Acorn Hundred Rushes to Hong Kong Stock Market: Annual Loss of 228 Million Yuan, Qiming and Hillhouse are Shareholders

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Source: Lei Di

Lei Di Network Lei Jianping March 18

Shanghai Aike Bai Medical Biotechnology Co., Ltd. (referred to as “Aike Bai Fa”) recently updated its prospectus, preparing for listing on the Hong Kong Stock Exchange. This marks Aike Bai Fa’s fourth attempt to go public in Hong Kong within four years.

Aike Bai Fa’s IPO journey has been rocky. It first submitted its prospectus in July 2021, aiming to list on the Hong Kong Stock Exchange, but was unsuccessful.

Subsequently, Aike Bai Fa shifted to the STAR Market for listing, planning to raise 1.997 billion yuan, but this was also terminated in early January 2024.

Annual loss of 228 million yuan

Aike Bai Fa is a biopharmaceutical company founded in 2013, focused on discovering and developing therapies to address medical needs in respiratory and pediatric diseases. Its candidate drugs target various stages of respiratory and pediatric diseases, including acute, chronic, and end-stage conditions lacking effective treatments.

Aike Bai Fa has developed a pipeline of six candidate drugs, including core products such as Qiruisuwei (a treatment specifically targeting respiratory syncytial virus (RSV) infections), AK0610 (a Phase II monoclonal antibody (mAb) for preventing RSV infection), AK3280 (a drug for idiopathic pulmonary fibrosis (‘IPF’) in Phase II proof-of-concept (PoC) clinical stage), and AK0901 (a drug for ADHD in NDA stage), forming an RSV drug combination.

The company has also developed other candidate drugs for related diseases, including AK0705 for chronic obstructive pulmonary disease (COPD) and AK0406 for influenza.

According to the prospectus, Aike Bai Fa’s other income and revenue for 2024 and 2025 are 26.31 million and 7.57 million yuan, respectively; annual losses are 197 million and 228 million yuan.

As of December 31, 2025, Aike Bai Fa held cash and cash equivalents of 39 million yuan.

In 2024 and 2025, net cash flows from operating activities were 189 million and 152 million yuan, respectively.

Overall, Aike Bai Fa’s cash flow remains very tight.

Qiming and Hillhouse are shareholders

Aike Bai Fa’s executive director is Jim Zhen WU (Wu Zheng, American citizen). Non-executive directors include Audrey RAO, Hu Xubo, Shi Liyang, and Li Chuheng; independent non-executive directors are Zhao Ziye, Genhong CHENG, and Wu Wenfang.

Before the IPO, Wu Zheng held 18.78% through Profits Excel, 3.84% through Million Joy, 2.55% through Aierkai, 2.25% through Green Genesis, 1.55% through Aike Zhenmou, and 1.29% through Aibiyi;

Qiming Venture Partners Funds under Qiming Venture Partners, a subsidiary of Qiming Venture Partners, held 10.66%, TF Capital held 7.52%, and Yaoyang Biotechnology Co., Ltd. held 7.21%.

Employees’ shareholding platforms Aierkai and Green Genesis held 2.55% and 2.55%, respectively; Ark Zhenmou held 1.55%; Hillhouse Yiheng and TPG Asia VII held 4.79%; Dejia Chengyu held 3.79%; Yanchuang Group 3.03%; Magic Seeds 2.47%; Wanrong Hongtu 2.13%; Yingke Capital 1.81%; Loyal Valley 1.71%; Yuanhe Holdings 1.65%; Hanhai Ganyuan 1.65%; SIP Sungent 1.6%; Renai Juke 1.23%; Free Trade Zone Fund 1.16%; BioTrack LY and MING Bioventures Fund each 1.15%; Boquan Capital 1.14%; Xiamen Jianfa No. 7 1.07%; Deyi Changqing and Detong Hexin each 0.99%; Suzhou Ruihua Investment Partnership (Limited Partnership) 0.96%; Oriental Fortune Capital 0.95%; CITIC Securities Investment Co., Ltd. 0.95%; Qiming Rongxin 0.75%; Shanghai Zhangjiang Torch Venture Capital and Daoyuan Guoxin (Jiaxing) Equity Investment Partnership (Limited Partnership) each 0.66%.

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