New stock news | Borui Biology plans to list on the Hong Kong Stock Exchange. The China Securities Regulatory Commission requires additional explanation of the impact of special shareholder rights arrangements on control rights.

On May 15th, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas listing and issuance filings (May 11, 2026 - May 15, 2026). The International Department of the China Securities Regulatory Commission issued supplementary material requirements for 14 companies, including requesting Borui Biological to provide further explanation on the impact of special shareholder rights arrangements on control rights. It is reported that Borui Biological submitted its application to the Hong Kong Stock Exchange on January 6, 2026, with Huatai International and JPMorgan Chase serving as joint sponsors. The China Securities Regulatory Commission requested Borui Biological to provide explanations on the following matters, and asked lawyers to verify and provide clear legal opinions: 1. Please explain: (1) whether the implementation of employee stock incentive schemes is legal and compliant, and provide a clear conclusion on the existence of benefit transmission; (2) the impact of special shareholder rights arrangements on control rights, and whether there have been changes in control rights before and after listing; (3) further explain, in accordance with the "Regulatory Rules Application Guidelines - Overseas Listings Class No. 2," the identification basis of actual controller and beneficial owner; (4) disclose whether there are domestic entities (including legal persons, natural persons with Chinese nationality, and non-legal organizations) among the contributors, executing partners, and actual controllers of overseas private equity funds. 2. Please explain: (1) the decision-making process and state-owned asset management process related to the divestiture from Zhejiang Hisun Pharmaceutical, as well as the regulatory procedures of Zhejiang Hisun Pharmaceutical in fulfilling disclosure obligations as a listed company, and provide relevant evidence; (2) the status of your company's state-owned shareholder identification. 3. Please explain: whether the shares held by shareholders participating in the "full circulation" this time have any defects such as being pledged, frozen, or other encumbrances. The prospectus shows that Borui Biological is a leading integrated biopharmaceutical company in China, dedicated to providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, tumor immunological diseases, and malignant tumors of the immune system. According to Frost & Sullivan data, based on revenue from biologics for autoimmune diseases, Borui Biological has ranked first among Chinese pharmaceutical companies for two consecutive years since 2023. Borui Biological's innovative portfolio is led by the first-in-class and best-in-class IL-17A/F inhibitor Bei Jiele (bimekizumab), the first and only innovative CD20 monoclonal antibody Anruxi (zebitorumab), and BR2251 (a potential first-in-class and best-in-class gout drug with a differentiated mechanism of action). These three cornerstone immunotherapy products not only lay a solid foundation for the company's growth, but also enable the company to reshape treatment models for a variety of autoimmune diseases and oncology indications in the domestic market.