IPO News | Bangshun Pharmaceutical's second listing on the Hong Kong Stock Exchange, bezexitinib, has been approved by the NDA

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 30, Hangzhou Bangshun Pharmaceutical Co., Ltd. (Bangshun Pharmaceutical for short) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CITIC Construction Investment International is its sole sponsor. The company submitted its listing to the Hong Kong Stock Exchange on January 22, 2026.

Company profile

According to the prospectus, Bangshun Pharmaceutical was founded in 2020. It is a biotechnology company in the commercialization stage, focusing on the discovery, development and commercialization of innovative treatments for cancer and autoimmune diseases.

The company has established two core products (bezexitinib, a selective JAK2 inhibitor, and is currently being developed to treat multiple indications, including myelofibrosis (MF), polycythemia vera (PV), and primary thrombocytosis (ET), and CX1440, a selective Bruton tyrosine kinase (BTK) inhibitor in a registered clinical phase, and is currently being developed to treat a variety of indications, including immune thrombocytopenia (ITP), chronic urticaria (CU), and autoimmune urticaria (CU) immune hemolytic anemia (AIHA)) and A product pipeline composed of five pre-clinical drug candidates (i.e. CX03, CX12, CX13, CX15, and CX16).

The company takes innovation as its edge and commercial wing. The goal is to become a sustainable, fully integrated biopharmaceutical company with the ability to discover, develop and commercialize drugs. In the above treatment fields, the company strategically focuses on creating oral small molecule drug candidates with a wider range of indications than competitors, to address the high prevalence of hematologic malignancies and autoimmune diseases.

According to Frost & Sullivan data, as of the last practical date (August 21, 2026), the company's core product, bezexitinib, was one of the first three domestically produced JAK inhibitors approved for the treatment of MF in China. In terms of clinical progress, bezepitinib is the number one JAK inhibitor used to treat PV in China and the number one JAK inhibitor in the world for ET.

In terms of clinical progress, the company's other core product, CX1440, is one of the top three BTK inhibitors used to treat ITP in the world and one of the top two BTK inhibitors used to treat CU and AIHA in the world.

The company obtained marketing approval from the State Drug Administration for bezexitinib for the treatment of MF in April 2026. After obtaining this approval, the company continued to develop commercial planning and product portfolio management capabilities as clinical development of the company's other pipeline drug candidates continued to advance.

Since the company will submit NDA for treating PV and ET and CX1440 for ITP in the next few years, the company plans to maximize the value of its product portfolio by further strengthening internal commercialization capabilities, promoting the launch of core products, and establishing a formulation production base.

According to the prospectus, the company does not guarantee that it will eventually be able to successfully develop a core product or any pipeline product and launch it on the market.

Financial data

Earnings

In 2024, 2025, and the six months ended June 30, 2026, the company achieved revenue of approximately RMB 943,000, RMB 509,000 and RMB 0, respectively.

Mouri

In 2024, 2025, and the six months ended June 30, 2026, the company recorded gross profit of approximately RMB 943,000, RMB 509,000 and RMB 0, respectively.

Loss during the period

In 2024, 2025, and the six months ended June 30, 2026, the company recorded losses of approximately RMB 884.44 million, RMB 298.523 million and RMB 80,155 million, respectively.

Industry Overview

MPN is a chronic blood cancer caused by abnormal proliferation of mature blood cells due to dysregulation of hematopoietic stem cells and progenitor cells. It is usually driven by JAK2, CALR, or MPL mutations that activate the JAK-STAT signaling pathway. Major subtypes include myelofibrosis (associated with the risk of myelofibrosis, anemia, splenomegaly, and leukemia); polycythemia vera (characterized by excessive red blood cells and increased risk of blood clots); and primary thrombocytosis (involving persistent platelet elevation with complications of blood clots and bleeding).

For these diseases, treatment is usually aimed at controlling symptoms, reducing the risk of blood clots, returning blood counts to normal, reducing spleen size where relevant, and altering underlying disease progression.

The following table shows an overview of the Chinese hematological malignancies and MPN drug market from 2021 to 2035 (divided by indications):

The following table shows the specific situation of the MPN drug market in China and the world from 2021 to 2035:

Myelofibrosis (MF) is a myeloproliferative tumor characterized by myelofibrosis impairing normal blood production. It can occur as primary MF, or evolve from polycythemia vera or primary thrombocytosis, and is driven by mutations such as JAK2, CALR, or MPL that maintain activation of the JAK-STAT signaling pathway.

These abnormalities promote clonal proliferation and inflammatory signaling, leading to collagen deposition, anemia, splenomegaly, fatigue, and systemic symptoms. The progression of the disease ranges from inert to high-risk, including possible transformation into acute leukemia.

Polycythemia vera (PV) is a myeloproliferative tumor characterized by persistent erythrocytosis, often accompanied by leukocytosis and thrombocytosis, which in most cases is driven by JAK2 activation mutations. The diagnosis is based on elevated hemoglobin or red blood cell volume, increased total red blood cell volume, excessive bone marrow cell proliferation with triple-line proliferation, and the presence of JAK2 mutations, and after excluding secondary causes of erythrocytosis.

PV is associated with an increased risk of arterial and venous blood clots, hemorrhage, microvascular symptoms, itching, fatigue, night sweats, and discomfort associated with splenomegaly, and may progress to myelofibrosis due to thrombotic events or, in fewer cases, to acute myeloid leukemia, thereby shortening life expectancy.

The following table shows the specific situation of the PV drug market in China and the world from 2021 to 2035:

Primary thrombocytosis (ET) is a chronic myeloproliferative tumor characterized by persistent thrombocytosis, BCR-ABL1 deficiency, and increased mature megakaryocytes in the bone marrow. It is driven by overactive JAK-STAT signaling, most commonly through JAK2, CALR, or MPL mutations. Other genetic variants also influence disease phenotype and progression. Patients may be asymptomatic or have microvascular symptoms (such as headache, dizziness, and erythematous limb pain), and are at risk of blood clots, and less commonly, the risk of bleeding.

Treatment is mainly aimed at preventing complications of blood clots and bleeding, while reducing the risk of progression to myelofibrosis or, in rare cases, acute myeloid leukemia.

The following table shows the details of the ET drug market in China and the world from 2021 to 2035:

Board Information

After [Compilation], the board of directors will be composed of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. The term of office of directors is three years, and they can be re-elected.

Equity structure

As of the last practical date, Chairman and Executive Director Mr. Li Bangliang has the right to exercise a total of 31.25% of the Company's voting rights through: (i) 7,500,000 shares directly held by Hangzhou Wan Yuhe (controlled by Mr. Li Bangliang and with 99.00% interest); (ii) 6,000,000 shares directly held by Hangzhou Sanrui (controlled by Mr. Li Bangliang as his general partner) (accounting for 11.80% of the Company's voting rights); and (iii) Hangzhou Yinliang (controlled by Li Bangliang) (Controlled by Mr. as his general partner) directly holds 2,385,000 shares (accounting for about 4.69% of the company's voting rights). As of the last practical date, Mr. Li Bangliang, Hangzhou Wanyuhe, Hangzhou Sanrui, and Hangzhou Liuyintai are considered a group of controlling shareholders.

Intermediary team

Sole sponsor: CITIC Construction Investment (International) Finance Co., Ltd.;

The company's legal advisors: relating to Hong Kong and US law: Clu Hong Kong Law Firm; relating to Chinese law: Zhejiang Tianze Law Firm; relating to Chinese intellectual property law: Shanghai Haihua Yongtai Law Firm; relating to Chinese data compliance law: AllBright Law Firm;

Sole sponsor legal advisors: relating to Hong Kong and US law: Jiayuan Law Firm; relating to Chinese law: Guo Feng Law Firm;

Reporting accountant and independent auditor: Ernst & Young;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch;

Compliance Advisor: New Berry Finance Co., Ltd.