According to the Hong Kong Stock Exchange disclosure on August 21, Inventisbio Co., Ltd. (referred to as "Inventisbio") has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities acting as its sole sponsor. The company previously filed its listing application with the Hong Kong Stock Exchange on January 1 of this year.

Company Overview

According to the prospectus, Inventisbio was established in 2013 and is a biopharmaceutical company focused on oncology, autoimmune diseases, and metabolic disorders. The company has eight candidate products, including two self-developed core products: D-2570 and Telristrant (D-0502). D-2570 is intended for the treatment of autoimmune diseases (including psoriasis, ulcerative colitis ("UC"), systemic lupus erythematosus ("SLE"), psoriatic arthritis ("PsA"), and vitiligo), while Telristrant (D-0502) targets ER+/HER2- breast cancer. Both core products are currently in Phase III clinical trials.

In terms of the clinical-stage pipeline, the core products—tyrosine kinase 2 ("TYK2") inhibitor D-2570 and oral selective estrogen receptor degrader ("SERD") Telristrant (D-0502)—are both undergoing registrational Phase III clinical trials, while the urate transporter 1 ("URAT1") inhibitor Dabigmore (D-0120) has completed its Phase IIb trial. In addition, the company holds multiple preclinical candidates, including Werner syndrome helicase ("WRN") inhibitor YF087, kinesin family member 18A ("KIF18A") inhibitor YF550, and signal transducer and activator of transcription 6 ("STAT6") oral degrader YF057, demonstrating continuous innovation capability.

The company's two blockbuster products—the third-generation EGFR inhibitor Befotertinib (BPI-D0316) and the KRAS G12C inhibitor Glecirasib (D-1553)—have been approved for marketing in China and included in the National Reimbursement Drug List ("NRDL"), entering the stage of commercial value realization. The prospectus highlights risks that the company may fail to successfully develop and/or commercialize its core products. Additionally, the company has high customer concentration, with only two customers. Revenue from the largest customer accounted for 90.3%, 75.1%, and 68.9% of total revenue in each respective year/period.

Financial Data

For the fiscal years 2024, 2025, and the six months ended June 30, 2026, the company recorded revenue of RMB 169 million, RMB 37.29 million, and RMB 53.319 million, respectively. Gross profit for the fiscal years 2024, 2025, and the six months ended June 30, 2026, amounted to RMB 165 million, RMB 32.158 million, and RMB 50.296 million, respectively. Net losses for the fiscal years 2024, 2025, and the six months ended June 30, 2026, were RMB 240 million, RMB 317 million, and RMB 137 million, respectively.

Industry Overview

The global oncology drug market has grown from USD 181.7 billion in 2021 to USD 278.2 billion in 2025, representing a compound annual growth rate (CAGR) of 11.2%; it is projected to reach USD 683 billion by 2035, with CAGRs of 9.4% and 9.4% during 2025-2030 and 2030-2035, respectively. China's oncology drug market has expanded from USD 35.8 billion in 2021 to USD 38.8 billion in 2025, at a CAGR of 2.0%, and is expected to reach USD 136.3 billion by 2035, with CAGRs of 12.5% and 14.2% during 2025-2030 and 2030-2035, respectively.

Looking specifically at the company's core products, D-2570 is a TYK2 allosteric inhibitor in the development stage, primarily intended for plaque psoriasis and UC. The global plaque psoriasis patient population was 174.5 million in 2025, projected to reach 181.6 million by 2030 and 188.2 million by 2035, with CAGRs of 0.8% (2025-2030) and 0.7% (2030-2035). In China, the plaque psoriasis patient count was 5.924 million in 2025, expected to reach 6.007 million by 2030 and 6.087 million by 2035. In the United States, the number of plaque psoriasis patients was 8.203 million in 2025, projected to reach 8.387 million by 2030 and 8.553 million by 2035.

The global psoriasis drug market reached USD 26.1 billion in 2025, with projections climbing to USD 40.6 billion by 2030 and USD 55.9 billion by 2035. China's psoriasis drug market reached USD 2.9 billion in 2025, projected to rise to USD 7.3 billion by 2030 and USD 11.6 billion by 2035. The U.S. psoriasis drug market hit USD 15.4 billion in 2025, expected to reach USD 24.9 billion by 2030 and USD 32.5 billion by 2035.

The global UC patient population has grown from 4.3 million in 2021 to 5.3 million in 2025, expected to rise to 6.2 million by 2030 and 6.9 million by 2035. China's UC patient count has increased from 465,800 in 2021 to 628,100 in 2025, projected to reach 892,700 by 2030 and 1,153,500 by 2035. Patients with moderate-to-severe active UC account for approximately 30% to 40% of all UC patients. The global UC drug market has grown from USD 6.4 billion in 2021 to USD 9.7 billion in 2025, expected to reach USD 13.2 billion by 2030 and USD 16 billion by 2035. China's UC drug market has expanded from USD 200 million in 2021 to USD 300 million in 2025, projected to reach USD 400 million by 2035, with a CAGR of 3.6% during 2030-2035.

Regarding Telristrant (D-0502), the global SERD drug market was valued at USD 1 billion in 2024, projected to reach USD 5.9 billion by 2035. China's SERD drug market was USD 200 million in 2024, expected to reach USD 400 million by 2030 and USD 800 million by 2035. The SERD drug market in China was USD 100 million in both 2021 and 2025, projected to reach USD 300 million by 2030 and USD 800 million by 2035. In the United States, the SERD drug market was valued at USD 100 million and USD 600 million in 2021 and 2025, respectively, projected to reach USD 1.7 billion by 2030 and USD 3.5 billion by 2035.

Board Information

The company's board consists of 9 directors, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Directors serve a term of 3 years and are eligible for re-election.

Shareholding Structure

As of August 16, 2026, Dr. Wang, Dr. Jiang, Dr. Dai, Inventisbio Hong Kong, YUEHENG JIANG LLC, and XING DAI LLC act in concert as the company's single largest shareholder group, collectively controlling approximately 27.19% of the company's total issued shares. Among them, Dr. Wang holds approximately 19.04% of the total issued shares through his controlled entities, namely Inventisbio Hong Kong, Aargletschers, and Inventisbio Cayman. Dr. Jiang holds approximately 4.63% of the total issued shares through his wholly-owned subsidiary YUEHENG JIANG LLC. Dr. Dai holds approximately 3.53% of the total issued shares through his wholly-owned subsidiary XING DAI LLC.

Intermediary Team

Sole Sponsor: CITIC Securities (Hong Kong) Limited

Company Legal Counsel: Davis Polk & Wardwell (Hong Kong and U.S. law); JunHe LLP (China law)

Sole Sponsor's Legal Counsel: Herbert Smith Freehills Kramer (Hong Kong and U.S. law); Jingtian & Gongcheng (China law)

Reporting Accountants and Independent Auditors: BDO Limited (Hong Kong)

Industry Consultant: Frost & Sullivan (Beijing) Co., Ltd. Shanghai Branch

Compliance Advisor: Guoyuan Capital (Hong Kong) Limited