New Stock News | Lanna Cheng submits again to the Hong Kong Stock Exchange, dedicated to the discovery, development, and commercialization of radiopharmaceuticals for cancer diagnosis and treatment.

According to the disclosure by the Hong Kong Stock Exchange on June 12, Yantai Lannacheng Biotechnology Co., Ltd. (referred to as "Lannacheng") has submitted an application to the Hong Kong Stock Exchange Main Board with CICC as its exclusive sponsor. The company had previously submitted an application for listing to the Hong Kong Stock Exchange on September 29, 2025. Company Overview According to the prospectus, Lannacheng was founded in 2021 and is currently a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of oncology diagnosis and treatment radiopharmaceuticals. As of the last feasible date, the company has established a pipeline consisting of 13 candidate drugs, including 7 diagnostic radiopharmaceuticals and 6 therapeutic radiopharmaceuticals. Among these candidate drugs, the company has 4 core products, including (i) 18F-LNC1001, a registered PSMA-targeted diagnostic radiopharmaceutical developed for positron emission tomography (PET) imaging in PSMA-positive prostate cancer patients; (ii) 18F-LNC1005, an FAP-targeted diagnostic radiopharmaceutical developed for PET imaging in gastric cancer patients; (iii) 177Lu-LNC1011, a PSMA-targeted therapeutic radiopharmaceutical specifically for the treatment of PSMA-positive metastatic castration-resistant prostate cancer (mCRPC); and (iv) 18F-LNC1007, an FAP/avb3-targeted diagnostic radiopharmaceutical developed for PET imaging in metastatic clear cell renal cell carcinoma (ccRCC). According to Frost & Sullivan data, the company ranks first in China in the number of clinical-stage integrated radiological diagnostic and therapeutic drugs. The company is also one of the few biopharmaceutical companies in China developing both diagnostic and therapeutic radiopharmaceuticals simultaneously. By advancing the research and development of diagnostic and therapeutic radiopharmaceuticals together, Lannacheng is implementing an "integrated diagnosis and treatment" strategy. In this model, diagnostic agents can achieve precise patient screening and monitoring, while therapeutic agents provide targeted treatment. This strategy creates an application cycle that not only supports sustained market demand but also continuously expands the accessible market for radiopharmaceutical product portfolios. In April 2022, Lannacheng entered into a technology transfer agreement with Nanjing Jiangyuan Andy Technology, a wholly-owned subsidiary of Yantai Dongcheng Biochemicals ("18F-LNC1001 Transfer Agreement"). Nanjing Jiangyuan Andy Technology was established in March 2006 in accordance with Chinese law, providing radiopharmaceutical solutions to nuclear medicine customers through the DBO solution of the cyclotron. Under the 18F-LNC1001 Transfer Agreement, Lannacheng acquired global exclusive rights and interests in the clinical pre-development stage candidate Al18F-labeled PSMA-targeted inhibitor patent and proprietary technology ("LNC1001IP"), further developing the drug into the core product 18F-LNC1001. The prospectus mentions that LNC1001IP originated from Beijing Cancer Hospital and was acquired by Nanjing Jiangyuan Andy Technology from Beijing Cancer Hospital in May 2020 ("Original Agreement"). After acquiring LNC1001IP from Nanjing Jiangyuan Andy Technology, in October 2022, the company entered into a replacement agreement with Nanjing Jiangyuan Andy Technology and Beijing Cancer Hospital ("Replacement Agreement"), whereby Nanjing Jiangyuan Andy Technology transferred all rights and responsibilities under the original agreement to Lannacheng ("Related 18F-LNC1001 Transfer Agreement"). Under the Replacement Agreement, Nanjing Jiangyuan Andy Technology and Beijing Cancer Hospital agreed to replace Nanjing Jiangyuan Andy Technology with Lannacheng as the party to the original agreement. All rights and responsibilities previously held by Nanjing Jiangyuan Andy Technology under the original agreement were assumed by Lannacheng. After signing the Replacement Agreement, Nanjing Jiangyuan Andy Technology no longer retains any rights or responsibilities related to 18F-LNC1001 under the original agreement. In case of any disputes arising from the Replacement Agreement or the Original Agreement, if they cannot be resolved through sincere negotiations, they shall be submitted to the China International Economic and Trade Commission for arbitration in Beijing. As of the last feasible date, there are no disputes between Lannacheng and Nanjing Jiangyuan Andy Technology or Beijing Cancer Hospital under the Replacement Agreement or the Original Agreement. On January 27, 2024, Lannacheng entered into a transfer agreement with the independent third party Xinrui Pharmaceutical ("18F-LNC1016 Transfer Agreement"), whereby Lannacheng acquired all rights and interests related to 18F-LNC1016, including all regulatory approvals issued by the NMPA and related applications submitted to the NMPA, all related intellectual property rights, and all data, information, and records generated from clinical and non-clinical research related to 18F-LNC1016. Xinrui Pharmaceutical is a professional manufacturer of active pharmaceutical ingredients (APIs) and intermediates for hypertension, hyperlipidemia, hyperglycemia, and advanced chemical intermediates. Financial Information Other Income and Revenue In the fiscal year 2024 and 2025, the company's other income and revenue were approximately RMB 11.279 million and RMB 5.563 million, respectively. Annual Comprehensive Loss In the fiscal years 2024 and 2025, the company recorded an annual comprehensive loss of approximately RMB 119 million and RMB 153 million, respectively. Industry Overview With the continuous increase in cancer incidence, the global oncology drug market has rapidly expanded in recent years. The global oncology drug market increased from $150.3 billion in 2020 to $278.2 billion in 2025, with a compound annual growth rate of 13.1%, and is projected to reach $435.6 billion by 2030, with a compound annual growth rate of 9.4%. The Chinese oncology drug market increased from RMB 197.5 billion in 2020 to RMB 279.1 billion in 2025, with a compound annual growth rate of 7.2%, and is expected to reach RMB 504 billion by 2030, with a compound annual growth rate of 12.5%. Prostate cancer is a malignant tumor that occurs in the epithelium of the prostate and is the most common malignant tumor of the male genitourinary system, mainly affecting men over 65 years of age. The number of new diagnosed cases of prostate cancer in China increased from approximately 124,600 cases in 2020 to 148,700 cases in 2025, with a compound annual growth rate of approximately 3.6%. This growth is attributed to the aging population, increased awareness, and wider use of prostate-specific antigen (PSA) testing. The 5-year survival rate of prostate cancer patients in China is 66.4%. Despite these trends, the diagnostic rate in China is still lower than in developed markets. The availability of PSA screening varies by region, and access to advanced imaging methods such as PET/CT remains concentrated in major cities. After radical local treatment, approximately 40.0% of patients experience biochemical recurrence. Among recurrent patients, metastatic castration-resistant prostate cancer (mCRPC) represents the final stage of disease progression. It is estimated that in 2025, there will be approximately 32.2 thousand new cases of mCRPC in China. In 2025, the global market size of prostate cancer drugs increased from $13.9 billion in 2020 to $21.0 billion, with a compound annual growth rate of 8.5%. It is projected that by 2030, the global market for prostate cancer drugs will increase to $34.5 billion, with a compound annual growth rate of 10.5%. At the same time, in 2025, the market size of prostate cancer drugs in China reached $2.2 billion, with a compound annual growth rate of 22.2% from 2020 to 2025. It is expected that by 2030, the market for prostate cancer drugs in China will increase to $5.6 billion, with a compound annual growth rate of 20.4% from 2025 to 2030. The estimated potential market size of prostate cancer drugs is determined by the target patient population and treatment evolution. This valuation includes key variables such as the adoption rate of various therapeutic drugs and the annual cost of treatment. Board Information The board consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. According to the rules of the Articles of Association, directors serve a term of three years and may be re-elected. Equity Structure As of the last feasible date, Yantai Dongcheng Biochemicals holds approximately 43.95% of the company's issued share capital. Following the completion of [editing], Yantai Dongcheng Biochemicals is considered the controlling shareholder of Lannacheng. As of the last feasible date, Yantai Dinglan Investment Partnership Enterprise (Limited Partnership) is owned by its general partner, Wu Xiaoming, holding a 34% partnership interest. Therefore, under the Securities and Futures Ordinance, Wu Xiaoming is considered to have an interest in the shares held by Yantai Dinglan Investment Partnership Enterprise (Limited Partnership). Intermediary Team Exclusive Sponsor: China International Capital Corporation Hong Kong Securities Limited Company Legal Advisers: King & Wood Mallesons, Zhong Lun Law Firm Sponsor Legal Advisers: Astor Law Firm, Joint Global Law Firm Auditor and Reporting Accountant: Ernst & Young LLP Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Advisor: Baihui Capital Limited