The Shenzhen Stock Exchange recently disclosed its latest market supervision activities.

Between July 13 and July 17, 2026, the exchange took self-regulatory measures against 173 instances of abnormal securities trading, involving practices such as intraday price manipulation and spoofing. It placed particular focus on monitoring Wanbang Pharmaceutical (301520), whose share price had experienced severe abnormal volatility, and conducted reviews of 19 significant corporate events, reporting one suspected case of illegal activity to the securities regulator.

Wanbang Pharmaceutical has seen its stock price surge dramatically in recent sessions.

On the evening of July 16, the company issued an announcement clarifying that recent media and stock forum reports claiming it was "advancing its core pipeline drug Huperzine A controlled-release tablets and signing new drug cooperation agreements for conditions like ALS" contained false information. The company also stated it has not disclosed its unaudited financial results for the first half of 2026 nor issued any earnings forecast.

Wanbang Pharmaceutical noted that its share price had skyrocketed by 183.01% between June 29 and July 16, representing a significant deviation from the broader market index. It warned of overheated market sentiment, irrational trading behavior, extremely high trading risks, and the potential for a sharp price correction following the substantial gains.

As of July 10, the number of shareholder accounts for Wanbang Pharmaceutical stood at 17,737.

Market analysis suggests the frenzy may have been driven by investors confusing the company with another. Positive developments related to a firm named Wanbangde Pharmaceutical Group were mistakenly attributed by the market as favorable news for Wanbang Pharmaceutical.

The two companies, while their names differ by only a single character, are not affiliated. Wanbang Pharmaceutical is a listed company based in Hefei, Anhui province, whereas Wanbangde Pharmaceutical Group is located in Taizhou, Zhejiang province, and is a wholly-owned subsidiary of Wanbang Pharmaceutical Holding Group (ST Wanbang, 002082).

In fact, the keywords "Huperzine A controlled-release tablets" and "ALS" mentioned in Wanbang Pharmaceutical's volatility announcement as unrelated to itself are actually connected to new drug R&D projects being advanced by Wanbangde Pharmaceutical Group.

Reportedly, Huperzine A controlled-release tablets are a Class 2.2 new drug independently developed by Wanbangde Pharmaceutical Group for treating mild to moderate Alzheimer's-type dementia. The drug utilizes a biphasic controlled-release technology to smooth the drug release curve, prolong its in-vivo release time, enabling rapid onset of action, reduced adverse reactions, and an improved dosing regimen with good safety. The controlled-release formulation also supports once-daily dosing, enhancing patient convenience and long-term compliance.

In January of this year, Haixiang Pharmaceutical announced it had signed an "Innovative Drug Cooperation Agreement" with Wanbangde Pharmaceutical Group Co., Ltd. The collaboration will focus on the ALS indication, initially centering on the R&D and commercialization of Wanbangde's WP205 product, which has received orphan drug designation. The agreement stipulates that Haixiang Pharmaceutical will provide total funding of 150 million yuan, with a 15% share of collaboration profits allocated to it. The agreement is set to take effect following approval by the shareholder meeting of Wanbang Pharmaceutical Holding Group Co., Ltd.

In the same month, ST Wanbang announced that the Alzheimer's disease project of its wholly-owned subsidiary, Wanbangde Pharmaceutical Group Co., Ltd., was selected for a National Major Science and Technology Project for innovative drug R&D led by the Shanghai Institute of Materia Medica, Chinese Academy of Sciences, and had received an official project approval notice from the China National Center for Biotechnology Development under the National Health Commission.

Consequently, progress surrounding this drug has attracted significant attention.

Notably, also on July 16, ST Wanbang disclosed the latest progress on its new drug R&D, revealing that its wholly-owned subsidiary Wanbangde Pharmaceutical Group Co., Ltd. had received approval from the U.S. Food and Drug Administration for a multiple ascending dose clinical trial in healthy participants for its self-developed new drug WP107 (Huperzine A Oral Solution), intended for the treatment of generalized myasthenia gravis.

On June 7 this year, a post on the Wanbangde official WeChat account indicated that patient enrollment for the clinical trial of Huperzine A controlled-release tablets had exceeded 200 cases.

ST Wanbang's annual report shows that Huperzine A, the core component of Huperzine A Injection, is a pioneering drug both domestically and internationally, having won the National Technology Invention Award (Second Class) and the National Natural Science Award (Second Class), with global patents granted in the United States, Europe, Japan, and other countries. Wanbangde Pharmaceutical, as a drafting unit for the national pharmacopoeia, participated in setting industry standards and is the sole manufacturer of this injection.

In the stock forum for ST Wanbang, some retail investors lamented, "The positive news for Wanbang Pharmaceutical actually belongs to ST Wanbang."