Recently, Ganzhou Hemei Pharmaceutical Co., Ltd. (hereinafter referred to as "Hemei Pharmaceutical"), headquartered in Ganzhou, Jiangxi, formally submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the Main Board of Hong Kong. SDIC Securities Financing (Hong Kong) Limited acted as the sole sponsor.

According to the prospectus reviewed by Daily Economic News, Hemei Pharmaceutical was founded in 2002 and focuses on developing small-molecule drugs for autoimmune diseases and oncology. The company currently has one approved product and multiple pipeline drugs in clinical stages.

However, Hemei Pharmaceutical has yet to achieve profitability. The prospectus indicates that from 2023 to the first half of 2025, the company accumulated a net loss of over RMB 350 million, with R&D expenditure being the primary cost. To date, the company has completed seven rounds of financing, with a valuation of RMB 3.9 billion after the most recent round.

Pipeline Covers 7 Small-Molecule Candidate Drugs

As of June 30, 2025, Hemei Pharmaceutical’s R&D and clinical trial team consists of 124 members, with the core R&D team comprising four individuals covering the fields of chemistry, biology, pharmacology, and medicine. From 2023 to the first half of 2025, Hemei Pharmaceutical's R&D expenditures were RMB 123 million, RMB 97 million, and RMB 53 million, respectively, with core products collectively accounting for 86.7% of total R&D spending.

According to the prospectus, Hemei Pharmaceutical has a product pipeline of seven small-molecule candidate drugs. Its first product, Mufemilast, was approved by the National Medical Products Administration in September 2025 for the treatment of moderate-to-severe plaque psoriasis. This also marks the company's first commercialized product.

Simultaneously, Hemei Pharmaceutical is advancing clinical studies of Mufemilast for multiple indications, including Behçet's disease, ankylosing spondylitis, and ulcerative colitis. Among these, a pivotal Phase III trial for Behçet's disease is currently under review, and trials for indications such as atopic dermatitis and psoriatic arthritis have also been initiated.

Another product, Hemay022, focuses on the oncology treatment field, primarily for advanced breast cancer. Its development timeline spans over a decade: Phase I trials began in 2014, and after three Phase I studies, Phase III clinical trials were formally launched in 2022, with the trial still ongoing.

However, it was noted that patient enrollment for Hemay022 in its Phase III trial has been slower than expected, mainly due to intense competition for patient recruitment in the breast cancer treatment space. Hemei Pharmaceutical plans to complete the Phase III trial in China by 2026 and submit a New Drug Application in 2027.

Valuation of RMB 3.9 Billion After Series E Financing

Currently, Hemei Pharmaceutical has not yet achieved profitability. According to the prospectus, the company reported net losses of RMB 156 million in 2023, RMB 123 million in 2024, and RMB 73 million in the first half of 2025, accumulating a total net loss of RMB 352 million. These losses primarily stem from R&D and administrative expenses, with R&D investment consistently accounting for a significant portion.

Financial data also reveals pressure on Hemei Pharmaceutical's cash flow position. In 2023, 2024, and the first half of 2025, net cash flow from operating activities was -RMB 141 million, -RMB 91.258 million, and -RMB 51.628 million, respectively.

As of June 30, 2025, Hemei Pharmaceutical's cash and cash equivalents stood at RMB 73.1 million. However, substantial funding is still required for subsequent commercialization efforts and clinical trial advancements of its core products, making the funding gap a potential significant constraint on the company's growth.

In terms of equity structure, the controlling shareholders of Hemei Pharmaceutical are the husband-and-wife team Zhang Hesheng and Guo Xuemei, who collectively hold an indirect stake of 46.51% through relevant entities. Among institutional investors, notable names such as Zhenzhuo Investment, Gao Xu, Shanghai Qianji, Gansu Xinglong, and Tigermed Investment are listed as shareholders. According to the prospectus, Hemei Pharmaceutical has completed seven rounds of financing, with a valuation of RMB 3.9 billion after the most recent Series E round.

It was noted that amid ongoing optimizations to Hong Kong's listing policies, 23 biopharmaceutical companies have successfully listed in Hong Kong in 2025, raising a substantial total amount of capital. This marks Hemei Pharmaceutical's second attempt to list on the Hong Kong Stock Exchange this year, and Daily Economic News will continue to monitor the progress of its listing.

Reference： https://finance.eastmoney.com/a/202512033580930131.html