BRIEF: Xuanzhu Biopharma launches IPO to raise $100 million
Xuanzhu Biopharmaceutical Co., Ltd. (2575.HK), spun off from Sihuan Pharma (0460.HK), launched its IPO on Monday, aiming to sell 67.3 million shares for HK$11.60 each to raise HK$780 million ($100 million). Subscriptions close on Oct. 10, with a trading debut set for Oct. 15 in Hong Kong.
The company has more than 10 drugs under development covering digestive diseases, oncology and non-alcoholic steatohepatitis (NASH).
Xuanzhu remains unprofitable, reporting its net loss widened last year to 556 million yuan from a net loss of 300 million yuan in 2023. It attributed the growing losses to sharp increases in administrative spending, including costs related to last year’s IPO application. The company reported a net loss of 111 million yuan in the first half of this year, similar to what it reported in the year-ago period.
By Lau Chi Hang
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