New stock news | Stone Pharmaceutical Innovation (300765.SZ) Hong Kong IPO prospectus failed to take effect.

Shiyao Innovation Pharmaceutical Co., Ltd. (referred to as Shiyao Innovation, 300765.SZ) Hong Kong IPO prospectus submitted on December 10, 2025 has been valid for 6 months and expired on June 10, 2026, with CITIC SEC acting as its exclusive sponsor. According to the prospectus, the company focuses on the research and development, production, and commercialization of biopharmaceuticals, functional raw materials, and health food. The company continues to deepen its presence in the field of health, and in 2024, acquired control of Giant Stone Biotechnology, expanding its main business to the biopharmaceutical industry, marking a key step in the company's strategic transformation in corporate development. The company focuses on the development of innovative therapies with differentiated targets through multiple technological pathways. Currently, the company has accumulated strong technical capabilities in the fields of antibody drugs, antibody-drug conjugates (ADC), and mRNA vaccines. The company focuses on diseases areas with significant unmet clinical needs and growth potential, including tumors, autoimmune diseases, and infectious diseases. In the second half of 2024, the company began commercializing two antibody drugs: the innovative drug Enshuxing (anti-PD-1 monoclonal antibody) and China's first omalizumab biosimilar En Yitan. In the mRNA vaccine field, the company's products Duentai (according to data from Frosst Sullivan, the first domestically developed COVID-19 mRNA vaccine in China) and Duentai2 (a bivalent COVID-19 mRNA vaccine targeting mainstream variants such as XBB.1.5) were included in emergency use in China in 2023. As of the latest feasible date (December 1, 2025), the company has 15 investigational drugs in clinical or late-stage development, including 9 ADC investigational drugs and 1 mRNA vaccine.