Shanghai Securities News China SecuritiesOn the evening of October 30th, Borui Pharmaceutical...The company has officially announced the submission of its application for a Hong Kong IPO, aiming for a dual listing in both Hong Kong and mainland China (A-shares and H-shares). Huatai International is the sole sponsor for this offering. The company stated that this listing is an important step in its globalization strategy and will help further expand its overseas markets and strengthen its international business foundation.

　　Borui Pharmaceutical plans to use the proceeds from this H-share issuance primarily for three purposes: supporting the research and development of existing and future innovative drug candidates in China and overseas; constructing or upgrading production and R&D facilities in China and abroad to improve automation levels; and supplementing working capital and other general corporate purposes.

　　Financial data shows that Borui Pharmaceutical has maintained steady growth in recent years. From 2022 to 2024, the company's revenue was RMB 1.017 billion, RMB 1.164 billion, and RMB 1.254 billion, respectively. R&D investment has continued to grow, with R&D expenses reaching RMB 207 million, RMB 249 million, and RMB 297 million from 2022 to 2024, accounting for 20.35%, 21.08%, and 23.19% of operating revenue, respectively. In the first half of 2025, the company's R&D investment reached RMB 348 million, a year-on-year increase of 144.07%, accounting for 64.83% of operating revenue.

　　As an innovation-driven companyBorui Pharmaceuticals, a leading pharmaceutical company, focuses on metabolic diseases such as diabetes and obesity. Its core drug candidate, BGM0504, is a GLP-1/GIP dual-target agonist that has shown promising efficacy in Phase II clinical trials. Public data shows that the 15mg BGM0504 dose group achieved a -2.76% reduction in HbA1c and a -19.78% reduction in weight, both superior to similar drugs such as semaglutide and telpolide. According to Frost & Sullivan, BGM0504 injection is one of the three most advanced GLP-1/GIP dual-target agonists in clinical trials globally.

　　In addition, the company is also advancing the research and development of multi-target drugs and combination therapies. Among them, BGM2102 is a combination drug of BGM0504 and the company's independently developed amylin analog BGM1812. Clinical trials are planned to begin in the third quarter of 2026, and it is expected to become one of the world's first combination therapies simultaneously targeting the GLP-1, GIP, and amylin pathways. Furthermore, the BGM1812 injection has commenced Phase I clinical trials in the United States in October 2025, and a clinical trial application was submitted in China in September of the same year. Currently, BGM0504 is undergoing simultaneous clinical trials in China, the United States, and Southeast Asia, with both the Chinese and Indonesian projects having entered Phase III. The company expects to submit a new drug application as early as 2026.

　　In addition to the field of metabolism, Borui Pharmaceuticals also has a presence in the field of respiratory diseases, with seven ongoing projects including indications such as COPD and asthma, covering areas such as long-acting anticholinergic drugs, long-acting β2 agonists and inhaled glucocorticoids.

　　Borui Pharmaceuticals stated that it will continue to focus on innovative drugs in the future.With biotechnology research and development at its core, the company will deepen international cooperation and accelerate its global expansion. A Hong Kong listing is expected to support the company in optimizing its capital structure, advancing overseas clinical trials, and preparing for commercialization, further enhancing its international competitiveness.

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