The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on August 7, Qinhao Pharmaceutical (Suzhou) Co., Ltd. (abbreviation: Qinhao Pharmaceutical) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Huatai International is its sole sponsor. This is another listing application submitted by Qin Hao Pharmaceutical to the main board of the Hong Kong Stock Exchange after the first filing in January 2026.
Company profile
Qinhao Pharmaceutical is a biopharmaceutical company founded in May 2014. It has a pipeline of self-developed innovative drug candidates built around the RAS signaling pathway and synthetic lethal mechanism. Its main focus is the development of targeted therapies in the field of oncology. As of the last practical date, the company's pipeline includes eight drug candidates, including four clinical-stage drug candidates, one drug candidate approved by the China National Drug Administration and the US FDA IND, and three pre-clinical drug candidates.
The company's RAS signaling pipeline is represented by two clinical-stage drug candidates GH21 and GH55 and a pre-clinical candidate GH58. Combination therapy with GH21 and GH55 further unlocks its potential in patients with solid tumors with MAPK pathway activation. GH55 is a dual-mechanism ERK1/2 inhibitor suitable for MAPK pathway-activated solid tumors. Phase 1 clinical trials of monotherapy are being conducted in China.
At the same time, the company has a pipeline of synthetic lethal drug candidates, including two clinical-stage drug candidates GH56 and GH2616, a candidate GH31 that has been approved by the China National Drug Administration and the US FDA IND, and two pre-clinical drug candidates GH1581 and GH3595. According to Insight Consulting, the global market for synthetic lethal drugs is US$4.8 billion in 2025 and is expected to increase to US$17.4 billion by 2033.
In terms of cooperation and external licensing arrangements, the company has signed a combination therapy development agreement with Shanghai Zhengda Tianqing Pharmaceutical Technology Development Co., Ltd. to explore the combination therapy of GH21 and Gesolese; and signed a clinical supply cooperation agreement with AstraZeneca Investment (China) Co., Ltd. to evaluate the combination therapy of GH21 and osidinib. In 2020, the company granted HUYABIO International, LLC and its subsidiary HBI Pharma Ltd. an exclusive license to develop and commercialize GH21 globally (excluding mainland China, Hong Kong, Macau and Taiwan), with a total potential transaction value of up to US$282 million.
Additionally, in February of this year, the company granted Gilead Sciences an exclusive, global, transferable, sublicensable license with royalties to develop and commercialize GH31 globally.
Financial data
revenue
In the five months ending May 31 in 2024, 2025, and 2026, the company achieved revenue of approximately 4.69 million yuan (RMB, same below), 1.27 million yuan, and 558 million yuan respectively. The company said that revenue for the first five months of this year was mainly due to an external licensing arrangement with Gilead Sciences for GH31 and receiving a non-refundable down payment (before tax) of $80 million in 2026.
Mouri
In 2024, 2025, and 2026 for the five months ending May 31, the company obtained gross profit of about 2.31 million yuan, 150,000 yuan, and 556 million yuan respectively.
Profit for the period (loss)
Losses of approximately $152 million and $144 million were recorded in 2024 and 2025, respectively. In the first five months of 2026, net profit of 355 million yuan was achieved, which significantly reversed losses over the previous year.
Industry Overview
The global oncology drug market increased from US$167 billion in 2020 to US$304.1 billion in 2025, with a CAGR of 12.7% during the period. The global oncology drug market is expected to grow to US$632.4 billion by 2033, with a compound annual growth rate of 9.6% between 2025 and 2033. China's oncology drug market increased from US$25.8 billion in 2020 to US$39.1 billion in 2025, with a compound annual growth rate of 8.7% during the period. China's oncology drug market is expected to grow to US$106.7 billion by 2033, with a compound annual growth rate of 13.4% between 2025 and 2033.
SHP2 inhibitors market
The Chinese SHP2 inhibitor market is expected to exist from 2027. The market size is expected to increase from RMB 54.7 million in 2027 to RMB 5.65 billion in 2033, with a compound annual growth rate of 116.6%. According to Insight Consulting, by 2033, combination therapy based on KRAS inhibitors and combination therapy based on EGFR-TKI are expected to account for about 60% and 24% of the overall market potential based on SHP2 inhibitors, respectively, while the remaining market potential is expected to be allocated to other treatment settings based on SHP2 inhibitors.
Synthetic Lethal Drugs Market
According to Insight Consulting, the global synthetic lethal drugs market increased from US$2.2 billion in 2020 to US$4.8 billion in 2025, with a compound annual growth rate of 17.2% during the period; it is expected to increase to US$17.4 billion by 2033, with a compound annual growth rate of 17.4% from 2025 to 2033. The size of the synthetic lethal drugs market in China increased from US$100 million in 2020 to US$500 million in 2025, with a compound annual growth rate of 27.3%; it is expected to increase to US$2.4 billion by 2033, with a compound annual growth rate of 20.7% from 2025 to 2033.
Board Information
The board of directors of the company will be composed of nine directors, including three executive directors, three non-executive directors and three independent non-executive directors.
Shareholding structure
Wang Kuifeng, Chairman of the Board of Directors, Executive Director and CEO, directly holds approximately 18.62% of the company's shares and indirectly holds 21.42% of the shares through Ruihao Technology Limited Partnership, Haosheng Technology Limited Partnership, Kaihao Technology Limited Partnership and Qianqin Technology Limited Partnership, for a total of 40.04% of the shares. As for senior investors, Shenzhen Venture Capital holds 5.09% of the shares, Lingzheng Venture Capital holds 3.72% of the shares; and Songhe Capital holds 3.72% of the shares.
Intermediary team
Sole sponsor: Huatai Financial Holdings (Hong Kong) Limited
Company Legal Advisors: Astor Bochin Law Firm (relating to Hong Kong law and US law); Jingtian Gongcheng Law Firm (relating to Chinese law and related intellectual property law); AllBright Law Firm (related data legislation)
Sole sponsor and legal adviser: Zhou Junxuan Law Firm and Beijing Commerce Law Firm in a joint venture with Beijing Commerce Law Firm (relating to Hong Kong law); Beijing Commerce Law Firm (relating to Chinese law)
Auditors and reporting accountants: Ernst & Young
Industry Advisor: Insight Industry Consulting Co., Ltd.
Compliance Advisor: Chuyao Capital Co., Ltd.