Oncolytic virus pioneer Binhui Biopharmaceutical files for Hong Kong IPO

Recently, Binhui Biopharmaceutical, an oncolytic virus pioneer based in Wuhan, officially submitted its IPO application to the Hong Kong Stock Exchange. ZBJL Capital participated in Binhui Biopharmaceutical's Pre-IPO round in December 2023, investing tens of millions of yuan at a pre-money valuation of RMB 3.2 billion.

Founded in 2010 by Dr. Liu Binlei, a key member of the original R&D team behind the approved oncolytic virus T-VEC (Imlygic), Binhui Biopharmaceutical has become a leading enterprise integrating R&D, production, and clinical application of oncolytic viruses. The company has established a rich and diversified product pipeline, deploying what can be described as powerful "biological missiles" against cancer.

Supported by three core platforms—viral vector, nucleic acid delivery, and protein biologics—Binhui Biopharmaceutical continues to achieve breakthroughs in the discovery, development, and commercialization of innovative cancer immunotherapies. The company's core proprietary product, BS001 (OH2 Injection), has generated positive efficacy data in its ongoing pivotal Phase III clinical study, positioning it to potentially become the world's first approved oncolytic virus therapy based on an HSV-2 viral backbone.

Within Binhui's oncolytic virus portfolio, BS006 represents the world's first oncolytic virus expressing a bispecific antibody to enter clinical trials. It has initiated a Phase I clinical trial in the United States, making it the first TCE-expressing HSV-based oncolytic virus to reach the clinical development stage globally. In China, the product also received IND approval from the National Medical Products Administration (NMPA) in August 2025.