New stock news | WiJian Pharmaceuticals submitted a second application to the Hong Kong Stock Exchange. The product portfolio includes 27 commercially available drugs and 1 newly approved drug.

According to the disclosure by the Hong Kong Stock Exchange on June 25, Weijian International Holdings Group Limited (referred to as Weijian Medicine) has submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. This is the company's second submission, with the first one made on November 7, 2025. Weijian Medicine has established a robust and diversified product portfolio, covering a wide range of treatments for major diseases including kidney, blood, respiratory, and skin diseases. As of the last feasible date, the company's product portfolio consists of 27 commercialized drugs and 1 newly-approved drug. Company Overview The prospectus shows that Weijian Medicine is a comprehensive pharmaceutical enterprise in China specializing in the treatment of kidney diseases, with increasingly strong capabilities in drug development, production, and commercialization. The company is committed to providing diversified treatment solutions for kidney and blood diseases, as well as other major disease treatment areas. As of the last feasible date, Weijian Medicine's product portfolio consists of 27 commercialized drugs and 1 newly-approved drug, including five drugs obtained as part of the acquisition of Union Kirin China, four drugs exclusively licensed in China, and 19 third-party CSO drugs. The company is dedicated to introducing original research drugs and innovative drugs from leading pharmaceutical companies globally into China. By focusing on patented products with solid clinical evidence internationally and proven treatment, the company aims to provide high-quality solutions to the Chinese market. As of the last feasible date, the company independently produces Gabapin, sourcing its active pharmaceutical ingredients (API) and raw materials from external suppliers. The company's drug development activities focus on selected licensed products for introduction, requiring assistance in conducting local clinical bridging studies and obtaining marketing authorizations for the holder of the drug registration in Mainland China. All major products of the company (including prescription drugs obtained as part of the Union Kirin China acquisition and licensed introduction) have been commercialized in Mainland China (excluding Gabapin). Gabapin recently obtained regulatory approval from the National Medical Products Administration in April 2026 and is currently in the pre-listing preparation stage. Weijian Medicine has built a robust and dynamic business development model driven by multiple strategies (including mergers and acquisitions, licensed introductions, strategic partnerships, and the CSO model), which has become a core advantage for the company's growth. The company actively seeks and evaluates business expansion opportunities in existing treatment areas and promotes the implementation of innovative treatment solutions for major diseases in China. Additionally, the company possesses integrated capabilities in drug development, production, and commercialization, forming an efficient synergy-driven operational system. Financial Information Income For the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 8.87 billion, RMB 9.02 billion, and RMB 16.80 billion, respectively. Gross Profit and Gross Profit Margin For the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 5.03 billion, RMB 5.56 billion, and RMB 8.76 billion, with corresponding gross profit margins of 56.6%, 61.7%, and 52.1%. Annual Net Profit For the fiscal years 2023, 2024, and 2025, the company recorded annual net profits of -RMB 17 million, RMB 8.573 million, and -RMB 79.033 million, respectively. Industry Overview CKD is defined as kidney damage or GFR <60 ml/(min 1.73m2) persisting for at least three months. The disease is divided into five stages: stages 1-2 (mild damage, normal function/mild decline), stage 3 (moderate decline), stage 4 (severe decline), and stage 5 (kidney failure requiring dialysis or transplantation). In 2024, there were approximately 1.2 million dialysis patients in China. CKD is classified as primary (derived from the kidneys) and secondary (caused by systemic diseases such as metabolic, hypertension, or autoimmune diseases). The mechanisms of CKD include: (i) immunological damage: abnormal deposition of immune complexes leading to inflammation (cause unknown); and (ii) non-immunological damage: renal hemodynamic abnormalities affecting the glomerular microcirculation. The number of CKD patients in China is expected to increase from 121.2 million in 2020 to 123.8 million in 2025, with a projected growth to 129.4 million by 2035 at a compound annual growth rate of 0.4%. In recent years, the CKD drug market in China has grown from RMB 16.3 billion in 2020 to RMB 28.1 billion in 2025, with a compound annual growth rate of 11.4%. With the introduction of more new drugs and the continuous improvement of patient treatment rates, the CKD drug market is expected to further grow at a compound annual growth rate of 11.9% from 2025 to 2035, reaching RMB 86.6 billion in 2035. CKD-SHPT is a severe complication of CKD characterized by parathyroid hyperplasia, elevated PTH levels, and calcium-phosphorus imbalance, which can lead to multi-system damage and increased mortality. Symptoms include bone pain, fractures, vascular calcification, anemia, and itching. The incidence rises with dialysis treatment, with some patients developing SHPT within the first year. In China, only 33.8% of hemodialysis patients achieve the iPTH target level, leading to a higher incidence of parathyroidectomy and disability. The number of SHPT patients among CKD patients in China is expected to increase from 48.8 million in 2020 to 50.7 million in 2025 at a compound annual growth rate of 0.5%, reaching 53.2 million by 2035. In recent years, the market for SHPT drug treatment in CKD patients in China has grown from RMB 3 billion in 2020 to RMB 3.3 billion in 2025, with a compound annual growth rate of 1.8%. It is expected to further grow at a compound annual growth rate of 11.0% from 2025 to 2035, reaching RMB 9.5 billion in 2035. CKD-aP is moderate to severe pruritus associated with kidney disease, often worsening at night and impairing quality of life. The 2023 KDIGO consensus highlighted pruritus as a key issue for dialysis patients. A 2021 China DOPPS study reported that 82% of patients experienced pruritus symptoms, with 39% being moderate-severe and 19% being severe or extreme, imposing a heavy disease burden. Due to low awareness, underreporting (17% of patients), and lack of doctor awareness (69%), treatment is still suboptimal. Its pathophysiology involves multiple factors, including immune inflammation, opioid system imbalance (excessive MOR activation, insufficient KOR activation), uremic toxin accumulation (such as calcium-phosphate crystals), and impaired skin barrier function leading to xerosis. The number of CKD-aP patients in China increased from 0.6 million in 2020 to 0.9 million in 2025, with a compound annual growth rate of 10.3%, expected to continue growing to 1.6 million by 2035 at a compound annual growth rate of 5.5%. In recent years, the drug treatment market for CKD-aP in China has increased from RMB 200 million in 2020 to RMB 400 million in 2025, with a compound annual growth rate of 11.3%. It is expected to further grow at a compound annual growth rate of 23.7% from 2025 to 2035, reaching RMB 3.5 billion in 2035. Board of Directors Information The board of directors consists of 11 members, including four executive directors, three non-executive directors, and four independent non-executive directors. Equity Structure The company's ultimate controlling shareholders (Mr. Wang, Ms. Hu, Mr. Xing, and Ms. Guo) have the right to exercise 37.25% of the company's total issued voting rights through the investment companies they control under a cooperation agreement. Therefore, Supra Brilliant, Acme Gain, Sheng Ming, Rongshun Technology, Hangzhou Rongshun, Qingyun Technology, and Hangzhou Qingyun are a group of controlling shareholders. Supra Brilliant is wholly owned by Mr. Wang. Under the Securities and Futures Ordinance, Mr. Wang is deemed to have an interest in the shares held by Supra Brilliant. Acme Gain and Sheng Ming are both wholly owned by Ms. Hu. Sheng Ming holds all relevant rewards granted and to be granted under the pre-listing share incentive plan. Under the Securities and Futures Ordinance, Ms. Hu is deemed to have an interest in the shares held by Acme Gain and Sheng Ming. Rongshun Technology is wholly owned by Hangzhou Rongshun, which is wholly owned by Mr. Xing. Under the Securities and Futures Ordinance, Mr. Xing and Hangzhou Rongshun are deemed to have an interest in the shares held by Rongshun Technology. Qingyun Technology is wholly owned by Hangzhou Qingyun, which is wholly owned by Ms. Guo. Under the Securities and Futures Ordinance, Ms. Guo and Hangzhou Qingyun are deemed to have an interest in the shares held by Qingyun Technology. LYFE Kings is wholly owned by LYFE Capital Fund, a limited partnership established in the Cayman Islands. Under the Securities and Futures Ordinance, LYFE Capital Fund is deemed to have an interest in the shares held by LYFE Kings. Hangzhou Gongshu is wholly owned by Gongshu State Investment, which is ultimately controlled by the Gongshu District People's Government of Hangzhou Municipal Government's Gongshu District Finance Bureau. Under the Securities and Futures Ordinance, Gongshu State Investment is deemed to have an interest in the shares held by Hangzhou Gongshu. Intermediary Team Sole Sponsor: Huatai Financial Holdings (Hong Kong) Limited Legal Advisor to the Company: Regarding Hong Kong and US law: Allen Overy Shearman Sterling; Regarding Chinese law: Jingtian & Gongcheng Law Firm; Regarding British Virgin Islands law: Conyers Dill & Pearman Legal Advisor toThe Sole Sponsor: Regarding Hong Kong and US law: Ashurst Hong Kong; Regarding Chinese law: Llinks Law Offices Auditor and Reporting Accountant: Ernst & Young Industry Consultant: Insight Industry Consulting Co., Ltd. Compliance Consultant: Huasheng Capital Limited Company