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

According to the Wise Finance APP, on June 15th, Shanghai Haihe Pharmaceutical Research and Development Co., Ltd. (referred to as Haihe Pharmaceutical) applied for a change in the status of its listing review on the Shanghai Stock Exchange's Sci-tech Innovation Board to "under inquiry". Guojin Securities is its sponsor institution, and it plans to raise 2.9 billion yuan.