Drug seller 111 Inc. (YI.US) on Thursday announced its revenue contracted and its loss widened in the second quarter as it transitions to a new asset-light business model. The same day, it also separately disclosed it received a management-led offer to privatize the company.

111 reported second-quarter revenue of 2.3 billion yuan ($343 million), down 28.3% from 3.2 billion yuan a year earlier. Product sales for the company’s core B2B business fell 28.9% year-on-year to 2.22 billion yuan, while product sales for its smaller B2C business fell 7.3% to 55.2 million yuan.

The company reported a net loss of 39.1 million yuan in the second quarter, widening from a 19.5 million yuan loss a year earlier.

In a separate announcement, the company said it received a proposal from a group including its two founders and co-chairmen, Yu Gang and Liu Junling, to take the company private. The group offered $4.52 per American depositary share (ADS), representing a 33.7% premium to its closing price of $3.38 the previous day.

The company’s shares rose 7.3% on Thursday to close at $3.54, still 21.7% below the buyout price.

111 went public in 2018 at a price of $14 per ADS, hoping to lure investors with the big potential of China’s drug market. But its positioning as a middleman drug seller resulted in very low margins and annual losses every year since its listing, and investors never embraced the stock.  

By Doug Young

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Cancer treatment maker Legend Biotech Corp. (LEGN.US) announced its appointment of a new CEO on Tuesday, a month and a half after the sudden departure of its longtime chief executive caused its shares to tumble.

The company named Ingrid Zhang as its new chief executive, replacing Alan Bash, who was filling the position on an interim basis after the late July resignation of Huang Ying. Before his departure, Huang had served as Legend’s CEO since September 2020. Bash is president of the unit that oversees the company’s blockbuster cancer treatment, Carvykti.

Zhang most recently served as chief commercial officer for the international division of drug giant Novartis (NOVN.SW). Before that she held leadership positions at other major drug companies, including AstraZeneca (AZN.L) and Pfizer (PFE.US).

Legend Biotech’s revenue rose 52% to $387.5 million in the second quarter from $255.1 million a year earlier. It recorded a net profit of $33.2 million in the latest three-month period, reversing a loss of $125.4 million a year earlier.

Legend Biotech’s stock fell 4.6% to close at $17.67 on Tuesday after the announcement. The stock is down about 20% since the company announced Huang Ying’s departure in July.

By Doug Young

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Surgical robot maker Shenzhen Edge Medical Co. Ltd. (2675.HK) announced last Friday that it is exploring a second listing on China’s domestic A-share markets in Shanghai and Shenzhen, just months after listing in Hong Kong. The company said it has appointed a pre-listing tutoring institution and submitted its registration for listing guidance on Sept. 11.

Edge Medical said the proposed A-share listing remains subject to market conditions, as well as approvals from its board, shareholders and regulators.

Shenzhen Edge Medical listed in Hong Kong in January this year. Its revenue rose 113.8% year-on-year to 319 million yuan ($48 million) in the first half of the year, mainly driven by increased sales of its surgical robots. Its loss for the six-month period narrowed 78.4% to 19.25 million yuan from 89.1 million yuan a year earlier.

Following the announcement, Shenzhen Edge Medical shares fell 7.5% on Monday to close at HK$34.24, about 21% below the company’s IPO price of HK$43.24.

By Lee Shih Ta

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Cancer testing company Burning Rock Biotech Ltd. (BNR.US) on Thursday reported its revenue fell 9.3% year-on-year to 135 million yuan ($20.1 million) in the second quarter, as an increase for its in-hospital business failed to offset declines for its central laboratory and R&D businesses.

The company’s central laboratory business fell 10% year-on-year to 36.8 million yuan, accounting for about 27% of its total revenue. Its in-hospital business rose 7.4% to 67.1 million yuan, accounting for about half of its revenue. The remainder came from pharma R&D services, which fell 31.8% year-on-year to 30.8 million yuan.

The company’s gross margin fell slightly to 72.6% in the latest reporting period from 72.8% a year earlier, while its operating expenses fell 3.2% to 116 million yuan. On its bottom line, Burning Rock’s net loss widened to 18.4 million yuan from 9.7 million yuan a year earlier.

Burning Rock’s stock fell 3.1% on Thursday to close at $11.62 after the results were announced. The stock is up 31% over the last 52 weeks.

By Doug Young

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Medical device maker Shenzhen Medcaptain Technology Co. Ltd. (2041.HK) plunged in its Hong Kong trading debut on Monday, opening 35% lower before stabilizing to close at HK$10.10 by the midday break, down 34.5%.

The company sold 38.91 million shares for HK$15.42 each, raising net proceeds of HK$496 million ($63.59million). The retail tranche for local investors was oversubscribed by 435.4 times, while the international placement was oversubscribed by just 1.4 times.

Medcaptain's revenue rose 15.7% last year to 1.62 billion yuan ($241 million), as the company swung to a profit of 48.89 million yuan for the year. Its revenue increased 19% year-over-year to 420 million yuan in the first quarter of this year, but it swung to a net loss of 3.1 million yuan, reversing a profit of 5.02 million yuan a year earlier.

The company will use 35% of its IPO proceeds for R&D, 20% to develop manufacturing centers to expand its production capacity, 20% to enhance its sales and marketing, 10% for strategic investments and acquisitions, 5% to upgrade its IT infrastructure, and the remaining 10% for general working capital.

By Lau Chi Hang

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The assisted reproduction services provider posted a net profit of 110 million yuan in the first half of 2026, as its revenue rose 6.6%

By Teri Yu

Jinxin Fertility Group Ltd. (1951.HK) returned to the black in the first half of 2026, as improving margins, higher treatment volumes and a recovery in its U.S. business lifted profitability for the Hong Kong-listed assisted reproductive services provider.

The company’s net profit reached 110.3 million yuan ($15.5 million) for the six months through June, reversing a 1.04 billion yuan loss a year earlier, when it booked significant impairment and other non-recurring charges. Its revenue rose 6.6% to 1.37 billion yuan, the company said in its announcement on Aug. 21. Its gross profit rose 31.1% to 513.3 million yuan, while non-IFRS adjusted EBITDA climbed 49.8% to 336.5 million yuan.

Jinxin said its non-IFRS adjusted EBITDA margin increased 7.1 percentage points to 24.5%, while its gross margin rose to 37.4% from 30.4% a year earlier. Its non-IFRS adjusted net profit increased 79.8% to 148.0 million yuan.

The company completed 14,653 egg-retrieval cycles during the period, up 6.1% from a year earlier, while first-time infertility consultations rose 9.1%.

Jinxin, one of China’s largest private assisted-reproductive services providers by egg-retrieval cycles, operates fertility and women’s health facilities in Chengdu, Shenzhen, Wuhan, Kunming and California, and is expanding its in-vitro fertilization (IVF) centred services model to include maternity and related women’s healthcare.

Its U.S. operation, HRC Fertility, which runs a network of clinics and IVF laboratories across California, was the company’s fastest-growing operation in the first half, completing 2,990 egg-retrieval cycles, up 45.3% year-on-year. Its overseas revenue rose 27.8% to 387.5 million yuan, while overseas segment EBITDA increased 129.2% to 57.1 million yuan. California’s expanded insurance coverage for infertility treatment also supported demand at HRC.

In Greater China, the company’s revenue remained broadly stable at 985.8 million yuan, while EBITDA rose 6.9% to 281.7 million yuan. The company said its newer facilities in Kunming and Wuhan continued to ramp up, completing a combined 2,377 egg-retrieval cycles in the first half, up 15.4% from a year earlier.

Jinxin is also seeking to raise revenue per patient through premium offerings and a broader set of adjacent services centered on the full reproductive-health journey of IVF patients. Its Shenzhen operation continued to build its premium-service mix, while revenue from women’s health and related services rose 9.3% to 173.5 million yuan.

The company has been expanding an integrated service model that combines fertility treatment with obstetric and maternity care, a strategy designed to extend its relationship with patients across the IVF journey and make greater use of its existing clinical resources.

CEO Dong Yang said the first-half results showed the company had entered a phase of “higher-quality growth,” citing the rise in non-IFRS adjusted EBITDA, stronger gross margin and improved overseas profitability.

“Our next phase is focused on converting existing capacity into volume, margin and cash flow,” Dong said. “We will continue to prioritize medical outcomes, disciplined growth and sustainable shareholder value.”

Jinxin held 759.6 million yuan in cash and bank balances as of June 30, as well as about 1.21 billion yuan in undrawn bank facilities. The company repurchased 83.9 million shares for about HK$189.2 million during the period. Under its 2026-2028 shareholder-return framework, Jinxin is targeting annual dividends and share repurchases equivalent to 50% to 80% of annual non-IFRS adjusted EBITDA.

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As global trade becomes fragmented, Chinese enterprises are embracing hard technology and non-market strategies to build durable, world-class brands

By Da Cheung

Chinese enterprises are adapting to a shifting global economy by strategically pivoting from rapid business model innovation toward "hard technology" — tangible, complex engineering and scientific breakthroughs, executives said at Frost & Sullivan’s 20th Global Growth, Innovation and Leadership Summit in Shanghai on Aug. 4.

Aroop Zutshi, global president of Frost & Sullivan, said that Chinese innovation is shifting from a speed-first approach to a quality-first model. The overarching narrative at the gathering of over 300 speakers is that Chinese companies are aiming to shed their traditional "Made in China" label in favor of building durable, world-class brands. Frost & Sullivan China Chairman Neil Wang added that the underlying code of this new model is "strategic resolve," urging companies to contribute to global business paradigms rather than just learning from them.

To further guide this transition, the summit saw the release of the "China's Next 50 Years" white paper, which deconstructs long-term industrial opportunities. Wang introduced the "Resilience Triangle" of mission, innovation, and trust, as essential pillars for companies attempting to survive economic cycles.

As Chinese companies attempt to expand overseas, they face an increasingly fragmented global trade environment. To navigate these geopolitical headwinds, experts at the summit advised firms to deploy "non-market strategies."

Companies must integrate strict local compliance, localized operations, and active participation using multilateral cooperation into their business plans, rather than relying solely on traditional market competition, said Frost & Sullivan’s global chief economist Vinod K. Aggarwal.

Meanwhile, domestic financial leaders used the event to pitch international capital on the diversification benefits of Chinese assets. Tu Guangshao, former executive vice mayor of Shanghai, argued that global capital is shifting toward non-U.S. dollar assets, providing a strategic window to elevate Shanghai as a global hub for yuan asset allocation.

The summit also highlighted a strategic shift in China's AI sector, moving away from consumer hype toward industrial reality. The focus is shifting heavily toward practical commercialization, with experts emphasizing the need to translate tool-level AI advantages into long-term systematic capabilities across the supply chain.

Forums at the event targeted commercial applications in semiconductor manufacturing, enterprise workflows and embodied intelligence. Discussions highlighted the leap in brain-computer interfaces and the development of "AI Native" products.

In the healthcare sector, synthetic biology and AI-empowered biomanufacturing are being positioned by industry insiders as a "third biotech revolution." Forums detailed clinical translations in CAR-T cell therapy, 3D cell intelligent manufacturing, and new regenerative aesthetic materials.

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Medical device maker MicroPort Scientific Corp. (0853.HK) said on Wednesday its revenue rose between 12% and 14% in the first half of this year, lifted by triple-digit growth for its international business. But its net loss for the period was roughly the same as a year earlier due to high financing costs.

MicroPort Scientific’s forecast would translate to revenue of about $614 million to $625 million for the first half of 2026, compared with $548 million in the first half of 2025. The company said its overseas business was especially strong this year, delivering 140% revenue growth over the six-month period.

The company’s gross margin from continuing operations improved by 3 to 4 percentage points year-on-year during the last period, as it swung to an operating profit of $24 million or more from an operating loss of $13 million a year ago. On its bottom line, the company said it expects to report a net loss from continuing operations for the latest six-month period of up to $50 million, similar to the $49 million net loss it reported a year earlier. It said $43 million in financing costs, combined with several one-time factors, were responsible for the size of the latest loss.

MicroPort Scientific’s stock is down 37% this year.

By Doug Young

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The assisted reproduction services provider is piloting the new agent at a Sichuan hospital to support doctors across IVF workflows

By Teri Yu

Leading assisted reproduction services provider Jinxin Fertility Group Ltd. (1951.HK) said it has launched what it describes as China’s first doctor-facing AI agent for assisted reproduction at a hospital in its home province of Sichuan. The Chengdu-based company aims to use the system to embed AI into routine in-vitro fertilization (IVF) workflows.

The “IVF Co-pilot” system has entered trials at Sichuan Jinxin Xinan Women’s and Children’s Hospital, the company said in a statement. It is designed to support clinicians across the full assisted reproduction process, initially focusing on the evaluation of ovarian stimulation protocols and starting medication doses for IVF cycles.

Jinxin said the system combines the hospital’s clinical experience, IVF-specific knowledge, proprietary algorithms and a locally deployed large language model within electronic medical record workflows. It provides doctors with decision-support information that can be compared, traced and reviewed.

Jinxin’s head of R&D Wang Weipeng said the tool is designed to provide auxiliary opinions that doctors can compare, trace and verify, rather than mimic or replace physicians. Those supporting views are then integrated into doctors’ workflows in a systematic way.

Jinxin describes the IVF Co-pilot as the first doctor-facing clinical AI agent in the assisted reproduction field, distinguishing it from patient-facing chatbots and administrative tools. Assisted reproduction treatment is a continuous, dynamic and highly individualized clinical process, the company said, requiring decision support that can adapt to each patient’s history and response.

The company said a large volume of treatment-cycle data and successful cases underpins the intelligent system. It can screen comparable treatment plans and data from professional databases, then use an internally deployed large model to summarize, compare and analyze the information for doctors’ reference, in compliance with legal, regulatory and data-security requirements.

Jinxin Fertility is China’s largest integrated assisted reproduction platform by oocyte retrieval cycles, according to consultancy Frost & Sullivan. The company operates a network of fertility clinics and women’s and children’s hospitals across China, as well as facilities in the U.S. It provides IVF and related assisted reproduction treatments, hospital management and ancillary medical services, and operates ambulatory surgery centers.

Jinxin said in late July that new patient visits (NPVs) rose 9.1% year-on-year to 24,169 in the first half of 2026, while total oocyte pick-up (OPU) cycles increased 6.1% to 14,653. South China’s Greater Bay Area in Guangdong was a major growth driver, with NPVs up 30.1% to 4,837. Overseas operations also showed strong momentum, with NPVs up 29.4% to 4,553 and OPU cycles surging 42.4% to 2,990, both reaching record highs.

At the same time, Jinxin said it expects to swing to a net profit of 90 million yuan ($13.3 million) in the first half of 2026, reversing a net loss of 1.04 billion yuan a year earlier. The company attributed the improvement to a recovery in its U.S. business, an expansion of personalized services and wider adoption of assisted reproductive services in China. It also expects earnings before interest, taxes, depreciation and amortization (EBITDA) to improve to at least 290 million yuan.

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Cosmetic surgery center operator So-Young International Inc. (SY.US) on Tuesday announced its appointment of Shen Nan as its new CFO effective Aug. 3. She replaces Jin Xing, the company’s CEO, who was concurrently serving as interim CFO after previous CFO Zhao Hui resigned at the end of last year.

Shen joined So-Young’s board as an independent director in 2023. She was previously CFO for Gaotu Techedu from 2018 to 2026.

So-Young’s revenue rose 45.8% year-on-year to 433 million yuan ($64.1 million) in the first quarter of 2026 from 297 million yuan the previous year, as it continued to build up its chain of cosmetic surgery centers. Its loss for the period widened to 49.2 million yuan from 33.1 million yuan a year earlier.

So-Young’s stock rose 5% on Wednesday after the announcement. The shares are down about 56% over the last 52 weeks.

By Doug Young

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Drugmaker Hutchmed (China) Ltd. (HCM.US; 0013.HK) on Thursday reported its revenue rose slightly in the first half of 2026, as double-digit growth for its core portfolio of cancer and immunology drugs offset a contraction for its other ventures.

The company reported revenue of $278.3 for the six months through June, down from $277.7 million a year earlier. The 0.2% gain marked an improvement from 2025, when the company’s revenue fell 13% for the year.

Revenue for its oncology and immunology drugs rose 13.1% year-on-year in the first half to $162.3 million, though $18.1 million of that came from a one-time milestone payment. Revenue from its other ventures fell 13.6% year-on-year to $116 million, as the company scaled back low-margin logistics distribution sales.

The company’s net income fell to $15.9 million in the first half of 2026 from $455 million a year earlier, though much of the year-ago figure came from a $416 million one-time gain from an asset sale.

Hutchmed’s U.S.-listed stock fell 5.4% on Thursday to close at $10.77 after the announcement. The shares are down about 18% this year.

By Doug Young

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Hair transplant services provider Yonghe Medical Group Co. Ltd. (2279.HK) said on Wednesday it expects to report a net profit of 70 million yuan ($10.34 million) or more for the six months through June, up at least 150.9% from 27.9 million yuan it reported a year earlier. It said it expects to report its revenue for the six-month period rose 10% or more.

The company attributed the profit growth mainly to the coordinated development of its hair transplant and medical hair care businesses. Revenue from hair transplant services is expected to rise by 10% or more, while revenue from medical hair care services is projected to grow at least 15%. The company also continued to streamline its diagnosis and treatment processes, improve customer conversion efficiency and improve the allocation of medical resources.

Yonghe Medical kept its store count relatively stable during the period and upgraded its self-developed medical management system, Hefan, to strengthen its digital operations and refine management. The efforts improved operations at its existing clinics and helped unlock greater operating leverage. Its gross profit margin is expected to increase by at least 5 percentage points year-on-year.

Yonghe Medical shares opened higher Wednesday and were trading at HK$2.48 by the midday break, up 12.73%.

By Lee Shih Ta

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Drugmaker Legend Biotech Corp. (LEGN.US) said on Monday that Huang Ying resigned as the company’s CEO and member of its board effective July 24, without giving any reason for his departure. It said Huang will remain as an advisor to the company through August to support a smooth transition.

Alan Bash, president of the unit that oversees the company’s core Carvykti cancer treatment, will take over as CEO on an interim basis. Meantime, the company has launched a search for a new long-term CEO.

Legend’s revenue rose 56% year-on-year to $305.1 million in the first quarter of this year, as it reaped the benefit of strong sales for Carvykti, which it is commercializing with Johnson & Johnson’s (JNJ.US) Janssen unit. But the company is still losing money, including a net loss of $54.3 million in the first quarter.

Legend’s stock fell 13.3% to close at $19.27 on Monday after the announcement. The selloff wiped out all of the stock’s gains for 2026, leaving the shares down 10.4% this year.

By Doug Young

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Fertility services company Jinxin Fertility Group Ltd. (1951.HK) said on Tuesday it swung to profitability in the first half of this year from a loss a year earlier, as its U.S. business recovered and it sharpened its focus on VIP customers.

Jinxin said it expects to report a profit of 90 million yuan ($13.3 million) or more for the six months to June, reversing a 1.04 billion yuan loss a year earlier. It said it expects to report earnings before interest, taxes, deprecation and amortization (EBITDA) of 290 million yuan or more for the latest period, compared with an EBITDA loss of 938 million yuan a year earlier.

In addition to improvement in its U.S. operations and greater focus on VIP customers, the company also cited improvement in its China-based business for the profit improvement. It added its 2025 results were affected by impairment losses and other one-time items in the first half of that year, which were absent in the first half of 2026.

Jinxin’s stock is down about 30% over the last 52 weeks.

By Doug Young

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Beauty clinic operator Beauty Farm Medical and Health Industry Inc. (2373.HK) announced on Monday it expects to report its revenue for the first half of 2026 totaled 1.88 billion yuan ($277 million) or more, up 28% or higher. Its net profit is expected to total at least 235 million yuan, up at least 37%.

The company attributed the profit growth mainly to its dual-engine strategy of “internal growth + external acquisitions.” Beauty Farm acquired beauty service brand Siyanli last year, and has consolidated the company’s results into its own financial statements since January. The acquisition further expanded Beauty Farm’s presence in premium commercial districts across core cities and contributed additional revenue and profit.

During the period, Beauty Farm’s same-store revenue at directly operated stores continued to increase, while its beauty, wellness and consumer healthcare businesses all grew. Its CellCare unit launched anti-aging solutions that drove growth in both business volume and value for aesthetic medical services. Platform-based efficiencies and economies of scale also helped improve the company’s organic profit margin.

Beauty Farm shares opened higher on Monday and traded at HK$18.6 by the midday break, up 9.41%. The stock is down about 31.6% year to date.

By Lee Shih Ta

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The Chinese biotech said the enrollment marks a key milestone for its advancing bile duct cancer treatment

By Teri Yu 

Clinical-stage biotech firm TransThera Sciences (Nanjing) Inc. (2617.HK) said it has completed patient enrollment for a global late-stage trial of its experimental cancer drug Tinengotinib, marking a key milestone for the therapy targeting a hard-to-treat form of bile duct cancer.

The Phase Three trial spans more than 100 clinical sites across the U.S., Europe and other regions, and is evaluating Tinengotinib in patients with advanced cholangiocarcinoma (CCA) who have stopped responding to existing targeted therapies known as fibroblast growth factor receptor (FGFR) inhibitors.

CCA, a major form of bile duct cancer, is a rare but aggressive cancer with limited treatment options, particularly in later stages. Patients who develop resistance to FGFR inhibitors currently lack widely accepted standard treatments, highlighting a significant medical need.

TransThera said Tinengotinib is the only investigational drug to date showing activity in FGFR inhibitor–resistant patients and, if successful, could be the first approved therapy in a niche but clinically important segment.

The drug’s progress also reflects advances in a technically challenging field. Several global biotech companies, including U.S.-based Relay Therapeutics (RLAY.US), have explored but later abandoned similar approaches, underscoring the difficulty of overcoming FGFR resistance.

In China, TransThera said its new drug application (NDA) has been accepted by the country’s drug regulator and is approaching a potential decision. Beyond bile duct cancer, the drug is also being studied in prostate cancer and breast cancer, and has shown potential to reverse resistance to respective hormonal therapies, suggesting broader applicability across tumor types.

Founded in 2014, TransThera is a relatively small biotech company with just over 100 employees. The company has drawn attention for its focus on global clinical development, with other core programs advancing through trials primarily in the U.S.

This early focus on overseas clinical development reflects the company’s globalization strategy. By aligning with global regulatory standards and leveraging mature clinical trial systems from early in the development phase, the company is positioning its treatments for potential multi-region approvals.

TransThera’s global orientation is reflected in founder and Chairman Dr. Frank Wu, whose international drug development experience shapes its strategy. In 2025, TransThera further reinforced its international footprint through a collaboration valued at up to $880 million with U.S.-based Neurocrine Biosciences (NBIX.US) to develop treatments targeting the NLRP3 inflammasome, a pathway linked to inflammatory diseases.

Results from the Phase Three study are expected to be released after sufficient patient follow-up, which will determine whether the drug can move toward regulatory approval in multiple regions.

Listed as a pre-revenue biotech company in Hong Kong a year ago, TransThera develops targeted therapies for cancers expressing genetic mutations and drug resistance, an area of growing interest in oncology with significant unmet clinical needs. While the company remains at an early stage in terms of commercialization, its differentiated pipeline and globally oriented development strategy may help it to stand out in an increasingly crowded biotech landscape.

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Shares of drugmaker Shaanxi Micot Pharmaceutical Technology Co. Ltd. (2335.HK) jumped in their Hong Kong trading debut on Wednesday, after the company raised HK$989 million ($126 million) by selling about 58 million shares for HK$18.20 each.

The stock opened up 87% from its listing price, and rose slightly after that during the morning to close up 90% at HK$34.50 by the midday trading break.

The Hong Kong portion of the listing for local investors was more than 1,000 times oversubscribed, while the international offering was just 1.5 times oversubscribed. Three cornerstone investors, including Hong Kong-listed Everest Medicines, purchased 24.7 million shares, or 42.5% of the amount being offered.

Micot develops bi- and multi-specific peptide drugs for the treatment of metabolic, cardiovascular and cerebrovascular diseases. The company has one core product and six other candidates in its pipeline, though none of those has been commercialized yet. Its core product is a dual-targeting receptor agonist polypeptide for the treatment of chronic kidney disease-secondary hyperparathyroidism (CKD-SHPT).

The company lost 185 million yuan ($27.3 million) last year, compared with a 157 million yuan loss in 2024.

By Doug Young

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Shares of clinical-stage biotechnology company HJ Science Co. Ltd. (6132.HK) opened flat in their Hong Kong trading debut on Tuesday, but quickly headed south and ended their first day down 57% at HK$35.26.

The company sold 13.6 million shares for HK$81.80 apiece, raising net proceeds of about HK$1.02 billion ($131 million). The public offering for local Hong Kong investors was oversubscribed by more than 2,000 times, while the international placement was oversubscribed by seven times. Six cornerstone investors collectively purchased 6.23 million shares, accounting for 45.79% of the total offering.

The company generated 13 million yuan in revenue last year, up from 1.8 million yuan in 2024, but still recorded a loss of 135 million yuan for the year.

HJ Science will use about 80% of the IPO proceeds for clinical research and development for its pipeline products. Another 9.4% will go to upgrade its R&D platforms, and about 5% will be used to establish a commercialization team.

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Human tetanus antitoxin (TAT) maker Jiangxi Institute of Biological Products Inc. (6915.HK) launched its Hong Kong IPO on Monday, offering 36.23 million shares for HK$13.06 each to raise HK$473 million ($60.25 million). Subscriptions for shares close on Thursday, with a trading debut set for next Tuesday.

Jiangxi Bio sold 29.9 million units of human TAT last year, including 13.5 million units in China and 16.4 million overseas. The company holds 65.8% of the Chinese market and 45.8% of the global market.

Jiangxi Bio’s revenue grew from 198 million yuan in 2023 to 235 million yuan in 2025, while its profit over the period rose from 55.5 million yuan to 94.8 million yuan.

But the company forecast a significant profit decline in 2026. It attributed the reversal to an increase in the value-added tax rate for human TAT from 3% to 13%, an additional cost the company had to absorb after adjusting its prices with distributors. Clinical R&D costs for its products also increased, as did distribution and sales expenses. Additionally, the company will also incur a major jump in administrative expenses this year tied to its listing.

By Lau Chi Hang

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Pharmaceutical services provider WuXi AppTec Co. Ltd. (2359.HK; 603259.SH) has sued the U.S. Defense Department, seeking to have its name removed from the department’s list of Chinese companies with military ties, Caixin reported this week.

In its June 11 lawsuit filed in the U.S. District Court for the District of Columbia, AppTec called the military designation “erroneous and unsupported by the facts or the legal criteria under the applicable statutes and case law.” It asked the court to nullify the designation and require the removal of its name from the list. That list, formally known as Section 1260H, contains names of companies the Defense Department believes are linked to China’s military.

WuXi AppTec was one of 65 Chinese companies added to the list on June 8. The Defense Department said it made its determination because AppTec is indirectly held by China’s State-owned Assets Supervision and Administration Commission (SASAC), and is indirectly linked to the State Administration of Science, Technology and Industry for National Defense.

WuXi AppTec’s Hong Kong-listed stock initially fell about 6% in the two trading days after its name was added to the list. But the stock has gained most of that back since then, and is currently up about 25% this year.

By Doug Young

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Zhejiang Shimai Pharmaceutical Co. Ltd., a developer of T-cell engager (TCE) therapies, has been cleared by the China Securities Regulatory Commission (CSRC) for its overseas listing, marking an important step forward for its planned Hong Kong IPO.

According to the filing on the CSRC website, the company plans to issue up to 56.05 million Hong Kong-traded H shares and convert another 184 million domestic shares into H-shares for the listing. Shimai Pharma recently submitted its listing application, the company’s second such application, to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor.

Founded in 2017, Shimai Pharma is a clinical-stage biotech company focused on next-generation cancer immunotherapies based on T-cell engager technology. Its pipeline includes four clinical-stage drug candidates, led by DNV3 and SMET12, targeting solid tumors, lymphoma and EGFR-positive advanced cancers. The company also has two trispecific antibody candidates in preclinical development.

As a pre-commercial biotech company, Shimai Pharmaceutical has yet to generate revenue from its core business. The company reported a net loss of 81 million yuan ($11.96 million) in 2025.

By Lee Shih Ta

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Drug development services company WuXi Biologics (Cayman) Inc. (2269.HK) announced on Sunday that it had secured 69 new integrated projects as of April 30, with approximately two-thirds originating from clients in the U.S. and Europe.

The company maintained its full-year revenue growth guidance of 13% to 17%. Excluding foreign exchange fluctuations, revenue growth is expected to range between 16% and 20%.

WuXi Biologics said it remains confident in its growth prospects, supported by its global contract research, development and manufacturing organization (CRDMO) platform and expanding customer base. Management expects revenue to achieve a compound annual growth rate of 20% over the next three years.

Manufacturing operations are expected to serve as its primary growth driver, with management forecasting a three-year growth rate of approximately 30% for the segment. As more late-stage clinical and commercial manufacturing projects advance, the company expects a growing number of manufacturing programs to generate more than $100 million in annual revenue, further boosting its scale and profitability.

WuXi Biologics shares opened higher on Monday and were trading at HK$34.22 at the midday break, up 2.64%.

By Lee Shih Ta

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Medical aesthetics platform So-Young International Inc. (SY.US) reported on Friday that its first-quarter revenue rose 45.6% year-on-year to 433 million yuan ($64 million), mainly driven by growth in its self-operated aesthetic medical centers. But the company’s losses continued to widen, with its net loss increasing 48.6% to 49.2 million yuan from 33.1 million yuan a year earlier.

During the quarter, revenue from the company’s medical aesthetic treatment services surged 185.8% to 282 million yuan. But its original platform business remained under pressure, with revenue from information services, reservation services and other services all declining. Verified treatment visits nearly doubled year-on-year to about 148,000, while completed treatment procedures exceeded 325,800. The company’s number of active users also surpassed 213,000.

On the cost side, So-Young’s selling and marketing expenses rose 33.7% year-on-year to 131 million yuan, mainly due to higher branding, user acquisition and staffing costs for its self-operated aesthetic medical centers. Administrative expenses also climbed 42.5% to 84.5 million yuan. The company said it will continue expanding its branded medical aesthetics center network while improving operating efficiency.

So-Young shares fell 16.5% on Friday in New York to close at $2.23. The stock has declined about 28% over the past six months.

By Lee Shih Ta

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Shares of Biotechnology firm TenNor Therapeutics (Suzhou) Ltd. (6872.HK) nearly tripled in their Hong Kong debut on Friday, doubling when trading began and rising throughout the day to close at HK$211, up 179%.

The company sold 8.86 million shares for HK$75.70 each, raising net proceeds of HK$598 million ($76.7 million). The public offering for local Hong Kong investors was oversubscribed by more than 9,000 times, while the international placement was oversubscribed by 8.2 times. Five cornerstone investors purchased 3.1 million shares, representing 34.81% of the total offering.

The company has been consistently unprofitable over the past three years, posting net losses of 192 million yuan ($28.2 million), 146 million yuan, and 153 million yuan in 2023, 2024 and 2025, respectively, primarily due to high R&D spending.

The company plans to spend 71% of the IPO proceeds on R&D, registration filing, and commercialization of its core products. Another 7% will go to R&D of its TNP-2092 oral formulation, with another 7% for development of other product candidates, and 7% for the construction of a manufacturing facility. The remaining HK$41.8 million is earmarked for general working capital.

By Lau Chi Hang

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Drug developer Legend Biotech Corp. (LEGN.US) on Tuesday reported its revenue rose 56% year-on-year to $305.1 million in the first quarter, as it reaped the benefit of strong sales for Carvykti, its cancer treatment that it is commercializing with Johnson & Johnson’s (JNJ.US) Janssen unit.

The vast majority of Legend’s revenue for the quarter, about $298 million, came from its Janssen collaboration, which currently sells Carvykti in 18 global markets, including recent launches in Poland, the Czech Republic and Australia. Total Carvykti sales during the quarter grew 62% year-on-year to $597 million.

Legend recorded a net loss of $54.3 million in the latest quarter, narrowing by nearly half from a $101 million loss a year earlier. Its adjusted loss for the quarter narrowed by more than half to $10.5 million from $27 million a year earlier.

Legend Biotech’s New York-listed stock rose 10.5% on Tuesday after the results were published. The stock is up 31% year-to-date.

By Doug Young

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Drug developer Zai Lab Ltd. (ZLB.US; 9688.HK) on Thursday reported its revenue fell 6% to $99.6 million in the first quarter from $106.5 million a year earlier, blaming a big drop in sales for its best-selling drug ovarian cancer drug Zejula.

Zejula sales tumbled 40% to $30 million in the first quarter from $50 million a year earlier, with Zai Lab citing competition from a generic version of the drug. Sales of the company’s second-best selling drug, Vyvgart, used to treat myasthenia gravis, also fell to $17.6 million from $18.1 million a year earlier. Those declines were partly offset by a nearly eightfold rise for revenue from Xacduro, used to treat bacterial pneumonia, whose sales jumped to $8.6 million from $1.1 million a year earlier.

The company reported a net loss of $51 million for the latest reporting period, widening slightly from a loss of $48.4 million a year earlier.

Zai Lab shares were down 7.1% at HK$15.50 midway through the trading day in Hong Kong. The stock is up about 10.6% this year.

By Doug Young

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Shares of medical device maker Cofoe Medical Technology Co. Ltd. (1187.HK; 301087.SZ) opened higher in their Hong Kong trading debut on Wednesday, but later reversed course to close down 5.98% from their offer price at HK$36.98 by the midday break.

The company issued 27 million Hong Kong-listed H-shares in its offering for HK$39.33 per share, raising net proceeds of about HK$1 billion ($128 million). The portion of the offering for local Hong Kong investors was nearly 400 times subscribed, while the international offering was 3.4 times covered.

Cornerstone investors subscribed for approximately 9.65 million shares, accounting for about 35.8% of the offering, including Lens Technology (6613.HK; 300433.SZ) and Panjing Fund.

The company said it will use proceeds from the offering mainly to expand its production capacity, increase its R&D, expand its sales network and for general working capital.

Cofoe manufactures and sells home-use medical devices across more than 200 categories, including rehabilitation, healthcare, monitoring and respiratory products. Its revenue rose 13.6% last year to 3.39 billion yuan ($496 million), while its net profit increased 18.6% to 370 million yuan.

By Lee Shih Ta

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Shares of medical device company Star Sports Medicine Co. Ltd. (1609.HK) tripled from their IPO price when trading began on Tuesday, before giving back some of the gains to close up 132% at the midday break.

The company sold 8.42 million shares for HK$98.50 each, raising net proceeds of HK$758 million ($97 million). The public offering for local Hong Kong investors was more than 7,800 times oversubscribed, while the international offering was oversubscribed by 9.4 times.

Star Sports Medicine is China's fourth-largest provider of sports medicine implants and devices, controlling about 6.5% of the market in 2024. The company's revenue reached 403 million yuan ($59 million) last year, up 23% year-on-year, while its profit jumped 44% to 137 million yuan.

The company plans to use 30% of the IPO proceeds to expand its production capabilities and efficiency. Another 35% will go to R&D, 25% to commercialization, sales, and marketing, and the remaining 10% to general working capital.

By Lau Chi Hang

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Nanomaterial analytics company Metis TechBio Co. Ltd. (7666.HK) on Tuesday launched its Hong Kong IPO, aiming to raise about HK$2 billion ($255 million) by selling 201 million shares for HK$10.50 each. The deadline for subscriptions is May 8, with trading of the stock set to begin on May 13.

At the IPO price, the company will have a market cap of about HK$12 billion. Eighteen cornerstone investors, including BlackRock, UBS, Mirae Asset Securities and Orix Asia, have agreed to purchase 110 million shares, or about 55% of the total being sold.

The company plans to use half of the IPO proceeds for R&D, 20% for ongoing and future clinical trials, and 10% to develop its animal health and longevity businesses. Metis TechBio reported 105 million yuan ($15.4 million) in revenue last year, up sharply from 1.5 million yuan in 2024. Its loss over that time narrowed to 392 million yuan last year from 499 million yuan in 2024.

By Doug Young

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Home care medical devices provider Cofoe Medical Technology Co. Ltd. (1187.HK) launched its IPO on Monday, offering 27 million shares at HK$39.33 each to raise about HK$1.06 billion ($136 million). Shares will be sold in lots of 100, requiring a minimum investment of HK$3,973. The subscription period closes on Thursday, with the stock slated to make its trading debut on May 6.

The maker of home medical devices boasts a product portfolio encompassing over 200 categories, including rehabilitation aids, medical care supplies, health monitoring devices, respiratory support equipment and traditional Chinese medicine physical therapy products.

Based on its 2024 domestic revenue, the company was the second-largest player in China's home medical device market, capturing 2.1% of the market, according to third-party market data in its prospectus.

Cofoe recorded revenue of 3.39 billion yuan ($496 million) last year, up 13.6% year-on-year, while its profit climbed 18.6% to 370 million yuan. Its gross profit margin has climbed steadily over the last three years from 43% in 2023 to 55% last year.

By Lau Chi Hang

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Medical device maker Star Sports Medicine Co. Ltd. (1609.HK) on Friday launched its Hong Kong IPO, aiming to raise HK$758 million ($96.8 million) by selling 8.4 million shares for HK$98.50 each. Applications for shares will close on April 29, with the stock set to make its trading debut on May 5.

The company will have share capital of 54.8 million H-shares after the listing, giving it a market cap of about HK$5.4 billion. Four cornerstone investors have agreed to buy 34.7% of the shares being sold.

Founded in 2017, Star Sports makes and sells medical implants and surgical equipment used in sports medicine. The company’s revenue rose 23% last year to 403 million yuan ($59 million) from 327 million yuan in 2024, while its profit over that period rose 44% to 137 million yuan from 95.4 million yuan.

The company plans to use 30% of its IPO proceeds to expand its production capacity, while another 35% will go to product development. Another 25% will go to sales and marketing, with the remaining 10% earmarked for working capital.

By Doug Young

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Drug wholesaler and retailer Sinopharm Group Co. Ltd. (1099.HK; 600511.SH) on Wednesday reported its revenue increased 6.6% year-over-year to 13.56 billion yuan ($1.99 billion) in the first quarter, while its profit rose 3.3% to 474 million yuan. Its core profit, which excludes non-recurring gains and losses, rose 4.2% to 465 million yuan.

Despite growth in both revenue and profit, the company’s cash flow situation remained shaky. It generated nearly 3.6 billion yuan in net cash outflow from operating activities during the quarter, up nearly 90% from a 1.89 billion yuan outflow a year earlier.

Shares of Sinopharm opened flat at HK$19.83 on Thursday. The stock is down over 10% from its 52-week high.

By Lau Chi Hang             

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Drugmaker CStone Pharmaceuticals (2616.HK) announced on Wednesday it will place 118 million new shares at HK$8.97 each, representing about 7.4% of its enlarged share capital. The placement price reflects a discount of about 6.95% to the previous trading day’s close, with the sale expected to generate net proceeds of about HK$1.05 billion ($134 million).

The company said about 90% of the proceeds will be used to fund its “Pipeline 2.0” oncology drug development, including the trispecific antibody CS2009 and the ROR1 ADC candidate CS5001, with the remainder allocated for general working capital.

According to earlier disclosures, CS2009 is currently in Phase I/II clinical trials and is expected to enter global Phase Three multi-regional clinical trials by the end of this year, targeting indications such as non-small cell lung cancer, colorectal cancer and small cell lung cancer.

The company reported revenue of 270 million yuan last year, down 33.8% year-on-year, while its net loss widened sharply from 91.2 million yuan to 437 million yuan. The increase was mainly due to channel compensation expenses related to one of its product’s inclusion on China’s National Reimbursement Drug List, as well as margin pressure and a 131% surge in R&D spending to 312 million yuan.

CStone’s shares opened lower on Wednesday and were trading at HK$9.43 by the midday break, down 2.18%. The stock is up more than 77% so far this year.

By Lee Shih Ta

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Shares of medical device maker Hangzhou Diagens Biotechnology Co. Ltd. (2526.HK) more than doubled in their Hong Kong trading debut on Monday, as Hong Kong’s hot IPO market recorded four new listings in a single day – the most this year.

Diagens raised about HK$720 million ($92 million) in net proceeds by selling about 8 million shares for HK$99 each. The portion of the listing for local Hong Kong investors was more than 1,000 times oversubscribed, while the international portion was 2.45 times oversubscribed.

The stock opened at more than double the IPO price, and held on to most of the gains to trade at HK$215 midway through the afternoon session, up 117%. That gave the company a market value of about HK$19.1 billion.

Diagens’ revenue rose more than fivefold to 111.6 million yuan ($16.1 million) in the first nine months of last year from 19.6 million yuan in the same period a year earlier. Its loss over that time narrowed to 36.3 million yuan from 50.4 million yuan.

Diagens was one of four companies to make their trading debuts on Monday, alongside Shandong Extreme Vision Technology Co. Ltd. (6636.HK), Guangdong Huayan Robotics Co. Ltd. (1021.HK) and Epiworld International Co. Ltd. (2726.HK). All four stocks were up in Monday afternoon trading in Hong Kong. The four new listings marked a high for new debuts on a single day since six stocks made their trading debut on Dec. 30 last year. Nearly 40 companies have listed in Hong Kong so far this year, even though the first quarter is typically a slow period due to the Lunar New Year holiday.

By Doug Young

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Legend Biotech Corp. (LEGN.US) on Tuesday reported strong double-digit revenue growth in last year’s fourth quarter on solid gains for its core Carvykti cancer treatment, lifting the company to a profit on an adjusted basis for the three-month period.

Legend’s revenue rose 64% to $306.3 million in the fourth quarter from $186.5 million a year earlier, according to its quarterly report. Within the total, collaboration revenue – mostly related to its Carvykti partnership with U.S. drug maker Janssen – rose 65% to $277.6 million from $168 million a year earlier. Carvykti sales, which are split between Legend and Janssen under the partnership, rose 66% in the fourth quarter to $555 million from $334 million a year earlier.

Legend said that Carvykti is now available at 294 sites in 14 markets worldwide, and that the drug achieved profitability in 2025.

The company reported an adjusted profit, which excludes certain non-cash items, of $2.5 million for the quarter, reversing a loss of $59 million a year earlier. On a GAAP basis, it reported a $30.9 million fourth quarter loss, reversing a profit of $26.4 million a year earlier.

Legend’s shares rose 2.2% on Tuesday in New York to close at $19.56. The stock is down about 43% over the last 52 weeks.

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Drug developer Hutchmed China Ltd. (HCM.US; 0013.HK) said on Thursday its revenue fell 13% in 2025 to $548.5 million from $630.2 million the previous year, as its profit rose sharply thanks to gains from the disposal of its Shanghai joint venture.

Revenue from the company’s core oncology and immunology division fell 21% to $285.5 million last year from $363.4 million in 2024, while revenue from its other ventures fell slightly to $263 million from $266.8 million over that time.

The company recorded a profit of $456.9 million for the year, which included a $415.8 million gain from the sale of its 45% equity interest in its Shanghai Hutchison Pharmaceuticals Ltd. joint venture. The company recorded a $37.7 million profit in 2024.

Hutchmed’s U.S.-listed shares rose 1.5% to $13.85 on Thursday, while its Hong Kong-listed shares rose 5.3% to close at HK$22.18 on Friday after the results were announced. The U.S.-listed shares are down about 17% over the last 52 weeks, while the Hong Kong-listed shares are down about 13% over that time.

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AI drug discovery company XtalPi Holdings Ltd. (2228.HK) announced on Tuesday it expects to report net profit of 100 million yuan ($14 million) or more for 2025, reversing a 1.52 billion yuan loss a year earlier.

The turnaround was driven by several factors, led by a sharp increase in financial asset gains. The company recorded 500 million yuan or more in net gains from financial assets measured at fair value, compared with 25.3 million yuan in gains for 2024. Meanwhile, the company said it expects to report its revenue reached 780 million yuan or more last year, triple the 266 million yuan a year earlier, as losses narrowed at its core businesses.

XtalPi’s main businesses include intelligent robotics and drug discovery solutions. Last June the company signed a pipeline collaboration agreement with U.S. innovative drugmaker DoveTree, with a total order value of about $6 billion.

XtalPi’s shares opened higher but pared gains on Wednesday and closed at HK$9.44 by the midday break, down 1.05%. The stock is up about 56% over the past 52 weeks.

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Innovative drugmaker Simcere Pharmaceutical Group Ltd. (2096.HK) said on Wednesday it expects to report a 2025 profit of between 1.3 billion yuan ($189 million) and 1.4 billion yuan, up 80.1% to 93.9% from a restated 722 million yuan for 2024.

The company said its revenue for the year ranged between 7.7 billion yuan and 7.8 billion yuan, up 16% to 17.6% year-on-year. Its adjusted profit for the year is expected to range between 1.25 billion yuan and 1.35 billion yuan, up 24.1% to 34.1%.

The company attributed the increases primarily to growth for its innovative pharmaceutical business, income from out-licensing agreements, and net gains in the fair value of its investment portfolio.

Simcere also disclosed that following its acquisition of Xianwei (Hainan) Biotechnology last October, comparative figures for 2024 were restated under merger accounting principles. After restatement, profit for 2024 was 722 million yuan, while adjusted profit was about 1 billion yuan.

Simcere’s shares opened higher on Thursday, but later reversed course to close at HK$12.35 by the midday break, down 5%. The stock is up about 4.6% so far this year.

By Lee Shih Ta

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Digital retail pharmacy Dingdang Health Technology Group Ltd. (09886.HK) announced on Friday it expects to report its net loss last year narrowed by more than 80% from about 380 million yuan ($55 million) in 2024, implying a roughly 76 million yuan loss for 2025.

On a non-IFRS basis, the company expects to record an adjusted net profit of 5 million yuan or more for last year, compared with an adjusted net loss of about 57.2 million yuan the previous year.

The company attributed the sharp improvement mainly to a significant reduction in goodwill and other intangible asset impairment losses booked in 2024. It also said it continued to improve its strategy by focusing on core tier-one markets such as Beijing, Shanghai and Shenzhen, expanding its smart pharmacy network to boost operating efficiency and support steady business growth.

Dingdang said it also strengthened its supply chain capabilities and improved its product mix to include a bigger share of higher-margin categories.

Dingdang Health’s stock opened flat on Friday and closed at HK$0.89 by the midday break, down 2.2%. The stock is up about 51% over the last 52 weeks.

By Lee Shih Ta

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Rare disease drugmaker CANbridge Pharmaceuticals Inc. (1228.HK) announced on Monday that it will sell 84.03 million new shares to WuXi Biologics HealthCare Venture, a subsidiary of WuXi Biologics (2269.HK), for HK$2.38 per share. The price represents a discount of approximately 14.7% to last Friday’s closing price of HK$2.79. The sale is expected to raise gross proceeds of about HK$200 million ($26 million).

The new shares represent about 14.1% of CANbridge’s enlarged share capital, and will boost WuXi Biologics’ stake in the company from 2.51% to 16.27%. CANbridge will use the proceeds for commercialization and regulatory maintenance of its marketed products, R&D for its drug pipeline, and settlement of trade payables. About 60% of the funds will be allocated to improving its working capital structure.

Last July, CANbridge’s core rare disease drug Goreining received marketing approval and passed an initial review for inclusion on China’s National Reimbursement Drug List. In August, Qingdao Baheal Medical Inc. (301015.SZ) made a strategic investment of HK$100 million in the company. CANbridge also reported a move into the black with a net profit of 59.24 million yuan in the first half of the year. The string of positive developments have lifted CANbridge’s shares nearly 19-fold over the past 52 weeks.

CANbridge shares opened higher on Monday and closed at HK$8.24 by the midday, up 3.02%.

By Lee Shih Ta

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Everest Medicines Ltd. (1952.HK) last Thursday announced an exclusive licensing agreement to commercialize Micot’s MT1013 for the treatment of secondary hyperparathyroidism (SHPT), worth up to 1.24 billion yuan ($179 million). It also announced an important advance for its Velsipity drug a day later, as China's National Medical Products Administration (NMPA) approved its new drug application (NDA) for the treatment of moderately to severely active ulcerative colitis (UC).

The licensing deal will see Everest Medicines work exclusively with Shaanxi Micot Pharmaceutical Technology Co. Ltd. to commercialize MT1013, which is the world’s first-in-class dual-targeting receptor agonist polypeptide that simultaneously targets the Calcium-Sensing Receptor (CaSR) and the Osteogenic Growth Peptide (OGP) receptor. The drug is primarily being developed to treat SHPT.

According to the agreement, Everest Medicines will make an upfront payment of 200 million yuan to Micot, as well as potential regulatory and commercial milestone payments of up to 1.04 billion yuan. Micot will cover relevant development costs going forward for MT1013, which is currently in its Phase 3 clinical trials in China.

Separately, Everest Medicines said last Friday that the NMPA had granted Velsipity an NDA to treat adults suffering from moderately to severely active UC who have had an inadequate response, lost response, or were intolerant to either conventional therapy or a biologic agent.

Velsipity, or etrasimod arginine tablets, is a next-generation selective sphingosine 1-phosphate receptor modulator. Its NDA approval by the NMPA was based on two Phase 3 studies showing the drug “demonstrated statistically significant and clinically meaningful improvements across all primary and secondary efficacy endpoints” over the course of the studies, Everest Medicines said.

Everest’s stock rose 5.5% over the two trading days on Thursday and Friday last week after the announcements, bringing their gains for this year to 7.2%.

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Skincare and beauty brand Natural Beauty Bio-Technology Ltd. (0157.HK) said on Tuesday it returned to profitability last year on strong sales gains in China. The company said it expects to report revenue of between HK$530 million ($68 million) and HK$540 million for 2025, up 49.9% to 52.7% year-on-year. It said it expects to report an annual profit of HK$8 million to HK$10 million, reversing a HK$104 million loss in 2024.

The company attributed the strong revenue growth to acceleration of its store network expansion in China. Revenue from its Mainland China business rose 72.4% to 76.3%, reaching HK$440 million to HK$450 million. The company also continued refining its management practices, improving its cost and expense structures.

Shares of Natural Beauty opened flat at HK$0.47 on Wednesday. The stock is down 25% from its 52-week high.

By Lau Chi Hang

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Ascletis Pharma Inc. (1672.HK) saidon Tuesday that it raised about HK$835 million ($107 million) by selling 69.26 million new shares in a placement at HK$12.18 each. The placement price represents a discount of about 4% to the company’s last closing price of HK$12.69.

The new shares equal around 6.98% of the company’s share capital and were placed to six or more institutional investors.

The company said around 90% of the proceeds will be used for global Phase 3 clinical trials of ASC30, its small-molecule oral GLP-1 receptor agonist to treat obesity. The remainder will be used for working capital and general corporate purposes.

Ascletis reported that its revenue more than doubled to 104 million yuan ($15 million) in the first half of last year, while its net loss narrowed by 32% to 87.95 million yuan. The company’s shares have more than tripled over the past 12 months.

Ascletis’ stock opened lower on Tuesday but later reversed course closed up 4.96% at HK$13.32 by the midday break.

By Lee Shih Ta

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Private healthcare services provider Distinct Healthcare Holdings Ltd. (2677.HK) launched its Hong Kong IPO on Thursday, seeking to raise up to HK$320 million ($41 million). The company plans to sell 47.5 million shares at a price range of HK$57.70 to HK$66.60 per share, with trading set to commence Feb. 6.

Distinct Healthcare focuses on the mid- to high-end medical services market, targeting affluent patients with stronger purchasing power and a preference for more personalized care. The company operates 19 medical facilities in China, including 17 clinics and two hospitals, and also runs four general practice clinics in Singapore and one in Malaysia.

According to third-party data cited in its prospectus, Distinct Healthcare was China’s third-largest private mid- to high-end healthcare services provider by revenue in 2024, with 2% of the market. In the first eight months of last year, it reported revenue of nearly 700 million yuan, up 13.2% year on year. Its profit over that time surged 59.6% year-on-year to 85.5 million yuan.

The company said it plans to use IPO proceeds mainly to expand and upgrade its healthcare network through technology upgrades and use of AI, and to pursue selective acquisitions in first-tier and emerging first-tier cities.

By Lee Shih Ta

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 Shanghai MicroPort MedBot (Group) Co. Ltd. (2252.HK) on Wednesday said it expects to report its revenue last year rose by 110% to 120% from 2024 on growing traction for its surgical devices. That would translate to 2025 revenue of 540 million yuan ($77.6 million) to 565 million yuan, based on the company’s previously reported revenue of 257 million yuan in 2024.

The company attributed the big growth to strong gains for its core Toumai laparoscopic surgical robots. It said the product achieved especially strong gains overseas, with new foreign orders exceeding 100 units for the year, as overseas sales were more than five times that for 2024.

MedBot said it expects to report an adjusted net loss of up to 240 million yuan for 2025, narrowing 50% year-over-year. It attributed the improvement to its strong revenue growth and lower production and operating costs as it became more efficient. It added its negative free cash flow for the year was 70 million yuan or less, marking an improvement of more than 80% from the previous year.

Shares of MedBot opened up 5.3% at HK$32.56 on Thursday. The stock has more than doubled from its 52-week low.

By Lau Chi Hang

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Beauty and health services provider  Beauty Farm Medical and Health Industry Inc. (2373.HK) announced on Monday that it expects report revenue of 30 billion yuan ($4.31 billion) or more for 2025, up 16% or more year-on-year. It said its net profit for the year rose 34% or more to at least 340 million yuan, while it expects to report its adjusted net profit rose 40% or more to 380 million yuan.

The company attributed the strong gains to a combination of expansion through acquisitions and organic growth. During the period, it completed its acquisition of Nairui’er, the second-largest beauty brand in China, accelerating industry consolidation and expanding its market share. At the same time, rising brand recognition drove an increase in its customer traffic.

In terms of business mix, a higher contribution from higher-margin medical and health services, together with efficiency gains in its operations, helped improve the company’s overall profitability. Beauty Farm said it will continue to pursue a dual-engine strategy of growth both organically and through acquisitions, while deepening its “dual-beauty plus dual-wellness” positioning to underpin future expansion.

Beauty Farm shares opened higher on Tuesday and closed at HK$26.3 by the midday break, up 3.95%.

By Lee Shih Ta

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Post-partum care provider Saint Bella Inc. (2508.HK) announced on Monday it has formed a strategic partnership with robot maker Beijing Yunji Technology Co. Ltd. (2670.HK) to explore opportunities for robots and other smart devices used in home care scenarios.

Under the partnership, Saint Bella will provide data to help Yunji improve its AI models for home care robots and other devices. Saint Bella said it will initially focus on its nearly 150 offline scenarios in the partnership’s first phase. Robots and other devices covered by the alliance could be used in a wide range of functions, such as remote temperature monitoring.

Saint Bella shares rose 10% on Monday to close at HK$5.50, but still trade 16% below their June 2025 IPO price of HK$6.58. Yunji Technology’s shares fell 2.5% on Monday to close at HK$118.30, but are still 23% higher than their HK$96.50 IPO price from last October.

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Shares of China’s leading developer of small interfering RNA therapeutics, or siRNA, jumped 42% in their Friday debut, and continued to climb on Monday

By Doug Young

Hong Kong investors can now trade in their first mRNA concept stock, following the strong trading debut for Suzhou Ribo Life Science Co. Ltd. (6938.HK), China’s leader in the field for small interfering RNA therapeutics, or siRNA.

Ribo Life’s stock jumped 42% to close at HK$82.10 on its first trading day last Friday, and continued to rise on Monday, after the company raised about HK$1.7 billion ($218 million) by selling 31.6 million shares for HK$57.97 each. The listing attracted 11 cornerstone investors, including Taikang Life and Da Cheng International Management, which collectively subscribed to 13.4 million shares, or about 42.5% of the amount sold.

The listing was Hong Kong’s first by a drug company in 2026, and comes into one of the city’s hottest IPO markets in years, with Ribo among 11 new stocks set to debut in the first half of January alone. The local portion of the listing for local Hong Kong investors was 100 times oversubscribed, while the international portion was more than 15 times oversubscribed.

Treatments utilizing ribonucleic acid, or RNA, technology have emerged as one of the hottest areas among a new generation of highly targeted drugs for treating everything from cancer to diabetes with higher efficacy and less side effects than more traditional products. Such treatments shot to fame during the pandemic when vaccines using mRNA technology were among the world’s most effective for protection against Covid.

Ribo Life currently has seven self-developed drug assets in the clinical trial stages, targeting cardiovascular, metabolic, kidney and liver diseases. Two of the most advanced are RBD4059, the world’s first siRNA drug for treating thrombotic diseases and also one of the most advanced siRNA therapeutics globally; and RBD5044, the world’s second APOC3-targeting siRNA drug to enter clinical development to treat hypertriglyceridemia (HTG).

All of the company’s products are still in the clinical stages, including upcoming Phase 2b trials for RBD4059 and Phase Two trials for RBD5044.

But Ribo has already started earning significant revenue from several collaborations, as other drug makers bet on the likelihood of success for some of its core products. In December 2023, Ribo signed one such collaboration with Qilu Pharmaceutical, granting it the rights to develop and commercialize its RBD7022 high cholesterol drug in Mainland China, Hong Kong and Macao. That same month, it also signed a deal with Germany’s Boehringer Ingelheim, worth up to $2 billion for both partners combined, to co-develop innovative small nucleic acid therapies to treat NASH/MASH liver disease.

As it starts to collect money from those deals, Ribo Life’s revenue rose from nearly nil in 2023 to 143 million yuan ($20.5 million) in 2024, and were on track to rise further still after reaching 104 million yuan in the first half of 2025, according to its IPO prospectus. The company lost 97.8 million yuan in the first half of last year, improving from its loss of 142 million yuan in the year-ago period.

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Pharmaceutical contract services provider WuXi XDC Cayman Inc. (2268.HK) said on Wednesday it expects to report its annual revenue rose 45% in 2025, as its gross profit surged over 70% on improving margin profiles across its various products and services, and its cost containment measures bore fruit.

Despite headwinds from currency and interest rate fluctuations, the company said it expects to report its net profit for the year rose 38% from 2024. Based on its 2024 net profit of 1.07 billion yuan ($153 million), that means the company expects to report a 2025 profit of about 1.48 billion yuan.

Separately, WuXi XDC announced a general offer to acquire BioDlink (1875.HK) for HK$4 per share — representing a 60% premium over BioDlink 's last price of HK$2.50 before trading in its shares was suspended. The transaction, valued at approximately HK$2.79 billion ($358 million), will be funded using internal resources. WuXi XDC emphasized it “will not raise the offer price.”

Shares of WuXi XDC fell 3.8% on Thursday, but the stock is up 20% over the last 52 weeks. Shares of BioDlink rose 67.6% to close at HK$4.19.

By Lau Chi Hang

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Fertility services provider Jinxin Fertility Group Ltd. (1951.HK) provided 7,004 in vitro fertilization (IVF) treatments to its customers in last year’s fourth quarter, up 12% from a year earlier, according to calculations based on data released by the company on Monday. The strong gain showed the company’s business is rebounding after a weak start to 2025.

After adding in the strong fourth-quarter performance, the company’s total IVF treatments for all of 2025 fell 1.4% year-on-year to 28,039, improving from a 5.2% decline in the first nine months of last year.

IVF treatments provided by the company’s Chengdu flagship rose 1.3% year-on-year to 14,070 for all 2025, equal to roughly half of its total. But treatments provided by its overseas operations fell 6.9% for the year to 4,235, as the company closed its IVF treatment center in Laos, reducing its overseas business to just the U.S.

Jinxin Fertility’s stock was up slightly at HK$2.50 in early afternoon trading on Tuesday. The shares are down about 5% over the last 52 weeks.

By Doug Young

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