Xinuo Vectech's application for an IPO on the Science and Technology Innovation Board has been accepted. It is expected that Yansif will be approved for domestic market listing next year.

On December 22, Suzhou Hengrui Medicine Technology Co., Ltd. (hereinafter referred to as "Hengrui") submitted its application for IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board. Guotai Haitong is its sponsoring institution, and it plans to raise 2.94 billion yuan. The prospectus shows that Hengrui is a biopharmaceutical company focused on addressing major unmet clinical needs globally, disease-oriented, dedicated to translating innovation into clinical value, and providing innovative drugs for the best treatment of diseases. Hengrui has formed an innovative drug pipeline tier of "1 (NDA) + 3 (Phase III) + N", and has preliminarily realized the "Research to Research" model through global BD licensing or transfer. Currently, Hengrui is developing 10 main innovative drug pipelines in various market spaces with broad potential in major disease areas such as anti-tumor and anti-infection fields. Among them, XNW5004 (EZH2 inhibitor), XNW27011 (Claudin 18.2 targeted ADC), and XNW28012 (TF targeted ADC) in the anti-tumor field are in Phase III or critical clinical research stage, and these drugs have shown excellent clinical efficacy. These pipelines have been recognized by the China National Medical Products Administration's Drug Evaluation Center as breakthrough therapeutic drugs, and XNW27011 and XNW28012 have been granted fast track designation by the US Food and Drug Administration (FDA), with XNW28012 also receiving orphan drug designation from the FDA. In the anti-infection field, the injection form of Imipenem, Sulbactam, Ampicillin (a combination of the company's independently developed novel -lactamase inhibitor Fovobatan (XNW4107) with Imipenem and Cilastatin Sodium) is used to treat hospital-acquired bacterial pneumonia (HABP) and ventilator-associated bacterial pneumonia caused by gram-negative bacteria. Its drug marketing approval application has been accepted and is expected to be approved for market launch by 2026, helping to address the dilemma of antibiotic resistance to gram-negative bacteria in China. The Imipenem injection has already received the FDA's Qualified Infectious Disease Product certification and fast track designation. In addition to the above pipelines entering NDA and late-stage clinical trials, the company has several early-stage pipelines with differentiating mechanisms and high clinical value that are progressing steadily and systematically. With a global perspective and layout, Hengrui has preliminarily realized the "Research to Research" model through global BD, expecting its first drug to be launched in 2026. The company is entering a stage of integrated growth driven by research and development (R&D), BD, and sales. The company has already normalized BD transactions, quickly unlocking the pipeline value, and demonstrating recognition of the company's R&D capabilities and pipeline value by multinational pharmaceutical companies and domestic well-known listed pharmaceutical companies. Currently, Hengrui has four pipelines in progress that have been authorized for external cooperation or transfer, with partners including renowned multinational pharmaceutical companies such as AstraZeneca and domestic listed pharmaceutical companies such as EVEREST MED (01952) and China Biotech (03681). The cumulative transaction amount (including upfront payments, milestone payments, etc.) has exceeded 2 billion US dollars, with 130 million US dollars (pre-tax) in irrevocable upfront payments received in 2025, which is expected to achieve profit at the company level that year (after deducting non-recurring gains and losses), thereby preliminary achieving the "Research to Research" model. Furthermore, the company's first innovative drug Imipenem injection is expected to be approved for domestic market launch in 2026. XNW5004, XNW27011, and XNW28012 have all received CDE breakthrough therapy designation and are expected to be successively launched in China between 2027 and 2028, driving rapid growth in the company's drug sales revenue. The funds raised in this offering, net of issuance expenses, are intended to be invested in the following projects: Hengrui has not yet obtained market approval for any of its drugs, and has not generated any drug sales revenue. Although the company has preliminarily realized the "Research to Research" model through BD transactions of its pipeline drugs, due to the company's rich pipeline of research, with three products in Phase III clinical trials and several pipelines in early clinical development or preclinical stages, the company's R&D intensity and R&D expenses will continue to remain at a high level. The company has continued to incur losses during the reporting period, with net profits attributable to the parent company's shareholders of -463 million yuan, -427 million yuan, -386 million yuan, and -374 million yuan for the fiscal years 2022, 2023, 2024, and the first six months of 2025, respectively. The company's ongoing losses are mainly due to its continued focus on the development of innovative drugs since its establishment, with long research and development cycles, high uncertainty, and large capital investment.