New stock news | Hulun Medicine submits application to Hong Kong Stock Exchange, owning more than ten listed products and various candidate drugs.

According to the disclosure of the Hong Kong Stock Exchange on April 2, Shanghai Huirun Pharmaceutical Co., Ltd. (Huirun Pharmaceutical) submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC as the sole sponsor. Company Profile The prospectus shows that Huirun Pharmaceutical is a pharmaceutical company with a good track record in drug development and commercialization. After years of continuous efforts, the company has established a comprehensive drug industry chain operation system covering from R&D production to commercialization. Based on this foundation, the company is actively expanding its capabilities, with a focus on innovative drugs for major diseases and critical conditions. The company already has a product portfolio consisting of over ten marketed products and various candidate drugs, covering key treatment areas such as immunology, pain treatment, oncology, and other chronic diseases. During the historical period, the company's revenue mainly came from the sales of its main marketed products, namely Xiwena (the only approved domestic levosimendan in China) and Zuoyu (the first domestic Class II levofolinic acid in China). At the same time, the company's pipeline of innovative drugs has been steadily progressing, with four Class I innovative drugs and three Class II improved new drugs currently in clinical development. The company mainly conducts R&D activities through its internal R&D team, and occasionally engages CROs to support the company's preclinical research and clinical trials. As of December 31, 2025, the company's internal R&D team consisted of 256 members, with around 45% of members holding master's or doctoral degrees, primarily in the fields of biology, pharmacology, pharmacy, chemistry, and medicine. To enhance its innovation capabilities, the company has established two wholly-owned subsidiaries focusing on innovative drug development: Shanghai Yidian Pharmaceutical Technology Development Co., Ltd. and Shanghai Yidi Biotechnology Co., Ltd. The company has built a drug development engine driving all stages of its innovation process, covering the entire process from drug discovery to regulatory approval. Financial Information Revenue The company recorded revenues of approximately RMB 985 million, RMB 686 million, and RMB 686 million in the fiscal years 2023, 2024, and 2025, respectively. Net Profit The company recorded net profits of approximately RMB 20.65 million, -RMB 124 million, and -RMB 174 million in the fiscal years 2023, 2024, and 2025, respectively. Gross Profit The company recorded gross profits of approximately RMB 850 million, RMB 569 million, and RMB 571 million in the fiscal years 2023, 2024, and 2025, respectively. Industry Overview The China Meheco Group market is expected to continue growing, from RMB 1.6297 trillion in 2024 to RMB 3.1034 trillion in 2035, with a compound annual growth rate of 6.0%. Despite the rapid growth of biologics and other modalities, chemical drugs remain the cornerstone of the China Meheco Group market, accounting for about 43.2% of domestic drug sales in 2024 and maintaining its position as the largest therapeutic category by quantity and accessibility. Chemical drugs continue to dominate the fundamental treatment areas in China, such as cardiovascular diseases, metabolic diseases, inflammatory diseases, and other chronic diseases. In the China Meheco Group market, innovative drugs have experienced and are expected to continue to experience faster growth than generic drugs. This trend is attributed to the industry's significant investment in the R&D of innovative drugs, the implementation of favorable government policies, and rapid pathways to promote drug innovation. In addition, innovative drugs have a competitive advantage in terms of superior efficacy and safety compared to existing treatment methods. The Chinese innovative drug market reached RMB 814.4 billion in 2024 and is expected to reach RMB 2.1721 trillion in 2035, with a compound annual growth rate of 9.3% from 2024. Board of Directors and Executive Management Information The company's board of directors consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors. Equity Structure As of the last practicable date, Mr. Dong, Ms. Dong, Ms. Wang, Yuyi Enterprise Management, Feihe Enterprise Management, Yunbai Enterprise Management, Shanghai Xintian, and Guiyang Xintian Pharmaceutical constitute the company's controlling shareholders, collectively holding approximately 57.42% of the total voting rights attached to the company's issued share capital. Post-Compilation, Mr. Dong, Ms. Dong, Ms. Wang, Yuyi Enterprise Management, Feihe Enterprise Management, Yunbai Enterprise Management, Shanghai Xintian, and Guiyang Xintian Pharmaceutical constitute a group of controlling shareholders of the company. While Guiyang Xintian Pharmaceutical is one of the company's controlling shareholders, there is a clear separation between the business of the company and Guiyang Xintian Pharmaceutical. This is because Guiyang Xintian Pharmaceutical focuses on traditional Chinese medicine products, while the company primarily develops small molecule chemical drugs, each with different indications for diseases and non-overlapping therapeutic uses. Intermediary Team Sponsor: CITIC SEC (Hong Kong) Limited Legal Advisor: For Hong Kong and U.S. law: King & Wood Mallesons; for Chinese law: Dentons; for U.S. international sanctions and export control law: Han Kun LLP Reporting Accountant and Independent Auditor: KPMG Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: SOMERLEY CAP Limited Company