IPO News | Hemei Pharmaceuticals (00054) suspends Hong Kong stock listing and refunds will begin on November 9

The Zhitong Finance App learned that the subscription for Hemei Pharmaceutical (00054) ended on November 4. The company issued an announcement after closing the market on the same day. Based on the current market environment, it was decided to delay global sales and listing, and refunds will begin on November 9.

According to market news, the number of subscribers in this public offering was less than 10,000, and the amount was oversubscribed by about 2 times; as of 9:50 p.m. on November 3, the brokers' margin data only recorded 0.37 times oversubscribed, involving HK$143 million in capital.

According to the issuance plan, Hemei Pharmaceutical began a stock offering on October 30. It plans to issue 55.21 million H shares, of which 10% will be used for public sale in Hong Kong. The offering price ranges from HK$15.5 to HK$18.9, with a maximum capital raising of HK$1.04 billion. Each lot has an entry fee of HK$1909.1. The original plan was to list and trade on November 9, with SDIC Securities International acting as the sole sponsor.

In terms of fund-raising, 55.5% of the net proceeds from this IPO was used for R&D and commercialization of the core product Mufemilast; 4.5% was used for the advanced breast cancer pipeline Hemay022 research and development; 20% was invested in Hemay181 ongoing and planned clinical trials; 10% was used for R&D of other pipelines such as Hemay808 and Hemay5087; and the remaining 10% was used for the company's daily operating capital.

According to the prospectus, Hemei Pharmaceutical focuses on independently developing innovative small-molecule drugs for autoimmune diseases and tumors. The core product is Mufemilast, and there are 5 other small molecule drug candidates. In September 2025, Mufemilast was approved for the treatment of moderate to severe plaque psoriasis in China; as the two major production sites in Ganzhou and Xiajiang completed GMP inspections, commercial sales of the drug began in July this year. As of the closing date of the prospectus, 2,200 boxes had been supplied to 9 dealers, covering 8 provinces and cities including Shaanxi, Jiangxi, Beijing and Guangdong.

Mufemilast is a self-developed small-molecule PDE4/PDE4b inhibitor. Two phase III key clinical trials for Behcet's disease and ulcerative colitis are currently being carried out; phase II clinical trials for multiple indications such as atopic dermatitis, psoriatic arthritis, Crohn's disease, and chronic obstructive pulmonary disease are underway or being prepared, and the product has been certified as an orphan drug by the US FDA for Behcet's disease.