After the market closed on May 27, Ascendage Pharma-B (06855) announced that it has received approval from the Hong Kong Stock Exchange to officially remove the "B" marker from its stock code starting June 1, 2026, as the company now complies with the market capitalization/revenue requirements under Rule 8.05(3) of the Listing Rules. The successful removal of the "B" label is widely regarded as a key indicator of a biotech company's growth and maturity. For Ascendage Pharma, this achievement reflects the market's high recognition of the intrinsic value of this innovative drug leader, which is now in an accelerated commercialization phase.
Entering a new stage following the removal of the "B" label, Ascendage Pharma has maintained robust growth momentum in recent years despite a complex and volatile external investment environment. The company has consistently demonstrated strong endogenous growth capabilities and risk resilience through solid financial performance. Financial reports show that in 2025, Ascendage Pharma generated revenue of 574 million yuan, and its market capitalization has now exceeded 10 billion Hong Kong dollars. According to Rule 8.05(3) of the HKEX Listing Rules, a company may remove the "-B" marker if it meets the criteria of having a market capitalization of at least 4 billion Hong Kong dollars and revenue of no less than 500 million Hong Kong dollars in the most recent fiscal year. Ascendage Pharma has clearly met all requirements, becoming yet another innovative drug company in the Hong Kong market transitioning towards a mature biopharmaceutical enterprise.
The successive approvals and rapid market penetration of its two blockbuster molecules, Nalix® and Lishento®, each with multi-billion-dollar potential, have been crucial factors enabling Ascendage Pharma to achieve this milestone. Taking Nalix®, the company's first commercialized product, as an example, it has now become a heavyweight product generating over 400 million yuan in sales revenue within a year. This performance not only further validates its status as a blockbuster molecule but also indicates that this core commercial product has become a stabilizing force for Ascendage Pharma's resilient growth amid market challenges. As the company's second commercialized product, Lishento® was officially approved on July 10 last year and achieved sales revenue of 70.58 million yuan within less than five months of launch, highlighting its first-mover advantage in the market. The strong performance of Lishento® has laid an important foundation for the dual-core resonance of Ascendage Pharma's blockbuster molecules and has become a key driver of the company's accelerated growth.
It is evident that the large-scale commercialization of these two core products has been a critical force behind the removal of the "B" label. As Ascendage Pharma's blockbuster molecules continue to resonate globally in the commercialization arena and its differentiated innovation pipeline reaches a concentrated breakthrough phase, the company's endogenous growth value as a leading player in the global innovative drug sector is expected to be consistently validated, thereby driving value realization in the secondary market.
However, for Ascendage Pharma, the removal of the "B" label in the secondary market is merely a new starting point for the release of its intrinsic value. Although recent fluctuations in the Hong Kong stock pharmaceutical sector have led to some volatility in the company's share price, multiple positive catalysts are simultaneously intensifying, accumulating momentum for Ascendage Pharma's next round of valuation growth.
It is noted that Ascendage Pharma has six significant research achievements selected for the 2026 ASCO Annual Meeting. At this year's ASCO conference, the company will present the latest clinical research progress of three key products—Olverembatinib (brand name: Nalix®), Lishento® (brand name: Lishento®), and APG-115—through rapid oral reports and poster presentations. It is clear that driven by its dual blockbuster molecules, the company's integrated innovation cycle is continuously improving, and its differentiated innovation value is gaining high recognition from the international academic community.
At a recent shareholders' meeting, Ascendage Pharma's management provided, for the first time, specific timelines for key clinical programs. Among them, the GLORA-2 project completed enrollment of 344 patients in 25 months, and the GLORA-3 project completed enrollment of 486 patients in 23 months, demonstrating the company's capability to efficiently execute multinational multicenter clinical trials. Additionally, the company stated that the GLORA-4 project is expected to complete enrollment by the end of this year or early next year and will submit an NDA application in 2027. On the commercialization front, the company has set an ambitious target of achieving 1 billion yuan in domestic sales for 2026. These developments are poised to serve as significant catalysts for Ascendage Pharma within the year.
In summary, the successful removal of the "B" label typically reflects the market's growing recognition of the intrinsic value of 18A companies. In recent years, more than ten 18A companies have successfully removed their "B" labels and achieved substantial valuation growth afterward. With Ascendage Pharma's ongoing advancement in differentiated innovation research and steady progress in global commercialization, the company is positioned to accelerate the release of its intrinsic value, potentially replicating the success of its peers who doubled their market capitalization after removing the "B" label, and establishing itself as a benchmark enterprise in the Hong Kong innovative drug sector.
Comments