New stock prospect | Can Puchi Pharmaceuticals support a valuation of 2.4 billion as a leader in targeted therapy for local delivery?

Recently, another biopharmaceutical company has submitted its listing application to the main board of the Hong Kong Stock Exchange. Beijing Puqi Pharmaceutical Technology Co., Ltd. ("Puqi Pharmaceutical") officially submitted its listing application with CITIC SEC and CMBC CAPITAL as joint sponsors. Previously, the company was listed on the New Third Board and delisted in June 2025, with a market value of approximately 2.4 billion yuan calculated on the last trading day. The prospectus shows that Puqi Pharmaceutical focuses on the field of immune inflammation, positioning itself as the "leader in targeted therapy for local delivery". The company was founded in 2016 and focuses on chronic inflammatory diseases such as atopic dermatitis and allergic rhinitis with innovative designs and local delivery as core technology platforms. Since no products have been approved for listing, the company has not generated any product sales revenue to date. In the fiscal year 2024 and the first nine months of 2025, the company's other net revenues were 11.22 million yuan and 1.158 million yuan respectively; while the net losses for the same periods were approximately 178 million yuan and 125 million yuan. As of September 2025, Puqi Pharmaceutical only had cash and cash equivalents of 155 million yuan, highlighting the urgent need for financing through listing. As a clinical-stage pharmaceutical company with no commercialized products, Puqi Pharmaceutical urgently needs to be listed to raise capital, and the 18A listing rules set by the Hong Kong Stock Exchange specifically for non-profitable biotech companies provide it with a more relaxed listing option, which may be one of the reasons why the company is transitioning from the New Third Board to the Hong Kong stock market. Core products have entered the late clinical stage As an innovative pharmaceutical company that is not yet profitable, the future development and valuation support of Puqi Pharmaceutical largely depend on the clinical progress of its core products and the research and development potential of its pipeline. The prospectus shows that Puqi Pharmaceutical's core product is PG-011 (Pumexidni), a JAK1/JAK2 inhibitor designed for topical use. It currently has two formulations in late-stage clinical trials: a gel for atopic dermatitis and a nasal spray for allergic rhinitis. Specifically, PG-011 gel is the world's first JAK inhibitor gel for the treatment of atopic dermatitis. The company has completed Phase III clinical trials for its use in adults and adolescents aged 12 to 17 with atopic...