New Stock News | Yifang Biotech (688382.SH) re-applies to the Hong Kong Stock Exchange for the second time; no profit turnaround achieved during the reporting period.

According to the Hong Kong Stock Exchange's disclosure on August 21, Efang Biotech (Shanghai) Co., Ltd. (referred to as: Efang Biotech) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC being its exclusive sponsor. The company had previously submitted a listing application to the Hong Kong Stock Exchange on January 1 this year. Company Overview According to the prospectus, Efang Biotech was established in 2013 and is a biopharmaceutical company focused on oncology, autoimmune diseases, and metabolic diseases. Efang Biotech has eight candidate products, including two core products independently developed: D-2570 and Tezacaftor (D-0502). D-2570 is used to treat autoimmune diseases (including psoriasis, ulcerative colitis ("UC"), systemic lupus erythematosus ("SLE"), psoriatic arthritis ("PsA"), and vitiligo), while Tezacaftor (D-0502) is used to treat ER+/HER2- breast cancer. Both core products are currently in the Phase III clinical trial stage. In terms of clinical stage product pipeline, the core product TYK2 inhibitor D-2570 and oral estrogen receptor degrader (SERD) Tezacaftor (D-0502) are undergoing pivotal Phase III clinical trials, while the urate transporter 1 (URAT1) inhibitor Dabinore (D-0120) has completed Phase IIb trials. In addition, the company has several preclinical candidate drugs, including WRN inhibitor YF087, KIF18A inhibitor YF550, and STAT6 oral degrader YF057, demonstrating ongoing innovation capabilities. The company is highly dependent on its customers, having only two. The revenue from its largest customer accounted for 90.3%, 75.1%, and 68.9% of total revenue in respective years/periods. Financial Information Revenue In the fiscal year of 2024, 2025, and the six months ending June 30, 2026, the company recorded revenues of RMB 169 million, RMB 37.29 million, and RMB 53.31 million, respectively. Gross Profit In the fiscal year of 2024, 2025, and the six months ending June 30, 2026, the company recorded gross profits of RMB 165 million, RMB 32.16 million, and RMB 50.30 million, respectively. Loss for the Year/Period In the fiscal year of 2024, 2025, and the six months ending June 30, 2026, the company recorded losses of RMB -240 million, RMB -317 million, and RMB -137 million, respectively. Industry Overview The global oncology drug market size has grown from USD 181.7 billion in 2021 to USD 278.2 billion by 2025, with a compound annual growth rate (CAGR) of 11.2%; it is expected to reach USD 683 billion by 2035, with CAGRs of 9.4% from 2025 to 2030 and from 2030 to 2035. The size of China's oncology drug market has grown from USD 35.8 billion in 2021 to USD 38.8 billion by 2025, with a CAGR of 2.0%. It is expected to reach USD 136.3 billion by 2035, with CAGRs of 12.5% from 2025 to 2030 and 14.2% from 2030 to 2035. Specifically, looking at the company's core products D-2570 and Tezacaftor (D-0502): D-2570 is a TYK2 allosteric inhibitor in the research and development stage, primarily used to treat plaque psoriasis and UC. Plaque Psoriasis The global number of plaque psoriasis patients is estimated to reach 174.5 million cases by 2025, 181.6 million by 2030, and 188.2 million by 2035, with a CAGR of 0.8% from 2025 to 2030 and 0.7% from 2030 to 2035. The number of plaque psoriasis patients in China is estimated to be 5.924 million by 2025, expected to reach 6.007 million by 2030, and 6.087 million by 2035. In the United States, the number of plaque psoriasis patients is estimated to be 8.203 million by 2025, expected to reach 8.387 million by 2030, and 8.553 million by 2035. The global psoriasis drug market size is expected to reach USD 26.1 billion by 2025, forecasted to rise to USD 40.6 billion by 2030, and reach USD 55.9 billion by 2035. China's psoriasis drug market size is expected to reach USD 2.9 billion by 2025, projected to climb to USD 7.3 billion by 2030, and reach USD 11.6 billion by 2035. The United States psoriasis drug market size is expected to reach USD 15.4 billion by 2025, projected to grow to USD 24.9 billion by 2030, and reach USD 32.5 billion by 2035. UC The global number of UC patients has grown from 4.3 million in 2021 to 5.3 million by 2025, and is expected to increase to 6.2 million by 2030, reaching 6.9 million by 2035. In China, the number of UC patients has grown from 465,800 in 2021 to 628,100 by 2025, expected to rise to 892,700 by 2030, and reach 1,153,500 by 2035. Patients with moderate to severe active UC account for approximately 30% to 40% of all UC patients. The global UC drug market size has grown from USD 6.4 billion in 2021 to USD 9.7 billion by 2025, expected to reach USD 13.2 billion by 2030, and USD 16 billion by 2035. The Chinese ulcerative colitis drug market size has grown from USD 20 million in 2021 to USD 30 million by 2025, anticipated to increase to USD 40 million by 2035, with a CAGR of 3.6% from 2030 to 2035. Tezacaftor (D-0502) The global SERD drug market size is USD 1 billion in 2024, expected to reach USD 5.9 billion by 2035. The SERD drug market size in China in 2024 is USD 200 million, anticipated to reach USD 400 million by 2030 and grow to USD 800 million by 2035. The market size of SERD drugs in China was USD 100 million in 2021 and 2025, and is expected to reach USD 300 million by 2030 and USD 800 million by 2035. The market size of SERD drugs in the United States was USD 100 million in 2021 and USD 600 million in 2025, and is projected to reach USD 1.7 billion by 2030 and USD 3.5 billion by 2035. Board Information The company's board of directors consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Directors serve a term of 3 years and may be re-elected. Shareholding Structure As of August 16, 2026, Dr. Wang, Dr. Jiang, Dr. Dai, Efang Hong Kong, YUEHENG JIANG LLC, and XING DAI LLC are acting in concert, forming the single largest shareholder group, collectively controlling approximately 27.19% of the company's issued share capital. Among them, Dr. Wang holds approximately 19.04% of the issued shares through his controlled entities, namely Efang Hong Kong, Aargletschers, and Efang Cayman. Dr. Jiang holds approximately 4.63% of the issued shares through his wholly-owned subsidiary YUEHENG JIANG LLC. Dr. Dai holds approximately 3.53% of the issued shares through his wholly-owned subsidiary XING DAI LLC. Intermediary Team Exclusive Sponsor: CITIC SEC (Hong Kong) Limited Company Legal Advisors: For Hong Kong and U.S. Law: Davis Polk & Wardwell; For Chinese Law: JunHe LLP Exclusive Sponsor Legal Advisors: For Hong Kong and U.S. Law: Herbert Smith Freehills Kramer; For Chinese Law: King & Wood Mallesons Reporting Accountant and Independent Auditor: BDO Limited, Hong Kong Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch Compliance Advisor: Guoyuan Financing (Hong Kong) Limited