New Stock News | Nuoling Biotechnology has submitted its application to the Hong Kong Stock Exchange again, with its products now covering 31 provinces nationwide.

According to the Hong Kong Stock Exchange's disclosure on August 28, Nanjing Noring Bio-Tech Co., Ltd. (referred to as: Noring Bio) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CCB International as its exclusive sponsor. In mainland China, Noring Bio is commercializing its products using a combination model of "academic promotion + distribution agency," and as of the last practical date, it has covered all 31 provinces nationwide, entering nearly 700 hospitals. Regarding overseas markets, the company has adopted a strategy for emerging and mature markets. As of the last practical date, the companys products have been commercialized in ten overseas countries and regions, including France and Hungary. Company Profile The prospectus shows that Noring Bio was registered in 2018 and operates in the gas cardiopulmonary device market, focusing on the research and commercialization of inhaled nitric oxide (iNO) therapy. As of the last practical date, the company has five approved products (including one core product, iNOwill) and five candidate products under research, covering critical care, wards, outpatient, and home disease management in the field of cardiopulmonary diagnosis and treatment, including three product lines: (i) iNO therapy; (ii) cardiopulmonary circulation support; and (iii) exhaled diagnosis. All of Noring Bios products are developed in-house. In the iNO therapy product line, the company's core product iNOwill was approved by the National Medical Products Administration in 2022 and is expected to obtain EU CE certification in 2025. iNOwill is primarily designed for critical care scenarios, where inhaled nitric oxide therapy is used to provide cardiopulmonary support for patients requiring acute respiratory and pulmonary vascular management. Based on the companys unique real-time NO generation technology, it is expanding indications from pulmonary hypertension to ARDS, COPD, and CAP, aiming to gradually extend iNO therapy beyond current ICU-centered applications to a broader respiratory disease management process throughout cardiopulmonary care. In the cardiopulmonary circulation support product line, the companys key product NovaPulse IABP is expected to gain approval from the National Medical Products Administration in 2025. NovaPulse is designed for mechanical circulation support in intensive care units, operating rooms, and catheterization rooms, where respiratory and circulation support is often provided simultaneously. From a clinical functionality perspective, iNO therapy provides pulmonary vascular support by reducing pulmonary vascular resistance and right ventricular afterload, while IABP mainly provides temporary circulatory support by reducing left ventricular afterload and increasing coronary perfusion. NovaPulse complements iNOwill, enabling the company to meet complementary respiratory and circulatory needs within the same ICU workflow, thereby strengthening the companys clinical advantages in ICU and perioperative care while expanding its cardiopulmonary critical care products. In the exhaled diagnosis product line, the company is developing the pulmonary function diagnosis platform PElink to support disease assessment and long-term monitoring from hospital settings to outpatient clinics, and ultimately extending to home disease management. PElink, along with the portable iNO candidate product VQfit intended for outpatient and home use, is expected to support home diagnosis, treatment, and longitudinal monitoring of chronic respiratory diseases. During the performance period, Noring Bio's commercialized products primarily include iNOwill, eNOaire, NovaPulse IABP, Reslink, and eNOglow. As of June 30, 2026, the company has two main production facilities located in Yangzhou City, Jiangsu Province, and Fangchenggang City, Guangxi Zhuang Autonomous Region, with total areas of approximately 2,200.0 square meters and 1,400.0 square meters respectively. Financial Information Revenue In the fiscal years 2024, 2025, and the six months ending June 30, 2026, the company achieved revenues of approximately 45.547 million yuan (RMB, the same below), 63.207 million yuan, and 58.132 million yuan respectively. Gross Profit and Gross Margin In the fiscal years 2024, 2025, and the six months ending June 30, 2026, the company recorded gross profits of approximately 27.012 million yuan, 35.360 million yuan, and 34.750 million yuan respectively, with corresponding gross margins of 59.3%, 55.9%, and 59.8%. Loss for the Year/Period In the fiscal years 2024, 2025, and the six months ending June 30, 2026, the company recorded losses for the year/period of approximately 86.246 million yuan, 95.271 million yuan, and 51.864 million yuan respectively. Industry Overview The global iNO therapy market is estimated to be approximately 1,054.1 million USD in 2025, and it is expected to reach about 1,580.4 million USD and 2,721.0 million USD by 2030 and 2035 respectively, with compound annual growth rates of roughly 8.4% and 11.5%. Growth varies significantly due to market maturity. The United States and the EU are relatively mature iNO markets, with higher existing usage rates, and the workflows for neonates and critical care have matured. Hence, the growth expectations are primarily driven by repeat usage, equipment replacement, and gradual adoption of newer delivery systems. In China and other parts of the world, the market begins with significantly lower penetration rates, but there is greater potential for improvement in hospital adoption, treatment usage rates, and accessibility. Long-term growth also reflects the potential to expand into new indications and care contexts, although this requires supportive clinical evidence and regulatory approval. The global iNO therapy market is rebalancing its delivery method mix from gas cylinder supply to real-time generation systems. From 2020 to 2025, the gas cylinder segment grows from 830 million USD to 940 million USD, with a compound annual growth rate of 2.5%, benefiting from workflow inertia in the U.S. and EU and the low-cost industrial cylinders. However, pharmaceutical-grade cylinders are clinically preferred for quality assurance but are supplied by only a few medical gas suppliers. Over the same period, real-time generation grows from 60 million to 110 million USD, with a compound annual growth rate of 13.2%. From 2025 to 2030 (forecast), real-time generation is projected to reach 490 million USD, with a compound annual growth rate of 34.2%, as its portability and simplified logistics expand usage from the neonatal field to adult and non-traditional departments, and begin exploring specific nearby applications in chronic obstructive pulmonary disease management, thereby broadening the population receiving treatment. By 2035 (forecast), real-time generation is expected to increase to 1.4 billion USD, with a compound annual growth rate of 23.3%, narrowing the gap with cylinder workflows and replacing parts of those workflows. In China, this transition is even more pronounced. Given the high costs of imported gas cylinders, traditional cylinder-based iNO therapy has not seen widespread adoption. As a result, the delivery mix has quickly shifted; supported by guideline recognition and market education, domestic real-time generation devices rapidly became the mainstream delivery model following their arrival in the market. The Chinese iNO therapy market is estimated to be about 901 million RMB in 2025, and it is expected to reach approximately 4.784 billion RMB and 29.594 billion RMB by 2030 and 2035 respectively, with compound annual growth rates of about 39.6% and 44.0%. The predicted growth mainly reflects an increase in treatment penetration rates from a low baseline, wider adoption by hospitals and systems, ongoing increases in the use of real-time generation systems, and the gradual expansion into other indications over time, rather than just growth among the relevant disease cohort. Board Information The board consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. According to the company's articles of association, directors are elected and appointed by shareholders at general meetings, serving a term of three years and can be re-elected and reappointed. Shareholding Structure As of the last practical date, (i) Dr. Mao directly holds approximately 7.14% of the issued shares of the company; (ii) Jingning Noring directly holds approximately 21.41% of the issued shares of the company; and (iii) Lingxing Hainan directly holds approximately 0.71% of the issued shares of the company. Jingning Noring is 21.12% owned by Dr. Mao as a limited partner, and its general partner is Nanjing Miyu Technology Co., Ltd. (Nanjing Miyu), a company wholly owned by Dr. Mao. Additionally, Jingning Noring is 14.23% owned by Jingning Noming, which is 53.33% owned by Nanjing Miyu as the general partner. There are no other limited partners holding 30% or more partnership interests in Jingning Noring. Therefore, Dr. Mao is entitled to fully control the voting rights that Jingning Noring can exercise in the company. Lingxing Hainan is 45.14% owned by Dr. Mao as a limited partner, and its general partner is executive director Mr. Zhang Yuyan, who has entrusted his voting rights as the general partner in Lingxing Hainan to Dr. Mao in a voting proxy dated December 10, 2025. Therefore, Dr. Mao is entitled to fully control the voting rights that Lingxing Hainan can exercise in the company. As a result, under the Securities and Futures Ordinance, Dr. Mao is deemed to have an interest in the shares held by Jingning Noring and Lingxing Hainan. The single largest shareholder group of Noring Bio includes Dr. Mao, Jingning Noring, Mr. Cao Guiping, and Lingxing Hainan. As of the last practical date, Dr. Mao, Jingning Noring, Mr. Cao Guiping, and Lingxing Hainan directly hold approximately 7.14%, 21.41%, 5.35%, and 0.71% of the issued shares of the company respectively, totaling approximately 34.61%. According to the concerted action agreement dated October 10, 2021, entered into by Dr. Mao, Mr. Cao Guiping, Jingning Noring, and Lingxing Hainan, the contracting parties agree to take concerted action regarding their voting rights as shareholders in the company, and in the case of disagreement, Dr. Maos opinion prevails. Intermediary Team Sole Sponsor and Sponsor and Global Coordinator: CCB International Financial Limited Global Coordinators: CCB International Financial Limited, China Merchants Jinling International Finance Co., Ltd. Company Legal Advisors: Regarding Hong Kong and U.S. law: Davis Polk & Wardwell; regarding Chinese law: Jingtian Gongcheng Law Firm Sole Sponsor Legal Advisors: Regarding Hong Kong and U.S. law: DaTung International Legal Partnership; regarding Chinese law: Beijing Tongshang Law Firm Reporting Accountants and Auditors: Deloitte Touche Tohmatsu Certified Public Accountants Industry Advisors: Frost & Sullivan Consulting Co., Ltd. Compliance Advisors: Hongbo Capital Limited