Sinovac's ChiNext IPO has been queried, with 10 main innovative drug pipelines in development.

On January 9th, Suzhou Xinnuowe Pharmaceutical Technology Co., Ltd. (referred to as Xinnuowe) applied for a change in the review status of the Shanghai Stock Exchange's Sci-tech Innovation Board to "under inquiry." Guotai Haitong is the sponsor institution, with plans to raise 2.94 billion yuan. According to the prospectus, the company focuses on major unmet clinical needs globally, disease-oriented, and is committed to translating innovation into clinical value, providing innovative drugs for patients in the field of diseases. The company has formed a second-tier innovative drug pipeline of "1 (NDA) + 3 (Phase III) + N," and has preliminarily realized research and development through global BD3 authorization or transfer. As of the signing date of the prospectus, the company has developed 10 main innovative drug pipelines for major disease areas such as anti-tumor and anti-infection. In the anti-tumor field, drugs such as XNW5004 (EZH2 inhibitor), XNW27011 (Claudin18.2-targeted ADC), and XNW28012 (TF-targeted ADC) are in Phase III or key clinical research stages, showing excellent clinical efficacy in pancreatic cancer, gastric cancer, prostate cancer, peripheral T-cell lymphoma, and other major diseases. In the anti-infection field, the drug injection Yimiensifu (composed of a new -lactamase inhibitor developed by the company, Fournobatan (XNW4107), Imipenem, and Cilastatin) for the treatment of hospital-acquired pneumonia (HABP) and ventilator-associated pneumonia (VABP) caused by Gram-negative bacteria has been accepted and is expected to be approved for marketing in 2026. Apart from the pipelines entering NDA and later clinical stages, the company also has several early pipelines with differentiated mechanisms and high clinical value steadily advancing. With a global perspective and layout, the company has preliminarily realized a "research-led" model through global BD. The company's first drug is expected to be listed in 2026, entering a phase of integrated growth driven by research and development, BD, and sales. The company has also achieved normalization in BD transactions, with cumulative agreement transactions amounting to over 2 billion US dollars, including agreements with well-known multinational pharmaceutical companies such as Astellas and domestic listed pharmaceutical companies such as Everest Med and China Antibody. The company's first innovative drug Yimiensifu injection is expected to be approved for domestic marketing in 2026, while XNW5004, XNW27011, and XNW28012 have been identified as breakthrough therapeutic drugs by the CDE and are expected to be marketed domestically between 2027 and 2028, driving rapid growth in the company's drug sales revenue. In terms of finance, the company achieved net profits of approximately -463 million yuan, -427 million yuan, -386 million yuan, and -374 million yuan in 2022, 2023, 2024, and January-June 2025, respectively.