New Stock News | Darwin Biotechnology plans to list on the Hong Kong Stock Exchange first. The China Securities Regulatory Commission has requested additional clarifications on the compliance of the implemented stock incentive program.

On December 12, the China Securities Regulatory Commission announced the "Supplementary Materials Requirements for Overseas Issuance and Listing (December 8, 2025 - December 12, 2025)". The International Department of the China Securities Regulatory Commission has issued supplementary material requirements to 8 companies, including a requirement for Sinopharm Biomedical to provide further explanations on the compliance of the implemented equity incentive plan. According to the Hong Kong Stock Exchange disclosure on September 19, Sinopharm Biomedical submitted its listing application to the Hong Kong Stock Exchange main board, with Morgan Stanley and CICC as joint sponsors. The China Securities Regulatory Commission requested Sinopharm Biomedical to supplement information on the following matters and requested legal verification and clear legal opinions: 1. Your company and its subsidiaries are involved in the sales and operation of medical devices, please provide further information on whether you have actually carried out related businesses and obtained necessary qualifications, and whether the business scope of your company and its subsidiaries involves restrictions or prohibitions in foreign investment areas. 2. Please provide further information on the specific fulfillment of overseas investments and foreign exchange registration regulatory procedures by your company's overseas subsidiaries, and provide conclusive opinions on compliance. 3. Please provide further information on the reasonableness of the prices of new shareholders' investments in your company in the past 12 months, the reasons for differences in these investment prices, and whether there are situations of benefit transfer. 4. Please provide further information on the compliance of the equity incentive plan implemented by your company, including the specific composition of personnel and appointment status, whether the participating personnel have relationships with other shareholders, directors, supervisors, senior management of the issuer, the fairness of pricing, agreement terms, decision-making process compliance, normative operation, and provide clear conclusive opinions on its legality, compliance, and the existence of benefit transfer. 5. Please provide further information on whether the shares held by shareholders participating in the "full circulation" this time have been pledged, frozen or have other defects. According to the prospectus, Sinopharm Biomedical is a bio-pharmaceutical company nearing commercialization. It is dedicated to meeting the urgent medical needs in the field of weight management. The company is about to launch Enoglutide Injection (XW003) in China, the company's core product, which is expected to become the world's first cAMP biased GLP-1 receptor agonist for the treatment of overweight/obesity and type 2 diabetes. Based on the clinical data publicly released by Sinopharm Biomedical, Enoglutide Injection (XW003) achieved a placebo-adjusted weight loss effect of 15.1% in Chinese overweight/obese patients (average weight loss of 17.6% in women), outperforming Semaglutide (8.5%) and achieving the efficacy of Tirzepatide at a lower dose (2.4mg vs. 15mg).