News on New Stocks | Qinhau Pharmaceutical submits its listing application to the Hong Kong Stock Exchange for the second time, with revenue surging to 560 million yuan in the first five months. GH31 authorizes Gilead to receive an initial payment of 80 million dollars.

According to the Hong Kong Stock Exchange's disclosure on August 7, Qinhau Pharmaceutical (Suzhou) Co., Ltd. (referred to as Qinhau Pharmaceutical) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. This marks Qinhau Pharmaceutical's second submission for a listing application to the main board of the Hong Kong Stock Exchange since initially filing in January 2026. Company Profile Qinhau Pharmaceutical is a biopharmaceutical company founded in May 2014, with an innovative pipeline of self-developed drug candidates centered around the RAS signaling pathway and synthetic lethality mechanisms. The primary focus area is developing targeted therapies in oncology. As of the last practicable date, the company's pipeline includes eight drug candidates, of which four are in clinical stages, one has received IND approval from the National Medical Products Administration of China and the U.S. FDA, and three are in preclinical stages. The companys RAS signaling pathway pipeline includes two clinical-stage candidates, GH21 and GH55, along with a preclinical candidate, GH58. The combination therapy of GH21 and GH55 has further demonstrated its potential in patients with solid tumors activated by the MAPK pathway. GH55 is a dual-mechanism ERK1/2 inhibitor suitable for MAPK pathway-activated solid tumors, currently undergoing a Phase I clinical trial in China as a monotherapy. Additionally, the company has a synthetic lethality candidate drug pipeline that includes two clinical-stage candidates, GH56 and GH2616, one candidate, GH31, that has received IND approval from the National Medical Products Administration of China and the U.S. FDA, and two preclinical candidates, GH1581 and GH3595. According to Zhi Insights Consulting, the global market size for synthetic lethality drugs is projected to reach $4.8 billion by 2025, expected to increase to $17.4 billion by 2033. In terms of collaboration and licensing arrangements, the company has entered into a combination therapy development agreement with Shanghai Zhengda Tianqing Pharmaceutical Technology Development Co., Ltd., exploring the combination therapy of GH21 and Gresoline; and has signed a clinical supply collaboration agreement with AstraZeneca Investments (China) Co., Ltd. to evaluate the combination therapy of GH21 and Osimertinib. In 2020, the company granted HUYABIO International, LLC and its subsidiary HBI Pharma Ltd. exclusive global rights (excluding mainland China, Hong Kong, Macau, and Taiwan) to develop and commercialize GH21, with a potential total transaction value of up to approximately $282 million. Additionally, in February of this year, the company granted Gilead Sciences an exclusive, global, transferable, sub-licensable license with royalty rights to develop and commercialize GH31 worldwide. Financial Information Revenue In the fiscal years 2024, 2025, and for the five months ending May 31, 2026, the company achieved revenues of approximately 4.69 million yuan (RMB, the same below), 1.27 million yuan, and 558 million yuan respectively. The company indicated that the revenue in the first five months of this year was primarily due to an external licensing arrangement for GH31 with Gilead Sciences, which included an $80 million non-refundable upfront payment (pre-tax) expected in 2026. Gross Profit The gross profits for the fiscal years 2024, 2025, and for the five months ending May 31, 2026, were approximately 2.31 million yuan, 150,000 yuan, and 556 million yuan respectively. Net Loss The company reported net losses of approximately 152 million yuan and 144 million yuan for the fiscal years 2024 and 2025 respectively. However, a net profit of 355 million yuan was recorded in the first five months of 2026, representing a significant turnaround. Industry Overview The global oncology drug market size increased from $167 billion in 2020 to $304.1 billion in 2025, with a compound annual growth rate (CAGR) of 12.7%. It is projected to reach $632.4 billion by 2033, with a CAGR of 9.6% from 2025 to 2033. The market size for oncology drugs in China is expected to rise from $25.8 billion in 2020 to $39.1 billion in 2025, with a CAGR of 8.7%. By 2033, the market size in China is anticipated to reach $106.7 billion, with a CAGR of 13.4% from 2025 to 2033. SHP2 Inhibitor Market The SHP2 inhibitor market in China is expected to emerge in 2027. The market size is projected to grow from 54.7 million yuan in 2027 to 5.65 billion yuan by 2033, reflecting a CAGR of 116.6%. According to Zhi Insights Consulting, by 2033, combination therapies based on KRAS inhibitors and EGFR-TKI are expected to account for approximately 60% and 24% of the overall market potential of SHP2 inhibitor-based therapies, respectively, with the remainder allocated to other SHP2 inhibitor-based treatment settings. Synthetic Lethality Drug Market According to Zhi Insights Consulting, the global synthetic lethality drug market size is expected to increase from $2.2 billion in 2020 to $4.8 billion in 2025, reflecting a CAGR of 17.2%, and is expected to reach $17.4 billion by 2033, with a CAGR of 17.4% from 2025 to 2033. The market size for synthetic lethality drugs in China is projected to grow from $100 million in 2020 to $500 million in 2025, with a CAGR of 27.3%, and is expected to reach $2.4 billion by 2033, with a CAGR of 20.7% from 2025 to 2033. Board of Directors Information The company's board of directors will consist of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors. Equity Structure The chairman of the board, executive director, and CEO Wang Kuifeng directly holds approximately 18.62% of the company's shares and holds an additional 21.42% indirectly through Ruihao Technology Limited Partnership, Haosheng Technology Limited Partnership, Kaihao Technology Limited Partnership, and Qianqin Technology Limited Partnership, totaling 40.04%. Among significant investors, Shenzhen Capital Group holds 5.09%, Leading Venture Capital holds 3.72%, and Songhe Capital also holds 3.72%. Intermediary Team Sole Sponsor: Huatai Financial Holdings (Hong Kong) Co., Ltd. Company Legal Advisors: Asters Burchin Law Firm (regarding Hong Kong law and U.S. law); King & Wood Mallesons (regarding Chinese law and related intellectual property law); JunHe LLP (regarding data law) Sole Sponsor and Legal Advisors: Zhou Junxuan Law Firm and Beijing Tongshang Law Firm joint venture (regarding Hong Kong law); Beijing Tongshang Law Firm (regarding Chinese law) Auditor and Reporting Accountant: Ernst & Young Industry Advisor: Zhi Insights Consulting Co., Ltd. Compliance Advisor: Chuangyao Capital Ltd.