New Stock News | Hemei Pharma (00054) postpones Hong Kong listing, refunds to begin on November 9

Hemei Pharma (00054) closed subscription on November 4. The company announced after market close that day that, based on current market conditions, it has decided to delay its global offering and listing, with refunds to begin on November 9. Market sources indicate that the public offering portion of this IPO drew fewer than 10,000 subscribing accounts, with oversubscription of about 2 times; as of 9:50 p.m. on November 3, margin financing data from brokers showed only 0.37 times oversubscription, involving HK$143 million. According to the offering plan, Hemei Pharma launched its share offering on October 30, planning to issue 55.21 million H shares, of which 10% was for the Hong Kong public offering, with an offer price range of HK$15.5 to HK$18.9, raising up to HK$1.04 billion; each board lot was 100 shares, with an entry cost of HK$1,909.1 per lot. It originally planned to list on November 9, with SDIC Securities International acting as sole sponsor. Regarding use of proceeds, 55.5% of the net proceeds from this IPO will be used for R&D and commercialization of core product Mufemilast; 4.5% for R&D of late-stage breast cancer pipeline Hemay022; 20% invested in Hemay181 for ongoing and planned clinical trials; 10% for R&D of other pipelines including Hemay808 and Hemay5087; and the remaining 10% as general corporate working capital. The offering document shows that Hemei Pharma focuses on independent R&D of small-molecule innovative drugs for autoimmune diseases and oncology. Its core product is Mufemilast, along with five other small-molecule drug candidates. In September 2025, Mufemilast was approved in China for the treatment of moderate-to-severe plaque psoriasis; as the Ganzhou and Xiajiang production bases successively completed GMP inspections, the drug began commercial sales in July this year. As of the cutoff date of the offering document, 2,200 boxes had been supplied to 9 distributors, covering 8 provinces and municipalities including Shaanxi, Jiangxi, Beijing and Guangdong. Mufemilast is a self-developed small-molecule PDE4/PDE4B inhibitor. It is currently conducting two pivotal Phase III clinical trials for Behcet's disease and ulcerative colitis; Phase II clinical trials for multiple indications including atopic dermatitis, psoriatic arthritis, Crohn's disease and COPD are underway or in preparation. The product has received orphan drug designation from the U.S. FDA for Behcet's disease.