New Stock News | Fosun Pharma Submits Application to Hong Kong Stock Exchange with Focus on Vaccine Business, No Turnaround in Losses during Reporting Period

According to the disclosure made by the Hong Kong Stock Exchange on June 26th, Fosun Pharma (Chengdu) Biotechnology Co., Ltd. (referred to as "Fosun Pharma") has submitted its listing application to the main board of the Hong Kong Stock Exchange. CICC and FOSUN INTL Capital are the joint sponsors. Company Overview The prospectus shows that Fosun Pharma is a vaccine company with the capability to research, produce, and commercialize vaccines. The company has built a diversified and multi-level product pipeline, focusing on areas of significant commercial value such as pneumococcal diseases, meningococcal diseases, rabies, and influenza, operating in research and production bases in Chengdu and Dalian. The company's vaccine products (vaccines that have been commercialized and sold during the historical periods) include (i) human rabies vaccine (Vero cell), (ii) freeze-dried human rabies vaccine (Vero cell), (iii) trivalent influenza virus split vaccine, and (iv) quadrivalent influenza virus split vaccine. The company's product portfolio has shown reliable performance, achieving a 100% pass rate in the quality review of commercial products during the historical periods. Among them, the human rabies vaccine (Vero cell) and the trivalent influenza virus split vaccine have undergone market testing for over ten years. By 2025, the company ranked third in the Chinese market for human rabies vaccines, with a batch issue volume of 7351.0 thousand doses; the company's trivalent influenza virus split vaccine ranked second in this market segment in China, with a batch issue volume of 3973.4 thousand doses. Currently, the company's pipeline (including candidate vaccine products in preclinical and clinical stages) includes nine candidate products covering six disease areas, including (i) the 13-valent pneumococcal conjugate candidate vaccine ("PCV13") in Phase III clinical trials and the freeze-dried human rabies candidate vaccine (human diploid cell) which began Phase III clinical trials in May 2026; (ii) the 24-valent pneumococcal conjugate candidate vaccine ("PCV24") in Phase I clinical trials; and (iii) the B-type meningococcal candidate vaccine ("MenB") in preclinical or pre-IND stages, the quadrivalent meningococcal conjugate candidate vaccine ("MCV4"), and the trivalent influenza virus subunit candidate vaccine (MDCK cell). In terms of production and quality control, the company's annual production capacity for human rabies vaccine (Vero cell) and influenza virus split vaccines were 7.5 million doses and 4.2 million doses respectively in 2025, with plans to increase both vaccines to 8 million doses by 2027. The planned annual production capacity of the freeze-dried human rabies candidate vaccine (human diploid cell) production facility is expected to reach 7.5 million doses in 2028. In addition, in 2025, the company's planned annual production capacity for PCV13 and PPSV23 are 10 million doses and 5 million doses respectively. For the PCV24 candidate vaccine, the company has expanded the facility with a planned annual production capacity of 7 million doses, allowing for the rapid and reliable expansion of innovative vaccines from clinical supply to commercial scale. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 325 million, RMB 81.287 million, and RMB 526 million respectively. Yearly Loss In the fiscal years 2023, 2024, and 2025, the company incurred losses of RMB 35.913 million, RMB 174 million, and RMB 71.267 million respectively. Gross Margin In the fiscal years 2023, 2024, and 2025, the company's gross margins were 66.8%, 16.7%, and 69.7% respectively. Industry Overview Rabies is a viral disease that can be prevented by vaccines, affecting over 150 countries and regions worldwide, attacking the central nervous system and causing progressive and irreversible encephalitis. The disease has a near 100% mortality rate and currently has no effective treatment. However, rabies can be highly prevented through vaccination. The market for human rabies vaccines in China has grown from RMB 6 billion in 2020 to RMB 8.8 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. It is expected to increase to RMB 11.4 billion by 2030 with a CAGR of 5.3% and further to RMB 13.2 billion by 2035 with a CAGR of 3.1%. By cell line, Vero cell vaccines remain the most valuable segment of the market, but with growth stagnating. The market size increased from RMB 4.9 billion in 2020 to RMB 7.5 billion in 2025 and is expected to reach RMB 7.6 billion by 2030, then decline to RMB 7.5 billion by 2035. On the other hand, HDC vaccines account for the majority of market increments, with their market size decreasing slightly from RMB 1.1 billion in 2020 to RMB 1.0 billion in 2025, expected to increase to RMB 3.4 billion by 2030 and further to RMB 5.3 billion by 2035, reflecting the market's accelerated shift towards higher value cell culture substrates. The market for human rabies vaccines in China is highly concentrated, with a few domestic manufacturers holding the majority of batch issue volume. Vero cell vaccines dominate in the majority of issued batches, with the leading manufacturers collectively holding the dominant share of national supply. In 2025, the group ranked third in this market, with a batch issue volume of 7351.0 thousand doses and a market share of 9.3%. The group's products support both the Essen and Zagreb regimens, providing greater flexibility in different patient types and clinical settings. This dual regimen coverage enhances actual usability and meets different post-exposure prevention needs. The competitive landscape of the 2025 Chinese human rabies vaccine market by batch issue volume is shown below: Competitive Landscape: Chinese Vero Cell Human Rabies Vaccine Market In China, rabies vaccines based on Vero cells continue to hold the largest market share in terms of batch issue volume, benefiting from mature production processes, stable output, and wide application in the procurement of county-level disease control centers. Competition is mainly focused among a few well-known domestic manufacturers with a long history of operations, with overall market share gradually concentrating towards the top companies in 2025. While the market has matured and is nearing saturation, products based on Vero cells remain the primary supply source for routine post-exposure vaccination. In 2025, the group ranked third in this market, with a batch issue volume of 7351.0 thousand doses and a market share of 10.1%. The competitive landscape of the 2025 Chinese Vero cell-sourced human rabies vaccine market by batch issue volume is shown below: Seasonal influenza is a highly contagious respiratory disease caused by viruses that can infect the nose, throat, and lungs. Influenza vaccines are classified based on their efficacy. Currently, trivalent and quadrivalent influenza vaccines are in use. The Chinese influenza vaccine market is expected to accelerate from 2025 to 2030, with a CAGR of 15.3%, reaching RMB 4.0 billion by 2030. The market is forecasted to grow at a CAGR of 15.4% from 2030 to 2035, reaching RMB 8.3 billion by 2035. In this market, quadrivalent vaccines remain the primary source of value, with the market size for quadrivalent vaccines increasing from RMB 4.3 billion in 2020 to RMB 5.8 billion in 2025, with a CAGR of 6.1%. The sub-segment market is expected to increase at a CAGR of 10.4% to RMB 9.5 billion by 2030 and then at a CAGR of 11.4% to RMB 16.2 billion by 2035. In 2025, the Chinese influenza vaccine market is concentrated among a few well-known domestic manufacturers. The group ranked sixth, with a batch issue volume of 4,195.9 thousand doses and a market share of 5.1%, reflecting its growing position in the supply of trivalent and quadrivalent influenza vaccines. The competitive landscape of the 2025 Chinese influenza vaccine market by batch issue volume is shown below: In 2025, the top five participants in the Chinese trivalent influenza virus split vaccine market were Sinovac, Fosun Pharma, Changchun Bio, Shanghai Bio, and Hualan Biological Engineering, Inc. The group ranked second, with a batch issue volume of 3,973.4 thousand doses and a market share of 15.2%. Board Information The company's board of directors will consist of 8 directors, including 2 executive directors, 3 non-executive directors, and 3 independent non-executive directors. Equity Structure As of June 20, 2026, Mr. Guo Guangchang directly and indirectly holds approximately 72.79% of FOSUN INTL through FHL (a company fully owned by FIHL, which is 85.29% owned by Mr. Guo Guangchang), and FOSUN INTL directly and indirectly holds approximately 36.23% of the share capital of Shanghai Fosun Pharmaceutical through its wholly-owned subsidiary Fosun High Technology. Shanghai Fosun Pharmaceutical is a subsidiary of FOSUN INTL and indirectly holds approximately 68.47% of the issued shares. Intermediary Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, FOSUN INTL Capital Limited Company Legal Advisor: Regarding Hong Kong laws and US laws: Freshfields Bruckhaus Deringer; Regarding Chinese laws: Jingtian & Gongcheng Attorneys at Law Joint Sponsors' Legal Advisors: Regarding Hong Kong laws and US laws: Kirkland & Ellis; Regarding Chinese laws: Beijing Tian Yuan Law Firm Auditors and Reporting Accountants: Ernst & Young Industry Consultants: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Advisor: SOMERLEY CAP Limited