Innovative pharmaceutical company Haihe Pharmaceuticals' IPO on the Science and Technology Innovation Board has been under inquiry. It has incurred losses of over 1 billion yuan in the past three years.

On June 15th, Shanghai Haihe Pharmaceutical Research and Development Co., Ltd. (referred to as Haihe Pharmaceutical) applied for a change in the status of the listing review on the Shanghai Stock Exchange's STAR Market to "inquiry received." Sinolink is its sponsor and it plans to raise 2.9 billion yuan. The prospectus shows that Haihe Pharmaceutical is a company focusing on the discovery, development, production, and commercialization of innovative drugs domestically and internationally. The company's business scope has expanded from malignant tumors such as non-small cell lung cancer, gastric cancer, and breast cancer to non-malignant tumor treatment areas such as vascular malformations and overgrowth syndrome, extending from rare diseases to major diseases. By building a mechanism for co-morbidity, dynamically expanding target networks, and accurately positioning clinical treatments in the original R&D system, the company has more than ten in-depth research pipelines that have a clear structural gradient, strong ongoing development, and possess global competitive advantages or potential optimality in the same category. Breakthroughs have been achieved in multiple key treatment areas globally. Cysiolisine hydrochloride tablets (CYH33) is the world's first targeted monotherapy for ovarian clear cell carcinoma (OCCC) after chemotherapy progression, and has achieved international leadership in the PRVM/PROS. Goumetinib tablets (SCC244) is the first domestically approved first-line treatment drug for MET ex14 skipping mutation non-small cell lung cancer (NSCLC). Epmissituu tablets (HH2853) is the first domestically developed dual-target inhibitor of EZH1/2; Paclitaxel oral solution (RMX3001) is the world's only oral form of paclitaxel drugs, establishing distinctive clinical features in efficacy, safety, and convenience of use. The company has achieved the commercialization and BD of innovative drugs domestically and internationally. After years of development, the company has completed a strategic leap from pure research and development investment to value realization and commercial expansion. By synchronizing overseas BD authorization with independent commercialization strategies, a virtuous cycle of market and R&D mutual support has been formed. Goumetinib tablets were included in the medical insurance catalogs of China and Japan in 2024, and the paclitaxel oral solution was included in the medical insurance catalog of China in January 2026, which is expected to promote the commercialization and expansion of products, further increasing company revenue. With the approval and commercialization of new products, the company will enter a new stage of releasing the value scale of the pipeline. In addition, two products of the company have been launched in Japan and achieved BD authorization cooperation. The upfront and milestone payments total approximately 1.4 billion yuan (calculated based on the exchange rate of yen to RMB on December 31, 2025, excluding royalties based on sales in the licensed area), and the company is currently expanding its international cooperation in the European and American markets. Financially, in the fiscal years 2023, 2024, and 2025, the company achieved operating income of approximately 33.83 million yuan, 4.14 billion yuan, and 3.89 billion yuan, respectively. During the same period, the net profits were approximately -0.537 billion yuan, -2.44 billion yuan, and -2.67 billion yuan, respectively.