New Stock News | Bangshun Pharmaceutical submits application to Hong Kong Stock Exchange, focusing on the fields of tumors and autoimmunity.

According to the disclosure by the Hong Kong Stock Exchange on January 22, Hangzhou Bangshun Pharmaceutical Co., Ltd. (hereinafter referred to as Bangshun Pharmaceutical) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International as its exclusive sponsor. Company Profile The prospectus shows that Bangshun Pharmaceutical is a biotechnology company focusing on the fields of oncology and autoimmune diseases. The company has established a pipeline covering one new drug application (NDA) stage candidate drug (Bezesetinib), one registered clinical stage candidate drug (CX1440), and five preclinical stage candidate drugs (CX03, CX12, CX13, CX15, and CX16). According to Frost & Sullivan data, as of January 16, 2026, the company's core product Bezesetinib is expected to become one of the first three approved domestically produced JAK inhibitors for treating myelofibrosis (MF) in China. The company has conducted multiple clinical trials on Bezesetinib for MF, PV, and ET. In August 2024, the company submitted the first NDA for Bezesetinib for the treatment of MF to the Drug Evaluation Center, and is expected to obtain regulatory approval in the second quarter of 2026. In terms of clinical progress, Bezesetinib is the top-ranking JAK inhibitor in China for the treatment of polycythemia vera (PV) and the top-ranking JAK inhibitor globally for the treatment of essential thrombocythemia (ET). The efficacy of Bezesetinib highlights its potential to be the best in its class and meet the needs of approximately 553,900 MPN patients in China. According to Frost & Sullivan data, the Chinese MPN market reached $900 million in 2024 and is expected to increase to $1.6 billion by 2030. Furthermore, in terms of clinical progress, the company's other core product CX1440 is one of the top three BTK inhibitors globally for the treatment of immune thrombocytopenia (ITP) and one of the top two BTK inhibitors globally for the treatment of chronic urticaria (CU) and autoimmune hemolytic anemia (AIHA). CX1440 is a Phase III clinical stage BTK inhibitor with the best potential in its class. In 2024, there were approximately 215,800 ITP patients in China, and the ITP drug market is expected to grow from about $700 million in 2024 to about $3.6 billion in 2035, with the CU drug market increasing from about $2.7 billion to about $10.8 billion, and the AIHA drug market increasing from about $157 million to about $339 million. The prospectus notes that the company does not guarantee that it will ultimately be successful in developing its core products or any pipeline products for listing. Currently, the company's revenue mainly comes from technology transfers related to preclinical projects. During the historical period, the company had only one client. Financial Information Revenue: For the fiscal year 2024, 2024, and the nine months ended September 30, 2025, Bangshun Pharmaceutical achieved revenues of RMB 943,000, RMB 943,000, and RMB 0, respectively. Profit: For the fiscal year 2024, 2024, and the nine months ended September 30, 2025, Bangshun Pharmaceutical reported losses of approximately RMB 88.44 million, RMB 66.336 million, and RMB 1.79 billion, respectively. Industry Overview Myeloproliferative Neoplasms (MPN) are a type of chronic hematologic malignancy characterized by abnormal regulation of hematopoietic stem cells and progenitor cells, leading to clonal excess production of one or more mature blood cells. The global MPN drug market size increased from $6.6 billion in 2020 to $8.3 billion in 2024, with a compound annual growth rate of 6.0% from 2020 to 2024, expected to reach $12.7 billion by 2030 with a compound annual growth rate of 7.3% from 2024 to 2030, and further increase to $19.2 billion by 2035 with a compound annual growth rate of 8.7% from 2030 to 2035. The Chinese MPN drug market is growing steadily, with market sizes of $700 million in 2020 and $900 million in 2024, showing a compound annual growth rate of 6.4% from 2020 to 2024. The market size is expected to significantly expand in the future, reaching $1.6 billion by 2030 with a compound annual growth rate of 9.4% from 2024 to 2030, and further expanding to $2.7 billion by 2035 with a compound annual growth rate of 11.5% from 2030 to 2035. Main indications for JAK inhibitors in hematologic malignancies: myelofibrosis, polycythemia vera, essential thrombocythemia. In 2024, the Chinese MF drug market reached $300 million, with a compound annual growth rate of 3.5% from 2020 to 2024, and is expected to reach $400 million by 2030 and $500 million by 2035, with compound annual growth rates of 3.9% from 2024 to 2030 and 4.5% from 2030 to 2035. The global MF drug market increased from $2.5 billion in 2020 to $3.1 billion in 2024, showing a compound annual growth rate of 5.5%, and is expected to reach $4.5 billion by 2030 and $6.7 billion by 2035, with compound annual growth rates of 6.5% from 2024 to 2030 and 8.2% from 2030 to 2035. Polycythemia Vera Polycythemia vera (PV) is a type of MPN characterized by persistent erythrocytosis, often accompanied by synchronous increases in white blood cells and platelet counts. The global PV drug market increased from $2.1 billion in 2020 to $2.7 billion in 2024, with a compound annual growth rate of 6.5%, expected to reach $4.2 billion by 2030 and $6.5 billion by 2035, with compound annual growth rates of 7.8% from 2024 to 2030 and 8.8% from 2030 to 2035. The Chinese PV drug market increased from $200 million in 2020 to $300 million in 2024, with a compound annual growth rate of 7.4%, expected to reach $600 million by 2030 and $1.1 billion by 2035, with compound annual growth rates of 11.3% from 2024 to 2030 and 13.0% from 2030 to 2035. Essential Thrombocythemia Essential thrombocythemia (ET) is a type of chronic MPN characterized by persistent thrombocytosis (platelet count 45010/L), negative detection of the BCR-ABL1 fusion gene, and increased numbers of megakaryocytes in bone marrow pathology, along with large and mature manifestations. The global ET drug market increased from $2.0 billion in 2020 to $2.5 billion in 2024, with a compound annual growth rate of 6.2%, expected to reach $3.9 billion by 2030 and $6.0 billion by 2035, with compound annual growth rates of 7.8% from 2024 to 2030 and 9.0% from 2030 to 2035. The Chinese ET drug market increased from $200 million in 2020 to $300 million in 2024, with a compound annual growth rate of 8.7%, expected to reach $600 million by 2030 and $1.1 billion by 2035, with compound annual growth rates of 12.2% from 2024 to 2030 and 13.8% from 2030 to 2035. In addition, the Chinese market for autoimmune diseases drugs is growing steadily, with market sizes of $2.5 billion in 2020 and $4.6 billion in 2024, showing a compound annual growth rate of 15.9% from 2020 to 2024. The market is expected to significantly expand in the future, reaching $18.4 billion by 2030 with a compound annual growth rate of 26.2% from 2024 to 2030, and further increasing to $40.3 billion by 2035 with a compound annual growth rate of 16.9% from 2030 to 2035. Board of Directors Information The company's board of directors will consist of 9 directors, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Directors serve a term of 3 years and may be reelected. Equity Structure As of January 16, 2026, Mr. Li Bangliang holds approximately 31.25% of the voting rights of the company through Hangzhou Wanyuhe, Hangzhou Sanrui and Hangzhou Liuyintai. Dr. Lv Yubin holds approximately 67.2% of the shares in Hangzhou Jiuyin. Therefore, under the Securities and Futures Ordinance, Dr. Lv Yubin is deemed to have an interest in the 14,115,000 shares held by Hangzhou Jiuyin. Intermediary Team Exclusive Sponsor: China Securities Co., Ltd. International Financing Co., Ltd. Company's Legal Counsel: Hong Kong and U.S. Law: Herbert Smith Freehills LLP; Chinese Law: Zhejiang Tianze Law Firm Legal Counsel for Exclusive Sponsor: Hong Kong and U.S. Law: Kirkland & Ellis LLP; Chinese Law: Grandall Law Firm Reporting Accountant and Independent Auditor: Ernst & Young Certified Public Accountants Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch