New Stocks News | Shiyao Innovation (300765.SZ) Successfully Commercialized Three Antibody Drugs in Hong Kong Exchange for the Second Time

According to the disclosure on June 18th by the Hong Kong Stock Exchange, Chiho Pharmaceutical Innovation Pharmaceuticals Co., Ltd. (abbreviated as Chiho Innovation (300765.SZ)) has submitted an application to the Hong Kong Stock Exchange's main board, with CITIC SEC serving as its exclusive sponsor. The company had submitted an IPO application to the Hong Kong Stock Exchange on December 10, 2025. Company Overview According to the prospectus, based on Frost & Sullivan data, from 2020 to 2025, Chiho Innovation has maintained its position as the world's largest producer of synthetic caffeine in terms of revenue and shipment volume, primarily producing caffeine used as a food additive in functional beverages. Chiho Innovation is a global caffeine supplier for industry giants such as The Coca-Cola Company (since 2006), PepsiCo (since 2007), and Red Bull GmbH (since 2008). In 2022, Chiho Innovation acquired 100% equity of Chiho Santex. Since then, the company has expanded its product range to include other functional raw materials such as acarbose and anhydrous glucose. According to Frost & Sullivan data, from 2020 to 2025, based on revenue and shipment volume, the company has been one of the largest certified acarbose active pharmaceutical ingredient (API) producers in China. In 2024, Chiho Innovation acquired a controlling stake in Giant Stone Bio, establishing itself as an emerging force in the biopharmaceutical industry. The company focuses on the development of innovative therapies with multiple technological paths targeting differentiating targets. The company strategically positions itself in disease areas with unmet clinical needs and significant growth potential, including oncology, autoimmune diseases, and infectious diseases. Currently, the company has accumulated expertise in the fields of antibody drugs, antibody-drug conjugates (ADCs), and mRNA vaccines. As of the last practicable date, Chiho Innovation has commercialized three antibody drugs: Ensuji (anti-PD-1 monoclonal antibody), China's first biosimilar of omalizumab Enetan, and China's biosimilar of ustekinumab Enetek. The company's two mRNA vaccines, Duente (China's first domestically developed COVID-19 mRNA vaccine) and Duente2 (a bivalent COVID-19 mRNA vaccine targeting the prevalent XBB.1.5 variant at the time), were included in emergency use in China in 2023. In addition, the company has a strong pipeline with over 15 drugs in clinical or late-stage development, including nine ADCs and one mRNA vaccine. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company recorded revenues of 2.539 billion, 1.981 billion, and 2.158 billion yuan, respectively. Gross Profit In the fiscal years 2023, 2024, and 2025, the company's gross profits were 1.158 billion, 0.829 billion, and 0.825 billion yuan, respectively. Net Profit/Loss In the fiscal years 2023, 2024, and 2025, the company reported net profits/losses of 0.126 billion, -0.304 billion, and -0.634 billion yuan, respectively. Industry Overview The global synthetic caffeine market is projected to increase from $435 million in 2021 to $515.2 million in 2025, with a compound annual growth rate of 4.3%. It is expected to further grow to $796.1 million by 2030, with a compound annual growth rate of 9.8% from 2026 to 2030. The Chinese synthetic caffeine market is expected to increase from $235.4 million in 2021 to $272.3 million in 2025, with a compound annual growth rate of 3.7%. It is projected to grow to $501.9 million by 2030, with a compound annual growth rate of 13.4% from 2026 to 2030. China is the most important caffeine-producing country in the world. The Chinese synthetic caffeine market is highly concentrated, with production mainly concentrated in a few enterprises with designated caffeine production qualifications. In 2025, based on revenue, the top three participants in the Chinese synthetic caffeine market collectively held over 90% of the market share. In 2025, based on revenue, the company ranked first in the Chinese synthetic caffeine market, with a market share of 50.7%. Based on revenue and shipment volume, the company has been the world's largest synthetic caffeine producer from 2020 to 2025. The company's competitive advantage stems from stable product quality, cost advantages from large-scale production, and a well-established supply chain. Board of Directors Information The board of directors will consist of nine directors, including four executive directors and five independent non-executive directors. Shareholding Structure As of the last practicable date, Chiho Innovations' controlling shareholder Enbipu Pharm holds a total of 1,048,645,506 A-shares, accounting for approximately 75.30% of the company's issued shares (excluding 12,000,225 A-shares repurchased and held in the company's stock repurchase account). Approximately 74.47% of the issued shares are held directly, and approximately 0.83% are held indirectly through its wholly-owned subsidiary Chiho Ouyi Pharmaceutical. Enbipu Pharm is owned 45.94% by Jiashi and 54.06% by CSPC PHARMA. Jiashi is wholly owned by Kang Ri, which is wholly owned by CSPC PHARMA. Therefore, Enbipu Pharm, Chiho Ouyi Pharmaceutical, Kang Ri, Jiashi, and CSPC PHARMA form the controlling shareholder group. As far as the directors know, as of the last practicable date, all other A-shareholders are independent third parties. Intermediary Team Exclusive Sponsor: CITIC SEC (Hong Kong) Limited. Company Legal Advisor: For Hong Kong and US law: Cleary Gottlieb Steen & Hamilton (Hong Kong); For Chinese law: Hai Run Tian Rui Law Firm. Exclusive Sponsor and "Compile" Legal Advisor: For Hong Kong law: Zhou Junxuan Law Firm in association with Tongshang Law Firm; For Chinese law: Tongshang Law Firm. Auditor and Reporting Accountant: Deloitte Touche Tohmatsu Certified Public Accountants. Industry Consultant: Frost & Sullivan (Beijing) consulting Co., Ltd., Shanghai Branch. Compliance Advisor: ALTUS HLDGS Limited.