Reebio's testimony: Strong technological barriers coupled with specialized and efficient pipelines, Hong Kong market welcomes scarce innovative drug targets.

With China's small nucleic acid drug pioneer Ruibo Biology undergoing a hearing on the Hong Kong Stock Exchange, the Hong Kong stock market has added another innovative drug target with unique value. On December 21, according to the official website of the Hong Kong Stock Exchange, Suzhou Ruibo Biotechnology Co., Ltd. (hereinafter referred to as "Ruibo Biology") passed the listing hearing on the main board of the Hong Kong Stock Exchange, with CICC and Citigroup as joint sponsors. The company is a major participant in the global small nucleic acid drug development field, especially focusing on siRNA therapy. Ruibo Biology is already one of the largest companies globally in the development of siRNA drugs, with seven self-developed drug assets in clinical trials. Looking at the industry development trends, the small nucleic acid drug race where Ruibo Biology is situated is currently seen as the "third wave" after small molecules and antibody drugs. Compared to traditional small molecule and antibody drugs, it provides a wider range of candidate targets, with shorter development cycles, better targeting and specificity, and is in a period of rapid growth. According to Frost & Sullivan, the global small nucleic acid therapy market is estimated to be valued at $18.6 billion by 2029, with a compound annual growth rate of up to 29.5% from 2024 to 2029. However, due to the high technological barriers in the small nucleic acid drug industry, especially in delivery technology, how to deliver drugs accurately, efficiently, and safely to target organs (such as inside and outside the liver) is the core challenge of the industry. Therefore, domestic innovative drug companies like Ruibo Biology, which can break through the industry's technological barriers and are approaching the eve of commercialization, are rare. Of course, the success of Ruibo Biology is not achieved overnight, but is the result of the combined efforts of its pipeline layout, technological strength, and strategic determination. In terms of pipeline layout, Ruibo deeply focuses on the golden track of small nucleic acids, starting from rare diseases and expanding to common diseases, with a rich and balanced pipeline layout, providing enormous long-term development space. GMTEight observed that unlike most traditional pharmaceutical and biopharmaceutical companies, Ruibo Biology is highly focused on the cutting-edge track of small nucleic acid pharmaceuticals. Currently, the company has seven self-developed drugs in clinical trials, involving eight indications for cardiovascular, metabolic, kidney, and liver diseases, with four of them in phase 2 clinical trials. Its RBD1016 product targeting HDV was granted orphan drug qualification by EMA in October 2025. In addition to the clinical pipeline, the company also has over 20 preclinical projects planned to advance to clinical development stage. Among them, the core product RBD4059 (siRNA targeting FXI) is the world's first and fastest-developing siRNA drug for the treatment of thrombotic diseases, with all patients enrolled in the phase 2a clinical trial completed in February 2025 and expected to be completed by the end of 2025. Furthermore, the company's RBD5044 (siRNA targeting APOC3) and RBD7022 (siRNA targeting PCSK9) products are also two promising candidate drugs. RBD5044 is mainly used for the treatment of hypertriglyceridemia (HTG) and is the second siRNA targeting APOC3 to enter clinical development globally. Currently, the drug is being tested in a phase 2 trial for patients with mixed lipid abnormalities in Sweden. RBD7022 is used to treat hypercholesterolemia and is also the second siRNA targeting PCSK9 to enter clinical development globally. In March 2025, the phase 1 trial of RBD7022 was completed in China, and it is currently being advanced to phase 2 clinical trials by the cooperating party Qilu Pharmaceutical. It can be seen that Ruibo Biology's pipeline includes drugs for both rare diseases such as hereditary angioedema and common diseases with a large patient population such as hypercholesterolemia and hypertension. This layout not only allows the establishment of brands and commercialization through rare disease drugs in the short term but also provides enormous market imagination space for long-term development. In terms of technological strength, Ruibo Biology not only builds a technological moat by tackling the industry's bottleneck challenge (delivery technology) but also creates a long-lasting "innovation engine" for the company through its independent technology platform, providing obvious competitive advantages. It is reported that Ruibo Biology is one of the few companies globally with independently developed and clinically validated GalNAc delivery technology. This technology is based on specific delivery of siRNA drugs, enhancing efficacy and improving safety, and is subverting the treatment concept of innovative drugs. The company's liver-targeted RiboGalSTAR delivery technology is the cornerstone of many pipeline assets and solves a key challenge of siRNA therapy efficient and specific delivery. This undoubtedly conquers the industry's most critical bottleneck and builds a strong technological moat for the company. With this platform, Ruibo Biology can efficiently and rapidly develop drugs for different liver-related disease targets and ultimately achieve a "platformized" output capacity for pipeline products. At the same time, Ruibo Biology has made significant progress in other organs and tissues outside the liver, such as the RiboPepSTARTM delivery technology platform for kidneys, central nervous system, and adipose tissue, and muscle metabolism, as well as the RiboOncoSTAR delivery technology platform for tumors, currently at the forefront of global small nucleic acid development. Under the strong technological moat and forward-looking pipeline layout, the revenue growth of Ruibo Biology is rapid, and it is expected to soon achieve a transition from Biotech to Biopharma. According to the prospectus, Ruibo Biology achieved revenue of 143 million yuan in 2024, with revenue of 66 million yuan in the first half of 2024, and further increased to 103 million yuan in the first half of 2025. The steady increase in the company's recent revenue is mainly due to its strategic cooperation with leading international and domestic pharmaceutical companies. Since December 2023, Ruibo Biology has successively signed cooperation and licensing agreements with Qilu Pharmaceutical and Boehringer Ingelheim, and in the first half of 2025, they reached the first research and development milestones triggering milestone payments. These collaborations not only bring stage income to the company but also serve as an important endorsement of its research and development capabilities and platform potential. In the future, with the launch of Ruibo Biology's main drugs, the company will also have sufficient momentum to transform from a research and development company to a comprehensive pharmaceutical enterprise with commercial capabilities. In addition, Ruibo Biology's steady international strategy layout, including overseas research centers with self-developed phase 2 clinical trial bases, global clinical declaration strategies, and a high-level world-class research and development team, will not only further consolidate and enhance the company's global competitiveness but also lead China's small nucleic acid industry to a more in-depth and systematic reshaping of the global biopharmaceutical competition landscape. Overall, the benchmark significance of Ruibo Biology lies not only in its identity as a pioneer in Chinese small nucleic acid drugs but also in its successful validation of a differentiation path focused on cutting-edge innovation. Faced with the challenges of high technical barriers and long research and development cycles, many pharmaceutical companies may hesitate due to insufficient technical accumulation or short-term capital and strategic considerations. Ruibo, however, with its core technology and long-termism, has established a leading position in this track. Therefore, Ruibo's listing in Hong Kong this time also provides investors with a rare opportunity to participate in the innovative wave of Chinese small nucleic acid drugs.