Jiangsu Sinopep-Allsino Biopharmaceutical Co.,Ltd. (hereinafter referred to as "ST Sinopep-Allsino" or "Sinopep-Allsino Bio") went public on the STAR Market on May 20, 2021, raising 829 million yuan. Nanjing Securities Co.,Ltd. earned 66.39 million yuan in underwriting and sponsorship fees.
On July 19, 2025, ST Sinopep-Allsino announced that it had received an Administrative Penalty Prior Notice from the stock exchange.
In 2021, the year of its listing, ST Sinopep-Allsino artificially inflated its revenue by 30 million yuan. The CSRC investigation revealed that in December 2021, Sinopep-Allsino Bio transferred pharmaceutical technology and marketing authorization holder rights (hereinafter referred to as "technology transfer") to Zhejiang Huabei Pharmaceutical Co., Ltd. (hereinafter referred to as "Zhejiang Huabei"), and recognized business revenue of 30 million yuan on December 28. Zhejiang Huabei lacked both the financial capacity to pay for the technology transfer and the production capabilities and sales channels to actually utilize the technology. During the same period, Sinopep-Allsino Bio planned to make capital contributions to Zhejiang Huabei. The technology transfer payment from Zhejiang Huabei to Sinopep-Allsino Bio ultimately came from Sinopep-Allsino Bio's own capital contribution. The technology transfer business lacked commercial substance and should not have been recognized as revenue. This transaction resulted in Sinopep-Allsino Bio's 2021 annual report artificially inflating operating revenue by 30 million yuan and total profit by 25.9516 million yuan, accounting for 20.64% of the disclosed total profit for the period.
Furthermore, the "Financial and Accounting Information" section of ST Sinopep-Allsino's prospectus publicly disclosed the company's 2021 financial data. As mentioned above, ST Sinopep-Allsino artificially inflated operating revenue by 30 million yuan and total profit by 25.9516 million yuan in 2021, representing 20.64% of the reported total profit for the period. The "Financial and Accounting Information" section of the prospectus contained materially false content.
Based on these two violations, the CSRC ordered Jiangsu Sinopep-Allsino Biopharmaceutical Co.,Ltd. to make corrections, issued a warning, and imposed a fine of 47.4 million yuan. Zhao Dezhong received a warning and a fine of 13 million yuan, including 5 million yuan as a directly responsible supervisor and 8 million yuan as the actual controller who organized and directed the aforementioned conduct. Zhao Deyi received a warning and a fine of 5 million yuan. Jin Fuqiang received a warning and a fine of 3.3 million yuan. Tong Ziquan and Gu Haitao each received warnings and fines of 3 million yuan. Xu Donghai received a warning and a fine of 1.5 million yuan.
On July 19, 2025, ST Sinopep-Allsino announced that it had received an Administrative Penalty Prior Notice (Penalty Letter [2025] No. 59) from the China Securities Regulatory Commission (CSRC). Based on the content specified in the Prior Notice and in accordance with relevant provisions of the Shanghai Stock Exchange STAR Market Stock Listing Rules (revised in April 2025), the company's stock will be subject to other risk warning measures.
ST Sinopep-Allsino is a biopharmaceutical company focused on peptide drugs and small molecule chemical drugs, with strategic layout in oligonucleotide business, combining independent R&D with contract research and manufacturing.
The company's independent R&D products have established a rich product pipeline, covering well-known varieties including semaglutide, liraglutide, tirzepatide, lanreotide acetate, oseltamivir phosphate, thymosin, and eptifibatide. In terms of contract products and technical services, the company leverages its strong R&D and synthesis capabilities in major disease areas such as HIV, cancer, and arthritis, adopting a custom R&D plus custom manufacturing approach to provide Contract Development and Manufacturing Organization (CDMO) services for advanced pharmaceutical intermediates or active pharmaceutical ingredients to global innovative pharmaceutical companies annually.
Further developments will continue to be monitored.
Comments