IPO News | Betta Pharmaceuticals (300558.SZ) once again submitted the Hong Kong Stock Exchange's “Four Carriages” to collaborate to build a whole biopharmaceutical industry chain

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 28, Beida Pharmaceutical Co., Ltd. (abbreviation: Betta Pharmaceutical, 300558.SZ) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CITIC Securities is its sole sponsor.

Company profile

According to the prospectus, Beida Pharmaceutical is a major participant in China's innovative drug research and development industry. It has successfully transformed from a biotechnology company focusing on drug discovery and development to a biopharmaceutical company that has entered the entire industry chain and commercialization stage. Along with this transformation, the company has built an operating platform driven collaboratively by independent R&D, market expansion, strategic cooperation, and ecosystem construction. Since the first product was launched in 2011, the company has been profitable for many years.

Among the company's commercialized pharmaceuticals, Conmana®/KEMENA®, EGFR TKI (Ensacove®/Bemena®, ALK TKI), and voronib (Vomena®, VEGFR/PDGFR inhibitor) are the first domestically produced drugs of their kind to be approved in China or to enter the global market for targeted indications.

Extinib has generated cumulative sales of over RMB 18 billion, and is the only first-generation EGFR TKI that still competes head-on with third-generation drugs through continuous life cycle management and multiple indication extensions.

The company has built a comprehensive drug pipeline covering key lung cancer targets, including epidermal growth factor receptor (EGFR) and anaplastic lymphoma kinase (ALK)), while experimenting with promising treatment areas, including breast cancer, kidney cancer, hematology, and ophthalmology. The company has always been committed to developing innovative drugs certified as Class 1 by the State Drug Administration, and has a project pipeline of more than ten clinical projects at different stages.

In terms of sales channels, the company sells most products to wholesale dealers, which then sell products to end customers, mainly hospitals and retail pharmacies. Currently, the company has about 170 dealers, covering more than 30 provinces, municipalities and autonomous regions across the country.

In 2023, 2024, 2025 and the six months ended 2025 and June 30, 2026, the company's revenue from selling products through wholesale distributors accounted for 70.3%, 70.4%, 73.6%, 73.1% and 74.7% of total revenue, respectively.

Financial data

revenue

In 2023, 2024, 2025, and 2026 for the six months ended June 30, the company achieved revenue of approximately RMB 2,456 billion (RMB, same below), RMB 2,892 billion, RMB 3.609 billion, and RMB 1,976 billion, respectively.

profit

In 2023, 2024, 2025, and 2026 for the six months ended June 30, the company recorded annual/period profits of approximately $334 million, $387 million, $286 million, and $293 million respectively.

gross profit margin

For the six months ended June 30 in 2023, 2024, 2025, and 2026, the company's corresponding gross margins were 82.7%, 80.5%, 78.3%, and 75.1%, respectively.

Industry Overview

Lung cancer is one of the most common and fatal malignancies in the world. The incidence and death rates of lung cancer are on the rise globally and in China. The number of new cases of lung cancer worldwide increased from 2.3 million in 2020 to 2.7 million in 2025, and is expected to rise to 3.5 million by 2035. The number of new cases of lung cancer in China increased from 1 million in 2020 to 1.1 million in 2025, and is expected to rise to 1.5 million by 2035.

EGFR-positive lung cancer refers to lung cancer with evidence of EGFR mutations. The global EGFR TKI market is expected to reach 23 billion US dollars by 2035. The EGFR TKI drug market in China shows more balanced and stable growth prospects. As the scope of application of EGFR TKI drugs in combination treatment and sequential treatment plans expands, and patients' access to treatment increases, the market will continue to expand.

In China, treatment for EGFR-positive NSCLC has become increasingly precise and stage-specific. In the competitive EGFR TKI market, Betta Pharmaceuticals stands out with a product portfolio covering one and three generations of EGFR TKIs (i.e. ectinib and befotinib), which can provide patients with comprehensive care from initial treatment to drug resistance management.

ALK-positive lung cancer refers to lung cancer with evidence of ALK mutations.

The predicted compound annual growth rate of the global ALK TKI drug market between 2025 and 2030 to 2035 is based on the following factors: continued application of second- and third-generation ALK TKI drugs with improved central nervous system (CNS) permeability and drug resistance characteristics, and expansion of molecular testing coverage to support earlier and more comprehensive detection of ALK positive NSCLC. The early high growth of the ALK TKI drug market in China was driven by the rapid rise of second- and third-generation ALK TKIs and the increase in molecular testing coverage.

Currently, the FDA has approved the listing of 6 ALK TKIs, the EMA has approved the listing of 5 ALK TKIs, and the National Drug Administration has approved the listing of 10 ALK TKIs. Ensatinib stands out as the first and only domestically produced ALK TKI to enter the global market.

Board Information

The board of directors of the company will be composed of 12 directors, including 6 executive directors, 2 non-executive directors and 4 independent non-executive directors. The term of office of directors is 3 years, and they can be re-elected. The term of an independent non-executive director shall not exceed 6 consecutive years.

Shareholding structure

As of August 23, 2026, the company's single largest shareholder group consists of Dr. Ding, Kaiming Investment, and Beicheng Investment. Dr. Ding directly (holds about 0.24%) and indirectly controls about 21.50% of the company's total issued share capital through Kaiming Investment (holding about 18.91% of the company's total issued share capital) and Beicheng Investment (holding about 2.34% of the company's total issued share capital).

Intermediary team

Sole sponsor: CITIC Securities (Hong Kong) Limited

Company Legal Advisors: On Hong Kong and US Law: Clyde Hong Kong Law Firm; On Chinese Law: Zhejiang Tianze Law Firm; On Chinese Intellectual Property Law: Liu Shen Law Firm

Sole Sponsor Legal Adviser: Hong Kong and US Law: Davis Polk & Wardwell; Related Chinese Law: Commerce Law Firms

Independent Auditor and Reporting Accountant: Hong Kong Lixin Dehao Certified Public Accountants Limited

Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch

Compliance Advisor: New Berry Finance Co., Ltd.