Xingyao Kunze Pre-Series B Valuation Report: RMB 1.75 Billion Pre-Money Valuation

PharmaCircle DataMonitoring indicates: RecentlyHepa Thera is set to complete a new round of financing.。

Shanghai Fosun Pharmaceutical Development Co., Ltd. plans to invest a total of RMB 414.375 million to participate in the Series B financing of Hepa Thera together with other new investors, and to acquire certain equity interests in Hepa Thera held by the Company's associated companies, the Suzhou Fund and the Tianjin Fund, specifically:1. It plans to invest RMB 217.813912 million to subscribe for RMB 2.936752 million of the newly increased registered capital of the target company (i.e., "this Capital Increase");2. It plans to invest RMB 196.561088 million to acquire a total of RMB 3.086511 million of the existing registered capital of the target company held by the Suzhou Fund and the Tianjin Fund (i.e., "this Equity Transfer").Upon full completion of the Series B financing and the equity transfer, Shanghai Fosun Pharmaceutical Development Co., Ltd. is expected to hold a 20.8709% equity interest in Hepa Thera.

`Target Company`The pre-money valuation applicable to the Series B financing is RMB 1.747 billion., is based on the valuation of the entire shareholders' equity interest in Hepa Thera as of October 31, 2025, as set forth in the 《Valuation Report》 (with the valuation result derived from the market approach adopted as the valuation conclusion), and has been determined through negotiation among the relevant parties.Equity TransferThe applicable valuation isRMB 1.5 billion, determined with reference to the pre-money valuation applicable to the Series B financing round, and taking into account factors such as the discount rate typically applied to the transfer of existing shares,To be determined through consultation among the relevant parties.

Hepa TheraPrimarily engaged in the research and development of innovative drugs for liver diseases. As of May 26, 2026 (the same applies below)), its key investigational pipeline includessiRNA Innovative Drug HT-101 Injection(hereinafter referred to as "HT-101"), neutralizing antibody HT-102 injection (hereinafter referred to as "HT-102"), combination of HT-101 and HT-102, etc.

HT-101 for the treatment of chronic hepatitis B virus infection is in Phase II clinical trials in China.

HT-102 is in Phase II clinical trials in China for the treatment of chronic hepatitis B virus infection.

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References:

PharmaDoor Data;

https://www.sec.gov/Archives/edgar；

pharma.bcpmdata.com；

http://www.marketscreener.com；

https://www.businesswire.com；

www1.hkexnews.hk/；

https://pharma.bcpmdata.com/?from=menhu；

https://pdf.dfcfw.com/pdf/H2_AN202605261822881879_1.pdf?1779815183000.pdf；

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