New stock news | Qinhao Pharmaceuticals submits application to Hong Kong Stock Exchange, mainly focusing on developing potential best-in-class targeted therapies in the field of oncology.

According to the disclosure on January 16 by the Hong Kong Stock Exchange, Qinhao Medicine (Suzhou) Co., Ltd. (referred to as Qinhao Medicine) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor. Company Profile The prospectus shows that Qinhao Medicine is a biopharmaceutical company that focuses mainly on developing potential best-in-class targeted therapies in the field of oncology. It has a differentiated and robust proprietary pipeline of innovative candidate drugs built around the RAS signaling pathway and synthetic lethality mechanisms. According to Zhushi Consultancy, in terms of clinical progress on the same target, the company's multiple candidate drugs are in a leading global position. The company's core product, GH21, is a potential best-in-class allosteric SHP2 inhibitor currently in phase 2 clinical trials. In November 2021, the company received IND approval from the National Medical Products Administration for GH21 monotherapy in the treatment of advanced solid tumors, started its phase 1 monotherapy clinical trial in May 2022, and obtained clinical research reports in March 2025, completing the phase 1 clinical trial. For combination therapy with GH21, the company received IND approvals for its combination therapy with Gezorelece and Oxitinib from the National Medical Products Administration in June 2024 and November 2023 respectively. The company is conducting a 1b/2 phase trial in China for its combination with Gezorelece and a phase 2 trial for its combination with Oxitinib. In January 2026, the company consulted the Drug Review Center and received confirmation that: (i) Phase 1 trials, 1b/2 phase trials, and phase 2 clinical trials for GH21 are independent and complete trials; (ii) The Drug Review Center has no objections to the company advancing a phase 2 clinical trial and two 1b/2 phase clinical trials; and (iii) The entire 1b/2 phase trial is a pivotal trial and should be considered as having equal efficacy to the phase 2 trial within the framework of conventional clinical stages. As of the last feasible date, the company's pipeline includes seven independently developed candidate drugs, including four in clinical stages, one approved candidate drug by the National Medical Products Administration and the US FDA, and two in preclinical stages. The company's RAS signaling pathway pipeline is represented by two candidate drugs in clinical stages, GH21 and GH55. According to Zhushi Consultancy, the combination therapy of GH21 and GH55 has further unleashed its enormous potential in patients with solid tumors with activated MAPK pathways. In November 2025, the company submitted an IND application to the National Medical Products Administration for a phase 1/2 clinical trial of the combination therapy of GH21 and GH55, aimed at the huge market for solid tumor drug treatment, which saw an additional 5.8 million patients worldwide in 2024. GH55 is a dual-mechanism ERK1/2 inhibitor suitable for the treatment of solid tumors with MAPK pathway activation, currently undergoing phase 1 monotherapy clinical trial in China. Additionally, the company has a robust pipeline of synthetic lethality candidate drugs, including two clinical stage candidate drugs, GH56 and GH2616, an approved candidate drug GH31 by the National Medical Products Administration and the FDA, and two preclinical candidate drugs, GH1581 and GH3595. According to Zhushi Consultancy, the global market for synthetic lethality drugs was $4.2 billion in 2024, projected to increase to $17.6 billion by 2023. In addition to the company's core product GH21, GH55 is also a candidate drug targeting the RAS signaling pathway. GH55 is a potential best-in-class dual-mechanism ERK1/2 inhibitor used to treat solid tumors with MAPK pathway activation. The company received IND approvals for GH55 for the treatment of solid tumors with MAPK pathway activation from the National Medical Products Administration and the FDA in September 2022 and November 2022 respectively, and is currently conducting a phase 1 monotherapy clinical trial in China. The company is currently developing five candidate drugs that exert anti-tumor activity through synthetic lethal effects: GH56, GH2616, GH31, GH1581, and GH3595: - GH56: A potential best-in-class MTA synergistic PRMT5 inhibitor that exerts synthetic lethality effects in tumors lacking MTAP. The company received IND approvals from the National Medical Products Administration and the FDA in January 2025 for clinical trials of GH56 in patients with MTAP homozygous deficiency solid tumors, currently ongoing phase 1 clinical trials in China; - GH2616: A potential best-in-class KIF18A inhibitor that exerts synthetic lethality effects in WGD+ tumors. The company received IND approvals from the National Medical Products Administration and the FDA in January 2024 to conduct clinical trials of GH2616 in patients with TP53 mutation and WGD solid tumors, currently conducting phase 1 clinical trials in China; - GH31: A potential best-in-class MAT2A inhibitor suitable for treating tumors with MTAP deficiency. The company received FDA and National Medical Products Administration IND approvals in December 2025 and January 2026. The company plans to conduct phase 1 clinical trials of GH31 in China in the first quarter of 2026; - GH1581: A potential best-in-class WRN inhibitor that exerts synthetic lethality effects in tumors with microsatellite instability ("MSI"), currently in the preclinical stage. The company plans to submit an IND application for GH1581 to the National Medical Products Administration and the FDA in the fourth quarter of 2026; - GH3595: A potential best-in-class DHX9 inhibitor suitable for solid tumors with MSI-H or HRD, currently in the preclinical stage. The company plans to submit an IND application for GH3595 to the National Medical Products Administration and the FDA in 2027. The company's candidate drug pipeline as of the last actual feasible date is as follows: Financial Data Revenue: For the fiscal year 2024, and the nine months ended September 30, 2024, and 2025, Qinhao Pharmaceutical achieved revenues of RMB 4.69 million, RMB 3.732 million, and RMB 981,000 respectively. Profit: For the fiscal year 2024, and the nine months ended September 30, 2024, and 2025, Qinhao Pharmaceutical achieved profits of approximately -152 million yuan, -96.506 million yuan, and -98.887 million yuan respectively. Industry Overview The global oncology drug market is expected to increase from $167 billion in 2020 to $2.621 trillion in 2024, with a compound annual growth rate of 11.9% during the period. By 2033, the global oncology drug market is expected to increase to $646.1 billion, with a compound annual growth rate of 10.5% from 2024 to 2033. The Chinese oncology drug market is expected to increase from $25.8 billion in 2020 to $37.2 billion in 2024, with a compound annual growth rate of 9.6% during the period. By 2033, the Chinese oncology drug market is expected to increase to $123.8 billion, with a compound annual growth rate of 14.3% from 2024 to 2033. The global market for SHP2 inhibitors is expected to exist from 2027. The market size is expected to increase from approximately $329 million in 2029 to approximately $4.821 billion in 2033, with a compound annual growth rate of 95.6% during the period. The Chinese market for SHP2 inhibitors is expected to exist from 2027. The market size is expected to increase from approximately $206 million in 2029 to approximately $784 million in 2033, with a compound annual growth rate of 39.8%. The incidence of global MAPK pathway mutated PDAC increased from 419,400 cases in 2020 to 452,300 cases in 2024, with a compound annual growth rate of 1.9% during the period. By 2033, the global incidence of MAPK pathway mutated PDAC is expected to increase to 574,200 cases, with a compound annual growth rate of 2.7% from 2024 to 2033. The incidence of MAPK pathway mutated PDAC in China increased from 88,100 cases in 2020 to 98,100 cases in 2024, with a compound annual growth rate of 2.7% during the period. By 2033, the incidence of MAPK pathway mutated PDAC in China is expected to increase to 117,200 cases, with a compound annual growth rate of 2.0% from 2024 to 2033. The global market for synthetic lethality drugs increased from $2.2 billion in 2020 to $4.2 billion in 2024, with a compound annual growth rate of 17.8% during the period. By 2033, the global market for synthetic lethality drugs is expected to increase to $17.6 billion, with a compound annual growth rate of 17.3% from 2024 to 2033. The Chinese market for synthetic lethality drugs increased from $100 million in 2020 to $400 million in 2024, with a compound annual growth rate of 30.7% during the period. By 2033, the Chinese market for synthetic lethality drugs is expected to increase to $2.7 billion, with a compound annual growth rate of 22.8% from 2024 to 2033. The global incidence of MTAP-deficient non-small cell lung cancer increased from 321,000 cases in 2020 to 368,000 cases in 2024, with a compound annual growth rate of 3.5% during the period. By 2033, the global incidence of MTAP-deficient non-small cell lung cancer is expected to increase to 464,700 cases, with a compound annual growth rate of 2.6% from 2024 to 2033. The incidence of MTAP-deficient non-small cell lung cancer in China increased from 138,600 cases in 2020 to 162,500 cases in 2024, with a compound annual growth rate of 4.1% during the period. By 2033, the incidence of MTAP-deficient non-small cell lung cancer in China is expected to increase to 211,400 cases, with a compound annual growth rate of 3.0% from 2024 to 2033. The global incidence of MTAP-deficient digestive system cancers increased from 419,400 cases in 2020 to 454,800 cases in 2024, with a compound annual growth rate of 2.0% during the period. By 2033, the global incidence of MTAP-deficient digestive system cancers is expected to increase to 514,700 cases, with a compound annual growth rate of 1.4% from 2024 to 2033. The incidence of MTAP-deficient digestive system cancers in China increased from 132,200 cases in 2020 to 139,800 cases in 2024, with a compound annual growth rate of 1.4% during the period. By 2033, the incidence of MTAP-deficient digestive system cancers in China is expected to increase to 150,600 cases, with a compound annual growth rate of 0.8% from 2024 to 2033. Board Information The board of directors will consist of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. The initial term of office for all our executive directors, non-executive directors, and independent non-executive directors is three years, and can be renewed after re-election and/or reappointment. Ownership Structure Dr. Wang Kuifeng directly owns 18.62% of the shares, Ruihao Technology Co., Ltd. holds 9.06% of the shares, Haosheng Technology Co., Ltd. holds 1.22% of the shares, Kaihao Technology Co., Ltd. holds 6.37% of the shares, Qianqin Technology Co., Ltd. holds 4.76% of the shares, Shenzhen Venture Capital holds 1.02% of the shares, Jiangsu Red Soil holds 1.40% of the shares, Changzhou Red Soil Talent holds 1.40% of the shares, and Xinjiang Venture Capital holds 1.27% of the shares. Intermediaries Exclusive Sponsor: Huatai Financial Holdings (Hong Kong) Co., Ltd. Company Legal Advisor: For Hong Kong and US laws: Ashurst LLP; For Chinese laws: Zhonglun W&D Law Firm; For intellectual property laws: Zhonglun W&D Law Firm Exclusive Sponsor Legal Advisor: For Hong Kong laws: Timothy Au & Co. with Beijing Tongshang Law Firm; For Chinese laws: Beijing Tongshang Law Firm Industry Consultant: Zhushi Industry Consulting Co., Ltd. Auditors and Reporting Accountants: Ernst & Young LLP