IPO News | Shimai Pharmaceutical plans to list Hong Kong stocks, China Securities Regulatory Commission requests additional explanation on the progress of state-owned assets management procedures and other matters

The Zhitong Finance App learned that on December 26, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (December 22, 2025 to December 26, 2025)”. The International Department of the China Securities Regulatory Commission published supplementary material requirements for 19 companies. Among them, Shimai Pharmaceutical was requested to provide additional explanations on matters such as the progress of the company's state-owned shareholders in implementing state-owned assets management procedures such as state-owned stock labeling. According to the Hong Kong Stock Exchange disclosure on November 12, Zhejiang Shimai Pharmaceutical Co., Ltd. - B (abbreviation: Shimai Pharmaceutical) submitted the Hong Kong Stock Exchange main board, and Huatai International is its sole sponsor.

The Securities Regulatory Commission requested Shimai Pharmaceutical to further explain the following matters, and ask lawyers to check and issue clear legal opinions:

1. Please provide additional information on the progress of the company's state-owned shareholders in implementing state-owned assets management procedures such as the state-owned stock logo.

2. Please provide additional information on the company's previous capital increases and share transfer prices, the basis for pricing and the reasons for price differences, whether there are any abnormalities in consideration, and issue a concluding opinion on whether the establishment of the company and the successive equity changes are legal and compliant.

3. Request the company to explain the scope of business of the company and its subsidiaries, whether the actual business involves “development and application of human stem cells, genetic diagnosis and treatment technology” or other areas where foreign investment is restricted or prohibited, and whether it continues to meet the requirements of the foreign investment entry policy before and after the launch and “full circulation”, taking into account information such as drug research and development technology routes.

4. Please provide additional information on whether the shares held by shareholders who intend to participate in the “full circulation” have been pledged, frozen, or have other rights defects.

According to the prospectus, the company was founded in 2017 and is a pioneer and global leader in next-generation T-cell adaptor (TCE) therapy. TCE is a bispecific or multi-specific antibody. Its design principle is to target tumor tissue and activate T cells by simultaneously binding tumor-associated antigens (TAA) on tumor cells and receptors on T-cells to induce targeted cytotoxic effects. Early on, the company saw the differentiating potential of TCE, a class of next-generation immunotherapy designed to harness and guide the body's immune system against cancer.

The company has deep insight and innovation capabilities into TCE, a high-growth industry, and translates these insights into clinical-stage products to drive the company's progress from concept to R&D. The company has developed a next-generation pioneer therapy, masking TCE, which can be selectively activated in tumors to treat solid tumors.