New Stock News | Prolife Pharmaceuticals submits a secondary application to the Hong Kong Stock Exchange; its core product PL-5 is the world's first cationic antimicrobial peptide drug to submit an NDA.

According to the Hong Kong Stock Exchange's disclosure on August 31, Pulaimi Pharmaceutical (Jiangsu) Co., Ltd. (referred to as: Pulaimi Pharmaceutical) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. The company had previously submitted a listing application to the Hong Kong Stock Exchange on February 13. Company Introduction The prospectus shows that Pulaimi Pharmaceutical is an antimicrobial peptide (AMP) biopharmaceutical company established in April 2009, focusing on two core therapeutic areas: anti-infection and metabolic diseases. As of the last practical date (August 24, 2026), the company has (i) one core product, PL-5 (Peilanga Nan), which is a topical spray used to treat secondary infections of first-degree or superficial second-degree burns caused by Staphylococcus epidermidis, Staphylococcus aureus, or Acinetobacter baumannii (secondary infections of burn wounds) and diabetic foot infections (DFI); and (ii) three other candidate drugs in the company's pipeline. According to Frost & Sullivan, the company's core product, the PL-5 spray (Puyi Ke), is the world's first first-in-class (FIC) class of Ganlansu drug approved for new drug application (NDA). Based on the membrane differentiation mechanism theory jointly proposed by the companys founders in 2006, PL-5 represents a new mechanism of action, where its peptide secondary structure folds to disrupt the integrity of microbial membranes to address antibiotic resistance challenges. In June 2026, the company's core product received NDA approval from the National Medical Products Administration for the treatment of secondary infections of burn wounds. With its key advantages of resistance to drug resistance, broad-spectrum action, and high efficacy, PL-5 provides a groundbreaking solution for treating multidrug-resistant infections, and the company plans to seek additional indications for secondary infections of other types of wounds in China through further clinical trials, such as treatment of DFI, as well as treatment and prevention of infections caused by physical trauma. It has been continuously selected for the National 12th and 13th Five-Year Plan Major New Drug Creation Technology Major Special Projects. The company's main product PL-3301 is a thermosensitive peptide gel used for the treatment of oropharyngeal candidiasis (OPC). Another major product of the company, PL-18, is an AMP drug used to treat vulvovaginal candidiasis (VVC) and may also be applicable for treating a range of gynecological infections, including bacterial vaginosis, fungal vaginitis, and mixed vaginitis. Both major products are also based on the membrane differentiation mechanism and aim to fill clinical gaps in their respective treatment areas. According to Frost & Sullivan, the companys preclinical asset PL-MD-333 is an oral FGF19/FGF21 inducer and lipid metabolism regulator. Preclinical studies indicate that PL-MD-333 can reduce fat mass, increase lean muscle mass percentage, and exhibit a synergistic effect when used in conjunction with GLP-1 receptor agonists such as semaglutide, making it a potential candidate for changing the treatment paradigm of metabolic diseases. The prospectus notes that there are no guarantees that the company will ultimately be successful in developing and commercializing its core products or any in-development products. Financial Information Revenue For the fiscal years 2024, 2025, and the six months ended June 30, 2026, the company achieved revenues of approximately RMB 5.194 million, RMB 3.332 million, and RMB 2.192 million, respectively. Gross Profit For the fiscal years 2024, 2025, and the six months ended June 30, 2026, the company recorded gross profits of approximately RMB 2.174 million, RMB 1.308 million, and RMB 1.050 million, respectively. Loss for the Period For the fiscal years 2024, 2025, and the six months ended June 30, 2026, the company recorded losses for the periods of approximately RMB 158 million, RMB 142 million, and RMB 85.24 million, respectively. Industry Overview The global peptide drug market continues to grow, increasing from USD 62.8 billion in 2020 to USD 137.7 billion by 2025. The global peptide drug market is expected to grow at a compound annual growth rate (CAGR) of 10.3% from 2025 to 2030, reaching USD 224.3 billion by 2030. In 2025, by therapeutic area, diabetes will hold the largest share of the global peptide drug market at 59.6%, reaching USD 82.1 billion, followed by weight management at 24.8%, reaching USD 34.1 billion, oncology at 8.2%, reaching USD 11.3 billion, and other therapeutic areas at 5.9%, reaching USD 8.1 billion, while peptide antimicrobial drugs will account for 1.5%, reaching USD 2 billion. Chinas peptide drug market is projected to grow from USD 8.5 billion in 2020 to USD 9.3 billion by 2025, with a projected CAGR of 15.7% from 2025 to 2030, reaching USD 19.3 billion by 2030. In 2025, by therapeutic area, diabetes will again hold the largest share of the Chinese peptide drug market at 47.4% (USD 4.4 billion), followed by growth and development (15.9%, USD 1.5 billion), immune regulation (10.4%, USD 1 billion), weight management (8.3%, USD 800 million), cardiovascular diseases (6.3%, USD 600 million), other therapeutic areas (4.8%, USD 400 million), and the nervous system (4.3%, USD 400 million), while peptide antimicrobial drugs will account for 2.7% (USD 200 million). The global antimicrobial drug market was valued at USD 137.2 billion in 2025, and is expected to decline to USD 138.2 billion by 2030. The recent decline is attributed to the sharp decrease in demand for COVID-19 medications/vaccines following the pandemic and increased competition from generics following patent expirations on HIV medications. The global antimicrobial drug market is experiencing similar phase dynamics, primarily influenced by fluctuations in pandemic-related demand and long-term structural characteristics of the market. The negative CAGR observed from 2020 to 2025 is largely due to the high base effect arising from increased usage of antimicrobial drugs during the COVID-19 pandemic, followed by normalization of demand as the pandemic recedes. The market is expected to remain relatively stable from 2025 to 2030, mainly driven by generic antibiotics amidst ongoing pricing pressure, while innovative antimicrobial therapies have yet to achieve large-scale commercialization. In China, this market reached USD 25.6 billion in 2025 and is expected to reach USD 25.4 billion by 2030. The contraction is driven by decreased patient visits related to the pandemic, lower drug prices resulting from multiple rounds of volume-based procurement, and stricter antibiotic regulation policies. The historical growth pattern of the antimicrobial drug market in China has been shaped by both policy-driven controls and pandemic-related demand fluctuations. In recent years, the national government has intensified efforts to combat antimicrobial resistance (AMR), including implementing antibiotic management policies to make antibiotic use more rational and restricted. Additionally, the inclusion of critical antibacterial drugs such as ceftazidime and vancomycin in the volume-based procurement program has resulted in significant price declines, exerting downward pressure on market value. Furthermore, during the COVID-19 pandemic, the use of antimicrobial drugs remained at high levels, and the normalization of post-pandemic demand led to a decline from this high baseline. By 2025, the global peptide antimicrobial drug market is expected to reach USD 2 billion. Driven by the urgent need to address increasingly severe global challenges of antimicrobial resistance (AMR) and as a last line of defense against multidrug-resistant pathogens, the market is projected to expand to USD 3.5 billion by 2030, with a CAGR of 11.8%. Ongoing breakthroughs in peptide synthesis and stabilization technologies further solidify this robust growth, significantly enlarging the therapeutic window of these highly effective drugs and improving patient compliance, thereby allowing them to capture a larger share in the global antimicrobial field. In the meantime, the peptide antimicrobial drug market in China is projected to reach USD 200 million by 2025 and grow to USD 400 million by 2030, with a CAGR of 11.3%. The country is shifting focus toward high-quality domestic innovation and clinically value-oriented healthcare, which drives this upward trend. The deep penetration of innovative therapies under the national medical insurance drug list () and a strategic focus on import substitution are promoting this growth. As domestic companies overcome technical barriers in mass peptide production, the Chinese market is expected to transition from reliance on conventional antibiotics to a high-barrier era of precise peptide antimicrobial drugs. The global secondary wound infection drug market is expected to reach USD 12.2 billion by 2025 and expand to USD 14.1 billion by 2030, with a CAGR of 3.0%. This growth is primarily due to the increasing prevalence of metabolic diseases (especially diabetes) globally, which often lead to chronic complications such as diabetic foot ulcers that are prone to secondary infections. Additionally, the rising volume of complex surgical procedures and the growing emphasis on infection control measures during postoperative care are driving the ongoing demand for advanced antimicrobial therapies aimed at expediting wound healing and preventing systemic complications. In China, the secondary wound infection drug market is expected to reach USD 900 million by 2025 and increase to USD 1.1 billion by 2030, with a CAGR of 4.1%. This upward trend is mainly influenced by the demographic transition in the aging population, which brings a heavier clinical burden of non-healing wounds and impaired immune response. Structural optimization of clinical treatment guidelines and increased accessibility of innovative antimicrobial drugs through the national medical insurance drug list () further promote market expansion. As medical infrastructure continues to modernize, the market is visibly shifting toward professional wound management solutions that offer better clinical efficacy than traditional therapies. Board Information After [editing], the board will consist of nine directors, including six executive directors and three independent non-executive directors. The term of office for the companys directors is three years, and they can be re-elected. Shareholding Structure As of the last practical date, Dr. Chen Yuxin, the chairman of the board, executive director, and CEO, is entitled to exercise voting rights at the company for (i) approximately 27.97% of the total issued shares directly held by him and (ii) approximately 7.77% of the total issued shares directly held by Jiangyin Puyuan (Dr. Chen as its executive and general partner). According to the partnership agreement of Jiangyin Puyuan, all management rights and voting rights of Jiangyin Puyuan belong to its executive and general partner Dr. Chen. Hence, as of the last practical date and immediately before the completion of [editing], Dr. Chen (directly and indirectly through Jiangyin Puyuan) controls approximately [35.74]% of the total issued share capital of the company and together with Jiangyin Puyuan forms a group of controlling shareholders of the company. Intermediary Team Exclusive Sponsor: CITIC SEC (Hong Kong) Limited; Companys Legal Counsel: regarding Hong Kong and U.S. law: JY Law Firm; regarding Chinese law: Jingtian & Gongcheng Law Firm; Legal Advisor to the Exclusive Sponsor: regarding Hong Kong and U.S. law: Sullivan & Cromwell Limited Liability Partnership (Hong Kong); regarding Chinese law: Tongshang Law Firm; Listing accountant and Independent Auditor: Ernst & Young; Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch; Compliance Advisor: Kaisheng Capital Limited.