The China Securities Regulatory Commission (CSRC) has published a notice regarding supplementary material requirements for overseas issuance and listing filings for the period of May 18 to May 22, 2026. The CSRC's International Department has issued such requests to 17 companies, including Qinhao Pharma, which has been asked to provide data on its net assets and net profit for the past three years.
Qinhao Pharma submitted its application to the Hong Kong Stock Exchange on January 16, 2026, with Huatai International acting as the sole sponsor.
The CSRC has requested Qinhao Pharma to provide clarifications on the following matters, with legal counsel required to verify and provide clear legal opinions:
First, clarify whether the actual controller possesses permanent overseas residency rights, in accordance with the "Guidance on the Application of Regulatory Rules for Overseas Issuance and Listing No. 2."
Second, detail the pricing basis for all previous capital increases and equity transfers, confirm whether capital contributions have been fully paid, and verify the absence of issues such as failure to fulfill contribution obligations, withdrawal of capital contributions, or defects in contribution methods. Provide a clear conclusion on the legality and compliance of all historical equity changes.
Third, explain the pricing basis and fairness for new shareholders who joined within the last 12 months, the reasons and rationale for any price differences among these investments, the status of tax payments, and whether any abnormal investment considerations exist. Provide a clear conclusion on whether there has been any improper transfer of benefits.
Fourth, supplement the company's net assets and net profit data for the past three years in the filing report.
Fifth, provide additional details on the specific fulfillment of regulatory procedures, such as overseas investment and foreign exchange registration, for the company's overseas subsidiaries, and offer a conclusion on their compliance.
According to its prospectus, Qinhao Pharma is a biopharmaceutical company primarily focused on developing potential best-in-class targeted therapies in oncology. The company has built a differentiated and robust pipeline of self-developed innovative drug candidates centered on the RAS signaling pathway and synthetic lethality mechanisms. According to data from CIC, several of the company's drug candidates are globally leading in terms of clinical progress for the same targets.
The company's core product, GH21, is a potential best-in-class allosteric SHP2 inhibitor currently in Phase 2 clinical trials. Qinhao Pharma received IND approval from the National Medical Products Administration for GH21 monotherapy in treating advanced solid tumors in November 2021, initiated its Phase 1 monotherapy clinical trial in May 2022, and completed the Phase 1 trial after obtaining the clinical study report in March 2025.
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