IPO News | Bangshun Pharmaceuticals Resubmits Application to Hong Kong Stock Exchange; Core Product Bezuclastin Has Received NDA Approval

According to the Hong Kong Stock Exchange disclosure on August 30, Hangzhou Bangshun Pharmaceutical Co., Ltd. (referred to as: Bangshun Pharmaceutical) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International as its exclusive sponsor. The company had previously submitted an application to the Hong Kong Stock Exchange on January 22, 2026. Company Profile According to the prospectus, Bangshun Pharmaceutical was established in 2020 and is a commercial-stage biotechnology company focused on the discovery, development, and commercialization of innovative therapies for oncology and autoimmune diseases. The company has established a product pipeline composed of two core products: Bezezitinib, a selective JAK2 inhibitor currently being developed for the treatment of multiple indications, including myelofibrosis (MF), polycythemia vera (PV), and essential thrombocythemia (ET), and CX1440, a selective Brutons tyrosine kinase (BTK) inhibitor currently in the registrational clinical stage, being developed for multiple indications, including immune thrombocytopenia (ITP), chronic urticaria (CU), and autoimmune hemolytic anemia (AIHA), along with five preclinical candidate drugs (namely CX03, CX12, CX13, CX15, and CX16). With innovation as its edge and business as its wings, the company aims to become a sustainable, fully integrated biopharmaceutical company with capabilities in drug discovery, development, and commercialization. In these therapeutic areas, the company strategically focuses on creating oral small molecule candidates with a broader range of indications and greater differentiation compared to competitors, aiming to address the high prevalence issues of hematologic malignancies and autoimmune diseases. According to Frost & Sullivan, as of the last feasible date (August 21, 2026), the companys core product Bezezitinib is one of the first three domestically approved JAK inhibitors for treating MF in China. In terms of clinical progress, Bezezitinib is the number one JAK inhibitor for treating PV in China and the number one globally for treating ET. In terms of clinical progress, the companys other core product CX1440 is one of the top three BTK inhibitors for treating ITP globally and one of the top two BTK inhibitors for treating CU and AIHA. In April 2026, the company obtained market approval from the National Medical Products Administration for Bezezitinib for treating MF. Following this approval, as the clinical development of the companys other pipeline candidate drugs continues, the company persistently develops its business planning and product portfolio management capabilities. Given that the company plans to submit NDAs for Bezezitinib for the treatment of PV and ET, as well as for CX1440 for treating ITP in the coming years, it aims to maximize the value of its product portfolio by further strengthening its internal commercialization capabilities, advancing the market launch of core products, and establishing a formulation production base. The prospectus cautions that the company cannot guarantee the successful development and market approval of its core products or any pipeline products. Financial Information Revenue For the fiscal years 2024, 2025, and the six months ending June 30, 2026, the company achieved revenues of approximately RMB 943,000, RMB 509,000, and RMB 0, respectively. Gross Profit For the fiscal years 2024, 2025, and the six months ending June 30, 2026, the company recorded gross profits of approximately RMB 943,000, RMB 509,000, and RMB 0, respectively. Loss for the Period For the fiscal years 2024, 2025, and the six months ending June 30, 2026, the company recorded losses of approximately RMB 88.444 million, RMB 298.523 million, and RMB 80.155 million, respectively. Industry Overview Myeloproliferative neoplasms (MPNs) are chronic blood cancers caused by the dysregulation of hematopoietic stem cells and progenitor cells leading to abnormal proliferation of mature blood cells, typically driven by mutations in JAK2, CALR, or MPL that activate the JAK-STAT signaling pathway. The major subtypes include: myelofibrosis (associated with myelofibrosis, anemia, splenomegaly, and leukemia risk); polycythemia vera (characterized by an increase in red blood cells and a heightened risk of thrombosis); and essential thrombocythemia (involving sustained elevation of platelets with thrombotic and hemorrhagic complications). Treatment for these diseases typically aims to control symptoms, reduce thrombotic risk, normalize blood cell counts, reduce splenic volume in relevant cases, and alter the underlying disease course. The following table outlines the Chinese market for hematologic malignancies and MPN drugs from 2021 to 2035 (by indication): The following table details the MPN drug market in China and globally from 2021 to 2035: Myelofibrosis (MF) is a type of myeloproliferative tumor characterized by fibrotic changes in the bone marrow that impair normal blood production. It can arise as primary MF or evolve from polycythemia vera or essential thrombocythemia, driven by mutations such as JAK2, CALR, or MPL that sustain activation of the JAK-STAT signaling pathway. These abnormalities promote clonal proliferation and inflammatory signaling, leading to collagen deposition, anemia, splenomegaly, fatigue, and systemic symptoms. The disease course ranges from indolent to high-risk, including potential transformation to acute leukemia. Polycythemia vera (PV) is a type of myeloproliferative tumor characterized by a persistent increase in red blood cells, often accompanied by elevations in white blood cells and platelets, typically driven by JAK2 activating mutations. Diagnosis is based on elevated hemoglobin or hematocrit, increased total red cell mass, hypercellularity of the bone marrow with trilineage proliferation, and the presence of JAK2 mutations after exclusion of secondary causes of erythrocytosis. PV is associated with an increased risk of arterial and venous thrombosis, bleeding, microvascular symptoms, pruritus, fatigue, night sweats, and splenomegaly, and may lead to thrombotic events or progression to myelofibrosis or, less commonly, acute myeloid leukemia, shortening life expectancy. The following table details the PV drug market in China and globally from 2021 to 2035: Essential thrombocythemia (ET) is a chronic myeloproliferative tumor characterized by sustained platelet elevation, absence of BCR-ABL1, and increased mature megakaryocytes in the bone marrow. It is driven by overactive JAK-STAT signaling, most commonly through JAK2, CALR, or MPL mutations, with other genetic variations also influencing disease phenotype and progression. Patients may be asymptomatic or present with microvascular symptoms (such as headache, dizziness, or erythromelalgia), facing the risk of thrombosis and, less frequently, bleeds. Treatment primarily aims to prevent thrombotic and hemorrhagic complications while reducing the risk of progression to myelofibrosis or, rarely, acute myeloid leukemia. The following table details the ET drug market in China and globally from 2021 to 2035: Board Information After editing, the board will consist of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. The term of directors is three years, with the possibility of re-election. Shareholding Structure As of the last feasible date, Mr. Li Bangliang, the Chairman and Executive Director, has the right to exercise approximately 31.25% of the voting rights of the company in the following manner: (i) 7,500,000 shares directly held by Hangzhou Wanyu He (controlled and 99.00% owned by Mr. Li Bangliang) (approximately 14.75% of the companys voting rights); (ii) 6,000,000 shares directly held by Hangzhou Sanrui (controlled by Mr. Li Bangliang as its general partner) (approximately 11.80% of the companys voting rights); and (iii) 2,385,000 shares directly held by Hangzhou Liuyintai (controlled by Mr. Li Bangliang as its general partner) (approximately 4.69% of the companys voting rights). As of the last feasible date, Mr. Li Bangliang, Hangzhou Wanyu He, Hangzhou Sanrui, and Hangzhou Liuyintai are deemed to be a group of controlling shareholders. Intermediary Team Exclusive Sponsor: China Securities Co., Ltd. (International) Financing Co., Ltd.; Legal Advisors to the Company: for Hong Kong and U.S. law: K Law Hong Kong; for Chinese law: Zhejiang Tian Ce Law Firm; for Chinese intellectual property law: Shanghai Haihua Yongtai Law Firm; for Chinese data compliance law: Jintiancheng Law Firm; Legal Advisors to the Exclusive Sponsor: for Hong Kong and U.S. law: Jya Yuan Law Firm; for Chinese law: Guofeng Law Firm; Reporting Accountant and Independent Auditor: Ernst & Young; Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch; Compliance Consultant: SOMERLEY CAP Limited.