New stock news | Wuhe Boao Delivery to the Hong Kong Stock Exchange Commercial Product Sangbon for the treatment of type 2 diabetes.

According to the disclosure by the Hong Kong Stock Exchange on February 27th, Beijing Wuhe Boao Pharmaceutical Co., Ltd. (referred to as Wuhe Boao) has submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. Company Profile The prospectus shows that Wuhe Boao is a biopharmaceutical company that has been focused on natural drug innovation since its establishment in 2010, specializing in the research and development, industrialization, and commercialization of original drugs with high technological barriers. At the same time, the company has conducted research on drug delivery systems to overcome the technical bottlenecks in drug delivery in the body. As of February 18, 2026, the company has established the following product pipelines: (i) a commercialized product, Sangboen, used for type 2 diabetes; (ii) three core products, including WH007 for polycystic ovarian syndrome, WH006 for obesity, and WH002 for neoadjuvant therapy of breast cancer; and (iii) five other candidate drugs. Among them, the commercialized product Sangboen is a natural drug for treating type 2 diabetes. In addition to its strong hypoglycemic effects, it also has multiple pharmacological actions, helping diabetic patients achieve more comprehensive metabolic management. According to Zhoushi Consultation, as of February 18, 2026, Sangboen is the first and only original natural drug approved for blood sugar control in China, and the world's first blood sugar control natural drug derived from a plant source based on clear active components. Sangboen is developed using mulberry twig total alkaloids "SZ-A" as its raw material drug. SZ-A is an effective component group with a clear material basis, stable and controllable quality, and a clear mechanism of action. Sangboen received approval for a New Drug Application (NDA) from the China National Medical Products Administration in March 2020 and was included in the National Medical Insurance Drug Directory in the same year. Regarding core products, WH007 is a natural drug candidate product developed using SZ-A as a raw material drug, intended for the treatment of PCOS. According to Zhoushi Consultation data, as of 2024, the estimated incidence of PCOS among childbearing-age women in China is approximately 7.8% (equivalent to 34 million patients), and this number is expected to reach 37.6 million by 2032, with a compound annual growth rate of 1.1%. Current clinical treatment mainly focuses on symptomatic treatment and has not addressed the fundamental pathophysiological mechanisms of PCOS. According to Zhoushi Consultation data, as of February 18, 2026, there are no approved drugs specifically for the treatment of PCOS in the world. WH007 obtained a clinical trial notification from the National Medical Products Administration in December 2025, approving the start of Phase II clinical trials. WH006 is a natural drug candidate product developed using SZ-A as a raw material drug, intended for weight loss in adults. According to Zhoushi Consultation data, the prevalence of adult obesity is steadily increasing in China, with approximately 277 million obese individuals in 2024, expected to increase to 330 million by 2032, with a compound annual growth rate of 2.2%. Preclinical study results show that WH006 can promote lipid metabolism, reduce lipid synthesis, control high-fat food preferences, reduce fat without reducing muscle, increase bone density, good safety profile, and convenient administration. WH006 obtained a clinical trial notification from the National Medical Products Administration in November 2023, initiated Phase I clinical trials in May 2024, and completed Phase I clinical trials in November 2024. In August 2025, it completed registration and information disclosure for Phase II clinical trials on the Drug Evaluation Center registration platform and initiated Phase II clinical trials. WH002 is a Paclitaxel-Cholesterol conjugate tumor-targeted lipid emulsion. The company plans to focus WH002 on neoadjuvant therapy for Luminal breast cancer. According to CIC data, there were approximately 2.4 million new cases of breast cancer diagnosed worldwide in 2024. Human Epidermal Growth Factor Receptor 2-negative breast cancer accounts for approximately 77.0%-80.0% of all cases, with about 80.0% being Hormone Receptor-positive (HR+/HER2-, "Luminal subtype"). WH002 has the advantages of good tumor tissue enrichment, penetration, tumor cell targeting, significantly reduced systemic toxicity, significantly increased tolerability dose, and better anti-tumor activity. WH002 obtained a clinical trial notification from the National Medical Products Administration in April 2019, initiated Phase I clinical trials in April 2022, completed Phase I clinical trials in December 2023, initiated Phase II clinical trials in June 2024, and completed Phase II clinical trials in November 2025. The company plans to initiate Phase III clinical trials in 2026. Financial Information Revenue For the fiscal year 2024 and the nine months ended September 30, 2024 and 2025, the company's revenue was approximately RMB 208 million, RMB 162 million, and RMB 207 million respectively. Gross Margin For the fiscal year 2024 and the nine months ended September 30, 2025, the company's gross margin was 72.1% and 74.1% respectively. Industry Overview The global natural drug market was approximately USD 2 billion in 2020, with annual growth reaching USD 2.3 billion by 2024, with a compound annual growth rate of 3.9%. With more natural drugs being approved for marketing in the future and the advantages of natural drugs in long-term disease management, the market is expected to continue expanding at a compound annual growth rate of 10.3%, reaching USD 5 billion by 2032. According to annual reports and expert interviews, the size of the Chinese natural drug market was approximately USD 700 million in 2024, and it is expected to grow faster than the overall natural drug market, reaching USD 2 billion by 2032. Metabolic diseases are chronic and complex diseases caused by long-term imbalances in multiple metabolic pathways such as carbohydrates, lipids, proteins, nucleic acids, etc. These diseases include diabetes, obesity, PCOS, metabolic function-related fatty liver disease, and some cardiovascular diseases. The main clinical features include obesity, hypertension, abnormal blood lipids, and impaired glucose metabolism. Due to the diverse etiology and the coexistence of multiple symptoms, a single treatment strategy is often ineffective. According to the International Diabetes Federation (IDF) and literature reviews, the incidence of metabolic diseases is on the rise globally, with an estimated prevalence of around 25%, making it a serious global health concern. The prevalence of metabolic diseases in China is around 35%, with a high prevalence rate of 58.1% among people aged 60 and above. In 2024, the global prevalence of metabolic diseases reached approximately 2.6 billion, with China accounting for 550 million cases. The growth rate of metabolic diseases in China is expected to exceed that of developed countries like the United States. Diabetes is a chronic metabolic disease characterized by abnormal high blood sugar levels. Prolonged high blood sugar levels can lead to complications such as cardiovascular and cerebrovascular diseases, renal failure, retinopathy, diabetic foot, and neuropathy, increasing the risk of disability and premature death. Diabetes is mainly divided into Type 1 and Type 2. Type 1 diabetes is an autoimmune disease that results in absolute insulin deficiency and lifelong dependence on insulin, while Type 2 diabetes is caused by insulin resistance or inadequate secretion and is the most common type of diabetes in China and globally, accounting for approximately 96% of cases. According to IDF data, over 70% of diabetic patients report having at least one complication. According to the International Diabetes Federation, the global prevalence of diabetes in adults aged 20-79 was around 11% in 2024, with more than 90% being Type 2 diabetes. In China, the prevalence of adult diabetes is 9.5%. In 2020, the global number of Type 2 diabetes patients was 506 million, with China accounting for 119 million cases. Both showed a compound annual growth rate of 1.8% until reaching 543 million and 128 million patients respectively in 2024. It is estimated that the global number of diabetic patients will increase to 610 million by 2032 with a growth rate of 1.5%. In recent years, with the approval of innovative drugs such as glucagon-like peptide-1 receptor agonists and mulberry twig alkaloid tablets, the Chinese Type 2 diabetes drug market has attracted increasing attention. Board of Directors Information The company's board of directors will consist of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors. Equity Structure As of February 18, 2026, Mr. Huang Yuesheng, Mr. Hu Dingfei, and Mr. Yu Xiecai each directly hold equity and have the right to exercise approximately 16.09%, 8.34%, and 8.12% of the voting rights at the company's general meeting. Mr. Huang Yuesheng, Mr. Yu Xiecai, and Mr. Hu Dingfei entered into a joint action agreement in December 2018, under which, as of February 18, 2026, and [compilation] thereafter, Mr. Huang Yuesheng, Mr. Hu Dingfei, and Mr. Yu Xiecai have been and will be considered as a group of concerted shareholders. Mr. Huang Yuesheng serves as the general partner of Wuhe Tongyuan No. 1, Wuhe Tongyuan No. 2, Wuhe Tongyuan No. 3, Jiujiang Ruida, and Jiujiang Ruihe, and thus has the right to exercise the voting rights corresponding to the shares held by these entities; as of February 18, 2026, these voting rights accounted for 1.57%, 1.57%, 0.78%, 3.92%, and 15.28% of the company's general meeting voting rights. Therefore, as of February 18, 2026, Mr. Huang Yuesheng, Mr. Hu Dingfei, Mr. Yu Xiecai, Wuhe Tongyuan No. 1, Wuhe Tongyuan No. 2, Wuhe Tongyuan No. 3, Jiujiang Ruida, and Jiujiang Ruihe collectively directly and indirectly hold and have the right to exercise approximately 55.67% of the general meeting voting rights. Agency Team Exclusive Sponsor: Huatai Financial Holdings (Hong Kong) Limited Legal Advisor to the Company: Regarding Hong Kong and US law: Pu Heng Law Firm (Hong Kong) Limited Liability Partnership; Regarding Chinese law: Beijing Guofeng Law Firm; Regarding Chinese intellectual property law: Beijing Guofeng (Nanjing) Law Firm Legal Advisor to the Exclusive Sponsor: Regarding Hong Kong law: Jingtian Gongcheng Law Firm Limited Liability Partnership; Regarding Chinese law: Beijing Jingtian Gongcheng Law Firm Auditor and Reporting Accountant: Ernst & Young Certified Public Accountants Industry Consultant: Zhoushi Enterprise Management Consulting (Shanghai) Limited Compliance Consultant: Hope Capital Limited