New stock news: Puqi Pharmaceuticals has submitted an application to the Hong Kong Stock Exchange. Its core product, the PMX-809 gel, has completed phase III clinical trials.

According to the disclosure by the Hong Kong Stock Exchange on January 21st, Beijing Puqi Pharmaceutical Technology Co., Ltd. (referred to as Puqi Pharmaceutical) submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC and CMBC CAPITAL as joint sponsors. Company Profile The prospectus shows that Puqi Pharmaceutical is a biotech company focusing on the field of immune inflammation, committed to becoming a leader in targeted therapy delivery. Since its establishment in 2016, the company has been deeply involved in the treatment of chronic inflammatory diseases with innovative original design and precise targeted delivery as its core capabilities, aiming to provide innovative solutions that combine efficacy, safety, and long-term patient satisfaction. Based on a deep understanding of immune inflammatory signaling pathways, the company has discovered that the core pathological processes of various chronic diseases are highly related to the synergistic action of extracellular immune signal transduction and transcriptional regulation (represented by Janus kinase-signal transducer and activator of transcription ("JAK-STAT") pathway) and immune cell activation regulatory pathways. Based on this insight, the company has formed an innovative product pipeline with similar pioneering potential, targeting multiple indications with significant unmet medical needs using original designed molecules. With an in-depth understanding of these signaling pathways and a comprehensive innovative drug development system, Puqi Pharmaceutical has developed its core product PG-011 (Pumesutinib). It has two formulations, including Pumesutinib gel for atopic dermatitis and Pumesutinib nasal spray for allergic rhinitis. The company also has a diverse portfolio of candidate products, including PG-033 tablets for pruritus, PG-018 tablets for autoimmune kidney disease, and PG-040 eye drops for glaucoma. The company is also actively exploring the expansion of indications for Pumesutinib, including perennial allergic rhinitis, nodular prurigo, and non-segmental vitiligo. Pumesutinib Gel: The world's first JAK inhibitor gel for the treatment of atopic dermatitis. The company has completed phase III clinical trials for adults and adolescents aged 12-17 with atopic dermatitis, pending new drug application. The company is currently expanding the indications of Pumesutinib gel to treat atopic dermatitis in children aged 2-11. Pumesutinib Nasal Spray: The world's first clinical-stage JAK inhibitor nasal spray for the treatment of seasonal allergic rhinitis (SAR). It is currently in phase III clinical trials for adults with SAR. The company is also expanding the indications of Pumesutinib nasal spray to treat SAR in adolescents aged 12-17 and perennial allergic rhinitis (PAR) in adults. PG-033 tablets: A novel transient receptor potential vanilloid subtype 3 (TRPV3) inhibitor with similar pioneering potential, inhibiting calcium release channels and blocking the itch signal pathway. It is currently in phase I clinical research. In addition to treating itching associated with neurodermatitis, the indications for PG-033 are being expanded to relieve stubborn itching and hyperkeratosis associated with Olmsted syndrome, a genetic disease triggered by excessive activation of the TRPV3 gene. There is currently no approved treatment for this disease, creating an urgent unmet medical need. PG-018 tablets: A novel JAK1-ROCK dual-target inhibitor for the treatment of autoimmune kidney disease. It targets both JAK1 and Rho-associated coiled-coil kinase (ROCK) associated with endothelin receptor, currently in phase I clinical research. PG-018 aims to regulate immune function by acting on JAK1 to inhibit abnormal activation, and lower blood pressure by acting on ROCK. PG-018 targets two disease mechanisms simultaneously, expected to bring synergistic clinical benefits for membranous nephropathy, IgA nephropathy, and other autoimmune kidney diseases. PG-040 eye drops: A novel ROCK-JAK dual-target eye drops for the treatment of glaucoma. It aims to lower intraocular pressure (IOP) by inhibiting ROCK, and achieve anti-inflammatory effects by inhibiting JAK. Compared to traditional glaucoma therapies that primarily target IOP reduction, this drug is expected to bring synergistic clinical benefits, achieving better optic nerve protection. Financial Information Revenue: For the fiscal year 2024, 2024, and the nine months ended September 30, 2025, Puqi Pharmaceutical's other net revenues were RMB 11.22 million, RMB 8.19 million, and RMB 11.58 million, respectively. Profit: For the fiscal year 2024, 2024, and the nine months ended September 30, 2025, Puqi Pharmaceutical incurred losses of approximately RMB 178 million, RMB 133 million, and RMB 125 million, respectively. Industry Overview Autoimmune diseases refer to a category of diseases where the body's immune system incorrectly identifies and attacks its own tissues or cells due to genetic, environmental, or other abnormal factors, leading to tissue damage, functional impairment, or organ failure. It has become the third largest chronic disease after cardiovascular diseases and cancer. From 2019 to 2024, the global autoimmune disease drug market size increased from USD 116.9 billion to USD 143.1 billion, with a compound annual growth rate of 4.1%. It is expected that by 2028 and 2033, the global autoimmune disease drug market size will reach USD 179.5 billion and USD 217 billion, with compound annual growth rates of 5.8% from 2024 to 2028 and 3.9% from 2028 to 2033. Driven by factors such as the rising prevalence of various autoimmune diseases, unmet clinical needs, and significant research and development progress, the Chinese autoimmune disease drug market has shown rapid growth in recent years. From 2019 to 2024, the market size of Chinese autoimmune disease drugs increased from RMB 16.2 billion to RMB 32.8 billion, with a compound annual growth rate of 15.1%. It is predicted that by 2028 and 2033, the market size of Chinese autoimmune disease drugs will reach RMB 87 billion and RMB 219.6 billion, with compound annual growth rates of 27.6% from 2024 to 2028 and 20.3% from 2028 to 2033. Global allergy disease incidence is on the rise, especially among children and adolescents, with main types including allergic rhinitis, allergic asthma, urticaria, among others. From 2019 to 2024, the global allergy disease drug market size increased from USD 45.5 billion to USD 68.8 billion, with a compound annual growth rate of 8.6%. It is expected that by 2028 and 2033, the market size will reach USD 98.5 billion and USD 131.1 billion, with compound annual growth rates of 9.4% from 2024 to 2028 and 5.9% from 2028 to 2033. As pharmaceutical technology advances, precision medicine and personalized treatments have become a trend, with new drugs continually emerging to provide more options for patients with allergic diseases. The Chinese market for allergy disease drugs has shown rapid growth in recent years. From 2019 to 2024, the market size of Chinese allergy disease drugs increased from RMB 30.5 billion to RMB 57.5 billion, with a compound annual growth rate of 13.5%. It is predicted that by 2028 and 2033, the market size will reach RMB 108.9 billion and RMB 293.8 billion, with compound annual growth rates of 17.3% from 2024 to 2028 and 22.0% from 2028 to 2033. Atopic dermatitis (AD) is a chronic, recurrent, inflammatory skin disease characterized by itching, polymorphic skin lesions, and a tendency to exudate. The number of Chinese patients with atopic dermatitis increased to 72.9 million in 2024, with a compound annual growth rate of 2.1% from 2019 to 2024. It is estimated that by 2028, the number of Chinese patients with atopic dermatitis will reach 77.5 million, with a projected compound annual growth rate of 1.5% from 2024 to 2028. By 2033, the number of Chinese patients with atopic dermatitis is expected to reach 80.8 million, with a projected compound annual growth rate of 0.8% from 2028 to 2033. With more innovative topical therapies and systemic therapies being introduced into clinical practice, patients with atopic dermatitis will have more treatment options with good efficacy and minimal side effects. Considering factors such as future disposable income per capita and increased healthcare expenditure per capita, the market size of Chinese atopic dermatitis drugs is expected to continue growing. In 2024, the market size of Chinese atopic dermatitis drugs reached RMB 11 billion, and it is projected to increase to RMB 29.7 billion by 2028, with a projected compound annual growth rate of 28.1% from 2024 to 2028. By 2033, the market size of Chinese atopic dermatitis drugs is expected to reach RMB 50.2 billion, with a projected compound annual growth rate of 11.1% from 2028 to 2033. Board of Directors Information The board of directors consists of nine directors, including four executive directors, one non-executive director, and four independent non-executive directors. Equity Structure Mr. Li, Chifeng Qingshi, and Chifeng Mingquan are the controlling shareholders of the company, holding 29.16%, 10.41%, and 3.65% of the shares, respectively. Dr. Han holds 7.44% of the shares, Chongqing Xianfeng holds 7.28%, Yuhang Longpan holds 6.11%, Medical Fund holds 5.44%, Kaiyuan Hongdao holds 5.20%, and Tibet Zhifan holds 4.55% of the shares. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, CMBC CAPITAL Limited Company's Legal Counsel: Hong Kong laws: Fangda Partners; Chinese laws: Fangda Partners Legal Counsel for Joint Sponsors: Hong Kong laws: Gallant Y.T. Ho & Co.; Chinese laws: JunHe LLP Auditors and Reporting Accountants: KPMG Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch