Home Hong Kong and A-Share IPO Activity Accelerates: 3 File for Hong Kong Listing, 2 Accepted on STAR Market, 2 Pass Hong Kong Listing Hearing

Hong Kong and A-Share IPO Activity Accelerates: 3 File for Hong Kong Listing, 2 Accepted on STAR Market, 2 Pass Hong Kong Listing Hearing

Dec 24, 2025 16:54 CST Updated 16:54
Evopoint Biosciences

Biological New Drug Developer

Gene+

Tumor Gene Testing Service Provider

Zelgen

Innovative Drug Research and Development, Manufacturer

Edge Medical

Developer of Robot-Assisted Minimally Invasive Surgical Systems

Ribo Life Science

Small Nucleic Acid Drug Developer

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As the year-end approaches, companies in the pharmaceuticals and healthcare sectorIPOThe speed has increased again.

According to statistics,12Month18Day-23Day, there are 2HomePharmaceutical and Health CompaniesRush for STAR Market, Accepted by SSE: Hannov Medtech, Evopoint Biosciences; 3Home-listed on the Hong Kong Stock Exchange: FontBio, Gene+, Zelgen;2Home Port Passes Hearing: Edge Medical, Ribo Life Science.


Two More Biopharmaceutical Companies Welcomed on STAR Market's Fifth Set
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December 23,Shenzhen Hanno Medical Technology Co., Ltd. ("Hanno Medical" for short) has officially received the acceptance of its application for listing on the STAR Market submitted to the Shanghai Stock Exchange, planning to adopt the fifth set of listing standards of the STAR Market to enter the capital market.
As the first domestically produced enterprise in China to have an Extracorporeal Membrane Oxygenation (ECMO) system approved for marketing,Hanno Medical was established on May 8, 2018, and is one of the few manufacturers globally to have completed a full layout of equipment and consumables, marking a key transition for China in the field of high-end life support devices from catching up to running neck-and-neck.
The prospectus shows that Hannuo Medical has systematically mastered seven core underlying technologies, and based on these, has built three major core technology platforms: a high-safety and high-stability hardware and software platform for extracorporeal life support devices, a research and development and process platform for high-performance artificial heart-lung systems and consumables, and a development and coating technology platform for high-performance medical coating materials. These three platforms together form the company's systematic ability to continuously innovate in the field of extracorporeal life support medical devices, laying a solid technical foundation for the continuous expansion and iteration of future product pipelines.
As of June 30, 2025, Hannov Medical has accumulated 38 authorized invention patents, including 34 in China and 4 overseas, building a patent barrier for technology transformation and market competition.
It is worth mentioning that the core product of Hannuo Medical is Lifemotion.®The ECMO system was approved for marketing in 2023, breaking the long-term technological monopoly held by the US, Germany, Italy, and other countries; by early 2025, the system had further obtained EU CE MDR certification, becoming the first domestically produced ECMO product to enter the international market.
As of June 30, 2025, Lifemotion®The ECMO system has been deployed in over 140 hospitals across China, including top-tier tertiary hospitals such as Beijing Anzhen Hospital affiliated with Capital Medical University, the Chinese People's Liberation Army General Hospital (301 Hospital), and West China Hospital of Sichuan University, as well as the renowned Hong Kong public hospital, Queen Mary Hospital. In terms of international expansion, Hanno Medical’s products have successfully completed order deliveries in Europe, South America, and Africa, while actively advancing product registration submissions in multiple countries worldwide.
Since its establishment, Hannuo Medical has completed 10 rounds of financing, attracting investments from well-known institutions such as Daotong Investment, Mindray Medical, Shenzhen Capital Group, TOCC East Sea, Everfront Capital, and the Traditional Chinese Medicine and Health Fund.
Financially, Hannuo Medical's revenue grew from RMB 29.8311 million in 2023 to RMB 49.3088 million in 2024, and its revenue for the first half of 2025 has already reached RMB 37.3553 million; during the same period, losses significantly narrowed, decreasing from RMB 341 million in 2023 to RMB 82.2732 million in the first half of 2025.
As of the date of signing this prospectus, LIU YANG (刘洋), LI Mingtao, and LI YIJIANG (李轶江) are the joint actual controllers of Hannuo Medical. LIU YANG (刘洋) serves as the chairman, LI Mingtao serves as a director and general manager, and LI YIJIANG (李轶江) serves as a director. The profile of LIU YANG (刘洋) is as follows:
LIU YANG (刘洋), born in 1980, German nationality, graduated from the University of Luxembourg with a degree in Electrical Engineering, Communications and Information, and from Hannover Medical School in Germany with degrees in Hospital Management and Public Health Policy, earning a bachelor's degree and dual master’s degrees respectively. From September 2004 to September 2012, served as a Systems Engineer in the Business Development Department at Samsung Semiconductor Europe headquarters; from October 2013 to March 2018, served as the General Manager of Hannover Medical Management Group in Germany; from May 2018 to present, has held positions including Director and Chairman of the Board of the issuer.
Just one day before Hannuo Medical's acceptance,Evopoint Biosciences Co., Ltd. (hereinafter referred to as "Evopoint Biosciences") has also been accepted and plans to adopt the fifth set of listing standards for the STAR Market to be listed on the A-share market.
The prospectus shows that Evopoint Biosciences is an innovative drug company focused on addressing significant unmet clinical needs globally, disease-oriented, and committed to transforming innovation into clinical value, providing patients with the best therapeutic drugs in the field. The company has formed a "1+3+N" innovative drug pipeline梯队 (1 NDA accepted, 3 in Phase III clinical trials, and N early-stage pipelines) and has preliminarily achieved a research-supported-by-research model through global BD transactions.
Evopoint Biosciences' latest BD deal has a down payment of $130 million, with milestone payments, including recent payments, reaching $1.406 billion. Large BD deals quickly realize the economic value of innovative drugs in development. Revenue from overseas rights licensing or transfer alone could achieve profitability at the company level (after excluding non-recurring gains and losses) by 2025.
At the same time, Evopoint Biosciences' first innovative drug, Imacif Injection, is expected to be approved for marketing in 2026. Subsequently, three more innovative anti-tumor drugs are expected to be launched between 2027 and 2028. Evopoint Biosciences will enter an integrated growth phase driven by R&D, BD, and sales.
Evopoint Biosciences' innovative drug pipeline under development covers multiple major disease areas, including oncology and anti-infectives. In the anti-infective field, the New Drug Application (NDA) for Imacifant Injection was accepted by the CDE in July 2025 for the treatment of hospital-acquired bacterial pneumonia (HABP) and ventilator-associated bacterial pneumonia (VABP) caused by Gram-negative bacteria. In the oncology field, XNW5004 (EZH2 inhibitor), XNW27011 (Claudin 18.2-targeted ADC), and XNW28012 (TF-targeted ADC) are all in Phase III or pivotal clinical trials, with several other drug candidates in early clinical development or preclinical research stages.
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FigureSource: Evopoint Biosciences Prospectus


Financially, Evopoint Biosciences reported revenue of 19.5 million yuan in 2022, with no income from 2023 to the first half of 2025. The net profits attributable to parent company shareholders for the years 2022, 2023, 2024, and January-June 2025 were -462.6325 million yuan, -426.8863 million yuan, -385.9994 million yuan, and -373.7370 million yuan, respectively.
As of the date of signing this prospectus, the controlling shareholder of Evopoint Biosciences is Lipan Partnership. At the beginning of the reporting period, Lipan Partnership held 24.5565% of Evopoint Biosciences' shares; during the reporting period, Evopoint Biosciences underwent several capital increases and share transfers, resulting in the gradual dilution of Lipan Partnership’s shareholding percentage. As of the date of signing this prospectus, Lipan Partnership holds 21.5802% of Evopoint Biosciences' shares. Lipan Partnership is controlled by Qiang Jing and has remained the largest shareholder of Evopoint Biosciences throughout the reporting period.
Mr. Qiang Jing, currently serving as the Chairman of the Board, was born in 1982, is of Chinese nationality, and does not hold permanent residency rights abroad. He holds a Bachelor's degree in Pharmacy from Shanghai Jiao Tong University, a Master’s degree in Financial Engineering Management from Fudan University, and a Ph.D. in Applied Economics from Tsinghua University. From July 2005 to September 2006, he served as a Risk Management Specialist at Citibank; from September 2007 to June 2010, he studied in the Financial Engineering program at Fudan University; from July 2010 to March 2018, he served as Managing Director of China International Capital Corporation Limited Research Institute; since April 2018, he has been a partner at Apricot Capital; and since April 2018, he has served as the Chairman of the company.


3Gene+ submits listing application to HKEX, aiming for Hong Kong stocks
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12Month23Day,Frontera Therapeutics(Hereinafter referred to as "Fangtuo Bio") submitted an application to the Hong Kong Stock Exchange, seeking a listing on the Hong Kong stock market.18AListed on the Hong Kong Stock Exchange.

The prospectus shows that Ribo Life Scienceis aFounded in2019YearA gene therapy company in the clinical stage, focusing on the research and development of innovative therapies, with an international business layout, committed to the independent development of innovative recombinant adeno-associated virus ("rAAV") Gene Therapy.

Currently, Ribo Life ScienceThe product pipeline includes eight independently developedrAAVGene therapy candidates, including

(i)Two core products, namelyFT-002(A treatment currently under researchXChained Retinitis Pigmentosa ("XLRP") with the potential to be the world's best-in-class candidate drug) andFT-003(A potential global best-in-class drug candidate under investigation for the treatment of neovascular age-related macular degeneration ("nAMD") and diabetic macular edema ("DME」);

(ii)A key product, namelyFT-001(A treatment used forRPE65Hereditary retinal diseases caused by biallelic mutations in genes ("IRD」)(「RPE65mIRD" or "RPE65MediatedIRD") gene therapy candidate drug);

(iii)Five other gene therapy candidates in preclinical and early stages for the treatment of ophthalmic, cardiovascular, and neurological diseases.

Fangto BioCompletedARound,B-1Round andB-2Round of Financing, whose investors include Boyu Capital,HSG GrowthAoboAsia,AoboUnited States,Hongyuan, Hongling Capital, etc.

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Fangto Bio Pipeline Diagram;FigureTabletSource:Fangto Bio Prospectus

In terms of finance, currently, Ribo Life ScienceHas not obtained any marketing approval for its drug candidates and has not generated any revenue from product sales. As of2023Year and2024Year12Month31Year-to-date,ItsRecorded losses respectively35.9Million Dollar And26.5Million dollars, and as of2024Year and2025Year9Month30Recorded losses for the nine months ending in the day20.7Million Dollar And13.3Million dollars.

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FigureTabletSource:Fangto Bio Prospectus

OrbiMed and HongyuanFangto BioThe founding shareholder.

OrbiMed EntitiesOrbiMed Advisors LLCIt is a consulting company of OrbiMed Asia and has voting rights according to the consulting agreement between it and OrbiMed Asia.OrbiMed Advisors LLCAlso has controlling voting rights over OrbiMed US. Therefore, OrbiMed Asia and OrbiMed US areOrbiMed Advisors LLCJoint control.

Montar Capital,LLC("Hong Yuan") is a company based in2020Year3Month13A limited liability company established under the laws of the Cayman Islands, by a partnership registered and validly existing under the laws of the Cayman Islands.Creacion Ventures I,L.P.("Hongyuan Capital") is wholly owned as a special purpose company.

Hongyuan Capital is a venture capital firm focused on life sciences, with a mission to nurture and support private companies in pursuing medical innovation, addressing unmet medical needs, and generating significant social and economic impact. Managed by a team of seasoned entrepreneurs and investment professionals, Hongyuan Capital actively invests in therapies, interventional medical devices, drug discovery tools and instruments, as well as diagnostic products.

Dr. Li Wei initially participatedFangto BioFounded, currently the founding partner of Hongyuan Capital.

12Month21Gene+ Technology (Shaoxing) Co., Ltd. ("Gene+" for short) has submitted its listing application to the Hong Kong Stock Exchange, with CCB International and Minsheng Capital acting as joint sponsors.

The prospectus shows that Gene+ is a company engaged in precision medicine. Based on its self-developed multi-omics platform, it combines foundational large models with intelligent agents.AI`, building a full-chain capability from the discovery and validation of multi-omics biomarkers and targets to product development and commercialization.`

Gene+ provides three major solutions for hospitals, pharmaceutical and biotechnology companies, and medical research institutions: precision diagnostics, drug R&D empowerment, and clinical research and translation. It is committed to leveraging multi-omics andAIAn Innovative Framework for Synergistic Integration to AccelerateAIDriven multi-omics technology moves towards large-scale clinical application.

The following is a brief introduction of its three major business segments:

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Image Source:Gene+ Prospectus

In terms of finance, Gene+2022Year to2025Recorded revenue of RMB in the first half of the year1,815.0Million yuan, RMB472.8Million yuan, RMB557.1Million yuan and RMB285.0Million yuan; in2022Year and2023Annual net profit in RMB371.5Million yuan and RMB54.1Million yuan, and on2024Year and as of2024Year and2025Year6Month30Recorded a net loss of RMB for the six months ended424.3Million yuan, RMB199.5Million yuan and RMB413.8Million yuan.

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Image Source:Gene+ Prospectus

RegardingGene+In terms of listing,Gene+ Tibet, Tibet Limited Partnership, Dr. Yi Xin, Dr. Yang Ling, Mr. Xiong Li, Mr. Tian Chao, and Mr. Xia Xuefeng are presumed to be a group of controlling shareholders.

Dr. Xin Yi (formerly known as Dr. Xing Yi),41Years old, in2025Year6Appointed as the Executive Director, Chairman, and Chief Executive Officer of the company in the month. Responsible for overall strategic planning, making key business and operational decisions for the group, and overseeing the daily operations of the company.

Dr. Yi has extensive experience in the pharmaceutical industry and enterprise management.2012Year2To2013Year4Dr. Yi served as the Assistant Dean and Executive Vice Dean of Shenzhen Huada Gene Research Institute (now known as Shenzhen Huada Life Sciences Research Institute).2013Year5To2014Year9Month, he served as the Executive Vice President of the Health Division at Shenzhen Huada Gene Technology Co., Ltd., mainly responsible for the operation and management of the business division.2014Year10To2015Year4In the same year, he served as the Chief Operating Officer of Shenzhen Huada Gene Medical Co., Ltd. (now known as Shenzhen Huada Gene Co., Ltd.), responsible for the company's operation management and product development.

Dr. Yi2015Year4Joined the group in the month, serving as the Chairman, Executive Director, and Chief Technology Officer of Gene+. Since then, he has been...2022Year4Starting from the month, serving as the Executive Director and General Manager of Tibet Gene+ Industrial Co., Ltd.2016Year4Has served as the Executive Director and General Manager of Shenzhen Gene+ Information Technology Co., Ltd. since the month.

Dr. Yi2006Year6Received a Bachelor of Clinical Medicine degree from Xiangya School of Medicine, Central South University, China in...2012Year7Received a Ph.D. in Genomics from the Beijing Institute of Genomics, Chinese Academy of Sciences, China.

12Month19Recently, Suzhou Zelgen Biopharmaceuticals Co., Ltd. ("Zelgen Bio") filed an application with the Hong Kong Stock Exchange, with CICC acting as the sole sponsor.

The prospectus shows that Zelgen is a comprehensive biopharmaceutical company focusing on the discovery, development, and commercialization of innovative small molecule and biologics therapies, with a strategic focus on oncology, autoimmune diseases, and hemostasis.╱Hematology field.

Self2009Since its establishment in [Year], Zelgen has built comprehensive end-to-end capabilities covering drug discovery, R&D, manufacturing, and commercialization, thereby creating a diversified and multi-layered pipeline and achieving successful commercialization.

Its business is driven by dual innovation engines, integrating two self-developed technology platforms: a small molecule drug discovery platform and a bispecific/Tri-specific Antibody and Complex Recombinant Protein R&D Platform.

Zelgen's product portfolio and pipeline encompass marketed drugs, late-stage clinical candidates, and early discovery projects at the forefront of innovation.

As of the latest practicable date, it has three marketed drugs: Zepsun.®(Donafenib Tosylate Tablets), the first domestically developed small-molecule multi-target drug in China for first-line treatment of advanced liver cancer; Zepin®(Hydrochloric Acid Jikacitib Tablets), the first domestically developed innovative drug in China for the treatment of myelofibrosis.JAKInhibitors; and Zelgen®(Recombinant Human Thrombin), the only recombinant product in China.DNARecombinant human thrombin successfully developed and commercialized.

Its pipeline of drug candidates includes28Main Clinical Projects11Candidate drugs. Among them, there are3Candidate Drug7Indication EntryBLA/NDAOr Key╱IIIPhase of registered clinical trials.

Its key projects includeZG006Alveltamig)(The world's first targetedDLL3) andZG005Nilvanstomig)(PD-1/TIGITBispecific antibodies), etc.

Its cutting-edge early-stage project portfolio, includingZGGS18ZGGS34ZGGS15ZG2001ZG0895ZG016AndZG2273, coveringTCell engagers, bispecific and multispecific antibodies, and small molecule therapies targeting traditionally "undruggable" targets.

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Zelgen Pipeline Diagram; ImageSource:ZelgenProspectus

Financially, its revenue increased from2022Year of RMB301.7Million yuan increased to2023Year of RMB383.6Million yuan,2024Increased to RMB in the year531.5Million yuan, and from as of2024Year9Month30RMB for Nine Months382.7Million yuan increased to2025RMB in the same period last year593.3Million yuan.

In2022Year,2023Year,2024Year and as of2024Years and2025Year9Month30As of the end of September, they recorded net losses of RMB485.5Million Yuan, RMB295.1Million yuan, RMB150.3Million yuan, RMB109.6Million yuan and RMB95.6Million yuan.

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Image Source:ZelgenProspectus

According to the Consistent Action Agreement and the Updated Consistent Action AgreementDr. Sheng Zelin and Ms. Lu Huiping directly control a total of62,542,171Shares, accounting for approximatelyThisAs of the latest practicable date23.63%Voting rights.

Dr. Sheng Zelin,65Years old, fromTheThe company was established in2009Year3Since its establishment in the month, has been serving asTheChairman of the Board and General Manager. Dr. Sheng is also currentlyTheDr. Sheng holds multiple positions in several subsidiaries under the company and is primarily responsible forTheOverall strategy planning and operational management of the company.

Dr. Sheng has nearly30Years of experience. He serves asBristol Myers SquibbSenior Researcher. At2004Year7To2005Year6In that month, he served as the Executive Director of Shanghai Aona Pharmaceutical Technology Co., Ltd.2005Year6To2009Year3Dr. Sheng served as the Chief Operating Officer of Egret Pharmaceuticals Technology (Shanghai) Co., Ltd.

Dr. Sheng1986Year7Received a master's degree in hematology from Zhengzhou University School of Medicine (formerly known as Henan Medical University) in China.1992Year12Received a Ph.D. in Pharmacology from the University of Miami in the United States.1993Year1To1996Year5During the month, he completed his postdoctoral research work at the University of California, San Diego. He2010Year9Earned an Executive MBA from the China Europe International Business School in China(EMBA)Degree


Two HKEX Pass Hearings, Targeting Surgical Robots and siRNA Therapies
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On December 21, SHENZHEN JINGFENG MEDICAL TECHNOLOGY CO., LTD. (hereinafter referred to as: Edge Medical) passed the hearing at the Hong Kong Stock Exchange and is about to be listed.
The prospectus shows that Edge Medical, founded in 2017, is an advanced surgical robotics company in the medical device industry, dedicated to the design, development, and manufacturing of surgical robots. Edge Medical has three products and product candidates at different stages of development to capitalize on the market potential of surgical robots, including multi-port endoscopic surgical robots and single-port endoscopic surgical robots for minimally invasive surgeries, as well as natural orifice surgical robots for non-invasive surgeries. Currently, Edge Medical's product portfolio includes two core products developed in-house: Edge Medical®Multi-hole Cavity Surgical Robot and Edge Medical®Single-port endoscopic surgical robot. Edge Medical's product portfolio also includes Edge Medical.®Bronchoscopy Robot, which is not the core product.
According to Frost & Sullivan, Edge Medical is the first company in China and the second globally to simultaneously obtain regulatory approval for multi-port laparoscopic surgical robots, single-port laparoscopic surgical robots, and natural orifice surgical robots.
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FigureSource: Edge Medical Prospectus

Its core product, Edge Medical®The Multiport Endoscopic Surgical Robot is a robot-assisted device that performs minimally invasive surgeries through the application of robotic technology, imaging technology, and digital technology. In December 2022, its first model, MP1000, received registration approval from the National Medical Products Administration (NMPA) for application in urological surgeries. In August 2023, it obtained NMPA registration approval, expanding the clinical application scope of MP1000 to gynecological, general, and thoracic surgeries. According to Frost & Sullivan, MP1000 is the first self-developed endoscopic surgical robot approved by the NMPA for use across multiple surgical departments.
According to Frost & Sullivan, Edge Medical sold 20 units of its surgical robots in China in 2024.®Multi-port endoscopic surgical robot, ranked first among surgical robot manufacturers in China. Based on contractual sales volume, Edge Medical has signed sales agreements for 31 units of the Edge® multi-port endoscopic surgical robot as of the six months ended June 30, 2025.
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FigureSource: Edge Medical Prospectus


Financially, from 2023 to 2024 and the first half of 2025, Edge Medical's revenues were 48.042 million yuan, 160 million yuan, 30.245 million yuan, and 149 million yuan, respectively. The corresponding annual losses during the same periods were 213 million yuan, 219 million yuan, 133 million yuan, and 89.087 million yuan.
The prospectus shows that Dr. Wang Jianchen, 36, is the chairman, executive director, chief executive officer, and general manager of Edge Medical. He co-founded Edge Medical with Dr. Gao in May 2017. He was appointed as an executive director in January 2022. Since the establishment of Edge Medical's wholly-owned subsidiaries—Jingfeng Intelligent Manufacturing, Shanghai Jingfeng, Beijing Jingfeng, and Edge Medical (Hong Kong) Limited—Dr. Wang has been serving as an executive director. He is mainly responsible for overall strategic planning, business direction, and operational management.
Dr. Wang has over 12 years of experience in product development and team management in the surgical robotics industry. In July 2013, Dr. Wang obtained a Master's degree in Mechanical Engineering from Tianjin University, China. From January 2016 to June 2017, he completed a joint Ph.D. program between the Department of Mechanical Engineering at Tianjin University and the Massachusetts Institute of Technology (MIT) in the United States, subsequently earning a Ph.D. in Mechanical Engineering from Tianjin University.
Dr. Gao Yuanqian, 39, is the Executive Director, Chief Operating Officer, Chief Technology Officer, Deputy General Manager, and Financial Controller of Edge Medical. In May 2017, Dr. Gao co-founded Edge Medical with Dr. Wang. Dr. Gao was appointed as a director in November 2018 and was re-designated as an executive director in January 2022.
Dr. Gao has been serving as the Executive Director since the establishment of Edge Medical's wholly-owned subsidiaries, JF Manufacturing and JF Innovation. He is primarily responsible for the overall operational management and R&D management of the Group, and oversees the corporate finance, accounting matters, and financial reporting of the Group.
Dr. Gao has approximately 13 years of experience in product development and team management in the surgical robotics industry. In January 2013, Dr. Gao obtained a Master's degree in Mechanical Engineering from Tianjin University, China. From February 2016 to June 2016, he was a visiting scholar at the Robot Lab in the Department of Informatics at King’s College London, UK. Dr. Gao completed a joint doctoral training program at the Surgical Navigation and Robotics Lab of Tianjin University and Harvard Medical School in the United States, and in June 2017, he received his Ph.D. in Mechanical Engineering from Tianjin University.
Suzhou Ribo Life Science Co., Ltd. (hereinafter referred to as "Ribo Life Science"), which also passed the hearing on the same day, is a biopharmaceutical company engaged in the research and development of small nucleic acid drugs, with a particular focus on siRNA therapy.
Leveraging the RiboGalSTARTM platform, which is equipped with proprietary GalNAc delivery technology that has been clinically validated, Ribo Life Science has independently advanced multiple siRNA projects from drug discovery to clinical development in the fields of cardiovascular, metabolic, renal, and liver diseases.
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FigureSource: Ribo Life Science Prospectus

Ribo Life Science has a core product RBD4059 (siRNA targeting FXI) for the treatment of thrombotic diseases. Its R&D pipeline includes seven self-developed drug assets in clinical trial stages, covering seven indications related to cardiovascular, metabolic, kidney, and liver diseases, four of which are currently in Phase 2 clinical trials.
Among them, the core product RBD4059 completed Phase 1 trial in healthy subjects in Australia in October 2024. It received CTA approval from EMA in May 2024, based on which Ribo Life Science initiated the Phase 2a clinical trial of RBD4059 in Sweden in August 2024. All patients in this Phase 2a trial have completed treatment and are currently in the safety follow-up period.
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FigureSource: Ribo Life Science Prospectus


Financially, the prospectus shows that in 2023, 2024, and the first half of 2025, Ribo Life Science's operating revenues were 44,000, 143 million, and 104 million yuan respectively, with corresponding net losses of 437 million, 281 million, and 98 million yuan. Ribo Life Science's revenue mainly comes from licensing and collaboration arrangements. In December 2023, it granted Qilu Pharmaceutical exclusive rights to develop, manufacture, and commercialize RBD7022 in mainland China, Hong Kong, and Macau.
The prospectus shows that Dr. Liang Zicai, 60, has served as the Chairman of the Board since its establishment on January 18, 2007. He has been serving as the Chief Executive Officer since September 1, 2017, and was transferred to the position of Executive Director on March 18, 2025.
Dr. Liang has held key positions in six subsidiaries of Ribo Life Science, including (i) serving as the Chairman of Kunshan Ribo Juer since 2012; (ii) serving as the sole director of Ribo Hong Kong since 2013; (iii) serving as a director of Beijing Ribo Kaituo since 2016; (iv) serving as a director of Ribo Australia since 2021; (v) serving as a director of Ribocure AB since 2022; and (vi) serving as the Chairman of Xingbo Run since 2023. Dr. Liang is primarily responsible for the group’s corporate strategy, technological innovation, and fundraising.
Dr. Liang has accumulated over 35 years of extensive experience in research, development, and management within the life sciences, biotechnology, and pharmaceutical industries. From January 2006 to August 2017, Dr. Liang worked at the Institute of Molecular Medicine, Peking University, where he served as Director of the Research Laboratory, Professor, Doctoral Supervisor, and Tenured Professor. During the same period, he also concurrently held positions as Director of the Education Committee, Deputy Director of the Academic Committee of the institute, and member of the Degree Committee of the School of Life Sciences at Peking University. From 2017 to 2020, he was on extended leave to pursue entrepreneurial ventures.
Dr. Liang received his Bachelor's degree in Zoology from Nankai University, China, in July 1985, and his Master’s degree in Entomology in June 1988. He then obtained his Ph.D. in Physiological Fungal Biology from Uppsala University, Sweden, in October 1995. Afterward, Dr. Liang worked as a research fellow in the Department of Molecular Biophysics and Biochemistry at Yale University in the United States until November 1998.

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