Wanga Pharmaceuticals achieved revenues of approximately 640 million, 670 million, 660 million, and 315 million RMB respectively, with net profits of 62.87 million, 58.61 million, 89.06 million, and 35.60 million RMB during the same periods.